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As 2020 comes to a close, MAC would like to wish its members, partners and other industry professionals a safe and happy holiday season. As we reflect on the past year for the industry, we would like to provide the readers of MAC's Dispatch a look at the most accessed articles from the year. Our regular publication will resume Monday, Jan. 6, 2021.
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30. Payment processing services: Change was inevitable
XaaS Journal
One of the most pervasive changes that occurred in 2020 was how people or organizations paid for goods and services. Due to the coronavirus pandemic, in-person transactions gave way to e-commerce, recurring payments, bank transfers and other forms of payment that enabled people to keep their distance but still conduct business. The challenge for value-added resellers (VARs) and other solutions providers is equipping their clients with the payment processing services they needed to adapt.
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29. UPI transactions on the rise: Is this indicative of a systemic shift?
Entrepreneur
Nowadays, Indian consumers have a lot of payment options to choose from. Some of these options include credit/debit cards, Net banking, Unified Payments Interface (UPI), mobile wallets, as well as buy-now-pay-later (BNPL). In recent years, there has been a sharp increase in the number of UPI transactions.
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28. The American consumer is flush with cash after paying down debt
Bloomberg
Eight months into the pandemic, Americans’ household finances are in the best shape in decades. It’s a seemingly incongruous thought, what with the widespread business lockdowns earlier in the year and coinciding surge in unemployment — and it certainly doesn’t apply to all families equally. But it points to just how strong the U.S. economy was going into the virus outbreak, and how powerful the combined monetary and fiscal response was from the Federal Reserve, Congress and the Trump administration. Record-low mortgage rates, reflecting the ultra-easy Fed policy, have prompted a steady wave of refinancing and allowed homeowners to reduce monthly payments or tap equity. Americans are also holding more cash, helped in part by stimulus from the government.
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27. The impact of SARs disclosures on financial institutions
Banking Exchange
The surprising — and some might say, shocking — releases of information from Suspicious Activity Reports (SARs) that were filed with the Financial Crimes Enforcement Network, an arm of the U.S. Treasury Department, have sent shockwaves through the financial industry and have left many financial institutions concerned about their SAR processes both today and moving forward.
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26. Touchless is pushing payments beyond the card
PYMNTS
Will anyone miss keypads when they go? Will POS terminals without a clear purpose make us long for the days of swiping plastic, punching buttons and squinting at tiny screens?
In a word: no. Touchless is here to stay. Now comes the work of embedding touchless payments anywhere and everywhere people might want them.
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24. Mastercard announces newest participants in FinTech accelerator program
PYMNTS
Mastercard has announced the latest class of FinTech startups for its Start Path accelerator and partnership program.
Under the program, Mastercard will work with the companies for six months to help uncover ways in which they can leverage its technology, expertise and network to push their businesses forward. Mastercard said it aims to invest in solutions that help bring more people into the global digital economy, instill customer trust and deliver secure interactions.
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23. Why aggregation is key to tackling fake medicines
EPM Magazine
Aggregation is one of the most important topics in pharma manufacturing right now, particularly when it comes to tackling fake medicines and anti-counterfeiting. It is a crucial part of the ongoing advancement in technology solutions to improve security, visibility and communication in the pharmaceutical supply chain.
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21. How to fight against 'authorized payment fraud'
Bank Info Security
Implementation of 3D Secure 2.0, a protocol designed to be an additional security layer for online credit and debit card transactions, by banks and merchants alike can play a critical role in reducing "authorized payment fraud," two security experts say. In an in-depth video discussion, Alastair Sheen, an independent fraud risk management consultant, and Robert Tharle, former senior manager, future fraud development at the U.K.'s TSB Bank, discuss all the steps banks can take to help prevent this type of fraud.
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20. Secretive high-end art world can be vehicle for dirty money, US Treasury warns
International Consortium of Investigative Journalists
The United States Treasury Department is putting art galleries and museums on notice over the high risks of financial crime in their trade, warning that various aspects of the art industry makes “it attractive to those engaged in illicit financial activity, including sanctions evasion.”
The advisory, published on Oct. 30, calls out the art industry’s heavy use of shell companies. Citing the “high degree of confidentiality and anonymity” in the art trade, the advisory cautions that art dealers may find themselves unwittingly working with criminals seeking to move illicit funds.
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19. New Vizom malware discovered targets Brazilian bank customers with remote overlay attacks
Security Intelligence
IBM Security Trusteer researchers have discovered a new malware code and active campaign targeting online banking users in Brazil. The malware, coined “Vizom” by the team, uses familiar remote overlay attack tactics to take over user devices in real time, as the intended victim logs in, and then initiates fraudulent transactions from their bank account.
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18. Use of cash has decreased while Payment as a Service (PaaS) platforms have increased during pandemic
Cision
The Payment as a Service (PaaS) is a service provided by a third party company that offers various merchants online services for accepting electronic payments by different payments method which include bank-based payments such as direct debit, credit card, real-time bank transfer and bank transfer based on online banking. It is the third party that allows the merchant to accept a wide variety of payments through a single channel, and this factor drives the growth for payment as a service market.
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16. PayPal to open up network to cryptocurrencies
Reuters
PayPal Holdings Inc PYPL.O said on Wednesday it will allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies at the 26 million merchants on its network. The new service makes PayPal one of the largest U.S. companies to provide consumers access to cryptocurrencies, which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods.
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