PYMNTS AM Radar: Securing IoT; Stablecoin Regs

It’s Friday, May 6 and hard to believe that it was only 24 years ago that Steve Jobs introduced the first iMac. Today, the internet of things connects smart watches to home thermostats, and companies pay people to hack their systems to stay ahead of fraudsters. Here is what should be on your radar this morning.

Stablecoin Regs: Senator Pat Toomey (R-Pennsylvania) said “bad things will happen” to people’s investments if a framework for stablecoin regulation isn’t instituted soon. Regulating the $ 180 billion stablecoin market is top-of-mind for the ranking member of the Senate Banking Committee. He introduced the Stablecoin TRUST Act last month outlining a framework. READ MORE

Securing IoT: The internet of things (IoT) – connected devices that can collect and exchange data in real time – is accelerating, fueled in part by the pandemic. With the connection of everything, a fraudsters’ tentacles have far-reaching abilities. PYMNTS explores the security issues of IoT devices and consumers for payments in the May edition of the Digital Fraud Tracker®, done in collaboration with DataVisor. READ MORE

Hack Me Please: As cyber thieves get more sophisticated, companies are voluntarily having their systems hacked to spot vulnerabilities. Inti De Ceukelaire, head of hackers at cybersecurity firm Intigriti, told PYMNTS in an interview that when firms come to them for ethical hacking, in over 70% of cases a “high to critical vulnerability is detected within 48 hours.” READ MORE

BNPL Gets Physical: Block’s buy now, pay later (BNPL) division is going so well that the financial services and digital payments company is planning to take the program to in-store locations. Jack Dorsey, co-founder and CEO, said on an earnings call with analysts that the company has only just begun to fully integrate Cash App and Afterpay and called it “the biggest thing that our company has ever done.” READ MORE

ICYMI: The image sharing social media site Pinterest is launching a new platform for creators. The Pinterest TV Studio app is anticipated to become an always-on livestream of multiple brands and creators showcasing their content. Viewers will be able to shop and buy as they watch. READ MORE

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NEW PYMNTS DATE: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases – but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

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