Seeking to reduce merchant-account fraud, also known as merchant bust-out fraud, and provide merchants with a way to authenticate consumers, payments-technology provider On The Fly POS is adding Ipsidy Inc.’s Identity as a Service (IDaaS) biometric identity-verification technology to its platform. Ipsidy’s app validates a merchant’s identity by comparing a …

Commerce platform Shopify Inc. reported $2.4 billion in global Black Friday sales, a 75% increase from 2019. Black Friday is the Friday following Thanksgiving. Mobile sales accounted for 68% of U.S. transactions and desktop, 32%. Top U.S. cities were New York, Los Angeles, and Vernon, Calif. The average ticket of $93.80 was …

Employees of independent sales organization Gravity Payments Inc. who collectively volunteered to take pay cuts during the coronavirus pandemic to avoid layoffs are now being repaid what they sacrificed; the average employee is getting $4,300 in back pay, Yahoo Money reported.Payment processor Computer Services Inc. reported record quarterly revenue of $70.6 million for its …

Jack Dorsey, co-founder and chief executive of merchant processor and business-software provider Square Inc., on Tuesday pledged $1 billion for Covid-19 relief, and Mastercard Inc. committed $250 million over five years to help small businesses hit hard by the economic slowdown caused by the highly infectious disease. Those two announcements …

Technical advances in identification and authentication are finally establishing an alternative to the alarmingly insecure username-­password combo. Owing to the increasing amount of digitization in all areas of life, secure identification and authentication are becoming more and more important. Particularly, the transfer of sensitive data such as payment transactions must …

While most North American payments fraud is related to identity and organized crime, one area—terrorism—stands out in this region compared to other developed markets. Eight percent of the 154 criminals cases reviewed by information-security firm Terbium Labs in its “The Next Generation of Criminal Financing: How Payment Fraud Funds Transnational …

The best health-care advice you can get is: “Eat right, sleep right, exercise, wash your hands, do Yoga, and don’t watch the news.” We have plenty of data to validate such advice, and it works. Alas, every so often, we get sick, fall, get hurt. And then we expect a …

There are plenty of good bots out there, but the bad ones are making life difficult for financial institutions and merchants. And it’s only getting worse. What’s to be done? To paraphrase Glinda, the good witch in L. Frank Baum’s Oz novels and the 1939 film The Wizard of Oz: …

Digital Transactions examines the five most worrying cyberthreats facing payments companies and asks experts what can be done to guard against them. Hackers are more sophisticated, better funded, better equipped. and more skilled at finding cracks in cybersecurity systems than ever. By adopting advanced technologies such as artificial intelligence, encryption, …

Credit, debit, and prepaid card fraud shows no signs of retreat, finds the Sixth Annual Fraud Report from IDology, an Atlanta-based identity-verification company. Sixty-seven percent of executive respondents to an IDology survey said card-based fraud is most prevalent among their industries. That compares to 65% in 2017. Other fraud types …