Fraud & Security

The ability of hackers to disrupt connected devices was on display over the weekend with Garmin Ltd., a major purveyor of fitness trackers, smart watches and related tech gear, including products that can make contactless payments, reporting service interruptions that some observers say have been caused by a ransomware attack. …

While merchants, banks, and payments providers may be tempted to blame sharply rising fraud rates on the pandemic, fraud losses were rising before Covid-19 set in and will continue to rise for as far as the eye can see, according to experts behind a major fraud report released this week. …

Sales at small businesses included in the CardFlight Small Business Impact Report for July 22 experienced a 2.6% increase in sales week-over-week and are 25% above the baseline week of March 2-8. Food and drink sales were up 4.5% for the week and retail sales increased 4% week-over-week.Wells Fargo & Co. launched My …

Standards body EMVCo has developed guidelines on how the travel industry can provide data to payment card issuers to better verify the authenticity of an e-commerce transaction using current authentication processes. The guidelines are an extension of EMVCo’s 3-D Secure messaging protocol.The number of data breaches in the United States dropped by approximately one-third in the …

U.S. Bancorp, owner of merchant acquirer Elavon Inc., saw merchant-processing revenues decline 34% year-over-year in the second quarter to $266 million thanks to reduced consumer and business volumes caused by the Covid-19 pandemic.Processor Shift4 Payments Inc. has been named the official credit card processing company for the Las Vegas Raiders National Football …

With the massive increase in e-commerce this year, and new merchants moving to an online model out of necessity, combating card-not-present fraud is incredibly important. EMV 3-D Secure 1.0 (or 3DS1) has been continually upgraded as technology and consumer habits changed; however, from its first iteration it has always had …

Visa Inc. announced it is working on U.S. pilots for a new installment-payment service. TSYS, part of Global Payments Inc., will be the first issuer technology partner, with Commerce Bank as the first U.S. bank partner. 42nd Street Photos, Tire Agent, and The Room Place are among the first merchants to offer …

Sellers continue to have questions about the impact of moving to eBay Inc.’s managed-payments program as the online marketplace’s five-year operating agreement with PayPal Holdings Inc. is set to expire later this week.Financial-services platform Nymbus Inc. announced it will offer digital billing and other payment services from Payrailz LLC as part of its cloud-based set of banking …

With trillions of dollars in federal stimulus money sloshing around in the economy to help consumers who have lost their jobs due to Covid-19, fraudsters are ratcheting up their efforts to get a piece of that pie. Two popular plans of attack are imposter scams, where criminals impersonate representatives of …

When the big card networks this spring postponed until April 2021 the fraud-liability deadline for EMV chip cards at gas pumps, the retail fuel industry heaved a huge sigh of relief. But now estimates are emerging that indicate even relatively small gas-station operators that don’t enable their pumps for EMV …