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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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15. UK lawmakers are launching a formal inquiry based on the FinCEN files
BuzzFeed News
British lawmakers are launching a formal inquiry into “deeply troubling” questions raised by the FinCEN Files, a global money laundering investigation based on documents BuzzFeed News shared with the International Consortium of Investigative Journalists.
The investigation revealed how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the actions of terrorists, kleptocrats, and drug kingpins.
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14. The COVID payment fraud acceleration
BankInfoSecurity
The pandemic has been an accelerant for digital payments and digital payment fraud globally. Krista Tedder of Javelin and Stu Bradley of SAS discuss recent findings in a new report.
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13. OLB Group expands support for Apple Pay and Google Pay
Odessa American
The OLB Group, Inc., a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-size merchants, announced it has upgraded its SecurePay payment gateway system to support Apple Pay and Google Pay across all merchant platforms. Merchants utilizing the OLB SecurePay gateway service or the OmniSoft cloud-based business management platform will immediately have the option to accept these alternative contactless payment methods without any equipment changes.
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12. CBDCs mean evolution, not revolution
BIS
Who wants a central bank digital currency (CBDC)? Plenty of people, apparently; industry groups are advocating digital cash, millions of people have reportedly signed up to a lottery to receive digital renminbi in Shenzhen as part of the Chinese central bank's pilot project, and the Libra Association wants to "integrate" CBDCs. Technology firms, banks, NGOs and consultancies are now jostling to ride the next wave of innovation.
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11. JPMorgan Chase takes on Square and PayPal with smartphone card reader, faster deposits for merchants
CNBC
JPMorgan Chase is making a play to sell more services to millions of American small business owners, pushing into an area pioneered by fintech firms including Square, PayPal and First Data, CNBC has learned.
The bank is rolling out a checking account that is paired with a new fintech-inspired service called QuickAccept, according to JPMorgan executives. QuickAccept lets merchants take card payments within minutes, either through a mobile app or a contactless card reader, and users will see sales hit their Chase business accounts on the same day.
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10. Cybercrime task force monitoring the global digital financial system
Cointelegraph
The United States faces a growing threat of transnational cybercrime, particularly against its financial system. In what may be the largest prosecution of its kind in U.S. history, the U.S. Department of Justice has charged Texas tech billionaire Bob Brockman in a 39-count indictment with evading $2 billion in taxes. The businessman used encrypted devices and code words to conceal his wire fraud, tax fraud and money laundering within a network of offshore entities and bank accounts.
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9. Silent Eight leverages AI to detect and solve financial crime
VentureBeat
Silent Eight, a cybersecurity startup leveraging AI to combat crime, today closed a $15 million funding round. The company says the funds will be used to accelerate current hiring efforts and fuel customer acquisition as it expands to new geographies.
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8. The payments industry's role in cybersecurity
Forbes
The 2020 theme for National Cybersecurity Awareness Month is "Do Your Part. Be #CyberSmart." The electronic payments industry, which is comprised of U.S. banks and card networks and which my organization represents, understands the need to prioritize online safety and has, for years, invested in resources to protect the payments ecosystem. These innovative technologies to combat fraud have benefited consumers and merchants alike, ranging from small businesses to large retailers.
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7. Bain Capital Ventures: 2020 is B2B payments' breakout year
PYMNTS
There’s no doubt that 2020 will be remembered for a lot of things, most of which are painful. But Bain Capital Ventures’ partner Matt Harris tells Karen Webster that this year has also marked the tipping point for commercial payments.
“If you ask investors, I would say the recognition that the next big value creation opportunity in payments is B2B payments [has] happened,” Harris said. “I think in terms of market recognition, 2020 was the breakout year — [and] in terms of commercial adoption, 2021 will be more like it.”
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6. 6 money laundering reforms that experts say need to happen right now
International Consortium of Investigative Journalists
The biggest banks in the world are moving vast amounts of money for drug cartels, corrupt regimes, arms traffickers and other international criminals after having pledged repeatedly to do more to staunch the flow of dirty money.
The system-wide failures exposed by the FinCEN Files, a 16-month investigation by more than 400 journalists, have led to calls for reform from prominent politicians and government bodies. The reporting even prompted the Financial Crimes Enforcement Network, the U.S. agency known as FinCEN tasked with overseeing bank compliance with money laundering laws, to ask for ideas about how to “enhance the effectiveness” of its operations.
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5. Crooks are creating synthetic shoppers
Practical Ecommerce
The ongoing global pandemic has forced the rapid expansion of ecommerce and a general migration toward digital transactions. Unfortunately, COVID-19 also may be fueling an increase in so-called synthetic identity fraud.
With synthetic identity fraud, criminals use a combination of real and made-up information — social security numbers, email addresses, physical addresses — to create a “new” identity that might be used to apply for credit cards and loans or purchase goods online.
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4. Artificial Intelligence reshaping risk management in the BFSI sector
Express Computer
A banker wants to induct a new client, Corporate X, for the bank. His colleague in Risk taps a few keys on the Risk Portal... and lo! All the relevant details are immediately flashed... Corporate X’s banking history, credibility, the bank’s funding appetite and recommendations. The portal even calls out red flags such as a likely management shake-up (deciphered from social media); potential litigation and even industry headwinds.
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3. Real-time payments industry is set to undergo radical changes
CNBC
The world of payments technology seems to have two speeds at which it operates: glacially slow and sudden bursts of rapid innovation and change.
With the global pandemic redefining accepted norms for how we collectively work, interact and connect, it’s clear that we’re in a moment of rapid innovation and adoption, especially when it comes to real-time payments.
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2. USAA Bank fined $85 million by federal regulators for 'violations of law'
Military.com
USAA Federal Savings Bank must pay the U.S. government an $85 million fine after regulators found failures in the company's compliance risk management and information technology risk programs.
The decision, announced Oct. 14, was made by the Office of the Comptroller of Currency (OCC), a U.S. Treasury bureau tasked by law with overseeing banks.
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1. Perspective: MAC President and the Year in Review
As we enter the final months of 2020, I have some personal reflections on MAC and its future. We have a lot to
celebrate, even in this challenging year with the impact COVID-19 had on many of our organizations and clients.
The past year’s events provided us with an opportunity to pause and take stock of where we are and where we
want to go. As MAC President during this period, I have the utmost respect for all of our members and their
continued dedication to a mission and profession that makes the world a better place by focusing on maintaining
the payment ecosystem’s integrity. We all win when we collaborate to achieve that common objective.
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