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.MAC UPDATES
The Dark Web: Learn the inner workings at Level Up 21
The Dark Web and the marketplaces on it are growing at an exponential rate. Hackers are doubling down on cybercrime-as-a-service, allowing non-traditional and unskilled hackers to wreak havoc in ways previously unheard of. Criminals don’t have to be skilled to get your data; they just need to know where and who to go to for help.
Learn more about the inner workings and business of the cyber underground at the closing session of Level Up 21. Join us on July 28 to hear from Joone Nijjar and Mike Annand with Armor.
Register today. You’ll be amazed at what you will uncover.
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At Your Leisure Education: Now offered during Level Up 21
As a direct result of your invaluable feedback, new for Level Up 21, you will have access to additional On-Demand / At Your Leisure education sessions. Take advantage of these added industry resources when it fits into your schedule and share something new you learned in our Level Up Coffee Connects and Connection Lounge breaks during the event.
Sessions include:
- Are Storm Clouds Forming on the Government Relations Horizon?
- If I Was a Cybercriminal, What Would I Do?
- Cashless Trends in Casinos, On-Line Gaming, and Lotteries
- Remote Interviewing: Creating an Effective Crew on Distant Shores
- Securing Remote Payments in a Digital World
- And more being added weekly!
Register today to have access once the MAC S.S. Membership sails on July 27.
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.INDUSTRY NEWS
Futuristic payment trends that are fast approaching
Tech Gaming Report
Digital mobile payments have been incredibly beneficial for businesses across numerous industries. Although it might seem like a lot has been achieved, startups in this area are far from slowing down with their innovative ideas. Because our consumer habits have changed dramatically, technology keeps getting updated in order to meet the new demand. The current and future methods of payment need to match the modern way of living.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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6 key factors that are influencing the payments industry
IBS Intelligence
bank, FinTech, digital, banking, lending, loans, digitize, paperless, Payments, PwC, Digital walletsThe financial-services industry is in the midst of a significant transformation, accelerated by the COVID-19 pandemic. Given the key role digitization plays in the financial lives of more and more of the world’s population, electronic payments are at the epicentre of this transformation.
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Bitcoin leads cryptocurrency sell-off after Trump calls it a 'scam'
Yahoo!
Cryptocurrencies continue a bout of volatility as they plunged on Tuesday morning, after former US president Donald Trump said bitcoin was a "scam".
“Bitcoin, it just seems like a scam,” he told Fox Business. “I don’t like it because it’s another currency competing against the dollar... I want the dollar to be the currency of the world. That’s what I’ve always said.”
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Banning ransomware payments could create new crisis situations
Forbes
Last Sunday — a day before the U.S. announced it had recovered millions of dollars of ransomware payments that Colonial Pipeline recently paid to cyber attackers — U.S. Energy Secretary Jennifer Granholm said she supported banning ransom payments altogether.
"I don't know whether Congress or the president is at that point," she told NBC’s “Meet the Press” moderator Chuck Todd, "but I think we need to send this strong message that paying a ransomware only exacerbates and accelerates the problem. You are encouraging the bad actors."
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Goldman Sachs taps Visa for cross-border payment upgrade
Payments Dive
Cross-border payments have long been complicated, slow, and expensive for businesses, with a labyrinth of correspondent banks, compliance requirements and entrenched systems often bogging down the movement of money. Lately, digitization of services and new software tools have set off a race across the payments sphere to create a better 'mouse trap' for rising cross-border digital commerce.
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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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To win the war on fraud, FIs must become FPs (financial protectors)
PYMNTS
We’re all using apps more than ever before — especially to bank, make payments and get money into the hands of friends and family with the tap of a screen. In 2020, there were more than 1.3 billion global mobile payment users.
Dena Hamilton, SVP of global product management at Featurespace, told PYMNTS that the market impact of the recent increase in digital payment volumes, as it pertains to fraud, will require banks and issuers to continue to step in as protectors — especially since fraud rates show no sign of falling.
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How will real-time payments impact consumer bill pay?
Payments Journal
It has been widely discussed that consumers are using their bank’s or credit union’s digital banking platform less and less to pay bills. An article in American Banker considers if a well-orchestrated, real-time payment option added to the available payment types for bill pay will help to bring consumers back to their primary financial institution to make these critical payments.
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The future of payments: Fintech 50 2021
Forbes
Before COVID, payments companies were some of fintech’s fastest-growing. As the pandemic caused online transactions to spike, these startups went on an unprecedented tear. Stripe and Plaid nearly tripled their valuations in a year, reaching $95 and $13.4 billion, respectively. Marqeta is preparing to go public at a valuation rumored to be north of $10 billion, up from $4 billion a year ago.
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Using behavior metrics to detect authorized payment fraud
BankInfoSecurity
It is particularly challenging for financial institutions to catch authorized push payment fraud, as there is a genuine customer logging in and carrying out transactions, says Steve Ledford of The Clearing House, a payments platform that all federally insured U.S. depository institutions are eligible to use for payments.
