Fraud costs merchants in the United States $4.61 for every $1 of fraud incurred, up 32% from $3.16 in 2022, according to LexisNexis Risk Solutions’ annual True Cost of Fraud Study. In Canada, fraud costs merchants $4.52 for every $1 of fraud incurred. Driving the increase is that criminals are …
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Visa Inc. will launch an updated Authorize.net, in what it calls a “reimagining” of the venerable gateway. Announced Thursday, the updated version will be available in the second quarter in the United States and in other markets later this year. Visa’s announcement was one of three it made, including a …
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The e-commerce platform Shoplazza Corp. said it has upgraded its payments platform in an effort to streamline checkout and cut cart abandonment. Aurora Payments has launched a service for its Arise payment platform that replaces cardholder data with tokens issued by the card networks in an effort to cut fraud, boost approval rates, …
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Stride Bank N.A. announced it will issue the Affirm Card, a debit card from buy now, pay later platform Affirm Holdings Inc., becoming Affirm’s latest issuing partner. Affirm says it had 1.7 million active cardholders as of Dec. 31, 2024. Payfave Inc., which does business as Wink, announced it has merged …
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Fiserv Inc. has introduced its Clover point-of-sale technology in Australia. The system is now available in 11 countries, supporting a total of 3.5 million POS devices, according to the company. SumUp Payments Ltd. is working with FreedomPay Inc. to offer to the hospitality industry and merchants generally a payments platform with offline capability …
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QorPay Inc. reported Thursday that it has integrated its payment technology with Visa Inc.’s Cybersource unit to provide new merchant-acquiring and security services to its business customers. Founded in 2019, Scottsdale, Ariz.-based QorPay is a payment facilitator and independent sales organization that works with several banks and a software company …
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Lighthouse Credit Union said it will work with payments-technology provider Alacriti Inc. to update the credit union’s payment operations. Point-of-sale equipment maker MagTek Inc. announced an integration with KwickPOS, a restaurant management POS system provider. A survey by Bitget Global Inc. of 4,599 cryptocurrency users shows 46% prefer crypto payments because of speed, but 37% point …
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The payments platform Wirex Ltd. has launched Wirex Travel, a travel-booking utility offering discounts and cashback to users paying with a Wirex card. Nayax Ltd. has agreed to embed its payments technology within products from N-and Group, starting with the latter’s automated self-service commerce machines. Payments provider Priority Technology Holdings Inc. has launched Ambient, a …
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President Trump issued an executive order requiring a move to electronic processing for all federal payments and receipts “by digitizing payments to the extent permissible under applicable law.” The order specifically rules out the creation of a central bank digital currency. The Financial Crimes Enforcement Network issued an interim rule that removes the requirement …
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Ever-clever criminals are expanding their scope in information as well as funds. That’s according to the annual Identity Fraud Study released Tuesday by Javelin Strategy & Research. “The thing that was most surprising to me was that so many scam victims were also deceived into providing personally identifiable information (PII),” …
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