Wednesday , February 20, 2019

Fraud & Security

ATM Deployer Paramount Makes Acquisition and other Digital Transactions News briefs from 2/19/19

ATM and payment-services provider Paramount Management Group LLC acquired CAI—The ATM Company, an independent deployer with thousands of ATMs in New Jersey, New York, Connecticut and other states. Terms of the acquisition were not disclosed. A partnership between Transaction Network Services and P97 Networks has processed in-dash fuel payments for …

Read More »

ATM Trade Groups Work Together in Push for Bank Access

Two ATM trade groups said Monday they are working together to assure their members get access to banking services in what the associations believe is a risk-averse financial climate. The National ATM Council Inc. and the ATM Industry Association said they signed a memorandum of understanding to jointly develop a …

Read More »

COMMENTARY: Tired of Payments Fraud? Maybe It’s Time to Give Blockchain a Try

On the heels of a robust holiday shopping season come some sobering statistics. The recently released 2018 “True Cost of Fraud” study by LexisNexis Risk Solutions shows a 35% increase in fraud for midsize to large e-retailers over 2017. In the retail sector, the monthly average of fraudulent transactions jumped to 306 from …

Read More »

Wendy’s Announces $50 Million Data Breach Settlement and other Digital Transactions News briefs from 2/15/19

Hamburger chain The Wendy’s Co. announced a $50 million settlement of class-action lawsuits filed against it after a data breach that began in 2015. The 7,500 bank and credit-union plaintiffs alleged the breach was caused by malware that affected point-of-sale systems at more than 1,000 franchised Wendy’s locations. Some 18 …

Read More »

The U.S. EMV-Accepting Merchant Base Grew by 400,000 Locations in 2018

The number of U.S. merchant locations accepting EMV chip cards grew nearly 15% in 2018 while EMV payment transactions rose 27%, according to new data from Visa Inc.  In its latest report on the conversion of U.S. general-purpose payment cards from magnetic stripes to EMV chips, Visa says 3.1 million …

Read More »

Chase Testing Its Own Cryptocurrency and other Digital Transactions News briefs from 2/14/19

JPMorgan Chase & Co. will within a few months begin testing its own cryptocurrency for wholesale payments between corporations and banks globally, according to CNBC. The new token, called JPM Coin, will be exchangeable at the rate of $1 each. The development may surprise some observers, given the harsh criticism …

Read More »

Shopify Payment Volume Up 65% and other Digital Transactions News briefs from 2/12/19

E-commerce and payment-services provider Shopify Inc. said fourth-quarter gross payment volume hit $5.8 billion, up approximately 65% from $2.3 billion a year earlier. The net loss narrowed to $1.5 million versus $3 million in 2017’s fourth quarter. Merchant acquirer Elavon in partnership with American Express Co. unveiled a service intended …

Read More »

A Devilishly Clever Trojan Plagues Banks, Card Issuers, Online Retailers, And Many More, IBM Says

As if retailers and merchants didn’t have anything else to worry about, a malware threat called IcedID wants to set itself off as a special type, says a researcher at IBM Corp. In a blog post released Wednesday, the researcher says the criminal gangs using IcedID—disovered and named by IBM …

Read More »

Mastercard Names Platform Head and other Digital Transactions News briefs from 2/6/19

Mastercard Inc. named Paul Stoddart, who had been CEO of Vocalink after Mastercard acquired the U.K.-based real-time payments firm in 2017, as president, New Payment Platforms, effective March 1. Stoddart will oversee development of Mastercard’s real-time capabilities beyond traditional card-based services, including Vocalink, the Homesend joint venture, and Mastercard Send. …

Read More »

Revel Releases Two Product Lines and other Digital Transactions News briefs from 2/5/19

Point-of-sale technology provider Revel Systems released two new product lines, Revel Enterprise, for multilocation businesses, and Revel Essentials, aimed at restaurants and businesses with 20 or fewer locations. Shift4 Payments renamed its payment-management platform Lighthouse Transaction Manager. Formerly Dollars on the Net, the service enables merchants to access transaction reporting, …

Read More »