After leaving interchange rates mostly unchanged for the past decade, Visa sent a letter to partner banks outlining the coming changes to swipe fees that will roll out in two phases beginning in April then October this year. While high volume supermarkets as well as those with education and real estate merchant category codes (MCCs) will see a decline, eCommerce retailers will see base interchange rates increase from 1.90 to 1.99 percent on standard Visa rewards cards and from 2.5 to 2.6 percent on premium rewards cards for a $100 transaction.
Government Agencies in Puerto Rico Fall Prey to Pair of Spear Phishing Attacks Sending Over $4 Million to Fraudsters
After compromising the email account of a government official at one agency, targeted phishing attacks were sent from this trusted contact to other government agencies purporting that bank accounts for receiving their payments had changed. Puerto Rico’s Industrial Development Company sent over $2.6 million while the Tourism Company paid $1.5 million to fraudster-controlled accounts held on the US mainland.
LexisNexis prepares to fund two acquisitions totaling $855 million as parent company RELX looks to buy two major names in the identity authentication and risk management space. This includes the acquisition of ID Analytics from NortonLifeLock in January followed by the purchase of email authentication vendor Emailage, announced in mid-February. Both deals are expected to close in the first quarter of this year.
Cyber Weekend Fraud Declines See 30% Increase Year-Over-Year and 50% Increase Relative to Rest of Year
The number of order attempts declined for suspected fraud increased by nearly 30 percent year-over-year for orders between Thanksgiving and Cyber Monday, according to data from iovation, that also found a fraud decline rate 50 percent higher than the yearly average (15 percent vs. 10 percent). Likewise, a cyber security firm found a 63 percent increase in malware while phishing attacks jumped 51 percent on Black Friday.
Private courier UPS has declared January 2nd National Returns Day, the busiest package return day of the year, and prepared to handle nearly 2 million packages representing returned gifts on this day alone. We take a look at online order return rates and volume while discussing the costs, and even benefits, of reverse logistics operations for eCommerce merchants.
Mobile and eCommerce shopping hit new highs this holiday season as Cyber Monday yet again beat its own record as the largest online shopping day in the U.S. with over $9.4 billion in eCommerce retail sales. This followed a record day for Black Friday which reached $7.4 billion in online sales while U.S. eCommerce volume on each day grew by nearly 20 percent year-over-year. One channel’s gain is another’s loss, however, as total holiday sales had a much more modest 3.4 percent growth. Department stores saw total holiday retail sales fall nearly two percent, despite growth of 7 percent in online sales. The biggest winner was mobile holiday sales, which increased 55 percent on CyberMonday year-over-year.
Wawa announced a large-scale malware compromise breaching payment cards processed at the pump or inside between March 4 and December 12, 2019, also admitting that the company “does not have sufficient information to determine” how many payment cards were exposed. The gas station and convenience store has more than 850 locations along the east coast with $10.6 billion in annual revenue.
The U.S. Central Bank will embark on its biggest investment in payments since becoming an ACH operator more than forty years ago. FedNow will be an interbank real-time gross settlement service (RTGS) with integrated clearing. It will support 24/7 real-time transfers of up to $25,000 between any banks in the U.S. and will be available by 2023 or 2024.
Klarna, a payment company offering micro credit for online transactions like PayPal Credit, serves consumers and merchants in Europe and the United States while preparing to launch in Australia and New Zealand. They recently announced an equity funding round raising $460 million, valuing the credit terms alternative payment provider at $5.5 billion.
The number of Klarna users in the U.S. is growing by 6 million per year.
More than 3,800 data breaches occurred in the first half of this year, a 54 percent increase from the first half of 2018. The number of consumer records compromised in data breaches increased 52 percent over this time, with 4.1 billion records compromised in the first half of 2019 and 3.2 billion of those coming from just eight breaches.
This comes as the Identity Theft Resource Center tallied the most records compromised in 2018 and highest number of data breaches in 2017 in more than a decade.