Wednesday , March 20, 2019

Visa and Mastercard May Face U.S. Ban on Venezuela Transactions and other Digital Transactions News briefs from 3/15/19

  • The Trump administration is considering sanctions that would ban Visa Inc., Mastercard Inc., and financial institutions from handling transactions in Venezuela, according to Reuters. The move would be aimed at restricting the ability of the Venezuelan government, headed by embattled president Nicolas Maduro, to access funds.
  • IBM Corp. may be developing a so-called stablecoin on its blockchain. The coin will be targeted at financial institutions for use in cross-border payments, according to hints dropped by IBM head of blockchain solutions Jesse Lund in an interview with financial-news outlet Cheddar, as reported by Cointelegraph.com. A stablecoin is a form of cryptocurrency with a value tethered to fiat money. If introduced, the new coin will follow the introduction last month of a dollar-tethered token by JPMorgan Chase & Co.
  • A type of malware called DMSniff is infiltrating point-of-sale systems in the restaurant and entertainment industries, according to Flashpoint, a provider of business-risk intelligence. The malware uses a so-called domain-generation algorithm that allows it to receive commands or transmit pilfered data even if domains are disabled by authorities, the company says.
  • Payments provider Comdata Inc., a unit of Fleetcor Technologies, appointed former Visa Inc. executive Justin King senior vice president of product and innovation for its North American trucking business.

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The Fed’s Defining Security Moment and other Digital Transactions News briefs from 3/20/19

The Federal Reserve announced the 22 members of its new Fraud Definitions Work Group, another …