Fraud & Security

The U.S. Payments Forum has published a free white paper, “Regulation II Clarification for Debit Routing,” on the Federal Reserve’s announcement earlier this year that effective July 1 issuers must support network choice on card-not-present transactions, in addition to card-present, in accordance with the 2010 Durbin Amendment. Payment-card manufacturer CPI Card Group Inc. has …

Instances of electronic benefits transfer (EBT) fraud have become more prevalent in the United States as criminals become more brazen and increasingly prey on society’s most vulnerable. Supplemental Nutrition Assistance Program (SNAP) beneficiaries are one of the largest targets for EBT fraud. Last year, SNAP distributed over $113.9 billion to …

Debit card networks are gearing up for an expected flood of new online transactions in the wake of a Federal Reserve rule clarification that took effect more than a month ago to require that issuers enable network choice for online as well as in-person transactions. The latest example emerged late …

Visa Inc. said it has extended for four years an agreement with U.K.-based Conferma Pay to support Visa Commercial Pay, a set of business-to-business payments technologies. Payments provider Vanco Payments said its Web-based RevTrak technology will support donations through Livingtree Give, fundraising software from the Livingtree fundraising platform. India-based Tata Group’s Tata AIA Life …

i3 Verticals Inc. generated $93.9 million in fiscal third quarter revenue, up 16.5% from $80.6 million in the corresponding quarter in 2022, ended June 30. Its quarterly loss widened to $6.7 million from $4.7 million last year for the same period. Rebate-management platform Vendavo announced a collaboration with Oracle to ease payments and …

Card skimming remains a vexing problem in the United States, with the number of reported incidents increasing 20% during the first half of 2023 compared to the same period in 2022, according to the credit-data firm FICO. More concerning, however, is that the number of cards compromised as a result …

Fintech iWallet, whose technology lets repair personnel and other field-service providers process checks on a smart phone, said it is seeing growth among small businesses such as those in the plumbing, appliance-repair, electrical, and HVAC fields. Financial-technology provider Ascend will provide its billing-technology platform to process transactions for NFP, a property and casualty …

Payment security and fraud play a key role in cart abandonment for e-commerce merchants, according to a study by e-commerce solutions provider Radial Inc. The study found that 48% of respondents cited Web site security and 45% listed security of personally identifiable information as their primary reasons for shopping cart …

Checkout provider Skipify said its technology is launching exclusively with American Express Co. to enable select cardholders to link to eligible AmEx cards to checkout with participating merchants. The integration means consumers will not need to manually enter their payment and billing details, which could help with merchant approval and conversion rates, …

Payments technology provider Verifone Holdings Inc. announced Mike Kohlsdorf has joined the company as chief executive, succeeding Mike Pulli. Kohlsdorf’s background includes CEO positions with eight portfolio companies of Verifone backer Francisco Partners. Pulli has been CEO since 2018. Payments technology firm Weave, a specialist in small and medium-size businesses, announced an expansion …