Fraud & Security

The share of all payments using cash declined only modestly to 18% in 2022 from 20% in 2021, while the share of in-person and person-to-person payments has stayed constant at 81%, according to the Diary of Consumer Payment Choice from the Federal Reserve System’s FedCash Services. Sunmi Technology Co., a China-based point-of-sale …

Cybercrime remains a scourge difficult to tame, according to data from Apple Inc., the Identity Theft Resource Center, and LexisNexis Risk Solutions. Apple Inc. late Tuesday revealed it stopped more than $2 billion in fraudulent transactions in its app store in 2022. In addition, the technology giant blocked nearly 3.9 …

A startup fintech called Engage has launched a communication channel allowing customers and merchants to interact via purchase transactions through card networks. In the hotly contested hospitality point-of-sale market, Lightspeed Commerce Inc. launched the newest version of its Lightspeed Restaurant set of technologies, which is immediately available in the U.S. market. Security firm Sophos said it …

Payments provider ACI Worldwide Inc. said it has completed testing and certification necessary to participate in the Federal Reserve’s FedNow real-time payment service, set to launch in July. Identity-verification specialist Veriff said it will provide its services through processor MassPay’s payments-orchestration platform. Warning of more fraud as peer-to-peer and real-time payments gain volume, technology firm ComplyAdvantage launched Fraud Detection, which …

Mitek Systems Inc., a provider of identity-verification technology, is teaming up with DarkTower, the cyber-intelligence division of Davidson, N.C.-based IT consultancy Queen Associates, to combat account fraud and identity theft. The partnership grew out the increasing role criminal marketplaces on the dark Web are playing in account and check fraud, …

ABI Research forecasted the number of physical, instantly issued payment cards globally will grow to 471.1 million shipments in 2027 from 243.2 million in 2022. Citicorp’s Citi Retail Services unit introduced its Citi Pay line of services, with the first product consisting of Citi Pay Credit, a digital credit card. An installment-loan product will …

It’s a laurel, of sorts, that financial firms would like to rebuff. They sustained the largest share of phishing attacks in the fourth quarter, accounting for 27.7% of all attacks, followed by the broad “other” category at 18.2%, and webmail, software-as-a-service at 17.7%. That’s according to the Phishing Activity Trends …

GoDaddy Inc. reported payments volume from its various commerce services surpassed $1 billion annualized in the first quarter. The Web registrar has launched a number of payments initiatives in the past year, most recently a service that supports transactions through Microsoft Teams. Thinkific Labs Inc., a platform that supports creating, marketing, and …

Payments provider Deluxe Corp. reported its first-quarter revenue dipped nearly 2% year-over-year to $545.4 million. Net income swooned from $9.7 million to $2.8 million owing to higher interest expense and a higher income-tax rate, according to the company. Revenue in its payments division, its second-largest unit after checks, rose 3.5% to $172 …

Deluxe Corp. said it and Echo Health Inc. have formed a joint venture called DPX Payments to provide payables services to the middle-market and will offer a disbursements platform. ACI Worldwide Inc. said its 2023 Prime Time for Real-Time Payments report found the Middle East as the fastest-growing region for real-time payments globally, …