Friday , March 29, 2024

Law and Regulation

How ‘Fraud-as-a-Service’ Is Leading to the ‘Democratization’ of Online Crime

E-commerce wasn’t the only market that ballooned after the pandemic set in. Fraud took off, too, and attracted novice practitioners in the bargain. Of more than 1,000 consumers surveyed by Sift Science Inc. for a report it released Thursday, some 16% admitted they had committed payment fraud, or knew someone …

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‘Pig Butchering’ Is the Latest Scam to Defraud Consumers of Cryptocurrency

As if cryptocurrency didn’t have enough problems with the financial failure of the major FTX exchange, plummeting values, and, most recently, links to two of the biggest bank failures in U.S. history, now criminals are running scams built around crypto trading to defraud consumers. The scams, known as “pig butchering,” …

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The Fed Zeros in on July for the Launch of the FedNow Real-Time Payments Service

The Federal Reserve late Wednesday narrowed the launch window for its FedNow real-time payments network to July of this year. The move comes seven months after the banking regulator announced it would introduce the service some time between May and July. Formal certification of system participants will start the first …

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PayNearMe Teams With Lottery Now to Facilitate Digital Payouts And Deposits in Nine States

PayNearMe Inc. announced Tuesday it is expanding its iGaming footprint through a deal with Lottery Now Inc., which operates the Mido Lotto lottery. Consumers playing Mido Lotto, which is available in nine states, according to the Lottery Now Web site, will be able to purchase tickets with, as well as …

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Big Bank Failures Will Spur Big Consequences for Crypto, Experts Argue

The stunning bank failures of recent days, all of them involving institutions with wide exposure to cryptocurrency, are likely to have a deep impact not only on blockchain products but on payments more broadly, experts say. A stronger case for a digital dollar, stricter regulation of digital currencies in general, …

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Will a Trio of Major Bank Failures Dampen Interest in Blockchain Technology?

Signature Bank on Sunday became the latest domino to fall in a reckoning that is expected to have widespread ripple effects not only for banking but for the burgeoning cryptocurrency industry. The New York City-based bank, closed by state regulators, is said to be the third-largest bank failure in U.S. …

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COMMENTARY: Five Key Trends And Changes to Expect for Payment Methods in 2023

With a rapidly growing market, increased competition, and more ways to advance than ever on the front end, payments organizations around the world are finding it hard to keep up with changing consumer demands. The success of the industry, although often celebrated, does not negate the sheer pressure that back …

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Bad Times or Good Times, Fraudsters Show No Signs of Slowing Down

If there is one constant about fraud, it’s that it never takes a holiday. A new report from Nice Actimize, a provider of fraud-prevention solutions, reveals that attempted fraud transactions skyrocketed in 2022 by 92%, compared to 2021, and that the money criminals attempted to steal soared by 146%. The …

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Will Visa Follow Through on Lowering Its Credit Card Surcharge Cap in April?

Visa Inc. may be readying a lower cap on credit card surcharges—moving from 4% to 3%—in April, but there’s no guarantee it will happen then. While a bulletin sent to large acquirers says the change to the brand rules will go into effect April 15, its implementation could be delayed, …

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A Looming Capitol Hill Meetup Triggers A Renewed Assault on Efforts to Cap Credit Card Costs

As industry lobbyists prepare to converge on Capitol Hill next week, payments interest groups are issuing salvos designed to move the argument over limits on credit card acceptance costs in their favor. One such advance move came Thursday with an email campaign launched by the Electronic Payments Coalition citing a …

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