The Federal Reserve Board on Monday afternoon narrowed the window for the launch of FedNow, its real-time payment service, to the weeks between May and July of 2023. The announcement, which came in a short address by Fed Vice Chair Lael Brainard, is the latest in a series of updates …

Online attacks in which criminals seize control of victims’ data are rising, and government agencies are far from immune. That’s now leading states to consider laws prohibiting state agencies from paying ransoms to get the decryption key that would unlock what are often vital files. North Carolina in May and …

To make modern fraud detection technology more accessible to community banks, Jack Henry & Associates Inc. late Thursday announced plans to launch early next year Financial Crimes Defender, a cloud-native platform for detecting fraud and other suspicious account activity that can hurt consumer’s financial health, as well as financial crimes, such …

Digital payments are on the rise, and so is payment fraud. As of 2020, nearly 80% of Americans used at least one form of digital payment. Between 2020 and 2021, payment fraud attacks rose dramatically on digital wallets (200%), payment service providers (169%) and crypto exchanges (140%). To keep up …

Digital identity, new ways to move funds, the speedy pace of innovation, and changing consumer payment preferences are all quickly altering the payments arena, suggests the latest payments report from Deloitte Consulting LLP. “The things that really stood out the most for us when we looked at the data is …

Fraud-management platform Riskified Ltd. is partnering with Aurus Inc., a payments-platform provider. The deal will enable merchants relying on the Aurus platform to know in real time across multiple sales channels whether to accept or reject an order, which in turn can potentially increase approval rates and reduce fraud costs, …

With the introduction in Congress on Thursday of a bill that attacks rising credit card acceptance costs, lobbyists for both sides of the issue lost no time firing broadsides, pro and con, over the matter. The legislation, co-sponsored by Richard Durbin, D-Ill., and Roger Marshall, R-Kan., seeks to ratchet down …

Mobile-payment solution provider Bank Shot has added support for digital-check acceptance in the real-estate market. The new feature will enable consumers to initiate an earnest-money or rent payment via a digital check. In addition, real-estate brokers, title companies, and property managers can use Bank Shot to pay realtor commissions. Bank …

Consumers’ loss of funds to fraud and other deceptive activity on peer-to-peer payment networks has drawn the attention of U.S. Senators, who are demanding answers on the matter from the big banks that own the Zelle P2P network. The senators’ actions come as P2P activity has boomed in response to …

After years of a relatively light touch, federal regulators are turning the Klieg lights on the payment industry. In some cases, their approach has been opaque, which is creating concerns that could stifle innovation. There’s an old adage inside the Beltway that says, “People Are Policy.” Since entering the Oval …