Thursday , July 16, 2020

Fraud & Security

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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COMMENTARY: How 3-D Secure 2.0 Will Change the Payments Industry

With the massive increase in e-commerce this year, and new merchants moving to an online model out of necessity, combating card-not-present fraud is incredibly important. EMV 3-D Secure 1.0 (or 3DS1) has been continually upgraded as technology and consumer habits changed; however, from its first iteration it has always had …

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Visa’s Installment-Payment Test and other Digital Transactions News briefs from 7/14/20

Visa Inc. announced it is working on U.S. pilots for a new installment-payment service. TSYS, part of Global Payments Inc., will be the first issuer technology partner, with Commerce Bank as the first U.S. bank partner. 42nd Street Photos, Tire Agent, and The Room Place are among the first merchants to offer …

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eBay’s Pact With PayPal Nears End and other Digital Transactions News briefs from 7/13/20

Sellers continue to have questions about the impact of moving to eBay Inc.’s managed-payments program as the online marketplace’s five-year operating agreement with PayPal Holdings Inc. is set to expire later this week.Financial-services platform Nymbus Inc. announced it will offer digital billing and other payment services from Payrailz LLC as part of its cloud-based set of banking …

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Fraudsters’ Schemes to Get a Share of Covid-19 Stimulus Funds Draw a Warning From FinCEN

With trillions of dollars in federal stimulus money sloshing around in the economy to help consumers who have lost their jobs due to Covid-19, fraudsters are ratcheting up their efforts to get a piece of that pie. Two popular plans of attack are imposter scams, where criminals impersonate representatives of …

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‘Tens of Thousands of Dollars’ in Fraud for Operators That Don’t Upgrade Gas Pumps to EMV, a Report Estimates

When the big card networks this spring postponed until April 2021 the fraud-liability deadline for EMV chip cards at gas pumps, the retail fuel industry heaved a huge sigh of relief. But now estimates are emerging that indicate even relatively small gas-station operators that don’t enable their pumps for EMV …

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How Criminals Are Pushing Fake Content Online to Test Stolen Cards

Online fraud has always been a big problem, but now with consumers purchasing more online in the face of the coronavirus pandemic, criminals are finding even greater opportunity for illicit gain.  One big area of concern is content fraud on digital marketplaces, which can be used to perpetrate payment fraud …

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Wirecard’s U.S. Unit Draws Interest and other Digital Transactions News briefs from 7/9/20

The U.S. subsidiary of failed German payment processor Wirecard AG is drawing strong interest from potential buyers, according to media reports. The Wall Street Journal also reported that the U.S. Justice Department is investigating whether Wirecard AG played a critical role in an alleged $100 million bank-fraud conspiracy connected to an online marijuana marketplace.Splitit Payments Ltd., which enables …

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A Processor’s Employees Get Catch-Up Pay and other Digital Transactions News briefs from 7/7/20

Employees of independent sales organization Gravity Payments Inc. who collectively volunteered to take pay cuts during the coronavirus pandemic to avoid layoffs are now being repaid what they sacrificed; the average employee is getting $4,300 in back pay, Yahoo Money reported.Payment processor Computer Services Inc. reported record quarterly revenue of $70.6 million for its …

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Fiserv Lands Big Grocery Chain and other Digital Transactions News briefs from 7/6/20

Fiserv Inc. said it has begun processing all in-store payments at 2,250 ALDI Nord stores in Germany through First Data Gmbh. Fiserv acquired First Data in 2019. Discover Financial Services said it will donate $25,000 to each of 200 restaurants owned by black proprietors. Nominations are being taken between now and Oct. …

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