Friday , March 29, 2024

Fraud & Security

In a Payments Industry First, Usage of Debit Cards Tops That of Credit Cards

Consumers’ usage of debit cards has finally surpassed that of credit cards. Through the second quarter of 2022, 56.2% of consumers preferred debit as their primary payment card, compared to 39.5% for credit, according to a report from S&P Global Market Intelligence. Those numbers represent a dramatic change in the …

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46% of All Ransomware Attacks Happen in the United States, NordLocker Says

One country—the United States—accounts for 46% of all ransomware attacks, a sobering statistic revealed in a new report from NordLocker, a European cybersecurity provider. Yet, within the 50 states, not all have the same propensity for the nefarious attacks, NordLocker says, which analyzed multiple databases of ransomware incidents that affected …

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Get Set for a Virtual Card Tsunami, Juniper Research Says

Virtual payment cards have been around for more than a decade, but now they appear to be poised for big growth with the rise of e-commerce and the wide availability of digital wallets. Indeed, the volume of transactions arising from these cards will balloon from 28 billion worldwide this year …

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Nacha Issues a New ‘Framework’ Aimed at Shifting Industry Emphasis to Credit Push Frauds

As payments fraud grows more threatening by the year, a report on Thursday from the governing body for the automated clearing house network recommends the payments industry shift its emphasis from combatting unauthorized debits to preventing crimes involving credit payments. Dubbed a “new risk-management framework,” the recommendation issued by Nacha …

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Affirm, Amazon Mark Canada Expansion And Other Digital Transactions News briefs from 9/22/22

Affirm Inc. expanded its installment payment service with Amazon.com Inc. to consumers in Canada.Digital personal finance provider Achieve said the percentage of Achieve users with buy now, pay later accounts on their credit reports grew 58% in June compared to January 2021.The “2022 State of Credit” report from Marqeta Inc. found that 64% of BNPL users reported …

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Galileo Teams With DataVisor to Launch All-in-One Fraud Detection Beyond Credit Cards

Galileo Financial Technologies LLC said late Tuesday it is partnering with DataVisor Inc. to enhance its fraud-detection technology beyond credit cards to include such payments options as debit cards and the automated clearing house. The new technology will also include provisioning and onboarding of new accounts. The partnership comes as …

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Paysafe Makes a Spreedly Connection And Other Digital Transactions News briefs from 9/21/22

Paysafe Ltd. said it will offer its payment gateway to international merchants using a payments orchestration platform from Spreedly.Payments provider Fortis said its services will be integrated with hotel property-management systems from Visual Matrix under a new agreement. Visual Matrix says more than 3,000 properties use its technology.Visa Inc. said it has processed more …

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How Crashing Crypto Values And Government Scrutiny Sent Crypto ATMs Into a Slump

Deployment of cryptocurrency ATMs in 2022 significantly lags the pace seen last year, and one factor hastening the slowdown is increased regulatory scrutiny, sources say. Crypto ATMs are specialized kiosks that allow consumers to purchase Bitcoin and other cryptocurrencies using cash or a debit card. Increasingly, regulators in several countries …

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Dwolla And MX Aim at a Broader Approach to Open Banking

The open-banking platform MX Technologies Inc. has become the latest partner in Dwolla Inc.’s Secure Exchange solution. Through the partnership, which builds on the two companies’ existing relationship, digital-payments fintech Dwolla will be able to offer clients and reseller partners it has in common with MX access to account-verification services …

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CFPB Readies BNPL Rules Effort And Other Digital Transactions News briefs from 9/15/22

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the agency will begin to identity potential “interpretive guidance or rules to issue with the goal of ensuring that Buy Now, Pay Later firms adhere to many of the baseline protections that Congress has already established for credit cards.” This …

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Digital Transactions