News

March, 2024

• 21 March

  Digital Wallets A Powerhouse And Other Digital Transactions News briefs from 3/21/24

  

  Digital wallets accounted for $13.9 trillion in payments volume last year, or 50% of e-commerce and 30% of point-of-sale spending, according to Worldpay’s Global Payments Report 2024. This will grow to more than $25 trillion by 2027, or 49% of combined point-of-sale and online volume, the report forecasts. Automated clearing house …
• 20 March

  Generative AI, Pig Butchering, And Triangulation Scams Are Among the Biggest Fraud Threats, Visa Says

  

  New technologies such as generative AI are making it easier for fraudsters to scam consumers, according to the spring edition of Visa Inc.’s 2024 Biannual Fraud Threats report, just released. What makes generative AI such an effective fraud tool is that it can be used to convince consumers to give …
• 20 March

  JPMorgan Retains Its Top Acquiring Spot in TSG’s Annual Review

  

  TSG’s yearly review of more than 300 U.S. merchant acquirers is out, and there is little surprise that JPMorgan Chase & Co. retains the top spot with an estimated 2023 U.S. processing volume of $2.4 trillion. While the top three slots in the annual TSG Directory of U.S. Merchant Acquirers …
• 20 March

  Rams Draft Shift4 And Other Digital Transactions News briefs from 3/20/24

  

  The Los Angeles Rams of the National Football League chose Shift4 Payments Inc. to process ticket sales through Shift4’s Ticketmaster integration. TokenEx, a cloud-based provider of tokenization services to shield personal information in payments, launched a point-to-point encryption service for both online and in-person transactions. The company says the service reduces the scope …
• 19 March

  New Nacha Rules Take Aim At Credit Push Fraud, Handing a Clearer Role to Receivers

  

  Nacha, the governing body for the automated clearing house network, has approved a new set of rules aimed at curbing the growing threat of credit-push fraud. Credit-push fraud uses social engineering and email phishing attacks to deceive someone into sending funds to a criminal-controlled account. Common examples of credit-push fraud …
• 19 March

  First-Party Fraud Continues to Bedevil Merchants, Mastercard Says

  

  Chargebacks are always an issue for merchants. While there are numerous programs and indicators to identify fraudulent ones, detecting and managing first-party fraud—that committed by legitimate customers—can be tougher to root out. In response, Mastercard Inc. is pushing its First Party Trust Program, an artificial intelligence-based service that enables merchants …
• 19 March

  Galileo Expands Its BNPL Program And Other Digital Transactions News briefs from 3/19/24

  

  Galileo Financial Technologies said it expanded its buy now, pay later platform to enable banks and fintechs to offer new installment plans post-purchase through the consumer’s existing debit or credit card. North American Bancard launched Payment Links on its platform. These are links merchants can adopt to direct customers to a payments …
• 18 March

  Nuvei Could Be in Play To Be Taken Private by Advent International

  

  Montreal-based Nuvei Corp. early Monday issued a statement confirming it has received interest from potential investors and has created a “special committee” of independent directors to review “expressions of interest” regarding offers to take the company private, as well as other “strategic alternatives.” Private-equity firm Advent International Corp. is making …
• 18 March

  FIS Enlists AI in Fraud Detection And Other Digital Transactions News briefs from 3/18/24

  

  FIS Inc. said its SecurLock service, working with artificial-intelligence technology from the fintech Stratyfy, is set to increase the volume of card transactions accurately identified as fraudulent, allowing clients to stop the transactions before they are consummated. FIS said the technology “was able to deliver a significant improvement of accurately identified …
• 17 March

  As McDonald’s Recovers From a Global Outage, It Looks to Prevention And Accountability

  

  McDonald’s Corp. on Sunday showed signs it had largely recovered from a widespread system outage that began early Friday and shut down service, prevented card payments, and scrambled digital orders for hours at thousands of restaurants around the world. Now, the company is seeking the cause and promising to hold …