In testing now, the Abrigo Fraud Detection platform is incorporating artificial intelligence into check inspection and image analysis to help banks manage check fraud. Though checks written fell from 15.5 billion in 2018 to 12 billion in 2021, according to the 2022 Federal Reserve Payments Study, they remain a significant …
Read More »High Costs And Fraud Risk Drive Sellers’ Dissatisfaction With Card Processing, J.D. Power Finds
Small businesses tend to be less satisfied with their credit and debit card processing than they are with processing for alternative payments, according to a study by J.D. Power. Based on a 1,000-point scale, with 1,000 being the highest score, merchant-satisfaction scores for credit card processing averaged 692, while scores …
Read More »PayRange Licensing Victor And Other Digital Transactions News briefs from 1/31/24
KioSoft Technologies has agreed to license technology from PayRange Inc. in a deal that could exceed $62 million in value over a 10-year period. The agreement stems from a settlement of a four-year dispute in which PayRange, a provider of payments technology for the laundry and vending industries, alleged KioSoft infringed its …
Read More »In Chargebacks, Consumers Trust Their Banks, a Chargebacks911 Report Finds
Most U.S. consumers—53%—concerned about a possible fraudulent transaction on their credit card statements make the first inquiry with the issuing bank, not with the merchant. That’s according to the newly released 2024 Cardholder Dispute Index released by Chargebacks911, a Clearwater, Fla.-based dispute-management company. Conducted in partnership with TSG, an Omaha, …
Read More »i2c Signs Another Community Bank And Other Digital Transactions News briefs from 1/29/24
Payments-technology provider i2c Inc. announced it will support payments services for fintech clients signed by The Bank of Missouri, a community bank. Ackroo Inc., a Canada-based payments and gift card platform, reported unaudited revenue of $6.8 million for 2023, up 9% from 2022. Global transactions involving biometric authentication—palm, face, or iris recognition—will total …
Read More »Visa Revenue up 9% And Other Digital Transactions News briefs from 1/26/24
Visa Inc. reported $8.6 billion in net revenue for its December quarter, up 9% year-over-year, on $3.9 billion in credit and debit card volume, up 7.8%. Apple Inc. announced changes to iOS, Safari, and its App Store to meet European Union rules, including new options on its App Store to use payment …
Read More »Data Compromises Hit a New High As Cyber Criminals Leverage GenAI And New Attack Vectors
Data compromises reported in the United States reached a record high in 2023, totaling 3,205, a 78% rise over 2022 and up 72% from the then record high of 1,860 in 2021, according to the Identity Theft Resource Center’s annual Data Breach Report. It is the first time the number …
Read More »Mastercard Tags Biometrics And Passkeys as a Fix for Passwords
Mastercard Inc. is taking on the problematic use of passwords with its new Biometric Authentication Service. Announced Wednesday, the new global service is meant to help resolve friction and vulnerability issues that arise from ceaseless passwords and multi-factor authentication prompts, Mastercard says. The service relies on standards from the Fast …
Read More »Worldpay’s Gateway Ranking And Other Digital Transactions News briefs from 1/25/24
Payments research and consultancy firm TSG conferred its Best Performing Gateway award on Worldpay, with Elavon’s Fusebox in second place. The firm monitors gateway performance through its Global Experience Monitoring platform, which monitors credit card transactions across 30 locations around the world. Digital workflow provider ServiceNow announced a five-year agreement with Visa Inc. to …
Read More »Affinipay Adopts AI And Other Digital Transactions News briefs from 1/24/24
Affinipay, an e-commerce payments provider specializing in professional markets, launched a generative AI capability in its platform for law offices, including its LawPay service. Generative AI refers to predictive technology based on artificial intelligence. The cryptocurrency exchange KuCoin announced users of its KuCard debit card can spend their digital currency from their …
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