Fraud & Security

The explosive potential that lies in recent advances in artificial intelligence is beginning to be felt in the payments business as banks and fintechs search for ways to wring intelligible trends and operational improvements out of enormous masses of data. The nascent trend toward AI in payments was underscored by …

Travel companies experienced a 71% growth in chargebacks in the past few years, according to the “Tackling the Travel Chargeback Challenge” report from Outpayce from Amadeus, a global travel company. The survey canvassed 46 airline and travel agent executives in the second quarter. The Accredited Standards Committee X9 Inc. started an industry forum …

Merchant losses from online payment fraud globally will total more than $362 billion in the years from 2023 to 2028, according to a forecast from Juniper Research. So-called swipe fees on credit card transactions will increase Fourth of July costs for U.S. consumers by more than $500 million, according to the Merchants Payments …

JPMorgan Chase has extended its JPM Coin, a blockchain-based settlement token launched in 2019, to euro-denominated payments. More than $300 billion has been processed on the coin since its inception. Transact Campus, a payments provider specializing in colleges and universities, announced it has reached the 1-million mark for number of student mobile …

Open banking specialist Plaid launched Plaid Beacon, an anti-fraud network for fintechs and financial institutions. The fintech Karma Wallet has allied with card-issuing platform Marqeta Inc. to introduce a prepaid card offering cash-back rewards from merchants said to be local, ethical, and sustainable. PayEm, a spend-management platform, has integrated with American Express to allow …

Criminals can purchase more than just stolen card account numbers on the so-called dark Web. A recent study by virtual private network provider NordVPN reveals that 51.5% of cards on the dark Web came with addresses, 39.8% came with phone numbers, and 28.7% came with an e-mail address. In addition, …

Members of the U.S. military are reporting problems with digital payments apps more frequently than the general population, and peer-to-peer payment apps account for more of those complaints than any other type of payments technology, according to data released Tuesday by the Consumer Financial Protection Bureau. The CFPB reported receiving, …

Jack Henry & Associates has launched PayrailzFraud Monitor, a real-time fraud-monitoring technology for payments. The cloud-native solution, which Jack Henry describes as an enhancement to its Payrailz platform, uses artificial intelligence, machine learning, and behavioral analytics to detect payments fraud as the fraud is occurring, with a scope including peer-to-peer and …

Cash App and Venmo, peer-to-peer payment services from Block Inc. and PayPal Holdings Inc., respectively, are under scrutiny from four U.S. senators over their fraud-protection efforts. In letters dated June 15 and sent to each company, the senators requested data on the volume of fraud reports the networks have received …

Online merchants that offer so-called accelerated payment methods such as Meta Pay, Amazon Pay, PayPal, Shop Pay, Apple Pay, and Google Pay potentially raise conversion rates by up to 50%. That’s according to “Leading Online Shoppers to the Finish Line,” a study of more than 220,000 e-commerce sites by Shopify …