Monday , June 14, 2021

Fraud & Security

Payments Device Provider MagTek Enters Data Protection With a Private Messaging Service

Widespread theft of online data is driving businesses to seek out alternatives to passwords and usernames for sensitive information, a demand that led point-of-sale device provider MagTek Inc. to develop technology that helps lock up data while taking the company into a new and broader market, which includes medical data, …

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Adyen Gets OCC Approval and other Digital Transactions News briefs from 6/14/21

Payments provider Adyen NV announced the Office of the Comptroller of the Currency has approved the company’s application for a federal foreign branch in San Francisco. The Federal Reserve granted its approval in May. Adyen says the U.S. branch license will allow its single platform to scale and introduce more services for …

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86% Abandon Shopping Carts and other Digital Transactions News briefs from 6/9/21

A survey from Fast, an online checkout provider, found that 86% of U.S. shoppers have abandoned an online shopping cart. Of the 1,004 consumers surveyed earlier this month, 55% said they would be more likely to make an online purchase if there was a quicker, easier way to buy directly from …

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PayNearMe Adds Walmart as Bill Pay Locations and other Digital Transactions News briefs from 6/8/21

PayNearMe, which enables cash payments as well as card, ACH, Apple Pay, and Google Pay payments, said its customers will be able to complete bill payment transactions at participating Walmart Inc. locations beginning in August. The deal is through a partnership with Green Dot Corp.Member Driven Technologies, a credit union …

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Fintainium and Visa Direct and other Digital Transactions News briefs from 6/4/21

Payments provider Fintainium said it is working with Visa Inc.’s real-time push-payment network, Visa Direct, and CIT Inc. to let merchants access cash flow and consumers receive payouts.Progressive Care Inc. said its PharmCoRx pharmacies is accepting Bitcoin in payment for Covid-19 rapid-testing services. The company began accepting cryptocurrency in 2018.ParkMobile LLC said its mobile app is …

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FICO Attacks Push-Payment Fraud With the Latest Version of Its Falcon Fraud Manager

With the Covid-19 pandemic prompting consumers to adopt online commerce and mobile-banking apps in droves, Fair Isaac Corp. (FICO) is betting the latest release of its FICO Falcon Fraud Manager for Retail Banking will give financial institutions a leg up on detecting push-payment fraud. The fraud occurs when a consumer …

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LG Pay To Shut Down and other Digital Transactions News briefs from 6/3/21

Not quite two years old, LG Pay, the mobile payment service from LG Electronics USA, is shutting down, according to a report on Droid-Life.com. It captured a screenshot of an alert declaring the service will be phased out and discontinued “over the remainder of 2021.” In April, LG announced it was exiting …

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AmEx Expands Its Fraud Detection Application to Three Major Platforms

In an effort to stymie card-not-present fraud, which has been on the rise during the Covid-19 pandemic, American Express Co. on Wednesday announced its Enhanced Authorization fraud-detection application is being made available to three major platforms—those of Accertify Inc., Microsoft Corp., and Riskified Ltd.—via an application programming interface. While the …

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68% of Merchants Cite the Pandemic As a Factor in the Chargeback Spike, Report Finds

Just as the Covid-19 pandemic spurred many consumers to turn to online shopping, merchants have experienced a corresponding increase in their chargeback rates. Sixty-eight percent of merchants said the pandemic affected their chargeback rates, found the second annual Chargeback Field Report from Chargebacks911, a chargeback-management platform. Clearwater, Fla.-based Chargebacks911 also …

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Deluxe Closes on First American Payment Deal and other Digital Transactions News briefs from 6/1/21

Deluxe Corp. has closed on its $960-million cash deal for payments provider First American Payments Systems, announced in April. The acquisition doubles Deluxe’s payments revenue to $600 million annually, driving its share of the company’s overall revenue from 17% to 29%.Authentication-technology provider LoginID Inc. said it has received an undisclosed investment from Visa Inc., …

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