Risk

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    FTC warns of cash losses to government impostors

    The median loss paid in cash to government impersonation scammers in the first quarter was $14,740, far above the $1,000 median for all payment types.

    By • June 20, 2024
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    Techa Tungateja via Getty Images
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    Opinion

    Fighting deepfakes via payments

    “Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.

    By Alan Primitivo • June 12, 2024
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    Trendline

    Payments industry seeks to keep pace with fraudsters

    As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.

    By Payments Latest staff
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    1401461124 via Getty Images
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    Q&A

    Upcoming ISO 20022 transition leaves some finance players scrambling

    The move to ISO 20022 is coming late next year and many financial institutions remain unprepared for the switch.

    By • June 11, 2024
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    whyframestudio via Getty Images
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    Rivals Adyen, Stripe partner with Capital One to combat fraud

    The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.

    By • June 10, 2024
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    damircudic via Getty Images
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    Sponsored by Adyen

    How machine learning protects merchants from digital payment fraud

    Fraud is always a problem companies want to tackle. But in the current business environment, it has become an even greater priority.

    June 10, 2024
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    Amex dismisses impact of eBay’s rejection

    EBay will no longer accept American Express, but the credit card company said in a statement that the online auctioneer accounts for a minuscule portion of its total business.

    By • June 6, 2024
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    Drew Angerer via Getty Images
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    Pot payments players crave federal reforms

    The Safer Banking Act and federal rescheduling of marijuana could simplify transactions for payments companies doing business in the arena.

    By • June 5, 2024
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    Courtesy of Early Warning Services (parent company of Zelle)
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    Early Warning launches campaign to warn seniors

    The parent to payments service Zelle aims to inform seniors about scams as it faces congressional scrutiny over its fraud reimbursement practices.

    By Tatiana Walk-Morris • June 5, 2024
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    Cecilie_Arcurs via Getty Images
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    Are digital wallets safer than debit cards?

    Research shows young people see digital wallets as a more secure option than debit and credit cards. Cybersecurity professionals mostly agree, despite caveats.

    By • May 31, 2024
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    Investments for payments startups trickle in

    Venture capital flowing to startups in the payments sphere remains reduced this year, extending a rut from last year.

    By • May 30, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Latest
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    Jack Henry, Visa see escalating FedNow volume

    While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.

    By • May 9, 2024
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    Permission granted by GoCardless
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    Sponsored by GoCardless

    How to reduce risk and save cash with Pull-ACH

    Finance leaders are in a unique position to reduce costs and increase revenue by evolving payment processes.

    By Siamac Rezaiezadeh, VP of Product Marketing & Insights, GoCardless • May 6, 2024
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    LD via Getty Images
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    Fed keeps up CBDC research

    Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.

    By • April 17, 2024
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    CFPB $8 late fee cap edges toward reality

    Despite an industry-backed lawsuit seeking to stop the Consumer Financial Protection Bureau’s new $8 late fee rule, bank card issuers are bracing for potential implementation.

    By • April 17, 2024
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    US, Europe lock arms on payments regulation

    U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.

    By • April 15, 2024
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    Brandon Bell/Getty Images via Getty Images
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    Warren reiterates call for gun MCC guidance

    The Massachusetts senator and 32 other Democrats stressed the need for federal guidance on the gun merchant category code as states diverge.

    By Caitlin Mullen • March 29, 2024
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    Justin Sullivan via Getty Images
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    How Visa handled ‘BidenCash’ card fraud incident

    The card network giant identified 556,000 card accounts that were put at risk as a result of the cybercrime ring BidenCash’s release of data online in December.

    By Tatiana Walk-Morris and Lynne Marek • March 25, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra standing at a podium on stage.
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    Lynne Marek/Payments Latest
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    CFPB warns of ‘dangers’ on standards for open banking

    “We know dangers exist when more powerful players weaponize industry standards,” Consumer Financial Protection Bureau Director Rohit Chopra said in advance of finalizing an open banking rule later this year.

    By • March 15, 2024
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    Justin Sullivan via Getty Images
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    Banking apps fall short on fraud protections: report

    Consumer Reports Senior Director Delicia Hand said preventing fraud and scams is "crucial" for traditional and digital banks alike, as more of their customers use their mobile apps.

    By • March 14, 2024
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    Visa spends ‘billions’ battling cybersecurity threats

    “We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.

    By • March 11, 2024
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    Win McNamee via Getty Images
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    Capital One angles to push Discover upmarket

    With its acquisition of the card network, Capital One seeks to elevate Discover’s brand while also working to expand its acceptance abroad.

    By Caitlin Mullen • March 7, 2024
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    erdikocak via Getty Images
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    US Health Dept. offers assistance in wake of Change cyberattack

    Healthcare providers have reported significant challenges to their day-to-day operations, including problems receiving payment from patients and insurers.

    By Emily Olsen • March 6, 2024
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    TU IS via Getty Images
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    Amex cardholder data exposed in merchant processor hack

    The point-of-sale attack on a merchant processor may have compromised card numbers, expiration dates and cardholder names, Amex said in a state regulatory filing.

    By Caitlin Mullen • March 5, 2024
  • Military style vehicle with Cash App sticker on window.
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    Jesse Grant via Getty Images
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    Cash App enforcement action expected this year

    Federal regulators reviewing whistleblower allegations related to Block’s Cash App may act on the complaints this year, predicted an attorney for the complainants.

    By • March 4, 2024
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    Courtesy of Green Dot
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    Green Dot faces Fed’s proposed consent order

    The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.

    By Gabrielle Saulsbery • Feb. 29, 2024