Thursday , March 28, 2024

Fraud & Security

With a Compliance Deadline Looming, Technology Emerges to Ease Gas Pump EMV

Sound Payments Inc., a multichannel technology provider that offers point-of-sale solutions for the petroleum industry, expects its partnership with National Retail Solutions, a subsidiary of IDT Corp., to accelerate adoption of EMV at in-pump card readers among independent gas stations and convenience stores. Sounds Payments argues its EMV in-pump card …

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FedNow Looks to Pilots Starting Next Year And Sticks to Its 2023 Or 2024 Launch Plan

While the Covid-19 pandemic has raised the issue of speeding stimulus payments and other relief to consumers and businesses, The Federal Reserve system is staying with its planned 2023 or 2024 launch date for its FedNow real-time payment service, officials said Thursday in an update that comes almost exactly one …

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Square Cash Card Users Double and other Digital Transactions News briefs from 8/5/20

Square Inc. posted its second-quarter results and held an earnings call hours earlier than originally scheduled owing to what Square called “early external access to the company’s quarterly financials.” Net revenue climbed 64% year-over-year to $1.92 billion. Square posted a net loss of $11 million compared to a negative $7 million last …

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Amazon Sales up 40% and other Digital Transactions News briefs from 7/31/20

With consumers flocking to e-commerce during the Covid-19 pandemic, net product sales for Amazon.com Inc. totaled $50.2 billion the June quarter, up 40% year-over-year. Sales at its physical stores dropped 13% to $3.8 billion.China will surpass the United States as the world’s largest retail market this year, eMarketer Inc. predicted in its “Global …

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Galileo Inks Plaid Integration and other Digital Transactions News briefs from 7/30/20

Payments-technology provider Galileo Financial Technologies LLC announced an integration with data aggregator Plaid Inc. Through Plaid’s links to financial institutions, the tie-in will allow Galileo clients to more readily authorize users for automated clearing house transactions. Visa Inc. announced in January a deal to acquire Plaid for $5.3 billion. Social Finance Inc. (SoFi) agreed in April …

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Garmin Says Outage Doesn’t Affect Payment Data

The ability of hackers to disrupt connected devices was on display over the weekend with Garmin Ltd., a major purveyor of fitness trackers, smart watches and related tech gear, including products that can make contactless payments, reporting service interruptions that some observers say have been caused by a ransomware attack. …

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Don’t Look for Any Near-Term Relief When It Comes to Fraud Losses, LexisNexis Risk Solutions Says

While merchants, banks, and payments providers may be tempted to blame sharply rising fraud rates on the pandemic, fraud losses were rising before Covid-19 set in and will continue to rise for as far as the eye can see, according to experts behind a major fraud report released this week. …

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Small Businesses Continue to Rebound and other Digital Transactions News briefs from 7/22/20

Sales at small businesses included in the CardFlight Small Business Impact Report for July 22 experienced a 2.6% increase in sales week-over-week and are 25% above the baseline week of March 2-8. Food and drink sales were up 4.5% for the week and retail sales increased 4% week-over-week.Wells Fargo & Co. launched My …

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EMVCo’s New Travel Authentication Guidelines and other Digital Transactions News briefs from 7/16/20

Standards body EMVCo has developed guidelines on how the travel industry can provide data to payment card issuers to better verify the authenticity of an e-commerce transaction using current authentication processes. The guidelines are an extension of EMVCo’s 3-D Secure messaging protocol.The number of data breaches in the United States dropped by approximately one-third in the …

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U.S. Bancorp’s Merchant Revenues Plunge and other Digital Transactions News briefs from 7/15/20

U.S. Bancorp, owner of merchant acquirer Elavon Inc., saw merchant-processing revenues decline 34% year-over-year in the second quarter to $266 million thanks to reduced consumer and business volumes caused by the Covid-19 pandemic.Processor Shift4 Payments Inc. has been named the official credit card processing company for the Las Vegas Raiders National Football …

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