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Mastercard’s First-Party Fraud Tack; Nacha Targets Credit Push Fraud; Galileo Expands Its BNPL Program
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New Nacha Rules Take Aim At Credit Push Fraud, Handing a Clearer Role to Receivers
Nacha, the governing body for the automated clearing house network, has approved a new set of rules aimed at curbing the growing threat of credit-push fraud. Credit-push fraud uses social engineering and email phishing attacks to deceive someone into sending funds to a criminal-controlled account. Common examples of credit-push fraud …
Read More »First-Party Fraud Continues to Bedevil Merchants, Mastercard Says
Chargebacks are always an issue for merchants. While there are numerous programs and indicators to identify fraudulent ones, detecting and managing first-party fraud—that committed by legitimate customers—can be tougher to root out. In response, Mastercard Inc. is pushing its First Party Trust Program, an artificial intelligence-based service that enables merchants …
Read More »A New Owner for Nuvei? McDonald’s Seeks Outage Answers; FIS Enlists AI in Fraud Detection
FIS Enlists AI in Fraud Detection And Other Digital Transactions News briefs from 3/18/24
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 …
Read More »Cantaloupe’s Stadium Pay Cheq Deal; Abrigo Enlists AI to Counter Check Fraud; Plus Weekly Recap
A New Abrigo Program Enlists AI to Counter Growing Check Fraud
In testing now, the Abrigo Fraud Detection platform is incorporating artificial intelligence into check inspection and image analysis to help banks manage check fraud. Though checks written fell from 15.5 billion in 2018 to 12 billion in 2021, according to the 2022 Federal Reserve Payments Study, they remain a significant …
Read More »High Costs And Fraud Risk Drive Sellers’ Dissatisfaction With Card Processing, J.D. Power Finds
Small businesses tend to be less satisfied with their credit and debit card processing than they are with processing for alternative payments, according to a study by J.D. Power. Based on a 1,000-point scale, with 1,000 being the highest score, merchant-satisfaction scores for credit card processing averaged 692, while scores …
Read More »Underdog Picks Sift for Fraud Prevention And Other Digital Transactions News briefs from 1/12/24
Sift, a provider of technology to prevent online fraud, said it has been engaged by Underdog, an online sports-fantasy platform, to prevent the use of stolen payment credentials. Darwinium, a fraud-prevention provider, said it will work with email-address technology from AtData to enable clients to identify fraudulent emails. Digital authentication …
Read More »Visa Enhances Merchant Security in the Era of Digital Fraud
As the digital economy continues to grow, people are relying on virtual transactions more than ever. But with the expansion of digital money movement comes new opportunities for fraudsters to exploit merchants and their customers. In today’s economy, fraudulent activity can happen anywhere, to just about anyone. Digital cybercriminals are …
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