Fraud & Security

Payments provider North American Bancard LLC said it has integrated its merchant processing platform with Visa Inc.’s Visa Acceptance Platform, allowing it to offer merchants access to Visa properties such as Cybersource, a fraud-detection platform. The Clearing House Payments Co. LLC said first-quarter volume on its RTP real-time payments network set a quarterly …

Canada-based payments processor Lightspeed Commerce Inc. announced it will reduce its headcount by roughly 10%, or 280 jobs, and make other spending cuts in operations and facilities, in a cost-cutting initiative it expects to complete by the end of June. The company has not had a profitable year since going public in …

Visa Inc. announced PayPal and Venmo have activated Visa+, its interoperable peer-to-peer payments service that enables users in one P2P service to make a payment to another person using another network. Fintech Current and The Western Union Co. are expected to enable Visa+ next, Visa said. The service’s B2C payout capability has …

Opening the door to online commerce is an expedient and profitable way to reach consumers, but those with fraud on their minds also find a way in. Now, it is becoming tougher to distinguish those with good intent from the ones with bad intent, especially when formerly good customers start …

Michael Rhodes has resigned as chief executive and president of Discover Financial Services Inc., effective April 1. Rhodes was “not expected to have a long-term role at the combined company after completion of the Company’s merger with Capital One Financial Corporation,” Discover said in a Form 8-K filed with the Securities and …

Fraud is nothing if not a persistent part of the payments landscape. It became more so in the past 12 months, as 60% of e-commerce merchants and 53% of retailers sustained increases in overall fraud levels, finds LexisNexis Risk Solutions in the 14th edition of its “LexisNexis True Cost of …

Visa Inc. announced three technologies leveraging artificial intelligence and aimed at controlling fraud risk, including Visa Deep Authorization, real-time account-to-account payment protection, and extension of Visa Advanced Authorization and Visa Risk Manager to non-Visa card transactions. The services are expected to launch by mid-year. Cantaloupe Inc., a specialist in payments for …

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 …

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 …

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 …