News

June, 2018

• 28 June

  Big Credit Card Interchange Case Could Be Nearing a Settlement

  

  A massive, 13-year-old legal case pitting merchants against the bank card networks and big issuers over credit card interchange could be nearing a settlement, according to regulatory filings and press reports. Mastercard disclosed in a Securities and Exchange Commission filing Thursday that negotiations among the parties are moving along and …
• 28 June

  Equifax Agrees to Operational Changes in Its Data-Breach Agreement With Eight States

  

  Equifax Inc. disclosed Wednesday that it has entered into a consent order with eight states that requires it to improve its data-protection practices in the wake of the huge data breach last year at the national credit-reporting agency. The breach compromised personal data on approximately 148 million consumers, including Social …
• 28 June

  A Low-Friction Online Payment Button Debuts To Aid Nonprofits And Journalism Sites

  

  LaterPay Inc. released its LaterPay button as a tool to decrease payment friction, especially for nonprofit organizations and journalism sites, the company announced Thursday. Munich-based LaterPay, which has a U.S. office in New York City, says the button is designed to be a low-friction way to enable consumers to make …
• 28 June

  Eye on Crypto: Fit Pay Readies Its Flip; Expedia Cancels Bitcoin; Lightning’s Woes; Facebook’s About-Face

  

  It has been a busy week in the cryptocurrency business. On Thursday, technology vendor Fit Pay Inc. announced it is closer to shipping a contactless coin-shaped device called Flip that allows consumers to convert their Bitcoin to U.S. dollars so they can make purchases. Earlier, news emerged that the online …
• 28 June

  NCR Integrates Fraud Prevention Service and other Digital Transactions News briefs from 6/28/18

  

  ATM manufacturer NCR Corp. said it integrated AFS TrueChecks, a service from Advanced Fraud Solutions for preventing check fraud, into its platform for interactive teller machines. Shift4 Payments announced an integration with Megasys Hospitality Solutions, developer of the Portfolio HMS software application for lodging businesses. AvidXchange, a startup providing payment-automation …
• 27 June

  Account Takeovers And Digital-Goods Fraud Attacks Show No Signs of Abating

  

  Merchants selling digital goods were dealt a heavy blow last year as the fraud rate for the category soared 167%, finds the Fraud Attack Index from online-fraud prevention specialist Forter and the Merchant Risk Council, a merchant group that addresses fraud prevention. Released Tuesday, the index also found that account …
• 27 June

  TrustCommerce Announces an Integration and other Digital Transactions News briefs from 6/27/18

  

  Captiva MVP Restaurant Partners LLC, operator of the PDQ fast-casual chain, reported that a hacker accessed its computer system through a technology vendor’s “remote connection tool” and may have compromised an undisclosed quantity of payment card numbers, cardholder names, expiration dates, and verification values. The breach, which affected all but three …
• 27 June

  Venmo’s New Debit Card Is About More Than Cashing in on Interchange Fees

  

  While the opportunity to earn interchange on transactions made on its new Venmo debit card seemingly answers the oft-asked question of how PayPal Holdings Inc. plans to leverage its free peer-to-peer payment service, the full answer runs much deeper. Interchange is only one piece of the puzzle. A much larger …
• 26 June

  The Supreme Court’s Controversial Balancing Act in the AmEx Anti-Steering Case

  

  With its Monday decision upholding American Express Co.’s anti-steering rules, the U.S. Supreme Court unleashed a tide of press speculation about just how payment card pricing, rewards, and network rules will be affected. At this point, however, only a few things are clear. The first is that AmEx chief executive …
• 26 June

  A Safe Harbor Rejection Won’t Raise Risks for Banks Looking to Serve Cannabis Merchants

  

  Financial institutions providing banking services to cannabis businesses in states where marijuana has been legalized are no more at risk of being punished by federal regulators than they were before Congress last week rejected legislation to provide them safe harbor. Legislators in the House of Representatives and the Senate separately …