Block Inc. has been ordered to pay a $40-million fine to the state of New York for what the state’s regulator on Thursday called “significant failures in its Bank Secrecy Act/Anti-Money Laundering compliance program, which violated the [New York Department of Financial Services’ money transmitter and virtual currency regulations.”  The …

It can be a delicate balancing act for acquirers, but it remains the case that the ones that perform proper due diligence can thrive.  Whether it is the sale of subscription-based services, nutraceuticals, cryptocurrency, or vaping products, there is no shortage of opportunities for acquirers to service high-risk merchants. And …

Lots of acquirers see moving up to larger merchants as the next step in growing their portfolios. But it takes more than desire to make this segment a profitable one. One definition of the merchant midmarket is those enterprises with annual revenue ranging from $10 million to $1 billion. They’re …

As criminals gain in sophistication, banks are at risk of complacency. A new approach employs a smarter combination of AI and allied technologies. With digital transactions becoming the daily norm, so is financial crime. Criminals are becoming even savvier in how they target banks, payment providers. and financial institutions. To …

Cryptocurrency exchange and management provider Coinbase Inc. has won a $35.5-million contract to safeguard and trade digital assets on behalf of the U.S. Marshals Service. The Service, a unit of the U.S. Department of Justice, is responsible for asset forfeitures arising from federal legal cases, including cases that involve recovery …

AppBrilliance Inc., a provider of real-time payments technology, has partnered with Zoccam, a specialist in payments for the real-estate industry, to enable real-time payments for real-estate transactions. Zoccam will use AppBrilliance’s Money API to enable real-time transfers, such as earnest-money deposits, to be sent through The Clearing House Payment Co. …

By Tom Byrnes, SVP, Marketing, PayiQ After a sale is closed, the key to success is quickly assessing and onboarding the new merchant and processing them. Initiating processing is the lifeblood of every payments business, but what should be a routine, standardized process is frequently anything but smooth with most …

Cybercriminals showed no signs of slowing down in 2022 as they employed a variety of schemes to defraud consumers, acquirers, card issuers, and merchants, according to Visa Inc.’s Spring 2023 Biannual Threats Report. Cryptocurrency was a prime target for cybercriminals. More than $3 billion in cryptocurrency was stolen through November …

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 …

The payments business has moved on from the pandemic, but it faces a host of other issues. Here’s our annual catalog of the ones causing the most headaches. Welcome to Digital Transactions’ annual catalog of headaches—the problems, pitfalls, and perils facing the business of processing digital payments. We review these …