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.MAC UPDATES
MAC Announces Date for Virtual Regional - Nov. 9
Save the date and register! Bookmark our event website to learn more about the details, program development, and partnership opportunities for MAC’s next event - Virtual Regional on Nov. 9.
This event will offer a mix of micro sessions on hot topics and industry panel discussions covering a range of sub-topics. This event is FREE for MAC members.
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MAC Announces a New Membership Campaign - MAC for Everyone
MAC is excited to launch a new membership campaign, MAC for Everyone. This campaign will explore the benefits and value MAC brings to your industry role and the education, networking, and support we provide to your organization, and its impact on the payment ecosystem.
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New Volunteer Posting - Volunteer: Blog posts on emerging technologies
MAC is looking to develop a regular series of blog posts on various emerging technology topics and trends. We are looking for one or more volunteers to either help write or source these blog posts. Posts would typically be about 1-2 pages in length and might cover cryptocurrency, artificial intelligence, blockchain, and related topics from an educational and non-commercial perspective.
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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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.INDUSTRY NEWS
A farewell to card swipes: Mastercard to start phasing out magnetic stripes in 2024
MarketWatch
The practice of swiping could soon be limited to thieves and online daters as Mastercard Inc. prepares a phaseout of the magnetic stripes that enable people to swipe their credit and debit cards.
Though magnetic stripes have been a fixture of payment cards for decades, the industry has pushed requirements in recent years that have shifted more payments over to safer chip-based technology, such that 86% of face-to-face card transactions globally now take place with EMV chips, according to a Mastercard blog post.
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Artfinder on the evolving challenges of cross-border payments
PYMNTS
Over the past few years, eCommerce has become many consumers’ primary form of retail and as the hunger for online shopping grows, so does the breadth of options. Customers are no longer content to purchase from retailers in their own countries but are virtually crossing borders to do so, with experts predicting that international consumer-to-business (C2B) and consumer-to-consumer (C2C) transaction volumes will hit $3.6 trillion by next year.
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FTC urges federal reserve board to require debit card gatekeepers to compete fairly
MyChesCo
The Federal Trade Commission announced that staff this week submitted a comment urging the Board of Governors of the Federal Reserve System (the Fed) to clarify and strengthen the implementation of debit card fee and routing reforms to the Electronic Fund Transfer Act (EFTA) made under the Dodd-Frank Wall Street Reform Act of 2010 (Dodd-Frank).
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How AI can help to prevent accounts payable fraud
Forbes
According to the “2020 Report to the Nations,” published by the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated 5 percent of annual revenue due to fraud. For organized scammers, accounts payable (AP) departments are often perceived as a poorly guarded cashbox they can target for scams or other malicious attacks. In most cases, payments are processed through these departments, which makes this function vulnerable and a prime target for theft.
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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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JPMorgan launches new real-time payments service
Reuters
Global payments giant JPMorgan Chase & Co (JPM.N) has launched a real-time payments option that it hopes will increase its edge in the financial industry's battle to handle more of the surging volumes of global digital payments.
The new product, called request for pay, lets corporate clients send payment requests to the bank's roughly 57 million retail clients who use its app or website, cutting the cost and time it takes for those companies to get paid, said Cyrus Bhathawalla, the bank's global head of real-time payments.
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Making digital payments secure and sustainable
Fast Company
The invention of the magnetic stripe in the early 1960s was a landmark moment, laying the foundation for the modern payment card. Fast forward 50 years, and payments technology has come a long way as we’ve looked to deliver smarter, more secure experiences that are also sustainable. From the introduction of the EMV chip and PIN, to mobile payments, digital wallets, and contactless, innovation has driven a new era in the way we interact and transact. But building trust in that evolving digital payments ecosystem hinges on innovating responsibly.
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New 'buy now, pay later' solution is enabling credit unions to stay competitive
PaymentsJournal
The COVID-19 pandemic has been the catalyst for a slew of changes in consumer behavior, including the search for more ways to budget and improve finances. Online purchases are growing exponentially, and buy now, pay later (BNPL) is quickly becoming mainstream in the payments industry for its flexibility and ease of use.
Recognizing that the demand for this convenient payment option will only continue to grow, PSCU recently announced that it will soon offer a new "Installment Payments" solution that will enable credit unions to offer more flexible ways for eligible members to pay.
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Merchants call on fed to push PINless routing rules for debit transaction
PYMNTS
The deadline has passed — and what looms now is whether or not the way debit transactions are done, particularly online, will change.
As noted in this space in May, the Federal Reserve published a Notice of Proposed Rulemaking that would require merchants to have a choice in how those online transactions are routed. In its proposed rules, the Federal Reserve cited the increase in card-not-present (CNP) transactions.The comment period has ended, and what comes next might be anybody’s guess.
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Promoted by LegitScript Negative-option billing, also known as continuity marketing, is a deceptive approach to ensnaring consumers in ongoing subscriptions without their express consent. LegitScript's new 13-page negative-option billing guide discusses important topics in this area, including how negative-option billing works, common red flags, and tips to minimize risk.
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The fundamental role of payments is rapidly evolving
PaymentsJournal
Just a few years ago, having a recognized brand and a loyal customer base used to be key indicators of a payments company’s strength. However, relying only on these put many established players in a difficult spot over the past 18 months. Instead, the COVID-19 pandemic favored the most digitally-forward, especially those who demonstrated an ability to rapidly pivot and adjust to what has become one of the key new realities of commerce — the need to orchestrate demand and supply-side ecosystems at scale.
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Watch out PayPal, here comes crypto as a payment system
Crypto News
When PayPal announced last month that its “super app” is ready to launch, this marked the payments company’s next big step towards the launch of a new consumer digital wallet that has been in the works for some time.
The new product will be rolled out in the U.S. over the next several months and is expected to offer a variety of financial, shopping and e-commerce services, including support of crypto payments — something that will give consumers the much-sought flexibility when they pay for goods and services and offer merchants the option to accept digital assets.
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Ransomware payments explode amid 'quadruple extortion'
Threatpost
Two reports slap hard figures on what’s already crystal clear: Ransomware attacks have skyrocketed, and ransomware payments are the comet trails that have followed them skyward.
The average ransomware payment spiked 82 percent year-over-year: It’s now over half a million dollars, according to the first-half 2021 update report put out by Palo Alto Networks’ Unit 42. As far as the sheer multitude of attacks goes, Barracuda researchers on Thursday reported that they’ve identified and analyzed 121 ransomware incidents so far in 2021, a 64 percent increase in attacks, year-over-year.
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The payments industry must tool up in its ongoing battle against the scammers
Euromoney
Market practitioners are constantly deploying new and different technologies and methodologies to combat payee scams. However, a recent report by payments industry group P20 highlights a perceived gap in customer protection – payment service providers need to do more to tackle scams by expanding the use of technology for risk analysis and fraud prevention.
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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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Venmo to allow credit card holders to automatically buy cryptocurrency with their cash back
TechCrunch
PayPal-owned Venmo is expanding its support for cryptocurrency with today’s launch of a new feature that will allow users to automatically buy cryptocurrency using the cash back they earned from their Venmo credit card purchases. Unlike when buying cryptocurrency directly, these automated purchases will have no transaction fees associated with them — a feature Venmo says is not a promotion, but how the system will work long term. Instead, a cryptocurrency conversion spread is built into each monthly transaction.
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