Monday , July 16, 2018

Fraud & Security

CPI Card Group’s Prepaid Card Sales Grow and other Digital Transactions News briefs from 5/11/18

The Western Union Co.’s Speedpay subsidiary announced the latest release of its Next Gen bill-payment platform. Card manufacturer CPI Card Group Inc. reported that first-quarter sales of credit and debit cards for the U.S. market fell 6.5% year-over-year, but U.S. prepaid card sales jumped 63%. The number of data breaches …

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With Synthetic ID Fraud Losses Soaring, Complications Beset a Search for Solutions

Cyberthieves can use the payment credentials they steal to charge products to the people who are the legitimate owners of that data. That’s bad enough. But increasingly, these fraudsters are using the information they glean from data breaches to invent fresh identities, sometimes out of whole cloth, leaving credit card …

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Risk Levels Surge for E-Commerce And for Payment Processors, Finds ThreatMetrix

E-commerce attacks increased 93% in the first quarter of 2018 in comparison to the same quarter a year ago, finds the Q1 2018 Cybercrime Report from ThreatMetrix, a unit of LexisNexis Risk Solutions. Based on an analysis of 210 million attacks ThreatMetrix detected and stopped on behalf of its clients, …

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After an Initial Hit, PNC Bank Cuts Its Zelle P2P Fraud

PNC Bank customers like Zelle, but fraudsters liked the person-to-person payments service a little too much after PNC rolled it out last July, according to a bank  executive. Paul Trozzo, senior vice president and product group manager, on Tuesday dubbed Zelle “very successful” for the Pittsburgh-based bank, a unit of The …

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Are Masterpass and Visa Checkout Doomed by the New Shared Buy Button?

Speculation that Visa Checkout and Masterpass brands may be on the way out has surfaced following announcements last week from Visa Inc. and Mastercard Inc. they would support a shared buy button for online purchases based on EMVCo’s Secure Remote Commerce specification. Reports of a possible phaseout of Masterpass, launched …

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COMMENTARY: Don’t Shut Merchants out of Development of Secure Remote Commerce

The global payment networks announced last week their support for the EMVCo Secure Remote Commerce Framework (SRC) and mentioned proprietary programs being introduced predicated on this framework with the promise to deliver security, standardization, simplification, fraud reduction, and increased conversion for digital commerce. The promise sounds like a keeper. Yet …

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Nearly Two-Thirds of Global POS Card Transactions Now Involve EMV Chip Cards and Terminals

Boosted by the rapid rise of chip card payments in Asia and the United States, more than half of general-purpose credit and debit cards worldwide now have an EMV chip, EMVCo reported Thursday. Plus, nearly two-thirds of card-present transactions now involve an EMV card being read by a point-of-sale terminal that …

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China and Venezuela Lead in E-Commerce Fraud Attacks, Experian Reports

Russia gets a bad rap because of its notorious hackers, but more U.S. e-commerce fraud originates from China and Venezuela than Russia, according to a new report from Experian plc. Experian, which is based in Dublin, Ireland, but has large U.S. businesses in credit reports and marketing and data services, …

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Fraud-Prevention Services Can Aid Merchant Retention, a Survey Finds

What impact can fraud-prevention services have on merchant retention? Apparently, quite a bit, finds the “State of Payment Processing & Fraud: 2018 Report” from Kount Inc. Kount, a Boise, Idaho-based risk-management technology provider, found that 75% of approximately 150 payment-processor respondents say offering fraud-control tools improved merchant retention. The high …

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Klarna Will Bring a 30-Day Pay Later Option to the U.S. Market This Summer

Klarna Inc. is bringing another of its buy now/pay later products to the U.S. market this summer with broader availability later in the year. That’s the word from Jim Lofgren, chief executive of Klarna Inc., the North American arm of the Sweden-based online payments firm. Lofgren, speaking to Digital Transactions …

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