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Mobile Wallets Responsible for The Rise in Friendly Fraud

Merchants are less likely to dispute chargebacks on transactions originating from mobile wallets and significantly less likely to win those they choose to represent. Consumers may be more prone to commit friendly fraud with mobile wallet transactions and the dishonest ones may already be exploiting this trend.

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EU Organizations Fined $211 Million Related to Data Breaches Under GDPR

A recent report analyzes the $211 Million in data breach fines imposed on European Union organizations by the General Data Protection Regulation (GDPR).

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New Survey Report & White Paper: Attract, Develop and Retain Talent in Payments and Risk

 

This joint survey report and white paper from The Fraud Practice and Executive Search firm Greenings focuses on the talent planning needs and concerns of organizations while providing insights around attracting, developing and retaining talent in the payments and fraud space.

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Black Friday and Cyber Monday Online Sales Set Records but Fall Short of High Expectations

Cyber Monday once again set the record for the largest online shopping day in the United States as consumers spent more than $10.8 billion online. Black Friday online sales also topped last year’s with $9.03 billion in online sales, but neither day lived up to the elevated expectations for online holiday spending during the pandemic.

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Banco Santander to Acquire Wirecards’s Technology Assets

Following a series of accounting fraud scandals that resulted in the insolvency of German processor and payments provider Wirecard AG, Banco Santander will be acquiring their payment technology assets for €100 million.

The acquisition only includes the assets related to merchant services and payment processing with the approximately 500 employees who manage the assets, who will now join GETNET, Banco Santander’s global merchant services team.

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The Fed and FinCEN Propose to Lower Reporting Threshold on International Transfers to $250

The Financial Crimes Enforcement Network (FinCEN), along with the Board of Governors of the Federal Reserve, recently proposed new rules related to the Bank Secrecy Act (BSA) and anti-money laundering regulations requiring financial institutions to collect and report information related to international transfers. The proposed changes would lower the threshold requiring when this information is collected from $3,000 to $250. The proposal also broadens the reporting rules to apply to digital or cryptocurrencies.  The proposed rule changes are currently open for industry comments through November 27.

The Bank Secrecy Act requires financial institutions to collect and retain information on certain funds transfers and transmittals of funds, with the additional requirements being defined in the USA PATRIOT Act and Anti-Money Laundering Act.

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Nacha Approves Amendments to Operating Rules Focused on Supporting More Technologies and Handling Unauthorized Payments

Nacha, who enables Automated Clearing House (ACH) payments, has approved eight amendments to their Operating Rules focused on infrastructure around improving Same Day ACH and providing a framework for authorizing consumer ACH payments that can be applied to the growing channels and technologies consumers want to use to make digital payments. Additional new rules pertain to handling unauthorized payments and ACH reversals.

The new rules will take effect throughout 2021 as Nacha continues to expand Same Day ACH to become a more competitive payment choice for consumers and businesses.

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Refinitiv Acquires GIACT to Build Holistic Fraud, Identity, AML and Cybercrime Solution

Bank account authentication, funds confirmation and KYC provider GIACT will be acquired by Refinitiv, a financial technology and data vendor owned by London Stock Exchange Group. GIACT’s data and technology will complement Refinitiv’s due diligence, risk and compliance services while broadening the company’s digital fraud prevention and identity services.

The acquisition of GIACT both strengthens Refinitiv’s existing service offerings with stronger US data assets and broadens their service offerings and capabilities to additional industries.

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Click here to create your FREE account to our Online Fraud Training content library. It’s available for members only and we are adding new material every day.

 

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