Visa Inc. announced three technologies leveraging artificial intelligence and aimed at controlling fraud risk, including Visa Deep Authorization, real-time account-to-account payment protection, and extension of Visa Advanced Authorization and Visa Risk Manager to non-Visa card transactions. The services are expected to launch by mid-year. Cantaloupe Inc., a specialist in payments for …

Synthetic identity fraud has become the fastest growing form of digital fraud, totaling $3.1 billion in 2023, up from $1.9 million in 2020, a 63% increase, according to TransUnion LLC’s 2024 State of Omnichannel Fraud Report. Criminals are using synthetic identities, which are created from a combination of real and …

New technologies such as generative AI are making it easier for fraudsters to scam consumers, according to the spring edition of Visa Inc.’s 2024 Biannual Fraud Threats report, just released. What makes generative AI such an effective fraud tool is that it can be used to convince consumers to give …

TSG’s yearly review of more than 300 U.S. merchant acquirers is out, and there is little surprise that JPMorgan Chase & Co. retains the top spot with an estimated 2023 U.S. processing volume of $2.4 trillion. While the top three slots in the annual TSG Directory of U.S. Merchant Acquirers …

The Los Angeles Rams of the National Football League chose Shift4 Payments Inc. to process ticket sales through Shift4’s Ticketmaster integration. TokenEx, a cloud-based provider of tokenization services to shield personal information in payments, launched a point-to-point encryption service for both online and in-person transactions. The company says the service reduces the scope …

FIS Inc. said its SecurLock service, working with artificial-intelligence technology from the fintech Stratyfy, is set to increase the volume of card transactions accurately identified as fraudulent, allowing clients to stop the transactions before they are consummated. FIS said the technology “was able to deliver a significant improvement of accurately identified …

McDonald’s Corp. on Sunday showed signs it had largely recovered from a widespread system outage that began early Friday and shut down service, prevented card payments, and scrambled digital orders for hours at thousands of restaurants around the world. Now, the company is seeking the cause and promising to hold …

The Federal Reserve launched a user group for the 607 financial institutions that have signed on so far to participate in FedNow, the real-time payments network the regulator launched last summer with 35 participants, a count that had reached 400 by January. All live financial institutions and certified service providers are eligible …

As online shopping continues to stitch itself into consumer behavior, efforts to reduce chargebacks also advance. The latest is Riskified’s Auth Rate Enhance service that can pre-screen orders and provide more information for its customers to make a go-no-go decision on digital orders. Auth Rate Enhance, a component of Riskified’s …

Consumer bill payments for the 10 most essential bills sum to $25,513 annually on average, according to new data from doxo inc., a bill-payments provider. Doxo’s “2024 U.S. Household Bill Pay Report” says that total corresponds to 34% of a consumer’s income spent across mortgage or rent, auto loans, utilities, …