Friday , March 29, 2024

Fraud & Security

Eye on Fraud: Visa Taps Expel for Cybercrime Duties; McAfee Enlists AI for Scam Detection

It’s a sobering part of the daily payments arena—fraud is unending and always evolving. That’s why payments and anti-fraud companies continue to create new services in an effort to keep up with the latest scams. Visa on Monday said it would make managed detection and response services from Expel Inc. …

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Visa’s Friendly Fraud Rule Change Could Cut $1 Billion From Small Firms’ Chargeback Costs

Visa Inc. is touting recent changes to how chargebacks that could be first-party fraud, also known as friendly fraud, are processed as potentially saving small businesses globally $1 billion in costs over the next five years. Expectations are that the streamlined process will increase merchants’ ability to provide more accurate …

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Visa Alters Chargeback Rules And Other Digital Transactions News briefs from 9/28/23

Visa Inc. says a change to its dispute rules and processes will make it easier for merchants to fight so-called friendly fraud in card-not-present transactions. With such fraud, cardholders dispute legitimate transactions to claim a refund. Payments provider Deluxe Corp. will offer bill-payment technology from Aliaswire Inc. to its banking clients through a new …

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J.P. Morgan Agrees to Provide Account Validation to Prevent Wayward Treasury Department Payments

The United States Treasury Department has selected J.P. Morgan to provide account-validation services to federal-government agencies when they disburse funds to consumers. Under the terms of the five-year contract, which was awarded after a competitive selection process, the banking giant will validate the accounts of consumers receiving payments from federal …

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The Fed on Request for Payment And Other Digital Transactions News briefs from 9/27/23

The Federal Reserve issued a set of market practices, or a kind of blueprint, as part of an effort to introduce standards for a request for payment function for bill pay on the regulator’s FedNow real-time payments service, which launched nationwide in July. Block Inc.’s Square point-of-sale unit launched Tap to Pay on Android …

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Flexpoint Jumps in as a Payment Platform And Other Digital Transactions News briefs from 9/26/23

FlexPoint announced its launch as a payments platform for so-called managed-service providers, or organizations that provide information-technology services to companies. Flexpoint also announced a long-term financing program for clients through GreatAmerica Financial Services. Automaker Mitsubishi Electric said it has enlisted BlackBerry Ltd. to supply in-vehicle data services, including digital payments. Commerce-technology provider Treez launched new payments …

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Mercedes pay+ Adds Mastercard to Its In-Car Payment Service

Automaker Mercedes-Benz is enabling in-car fuel payments for users of its Mercedes pay+ service. Announced Monday, the service also integrates Mastercard Inc.’s Secure Card on File for Commerce Platform technology. Available initially only on select Mercedes models in Germany, the fuel payment app joins a parking-payment app the giant carmaker …

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Contactless Payments To Surge And Other Digital Transactions News briefs from 9/25/23

The number of digital transactions globally will rise 12% in 2024 to cross the 1-trillion mark, Juniper Research forecasts. Near-field communication (NFC) payments, otherwise known as tap-and-pay, will grow fastest, at 30%, followed by digital ticketing (19%), according to Juniper. The Canada-based commerce platform Shopify will enable payments for India-based e-commerce merchants directly on …

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Varo to Anyone P2P Payments Debuts And Other Digital Transactions News briefs from 9/22/23

Varo Bank entered the peer-to-peer payments fray with Varo to Anyone, which allows Varo accountholders to send funds to anyone who holds a U.S. debit card. Varo says the service carries no fee. Mitek Systems Inc. announced it has agreed to offer its biometric-based identity verification technology to complement the credit-reporting agency Equifax Inc.’s …

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IPS Advances IPSIPay Funding And Other Digital Transactions News briefs from 9/21/23

Innovative Payment Solutions Inc. announced it has completed the second of three $500,000 capital contributions to IPSIPay Express LLC, a joint venture aimed at processing digital payments in the sports-betting and online-gaming markets. Partnering with IPSI in the venture are OpenPath and eFinityPay. Reports indicate a security breach at T-Mobile exposed sensitive data, …

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Digital Transactions