Friday , April 12, 2024

News

March, 2024

  • 21 March

    As Apple Opens up to Outside Payments, Big Tech Protests the Cost

    Apple Inc. early Thursday said it has “fully complied” with a federal court ruling requiring the technology giant to permit app developers to process payments outside of Apple’s own system. The response came after five major technology companies on Wednesday filed a petition with the court protesting that Apple’s compliance …

  • 21 March

    Synthetic Identity Tops the Hit Parade of Tactics To Commit Digital Fraud, TransUnion Finds

    Synthetic identity fraud has become the fastest growing form of digital fraud, totaling $3.1 billion in 2023, up from $1.9 million in 2020, a 63% increase, according to TransUnion LLC’s 2024 State of Omnichannel Fraud Report. Criminals are using synthetic identities, which are created from a combination of real and …

  • 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

    Lakers 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 …

Digital Transactions