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Apple to Offer Text P2P Transfer and Stored Balance Account with Apple Pay Cash Card

Published on August 30, 2017, by in Industry News, Payments, Sales Conversion.

The new Apple iPhone and operating system are set to launch in September and include new features likely to grow adoption of Apple Pay and contactless mobile payments at the physical point-of-sale. Apple Pay is set to rollout in several more countries by year’s end while the newest operating system (iOS 11) will support Apple Pay Cash Card, a stored value account for sending and receiving person-to-person payments as well as making online and contactless payments via Apple Pay.

Apple Pay Cash adds significant new payment options and features for Apple users. First, it supports person-to-person payments directly within iMessage, which has the potential to immediately grab market share from other P2P money transfer services like Venmo/PayPal, Square Cash and Facebook Messenger. Second, the Apple Pay Cash Card, which is a stored value account that essentially serves as a digital prepaid card, has the potential to spur many more consumers using Apple Pay for mobile contactless payments, particularly among underbanked and youth consumer demographics.

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Fitbit Pay Joins an Already Crowded Mobile Payments Arena

Published on August 30, 2017, by in Payments, Sales Conversion.

Fitbit recently unveiled their first smartwatch, called Fitbit Ionic, which will support NFC contactless payments with their mobile wallet called Fitbit Pay. Fitbit Pay will be compatible with Visa, MasterCard and American Express cards issued by partner banks and is expected to launch with the Fitbit Ionic smartwatch in October.

 

Fitbit Pay will work with American Express as well as MasterCard and Visa cards issued by participating banks, which include major card issuers Bank of America, US Bank, Capital One, HSBC and more.

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Vantiv Eyes Global Expansion, Acquires WorldPay for Nearly $10 Billion

Published on July 5, 2017, by in Merger & Acquisitions.

Vantiv, the largest acquirer in the U.S. based on transaction processing volume, is now a significant global competitor as well, following the $9.9 billion dollar acquisition of UK-based WorldPay, who has over 400,000 processing clients across 146 countries.

It was announced on July 5th that Vantiv would acquire global processor WorldPay for $9.9 (£7.7) billion in the form of cash, a converted rate of shares to Vantiv and a cash dividend with total value representing an 18.9 percent premium compared to the closing price for WorldPay on Monday July 3rd.

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The Fraud Practice Releases a New Risk Management Technique White Paper Discussing Confidence Indicator Services

Published on June 6, 2017, by in Fraud Prevention, Industry News, Press Release, Sales Conversion, Technique Refreshers.

Confidence Indicators White Paper“Using Confidence Indicator Services to Enhance Qualification Capabilities in Online Applications” is the latest white paper from The Fraud Practice; released today and available free to download. This white paper defines and discusses Confidence Indicator services in the context of a “digital body language,” which can provide a view and indication of how a consumer answered critical risk questions that may validate or call into question what the user input or said. This can allow organizations to better detect high risk applicants, and accept more applicants where data was a limiting factor.

This risk management technique is defined and discussed in terms of how it works, the signals it provides and business use cases, to include application on-boarding, credit issuance and loan origination, insurance claims fraud and more.

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First Data, North American Bancard Each Complete Major Payment Acquisitions

Published on June 1, 2017, by in Merger & Acquisitions, Payments.

At the end of May, First Data announced they had reached agreement to acquire another large, publicly traded payment processor, CardConnect, for $750 million. This occurred just two weeks after the privately held North American Bancard Holdings LLC agreed to acquire Total Merchant Services Inc., for an undisclosed amount, to become the 7th largest processor by merchant locations in North America.

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eCommerce and Mobile Banking Fraud Lead 2016 Fraud Increase in the UK

Published on April 17, 2017, by in Fraud Prevention, Industry News.

Financial Fraud Action (FFA) UK, a financial services industry research and reporting group, recently released their 2016 year-end payment card and banking fraud totals which showed an increase in card fraud overall, primarily led by card not present channel fraud. Changing trends include an increase in fraud attempts but targeting lower order amounts compared to last year, a shift from malware targeting banks to fraudsters directly targeting consumers and consumer account credentials, and mobile banking app fraud losses more than doubling from 2015.

The Financial Fraud Action UK organization is composed of major banks, payment acquirers and card issuers in the United Kingdom, and members report payment card, remote banking and check fraud losses each year. Over the years FFA UK has tracked significant increases in total payment card fraud against UK-issued cards, growing from £341 million in 2011 to £618 million in 2016. This marked a nearly 10 percent increase just from 2015, when the total fraud loss on UK-issued payment cards was £567 million.

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Post-EMV eCommerce Fraud Growth Abetted by Data Breaches

Published on April 12, 2017, by in Fraud Prevention, Industry News.

According to recent data from Experian, eCommerce fraud was 15 percent higher in the first half of 2016 compared the same period the year before, but for the full-year eCommerce fraud attack rates increased to 33 percent. This implies an even greater increase in CNP fraud in the second half of the year, and it is believed that the transition to EMV or chip cards is the primary reason behind this growth.

In the United States, the EMV liability shift occurred on October 1, 2015 and the rollout has been gradual. Likewise, the increase in CNP fraud was notable but in-line with recent years’ growth. By the end of 2016, nearly 2 million U.S. merchant locations were equipped to accept EMV cards, or 39 percent of all merchant locations, according to Visa. It was in 2016, and seemingly more so in the second half of the year, that the industry really started to experience the shift of more fraud attempts to the customer not present channel.

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MasterCard to Acquire NuData Security

Published on April 12, 2017, by in Fraud Prevention, Industry News, Merger & Acquisitions.

At the end of March, MasterCard announced they had entered into an agreement to acquire NuData Security, the behavioral biometric and behavioral monitoring vendor based in Vancouver, Canada, for an undisclosed amount. A pioneer in the behavioral monitoring space, NuData offers MasterCard valuable technology and patents related to performing authentication covertly across all types of devices. This was the third major acquisition of a risk management solution provider by a card association in less than six months, and the second time that has happened in the past six years.

Maybe it’s coincidence, but things tend to come in three’s. After Visa acquired CardinalCommerce and American Express acquired InAuth, each in December, 2016, MasterCard announced a major risk management acquisition before the end of the first quarter. It’s not the first time the three have acquired major risk vendors around the same time. In 2010 Visa acquired CyberSource for $2 billion, MasterCard purchased DataCash for $520 million, and American Express acquired Accertify for $150 million. While terms from each of these acquisitions were public, the financial terms have not been disclosed for the three more recent deals announced by these card associations.

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