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Real-Time Payments Fraud on the Rise And Other Digital Transactions News briefs from 5/10/23

  • Real-time payment fraud is on the rise, even before the expected July launch of the Federal Reserve’s FedNow service. Some 71% of financial institutions reported an increase in consumer account takeover fraud using real-time payment networks from 2021 to 2022, according to a February and March survey of financial-institution executives internationally by consulting firm Aite-Novarica.
  • Payments provider Paysafe Ltd. launched a revamped version of its Skrill digital wallet for online wagering in Ontario. The wallet was launched in the U.S. market in 2021.
  • Buy now, pay later provider Affirm Inc. reported its March quarter gross merchandise volume grew 18% year-over-year to $4.6 billion, while revenue climbed 7% to $381 million. The performance followed a disappointing December quarter in which several indicators fell short of company forecasts.
  • Diversified Data Processing & Consulting Inc. has installed two self-service, card-accepting bus-pass dispensers for the Detroit Department of Transportation. More than 2,000 passes have been sold so far through the machines since installation of the first one in December. The system averages 85,000 riders daily.
  • Visa Inc. has made an unspecified equity investment in TerraPay, a United Kingdom-based mobile-wallet platform. The deal includes a direct connection to TerraPay for Visa Direct, a real-time funds-transfer network.
  • Payments processor Nuvei Corp. reported first-quarter total volume of $42.4 billion, up 45% year-over-year. Results include some contribution from Paya Inc., a payments platform the company acquired Feb. 22. The company swung to a net loss of $8.3 million from net income of $4.5 million in part because of $20 million in integration costs related to the acquisition of Paya.
  • Israel-based payments provider Nayax Ltd. reported its first-quarter transaction total increased 52% year-over-year to 410 million, while volume grew 63% to $796 million. Revenue increased 53.7% to $52.4. million. The company narrowed its net loss to $5.5 million from $9.8 million.
  • Financial risk management provider Feedzai updated its RiskOps Platform with scam protection capabilities that include improved AI-based detection, custom scam rules, and early intervention signals.
  • Real-time payments platform Pidgin said it is among the first providers to complete testing and certification for the upcoming FedNow service.
  • Credit card and financial technology company Petal announced it raised $35 million and spun off its business-to-business-focused data and analytics subsidiary Prism Data.

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