Friday , March 29, 2024

Fraud & Security

Merchant Groups and PIN-Debit Networks Band Together for More Input Into Payment Security

Several national merchant trade groups and PIN-debit networks have founded an advocacy group meant to give them a bigger role in the development of electronic-payment security standards. Founding members of the new Secure Payments Partnership include the Food Marketing Institute, National Retail Federation, National Association of Convenience Stores, National Grocers …

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A New Report Delivers a Cold Dose of Reality on ‘Frictionless Payments’

In the United States, at least, mobile wallets and contactless transactions in general have been a hard sell, but now research results issued Wednesday indicate so-called frictionless payments may themselves hold less attraction for consumers than many had thought. Apps that allow users to set up a payment method and …

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With Consumer Adoption of EMV Rampant, Pockets of Merchants Work to Catch up

Merchants, especially those reliant on point-of-sale software, continue to find themselves catching up to consumers when it comes to EMV adoption. But Rent Centric Inc., developer of browser-based software for the auto-rental industry, is the latest to make EMV acceptance available to its clients. Toronto-based Rent Centric says it now …

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As Interest in Crypto Trading Grows, Blockbid Adopts Brand-Name Risk Solutions

In their short history, trading platforms specializing in cryptocurrency have struggled with the suspicion of some that they are helpmates for shady activities that depend on anonymity. To dispel that notion, the Australian exchange Blockbid Pty Ltd. on Tuesday said it is working with LexisNexis Risk Solutions and ThreatMetrix to …

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Eye on Mastercard: An Assist for FIs on Artificial Intelligence, And New ATM Services

With demand for artificial-intelligence capability soaring across most industries, Mastercard Inc. on Monday announced it is making the technology available to client institutions through a program it calls AI Express. Also on Monday, Mastercard and ATM maker Diebold Nixdorf Inc. unveiled a pair of new cardless ATM features. The new …

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Signifyd Gets a $100 Million Investment As Retailers Feel Online Fraud Pain

Vendor Signifyd Inc. said it lined up $100 million in funding to fuel its growth as an e-commerce fraud-prevention specialist. Announced this week, the Series D funding comes as retailers struggle to find effective ways to counter sophisticated online criminals amidst burgeoning online sales. E-commerce fraud over a two-year period through …

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COMMENTARY: In the Eyes of the CFPB, We Are All Prepaid Now

A deep dive into the more than 2,000 pages of the Consumer Financial Protection Bureau’s regulations covering the prepaid market shows that the CFPB is trying to extend uniform consumer protections to as many payment types as possible. That includes unauthorized or disputed transactions for all financial-access devices regardless of …

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Chase Sues Restaurant Operator Landry’s To Recover $20 Million in Data-Breach Network Fines

JPMorgan Chase Bank and its merchant-acquiring affiliate Paymentech have filed a breach-of-contract suit against restaurant operator and Paymentech merchant Landry’s Inc. seeking to recover $20 million in fines from Visa Inc. and Mastercard Inc. stemming from a 2014-15 data breach at dozens of Landry’s properties. The bank and processor, collectively called …

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Time’s Up: What Will Be the Impact of Europe’s GDPR on U.S. Payments Companies?

Procrastination is no longer an option. Time to comply with the massive General Data Protection Regulation for businesses that collect data about European Union consumers has run out. And with the regulation going into effect Friday, many U.S. payments companies have found they, too, have had to change their data-collection …

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Nearly All of Visa’s Payment Volume Now Comes From Chip Cards, the Network Reports

Some 97% of Visa Inc.’s total U.S. payment volume stemmed from EMV chip cards in March, according to the card network’s latest periodic report on EMV’s progress in the United States. EMV volume totaled $70.7 billion, up from $4.8 billion in September 2015, the last full month before the country …

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