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Airlines lost more than $1.4 billion to online fraudsters in 2008, representing about 1.3% of their Web-generated revenues. Those are two key findings from a first-of-its-kind survey about air carriers' Internet-related fraud. Mountain View, Calif.-based CyberSource Corp. commissioned the survey with Airline Information LLC, which produces conferences and publications about …
Read More »Eyeing New Markets, A Niche Payment Player Wards off Recession
The electronic-commerce payments market remains highly competitive despite the recession, and the online niche payment systems are trying to adapt their game plans to the fluid conditions. “The economy is helping us on the consumer side and the merchant side,” says Sergio Pinon, chief executive of eLayaway LLC, an online …
Read More »Internet Pioneer Case Promotes RevolutionCard to Audience of Bankers
Entrepreneur Steve Case, whose founding of America Online Inc. helped popularize the Internet, told an audience of bankers on Monday that his new venture is set to shake up electronic payments by dramatically slashing costs for merchants and consumers. Case's remarks came on the same day that venture, St. Petersburg, …
Read More »Merchants Vent Their Ire over Checkout Pricing on Google Site
The merchants have spoken, and they're none too happy with the new pricing plans Google Inc. disclosed earlier this month for its nearly 3-year-old Google Checkout online-payment service. Merchants are registering their ire on Google Checkout's Web site, where many of the 90-plus recent postings in a section reserved for …
Read More »Bill Me Later (And Thus eBay) Enters Tax Payments Via Link2Gov
In another example of tax payments going electronic, processor Metavante Corp.'s Link2Gov subsidiary has added Bill Me Later as an option that consumers and businesses can use to pay federal taxes. Assuming all goes as planned, the deal announced on Tuesday should bring more transaction volume to Metavante, the payment …
Read More »Pulse Becomes Third EFT Network to Agree to Test Online PIN Debit
The Pulse electronic funds transfer network on Monday announced it will test transactions in which consumers use PIN debit cards to pay online merchants. The Houston-based network is the third EFT system to agree to run such a pilot using technology from Acculynk Inc., an Atlanta-based software company. The Accel/Exchange …
Read More »To Cut Fraud Losses, Don’t Wait for Chargebacks, Apple Says
Online merchants shouldn't wait for chargebacks to indicate a problem with fraudulent orders. Instead, they should pay attention to other indicators, such as the volume of canceled orders, to anticipate whether a wave of chargebacks is about to hit. That's the argument Dave Moriarty, director of data mining at Apple …
Read More »While Google Checkout Reprices, eBay Eyes Big Growth for PayPal
Announcements last week from two of the major online payment systems, PayPal Inc. and Google Inc.'s Google Checkout, show the two are taking differing roads: PayPal is getting ready for a big growth spurt, while Google Checkout is changing its longstanding pricing plan with tiered rates that amount to price …
Read More »A Cautious Chase Paymentech Signs Up for Online PIN Debit
The nation's largest processor of e-commerce transactions this week announced its commitment to a test involving PIN debit payments on the Internet. Chase Paymentech Solutions LLC, which processes for merchants that control more than half of all U.S. transactions on the Web, expects to sign between three and five sizable …
Read More »Study: Fraud Could Drive Consumers To Non-Bank Online Payments
Among its many damaging effects, financial fraud threatens the growth of online payments and banking and could drive consumers away from banks and toward electronic payment systems they perceive as more secure, such as PayPal. Those are some of the conclusions in a new report from technology research and consulting …
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