News

November, 2018

• 12 November

  Fallback Fraud Falls as Card Issuers Ramp Up Their Monitoring

  

  Fallback fraud, an offshoot of the counterfeit fraud that EMV chip cards are meant to reduce, declined over the past year, according to new findings from Auriemma Consulting Group. Fallback fraud refers to fraud resulting from would-be EMV payments resorting to the credit or debit card’s back-up magnetic stripe because …
• 9 November

  PayFacto Debuts With an Eye on Merchants, Payfacs, and Gateway Services

  PayFacto Inc., the new name for a combination of what had been three separate companies, launched with a mission to cultivate merchants with a trio of payments services. Montreal-based PayFacto is the result of combining B2Billing, CT-Payments, and Supreme Payments. Each of the Canadian firms had different specialties that PayFacto …
• 9 November

  MoneyGram Hit by Government Settlement, Declining Revenues

  

  Shares of wire-transfer provider MoneyGram International Inc. tumbled 29% Friday morning after the company reported declining revenues and a $125 million settlement with the federal government over lax fraud controls at some agent locations. The settlement involves “allegations that the company failed to take steps required under a 2009 Federal …
• 9 November

  AmEx Scores a Breakthrough in China With a License to Process Domestic Payments

  

  The major U.S. payment card networks have been trying to set up shop to process domestic transactions in mainland China for years, only to encounter government resistance. But American Express Co. announced a breakthrough Friday with a deal to become the first overseas network to win an OK to operate …
• 9 November

  Most—73%—Will Shop in Stores This Holiday Season and other Digital Transactions News briefs from 11/9/18

  

  A survey of 1,000 U.S. adults found 73% will shop at a store for gifts this holiday season, but 13% will also use a virtual assistant, such as Siri or Alexa. Some 57% will use a computer and 42% a mobile device, according to the poll, conducted by merchant processor …
• 8 November

  ACI Reports Quarterly Earnings and other Digital Transactions News briefs from 11/8/18

  

  Payment processor Worldpay Inc. said pro-forma net revenues in its Technology Solutions e-commerce segment grew 17% year-over-year to $420 million while pro-forma revenues in its Merchant Solutions segment rose 4% to $506 million. Pro-forma revenues in the Issuer Solutions segment increased 4% to $91 million. Worldpay also promoted Mark Heimbouch …
• 7 November

  Dorsey Sees Square’s New Terminal Displacing ‘Dinosaur’ Devices on Merchant Countertops

  

  Square Inc. on Wednesday played up its recent launch of an important new hardware product and celebrated what it called its first quarter of profitability under generally accepted accounting principles. While executives did not discuss sales numbers for Square Terminal, a $399 touchscreen-equipped handheld device the San Francisco-based company released …
• 7 November

  Green Dot Says It’s the Go-Between in the New Walmart-PayPal Cash Service

  

  When retail giant Walmart Inc. and PayPal Holdings Inc. announced nearly a month ago that PayPal customers will be able to withdraw cash from, and deposit cash into, their accounts at U.S. Walmart stores, a major partner in that service wasn’t mentioned. On Wednesday, prepaid card services provider Green Dot …
• 7 November

  EVO Notes Revenue Increase and other Digital Transactions News briefs from 11/7/18

  

  Three years after the EMV liability shift, fallback fraud, which bypasses protections against counterfeit card use, remains a problem for the U.S. payments industry, Auriemma Consulting Group said. Its data found that fallback fraud, which typically is a problem when markets first adopt EMV, still makes up more than 20% of …
• 7 November

  Predicted Contactless-Card Boom Remains Just That for Card Manufacturer CPI Card Group

  

  Despite predictions of an upsurge in contactless payment cards, so-called tap-and-go cards have yet to generate much revenue for a major U.S.-based card manufacturer, CPI Card Group Inc. Such cards are often called dual-interface cards because they support both contact EMV chip card transactions at point-of-sale terminals as well as …