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.MAC UPDATES
MAC Dues Restructure - What It Means For You
As we continue to share details of the new MAC dues restructure, check your inbox this week for a message from us about the specific changes your organization can anticipate for your next dues renewal cycle.
MAC continues to add benefits as part of this restructuring, and we are excited to share a sneak peek of a new membership value in this week’s message — a teaser of the new MAC website, launching soon.
If you have any questions about your MAC membership, please contact us directly at membership@macmember.org.
Not yet a member? Join today and start experiencing the MAC benefits, with more to come.
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Level Up Registration Opening Soon!
Join us virtually, July 27-28, for Level Up 21, the industry’s premier event for payment professionals featuring collaboration, communication, and education dedicated to risk mitigation, regulatory compliance, and transformation and growth in the payments industry.
This year’s theme, Navigating the New World, will have presentations focusing on strategies to adapt quickly to the evolving payment landscape.
Watch this space for more details and agenda teasers in the coming weeks.
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.INDUSTRY NEWS
3 online payment stocks capitalizing on COVID-era trends
Entrepreneur
Back in March 2020, when lockdowns began and businesses were shut down, investors lost confidence in everything, even online payment systems such as PayPal, Square and Shift4.
Analysts and investors initially expected economic devastation, not anticipating the rise in online businesses and others that fit nicely with the stay-home theme.
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Legitimate merchants and bad actors alike can adapt to anything, including a pandemic. Whether you have a conservative or risky merchant portfolio, understanding shifts in payments risk is core to your success. This year’s event is dedicated to the tools of modern risk management—web forensics, data science, and automation.
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Digital fraud in the age of the pandemic
Fintech Times
The world was hit by a global pandemic in 2020 which completely disrupted every working sector and the lives of everyone involved. The public were forced to stay at home as countries entered lockdown in an attempt to stop the spread of the virus. While some companies were able to benefit from the increased need for digitization, many fraudsters saw this as an opportunity to expose more people who now felt vulnerable as a result of COVID.
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Internal B2B payment fraudsters wreak havoc on businesses
PYMNTS
The business email compromise (BEC) scam remains a massive threat to companies. But sometimes, the biggest fraud risk can be found within the enterprise.
This week’s B2B Data Digest looks at the latest figures behind B2B payments fraud and finds more cases in which a company’s own employee can be traced back to payroll and accounts payable (AP) scams.
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How the cloud is changing fintech
Forbes
The 2020s are the era of the cloud. Not only are more organizations moving their infrastructure to the cloud, but over 55% say they are using multiple public clouds, according to the 2020 IDG Cloud Computing Study. And a sizable slice of companies’ IT budget (32%) is dedicated to this purpose. With purported benefits such as accessibility, ease of use and fast deployment, it’s not hard to see why businesses are drawn to this relatively new technology. But what does this mean for fintech?
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AHA counters site-neutral Medicare payments with study highlighting hospitals' more complex outpatients
FierceHealthcare
The American Hospital Association (AHA) is reinforcing its longstanding position against the Department of Health and Human Services’ (HHS') site-neutral payments with new research suggesting hospital outpatient departments are treating poorer, more complex Medicare patients than independent physicians' offices are.
The study, which was conducted for the AHA by KNG Health Consulting and published on its website, reviewed claims from a 5% sample of Medicare beneficiaries who had at least one visit to an outpatient setting between Jan. 1, 2012, and June 3, 2019.
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AgeChecker.Net is the leading provider in online age verification for age-restricted industries. Compliance for Tobacco, Vape, CBD, gaming, supplements and many more. Require your merchants to use online age verification for age restricted products. Protect your merchant portfolio by adding an additional layer of KYC compliance.
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Revolut's latest funding could result in $10 billion valuation
FinTech Magazine
Revolut, one of the UK’s top three challenger banks, is reportedly planning a new funding drive that could see the fintech reach a valuation of more than $10 billion.
According to Sky News, Revolut’s founders, Nikolay Storonsky and Vlad Yatsenko are aiming to collaborate with FT Partners, the US-based fintech investment bank, which will advise Revolute on the new funding drive schedule to take place in Q3.
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Bitcoin tumbles after Turkey bans crypto payments citing risks
Reuters
Bitcoin tumbled more than 4% on Friday after Turkey’s central bank banned the use of cryptocurrencies and crypto assets for purchases citing possible “irreparable” damage and transaction risks.
In legislation published in the Official Gazette, the central bank said cryptocurrencies and other such digital assets based on distributed ledger technology could not be used, directly or indirectly, to pay for goods and services.
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Changing payments: P27, Europe and beyond
Finextra
Project P27 has been in motion since late 2017, designing the operational model for a first-of-its-kind, multicurrency, real-time clearing system across Nordic countries Denmark, Finland and Sweden.
The aim is to break down barriers for trade and financial interaction between the Nordic countries by making payments more efficient, including cross-border.
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Time Magazine to accept crypto payments for digital subscriptions
Cointelegraph
In partnership with Crypto.com, a leading digital currency platform, Time Magazine is now accepting one-time crypto payments for its 18-month digital subscription. Users who elect to pay with Crypto.org Coin (CRO) will receive up to 10% cash back on their purchase. The digital subscription is valued at $49.
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Promoted By LegitScript
Learn how an effective and accurate merchant monitoring solution can save risk teams hours of wasted time while enabling them to focus on important priorities like enforcement, merchant communications, and more.
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EU banking trade group presses the issue on instant payments
PYMNTS
It’s not an easy task to get the European Union to speak in a single voice for anything. With 27 member states in motion and the U.K. on its way out, it’s a powerful group of countries stitched into a shared economy but one that’s in constant flux.
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6 reasons for data driven decisions to drive your fraud management
The Paypers
Data has always been critical to fraud management, but the current context throws its role into sharp relief, says Mark Strachan, EMEA Managed Risk Principal at Cybersource.
We've identified six reasons why a data-driven approach to fraud management decision-making is more important than ever before.
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Payment transaction volume using 3-D Secure protocol grows globally
Help Net Security
RSA has published its latest quarterly fraud report, reinforcing the migration to more precise payment authentication methods and showing a notable spike in brand abuse attacks. The report features insights from Q4 and full year 2020 data collected while authenticating consumer transactions and investigating threats.
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Is Coinbase Netscape 2.0? Here are five things you must believe
PYMNTS
Coinbase’s April 14 IPO was the stock market event that launched a thousand superlatives. A “watershed moment,” a “rocket” that analysts said would see its stock price double, and a “landmark moment for crypto” are but a few of the headlines marking its debut as a listed company that day.
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Promoted by
Sysnet Global Solutions
| Are you ‘prescribing’ the right security solution to your merchants?
When it comes to small businesses, an all-in-one cybersecurity solution is just what the doctor ordered. |
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Promoted by
MultiView
Nearly two decades ago we recognized that industry associations relied on offline communications in an increasingly online world. We also saw that businesses who sell to other businesses [B2B] were limited to just a few traditional tactics for reaching their niche groups.
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Who stands to gain from real-time payment adoption?
eMarketer
Faster payments are garnering greater interest from US financial institutions, businesses, and consumers. Over the past decade, several offerings in particular have risen to the forefront in the US, with some settling transactions in a matter of seconds. But those that don’t deliver instant settlement are still viable, given the significant reach and ability of faster payment systems to handle both credit and debit transactions.
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