Industry

Meta Shuts Down 2 Million Accounts Tied to 'Pig Butchering' Scams

PC MAG

"Meta has shut down over 2 million accounts this year linked to "pig butchering" scams, which trick users into investing in dubious cryptocurrency schemes.  The accounts were sourced to "forced-labor" scam compounds, mainly in Southeast Asia, where organized criminals use thousands of workers to engage in deceptive schemes."

Industry

Visa, Mastercard Executives on Defense Over Dominance in Card Payments and High Swipe Fees

NBC

"Credit card giants Visa and Mastercard are on defense against accusations that the fees they charge retailers for processing credit cards are running up costs for businesses and consumers in an industry that is mostly dominated by two companies. Amid pressure from voters to do something to address higher prices, lawmakers are trying to figure out how they can cut costs for households. Much of the hearing was focused on the Credit Card Competition Act, sponsored by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan."

Industry

We Can’t Give Up Paper Checks, and That’s a Gold Mine for Scammers

WSJ

"Americans can’t quit paper checks. Fraudsters are cashing in. The scammers have found a particularly American security hole: our reliance on paper checks. On average, there were some 30 checks per person written in the U.S. in 2021, nearly twice as many as the French, the world’s second-biggest check users, according to the Federal Reserve. [Subscription Required]"

Industry

Games Marketplace Integrates Volt’s Pay by Bank Solution

Open Banking Expo

"Global marketplace for video games Kinguin has partnered with global real-time payments platform Volt to integrate Pay by Bank, thereby enabling its users to purchase games directly from their bank account. Through the new Open Banking payments partnership, Kinguin’s 18 million users will be able to purchase games and in-game goods using Volt’s Pay by Bank."

Industry

Viamericas Enhances Money Transfer Options with Real-Time Domestic Cash-to-Account

Business Wire

Viamericas, a licensed money transmitter announced the launch of its rapid cash-to-account transfer service in the United States. Using the FedNow service and the Real Time Payment (RTP) network, recipients can receive cash deposits in minutes, initiated at thousands of locations across the United States, and received into accounts at over 820 banks that are enrolled in FedNow or RTP.

Industry

How Fintech Solutions Have Impacted the Gaming Industry

FintechZoom

"Fintech solutions have dramatically improved many areas of the digital entertainment industry, and the most notable improvements and technologies that are fuelling growth in this sector include the following....:"

Industry

Detroit to Become Largest City in U.S. To Accept Cryptocurrency for Taxes

CBS News

"Beginning in 2025, Detroiters will have the option to pay their taxes and other city fees with cryptocurrency, the city announced Thursday, making Detroit the largest city in the U.S. to accept cryptocurrency for taxes. City officials said payments will be made through a secure platform and managed by PayPal."

Industry

DLocal, Viva Aerobus Partner to Ease Payments for Travellers

Electronic Payments International

"Cross-border payments platform dLocal has forged an alliance with Viva Aerobus, a Mexican ultra-low-cost airline. This partnership aims to simplify local payment processing for travelers in Mexico, the USA, and Colombia."

Industry

UBS Digital Cash Piloted for Blockchain-Based Multi-Currency Payments

Ledger Insights

UBS is the latest bank to launch a blockchain-based solution targeted at corporates and institutions. Given there are often delays with crossborder payments, the appeal is the ability to instantly move money between different UBS branches dotted around the world.

Industry

One-In-Three Consumers Have Cancelled Subscription Due to Billing Issues

Chain Store Age

"Payment issues are the number one reason for consumers canceling their subscription service. That’s according to new data from payment processing platform Solidgate, which revealed that one-in-four consumers surveyed have had upsetting unexpected charges from a subscription service, and 80% wouldn't recommend a subscription service to a friend if they had trouble canceling it."

Industry

Extend Launches Bill Pay for Invoice Payments

Business Wire

"Extend announced the launch of Bill Pay, a new feature that empowers businesses to streamline invoice payments using virtual cards. The Bill Pay feature simplifies the workflow for accounts payable processes, optimizes cash flow, maximizes credit card rewards, and enhances security for organizations of all sizes."

Industry

Money Moves Without Borders. Why Can’t Our Payments Data Do the Same?

Euromoney

"Euromoney’s chief research officer Andrei Charniauski took on the most pressing question at Sibos in Beijing: how can the financial services industry reduce cost, increase speed and improve access?"

Industry

Largest Pay-By-Bank Retail Payment Network Launches in Utah

PR Newswire

"CanPay was named by the State of Utah's Division of Finance as an approved payment provider for pharmacies selling medical marijuana statewide. CanPay serves more than 325,000 users at 1,150+ dispensaries across the U.S. CanPay's app allows consumers to pay cannabis retailers with a debit from their checking account using the ACH network."

Industry

Flywire Survey Uncovers Increasing Demand for Flexible, Patient-Centric Payment Solutions in U.S. Healthcare

GlobeNewswire News Room

"Flywire Corporation has released its new report, Is Paying for Healthcare Consumer Friendly Yet? examining the topic of healthcare affordability and accessibility among patients in the U.S."

Industry

U.S. Department of the Treasury Releases Inaugural National Strategy for Financial Inclusion

U.S. Department of the Treasury

"The U.S. Department of the Treasury (Treasury) released the National Strategy for Financial Inclusion in the United States, which identifies objectives and recommendations for policymakers, industry, employers, and community organizations to advance consumer access to safe financial products and services and strengthen financial security."

