Fraud & Security

There are several reasons why you can’t rely on law and regulation, says Ed Adshead-Grant. Here’s where they fall short and what you should do about it. Initiatives like open banking and faster payments have ushered in a whole new era in the world of business-to-business payments. The industry is …

First Data Corp. is hoping that its scale—it says it processes more than 2,800 transactions per second coming from more than 6 million merchants—will give its new Fraud Detect service an edge in thwarting fraudulent transactions. Announced Thursday, Fraud Detect uses artificial intelligence and machine learning, fraud scoring, cybersecurity intelligence, …

• PayRange Inc., which specializes in mobile payments for vending machines, has extended its service to coin-operated laundry machines. The service is available for Speed Queen and Maytag machines, with other makes to come, the company said. • Quick-serve restaurant chain Chipotle Mexican Grill Inc. updated consumers about a breach of its point-of-sale system …

With little fanfare, so-called behavioral biometrics began appearing on the radar screens of payment card security executives about two years ago. Now, however, experts predict behavioral biometrics will assume a more prominent role in protecting payment transactions as e-commerce and mobile commerce continue gaining share of retail sales and the …

Two prominent names in payment card security, ControlScan Inc. and EchoSat Inc., announced Thursday that they will merge. The combined companies, to operate under the ControlScan name, will service more than 775,000 card-accepting merchants across North America. ControlScan works with merchant acquirers and payment processors to provide merchants with a …

Merchants’ actual fraud costs are up for the third year in a row and their total fraud-related expenses also are rising, according to the latest True Cost of Fraud study from LexisNexis Risk Solutions. Fraud as a percentage of the revenues reported by the 653 retailer risk-control executives surveyed for …

With e-commerce taking an ever-greater share of total retail sales and mobile commerce accounting for an ever-greater share of e-commerce, merchants need to start treating m-commerce fraud control as more than a subset of online fraud control. That was the word Tuesday from Susan Pandy, the director of payment strategies …

• Forty-seven states and the District of Columbia reached an $18.5 million settlement with Target Corp. over its 2013 data breach, the Illinois Attorney Generals office announced. The breach affected more than 41 million payment card accounts and the contact information for more than 60 million consumers, the attorney general press release …

As cyber attacks grow more vicious, investors are pouring more money into startups whose technology is aimed at thwarting online thieves. Funding deals for private cybersecurity firms reached 139 in the first quarter, the highest quarterly number recorded over the past five years by CBInsights, a New York City-based research …

The payments industry is going to have to make some changes to ensure the long-term success of digital consumer-to-business payments. U.S. digital sales are thriving, and consumer demand will only continue to grow. According to a report from the U.S. Department of Commerce, U.S. online retail sales nearly quadrupled in …