Wednesday , July 8, 2020

Fraud & Security

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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BNY Mellon Works With Early Warning to Enable Real-Time Account Validation for Real-Time Payments

With real-time payments comes real-time risk, and now banks and their technology vendors are attacking the problem of how to make sure funds moving in the blink of an eye are flowing to the proper accounts. The latest move comes from banking power BNY Mellon, which on Thursday said it …

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European Banks Plan Payment Network and other Digital Transactions News briefs from 7/2/20

A group of 16 European banks said they plan to launch a “truly European” unified payments system by 2022 that would be an alternative to Visa and Mastercard, Reuters reported.The slowdown in in-store shopping due to the Covid-19 pandemic has caused some stores to run out of coins; most recently big-box grocery chain …

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New ACH Contact-Registry Rule Takes Effect With the Goal of Reducing Fraud and Exceptions

A new rule requiring all financial institutions in the automated clearing house network to participate in ACH governing body Nacha’s contact registry took effect Wednesday. The registry’s purpose is to enable financial institutions to quickly find the appropriate person to resolve issues when a transaction looks fraudulent or presents other …

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MagTek Launches Token Service and other Digital Transactions News briefs from 7/1/20

MagTek Inc. said its Magensa unit launched token technology to make touchless payments easier. The technology enables a merchant to send a payment link containing the token via email or text that allows consumers to pay in a secure environment. MagTek said the technology is available in QwickPAY, the Magensa mobile …

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Chargebacks911 Debuts a Chargeback-Management Tool for Financial Institutions

Chargebacks reverberate throughout the payment stream, and now Chargebacks911 has released a tool that it says will help financial institutions better manage them. Dubbed Fi911, the tool is meant to automate procedures and make them more efficient, Clearwater, Fla.-based Chargebacks911 says. The company says more chargeback inquiries are being directed …

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COMMENTARY: Wirecard Was a Fairy Tale With an Unhappy Ending

Stories too good to be true often aren’t. The curtain has at long last been pulled back on high-flying payments fintech Wirecard AG. A whopping $2.1 billion in cash on its balance sheet can’t be verified and likely never existed. Chief executive Markus Braun has resigned and was arrested. Chief …

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AmEx Launches $200 Million Shop Small Program and other Digital Transactions News briefs from 6/29/20

American Express Co. announced a global, $200 million Shop Small campaign to support small businesses, many of which have been affected by the Covid-19 pandemic. U.S. AmEx cardholders can get $5 back after they spend $10 or more, up to 10 times, when they buy online or in-store at qualified businesses …

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COMMENTARY: Nine Ways Gas And Convenience Retailers Can Cut Their Fraud Risk

All card schemes are now on board with the new deadline for the U.S. EMV liability shift in April 2021. So, the time to upgrade—if you haven’t—is now.  Adding EMV chip readers both inside a store and at automated fuel dispensers (AFDs) isn’t intended to be a hardship for gas …

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