Industry

Pennsylvania House of Representatives Passes Crypto Bill to Bring Regulatory Clarity

Coindesk

"The Pennsylvania House of Representatives has passed a bipartisan bill aimed at providing regulatory clarity for digital assets. The bill addresses key areas such as residents' rights to self-custody digital assets, the use of bitcoin as a payment method, and guidelines for taxing bitcoin transactions."

Industry

Majority of Americans Aren’t Confident in the Safety and Reliability of Cryptocurrency

Pew Research Center

"Cryptocurrency markets continue to face challenges. The currency’s value has dropped, lawsuits are mounting and Congress is mulling regulations."

Industry

Credit Card Companies Now Charging Extra Fees for Paper Statements

Fox Business

"A new push to move credit card users to a digital statement will now come with a penalty for those who don’t want to comply. Credit card companies from big name retailers have been silently rolling out a fee of $1.99 if you wish to keep receiving paper statements."

Industry

Metallicus Supports the FedNow® Service, Advancing U.S. Payment System

Newswire

"Metallicus announced it is now supporting live transactions on Federal Reserve Financial Services’ instant payment rail, the FedNow Service. Metallicus leverages blockchain technology, through its Digital Banking Network including interoperable Layer 0, Layer 1, and Layer 2 blockchains, enabling instant transactions with on-chain identity (DID/KYC) for compliant digital asset interactions."

Industry

Elder Fraud Prevention Begins at Home

Atlanta Fed

"In 2023, Americans over the age of 60 were scammed out of more than $3.4 billion, according to the FBI's most recent Elder Fraud Report. Those reported losses were nearly 11 percent higher than they were in 2022. Investment, tech support, email, and romance scams were the most common among the schemes outlined in the report."

Industry

Passkeys Can Make Online Payment Authentication Easier, but It’s Complicated

Biometric Update

"If passkeys are adopted for online payments, the technology’s user base could scale rapidly. But payments are complicated, leading the FIDO Alliance to ask a panel at Authenticate 2024; “can we use passkeys to authenticate users in online card transactions”?"

Industry

EMVCo Launches New Interactive Resource to Support Deployment of EMV 3-D Secure Solutions

EMVCo

"Global technical body EMVCo has launched an interactive white paper to help banks, solution providers and merchants optimize the EMV 3-D Secure (EMV 3DS) payment authentication experience. The online resource demonstrates how EMV 3DS solutions can better support key use cases – including frictionless authentication, out-of-band authentication, and recurring and installment transactions."

Industry

FTA Statement on BNPL Interpretive Rule Lawsuit

Financial Technology Association

"The Financial Technology Association’s President and CEO Penny Lee issued a statement on the lawsuit it filed today challenging the Consumer Financial Protection Bureau’s final interpretive rule addressing pay-in-four Buy Now Pay Later products."

Industry

One Inc and J.P. Morgan Payments Collaborate to Enhance Unified Payment Platform for Insurance

Business Wire

"One Inc has announced its expanded collaboration with J.P. Morgan Payments, aimed at delivering a comprehensive, unified payment experience for Property & Casualty insurance clients"

Industry

BPI and TCH Seek to Intervene in Corner Post Case Challenging Debit Interchange Limits

The Clearing House

"The Bank Policy Institute and The Clearing House Association filed a motion to intervene in Corner Post, Inc. v. Board of Governors of the Federal Reserve System. Corner Post, a North Dakota truck stop, is challenging the Federal Reserve’s 2011 rules governing debit interchange revenue established pursuant to the “Durbin Amendment” in the Dodd-Frank Act."

Industry

HoneyBook Unveils HoneyBook Finance, a Suite of Financial Tools for Independent Businesses

Business Wire

"HoneyBook, a leading client relationship management (CRM) platform for independent businesses, announced the launch of HoneyBook Finance, a comprehensive and integrated suite of financial tools designed to help entrepreneurs manage their money where they manage their business."

Industry

Idenfy Launches Its New Bank Verification Tool, Enabling a Quicker Account Approval Process

Marketers Media

"iDenfy announced the release of its new Bank Verification service, designed to streamline compliance processes and provide businesses with a more efficient, secure way to verify both user identities and their financial data through a single KYC flow."

Industry

The Top 2 Digital Fraud Schemes of 2024 That Every Business Should Know

Digital Transactions

"Online fraud schemes are on the rise across the globe. In fact, data breaches reached an all-time high last year, with an increase of 78% year-over-year between 2022 and 2023*, and that threat continues to escalate as fraudsters find new ways to beat digital security solutions. Top 2 Fraud Schemes: 1) Bot or Enumeration Attacks 2) Account Takeover"

Industry

Who Are Buy Now, Pay Later Borrowers, and What Are They Buying?

Reuters

"As Amazon's Prime Day kicked off the holiday shopping season this week, U.S. consumers are expected to spend a record $18.5 billion using buy now, pay later for purchases in the last quarter of the year, according to projections by data firm Adobe Analytics. Buy now, pay later (BNPL) exploded in popularity as the COVID-19 pandemic forced more shoppers online, driving $75 billion in online spending in 2023, up 14.3% from 2022, according to Adobe."

Industry

Instant Payments and the Impact on Fraud

Payments 20

"Authorized push payment (APP) is a category of financial fraud that happens when an accountholder is tricked into sending money (a credit-push payment) to a fraudster’s account, posing as a genuine payee. Instant payments facilitates the transaction to be credited and cleared in a few seconds, enabling the fraudster, to move the money from that account almost instantly."