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Promoted by LegitScript
How will boarding new industries impact your merchant portfolio risk? Find out in minutes.
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Why aren't fraud warnings working?
The Paypers
Fraud warnings need to be effective and right now, they are anything but. Despite strong measures being taken by banks, customers are struggling to protect themselves against scams, and even experienced users are still falling foul of bad actors. In a recent survey, we found that consumers do take responsibility for protecting themselves online, but only 50% of them feel that preventing fraud is simply a matter of common sense. The majority also still see their bank as being responsible for keeping them safe.
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TD Bank on why A2A, digital wallet payments are key for merchants looking to take control of customer relationships
PYMNTS
Anticipating consumers’ needs and preferences is crucial to merchants’ success regardless of whether they are looking to appeal to online or brick-and-mortar customers.
The events of the past year have only reinforced this need as businesses attempt to recover from lingering economic strains, making it essential for them to take control of their customers’ experiences from the point of browsing. This also requires businesses to rethink their payment experiences as consumers are consistently expecting more personalization and seamlessness, such as with the use of contactless payment methods from users’ smartphones.
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PayPal invests $50 million more in Black, Latinx funds
Payments Dive
PayPal announced on June 2 that it plans to deposit $135 million into financial institutions and management funds that help underserved communities of color to reduce economic inequality. Hope Credit Union, One United Bank, Self-Help Credit Union and C-Note Wisdom Fund are the beneficiaries of the PayPal deposit.
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Hospital system upgrades payments tech to improve collection, security
American Banker
Hospital data is as confusing as it is sensitive. An automated system for collecting payments can simplify the process while also making it more secure.
An additional benefit of automating payments is it improves collection efforts by allowing patients to settle their bills even when the health care provider's call center is closed.
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Japan's first smart ring for contactless payment developed
Japan Today
Though it has taken a while, touch payments have finally made their way to Japan. Whether or not it was prompted by the touch-free lifestyle brought on by COVID-19, we’re glad to finally see it here.
Now, Japan has gone one step further, and is once again living up to the title of "Tech King" by bringing us a "smart ring" for Visa touch payment. (Ok, fine, the ring was actually created and drafted in the UK, but isn’t it cool how Japan is so quickly implementing it?)
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Fintech all-star Nubank raises a $750 million mega round
TechCrunch
In 2013, Colombian businessman David Velez decided to reinvent the Brazilian banking system. He didn’t speak Portuguese, nor was he an engineer or a banker, but he did have the conviction that the system was broken and that he could fix it. And as a former Sequoia VC, he also had access to capital.
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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
Select Choice
| The world is changing every day. Help your team stay ahead of the curve with people solutions from Select Choice. In our latest whitepaper, Making Moments Matter, you'll have access to leading research on staff and resource development. |
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Issuers use crypto-enabled debit cards to reach new consumers, markets
PYMNTS
Cryptocurrency has recently entered the financial mainstream, with increasing interest from consumers looking to invest in and pay with the digital assets. PYMNTS’ recent Cryptocurrency Payments Report found that almost 16 percent of United States consumers either currently own or previously owned some form of cryptocurrency, for example, and 29 percent say they are likely to purchase cryptocurrency in the future. This shift in the payments landscape is altering the debit space as well, as consumers look to use mobile wallets tied to their digital assets as well as cryptocurrency debit cards. Debit networks that help meet this new demand with tools that can enable consumers to purchase and spend their
cryptocurrencies are likely to position themselves as preferred providers for crypto enthusiasts.
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Phos and MAX partner to bring contactless smartphone payments to Israel
The Fintech Times
Using phos’ innovative technology, MAX customers can now turn any NFC-enabled Android device into a payments terminal, without the need for costly additional hardware.
The partnership marks the first-ever use of SoftPoS technology in the Israeli market and MAX will offer the digital payment solution at no extra cost to its business customers for the first month.
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Sift acquires Chargeback to crack down on rising payments fraud
Payments Dive
In acquiring Chargeback, Sift absorbs a software-as-a-service provider that helps in real-time dispute management for merchants and customers. Sift expects the integration Chargeback to unfold over the course of 2021, a Sift spokesperson told Payments Dive. Salt Lake City-based Chargeback was founded in 2011 and has raised $15 million since inception.
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Indian consumers are more concerned about digital payments fraud, ACI Worldwide reveals
The Paypers
YouGov and ACI Worldwide have revealed in a new study that India-based consumers are increasingly concerned about digital payments fraud.
According to the press release, Indian consumers are exercising greater caution when using digital payments compared to 2020. Moreover, survey respondents perceived net banking to be the most secure method of payment, while UPI and e-wallet transactions scored higher than card payments — both for online and offline usage — suggesting increased trust in digital payment methods.
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