The Future of Fraud-Proof Credit Cards
As card purchases rapidly increase both online and in-store, so are cases of credit card fraud. To combat and limit potential fraud, credit card companies are ramping up their security efforts in many ways. One of the newest methods for securing cards includes dynamic CVV generators. Dynamic CVV generators create random CVV (card verification value) […]
Venezuela’s Money Crisis
Venezuela is currently in year three of a crippling economic recession and the International Monetary Fund (IMF) forecasts that the country will be in recession until at least 2019. In an attempt to slow the rampant inflation taking place with the country’s currency, earlier this week, Venezuelan President Nicolas Maduro announced that people would have […]
Test-Driving Tokens
Continuing with the hot topic of virtual cards or “burner” cards as they are sometimes referred to, “tokenization” has become familiar in the vernacular of merchant payment security. It refers to authenticating credentials as a means to further secure purchases and transactions while safeguarding both consumers and merchants against fraud. Tokenization is the popular security […]
False Declines More Costly Than Fraud
While fraud is most certainly rising, costing United States merchants an average of 1.47% of their total annual revenue this year alone (which is up from 0.51% in 2013), false declines are becoming costlier than actual fraud — U.S. ecommerce merchants will lose $8.6 billion in falsely-declined transactions in 2016, according to the estimates of […]
The Virtual Reality Of Cards
The idea of virtual or “burner” cards is nothing new. For over a decade, a host of companies have tried, albeit in vain, to make their temporary cards a popular way to buy on the internet. While adoption of this technology has been slow, virtual cards can, in fact, help combat ecommerce fraud while helping […]
Loyalty Has Its Rewards
As internet users and consumers shift more and more into the online and ecommerce space, the majority are becoming members of loyalty programs. According to recent study conducted by Urban Airship, 92% of online consumers in the United States and the United Kingdom belong to at least one loyalty program, while 19% belong to at […]
Survey: Credit cards still lead over digital payments
Cash on delivery still dominates in some regions The credit card payment still reigns supreme statistically, but that isn’t necessarily the case in all of the world’s markets, according to the Nielsen Global Connected Commerce Survey. The study focused on 26 countries around the globe and found that 53% of consumers choose credit cards first, […]
Cyber Monday looking to break records
Today is a big day for shopping online — and that’s a huge understatement. Experts (Adobe Digital Insights) predict that more than $3.34 billion in sales will take place today — Cyber Monday — but those numbers could be conservative. Online sales on Black Friday alone increased by 21% over last year and the entire […]
The beginning of the end for CFPB?
Consumer protection group petitions for rehearing Last week, the Consumer Financial Protection Bureau (CFPB) filed a petition with the Court of Appeals for the District of Columbia Circuit asking for a rehearing in the case of PHH Corp v. Consumer Financial Protection. Back on Oct. 11, the Court of Appeals ruled that the CFPB’s single […]
Reports indicate huge spike in online-based payments fraud in first quarter
These days, connectivity through technology seems to increase every day. Unfortunately, so does the criminal activity of fraudsters — especially online. According to Michael Reitblat of Forter, reporting to PYMNT’s Karen Webster in a recent webinar and in a story on PYMNT.com, in the first quarter of this year — online fraud attacks on retailers […]