paymentssource

10 Biggest Insights From PayThink 2018

Sourcemedia’s annual PayThink conference is always productive and informative, and this year’s event was no exception.

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Payment Security Requires Collaboration and Participation From All Parties

Three decades ago, payment fraud was simpler, a one-to-one relationship where the criminal stole a physical card and used it in a physical store. Now criminals steal millions of credentials at a time – they are far more sophisticated and globalized – and cybercrime is big business.

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Visa as Gumshoe: How the Card Network Tracks Fraud to Its Source

There’s an adage in business and war that goes, The best defense is a good offense. This is the philosophy that Visa is deploying against online fraud. When an incident occurs, Visa, along with the affected merchants and banks, will examine how it happened, the extent of the damage and what can be learned from […]

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Discover’s New CEO Says Amazon Is a Friend to Banks, Not a Foe

As Wall Street keeps a wary eye on Amazon.com Inc.’s possible foray into finance, Discover Financial Services’ new chief executive officer isn’t too worried about technology-based invaders.

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Merchants Can Use Interchange’s Complexity to Their Advantage

Every merchant knows that accepting credit cards is essential in today’s world. However, myriad pricing options available among hundreds of payment processors, including flat-rate, tiered pricing and interchange-plus pricing, can be complex. It could be tempting to pick the easiest pricing option to understand and move on.

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VIDEO: Wells Fargo’s Big Plan for Mobile Payments

Wells Fargo has numerous mobile banking and card account apps in the works, including Control Tower and Greenhouse, and those will inform its Pay with Wells Fargo project, according to Beverly Anderson, the bank’s executive vice president of cards and retail services.

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U.S. Way Behind the Curve on Open Banking

Across North America, policymakers, fintech companies, and financial services firms are finally beginning an earnest dialogue about open banking. The Senate Banking Committee recently touched on the issue at a Sept. 18 hearing – one of the first official discussions in the halls of Congress.

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VIDEO: Banks Have Innovation Backwards: John Thomas, TD Bank

John Thomas, head of U.S. payments and data strategy at TD Bank, says banks are approaching innovation the wrong way.

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Digital Pay Fraud Wave Should Bring EMV Token Gateways to Cards on File

Card-on-file (the process of collecting and storing payment card credentials) is fundamental to the card-not-present (CNP) ecosystem, facilitating the delivery of popular payment methods such as one-click ordering and recurring payments.

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Western Union Weighing Sale of Business Payments Unit

Western Union Co. is weighing a sale of its business-payments arm, which could fetch at least 500 million, according to people familiar with the matter. The money-transfer company is working with a financial adviser to seek buyers for the division, said the people, who asked to not be identified because the matter isn’t public.

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SMS Authentication Is Broken – Can Newer Tech Protect Payments?

Many companies no longer rely on static passwords alone, and use two-factor authentication to protect consumer accounts. The problem is they’re using the same second factor: text messages sent to mobile devices.

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Zelle No! Credit Unions Balk at Joining Bank-run P2P Network

Some credit unions won’t join the bank-operated Zelle P2P network – even as their members demand the service. Zelle doesn’t require a bank or credit union to participate in its network to allow it to receive funds; so even Zelle holdouts will see some activity on their accounts.

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