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- The U.S. Justice Department charged two individuals in a $19 million credit card laundering scheme. Arrested were Steven Short, former head of E.M. Systems & Services LLC on charges of fraudulently obtaining credit card processing services for his allegedly deceptive Florida-based telemarketing operation. From 2012 to 2015, Short and E.M. Systems, the agency alleged, generated more than $19 million from thousands of customers who received cold calls promising to receive their debt in exchange for fees up to $1,495. Brandon Becker, former chief executive of Card Ready LLC, was arrested in 2019 for his role in the scheme. They allegedly created dozens of sham merchant accounts and false merchant applications, and defrauded a credit card processing company and a bank into processing the payments. These institutions were not named nor charged.
- Visa Inc. released its U.S. Spending Momentum Index for June that registered 111.7, down 11.6 points from May’s 123.3. A reading above 100 indicates spending momentum is gaining strength, Visa says, while one below 100 shows weakening momentum, with fewer consumers spending more compared to the prior year period. Visa says the index is not an indicator of its own performance either financially or operationally as a payments network. Instead, it is calculated on the basis of sample data derived from its VisaNet operation. The scoring of the data results in an index value between zero and 200.
- Digital authentication provider Socure introduced what it said is the first identity verification and fraud service made specifically for the buy now, pay later industry.
- Zip Co., an Australian buy now, pay later provider, said Microsoft Corp. will add the payment option for Australian consumers.
- Card services provider Vevent said it is working with CoreCard, which provides card management systems and processing services, to expand its payment processing services.
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