Scammers and fraudsters have turned to social media to ripoff consumers who frequent sporting and entertainment events, and they’re doing it better than ever. According to a recent report compiled by Get Safe Online and the London Police’s National Fraud Intelligence Bureau, online ticket fraud in 2015 was 55 percent higher than it was in…
Category: Industry News
2 Reasons Daily Fantasy Sports are Coming Back
Can you imagine watching the upcoming 2016 NCAA Tournament with the frequency of those DraftKings and FanDuel ads? Months ago, it didn’t matter what sport you might’ve been watching, those ads were inescapable. And they’ve since disappeared. According to a recent article on Forbes.com, FanDuel has had two rounds of layoffs while Boston-based DraftKings is…
Merchants Need to Think About Alternative Payment Methods
Alternative payment methods are growing steadily in Europe. To succeed at cross-border e-commerce, merchants need to accommodate local payment schemes. The presentation Cross Border E-Commerce: The Importance of Alternative Payments at the MPE 2016 Convention outlined the importance of recognizing the payment methods in different locales. The presentation was led by Mr. Frank Breuss ,…
When EMV POS Machines Fail
In being part of the payments industry, I find myself always noticing the payment issues come up in my own life. Just the other day, I was waiting in the checkout of a large department store when I was held up by the woman in front of me who was unable to use her credit card. The…
U.S. Payments Industry Frustrates (but it’s Loaded with Opportunity)
As frustrating as it may be, the U.S. payments industry is every bit as exciting. Indeed, the U.S. has some challenges: The U.S. is the last of the world’s major economies to start using EMV chip-enabled credit cards. U.S. merchants have been slow to embrace EMV cards. The U.S. is facing rising card-not-present fraud. The…
Why Aren’t Retailers Using Their EMV Machines?
Because I work in the payments industry, I get excited when I see an EMV point-of-sale machine whenever I’m checking out of a retail store. To me, it signifies progress. I chuckle when the person in front of me quickly inserts their card in and out, similar to swiping. You cannot blame them. Swiping is…
Is This the End of Negative Option Marketing?
It is no secret that Visa’s new chargeback and fraud monitoring thresholds have merchants revisiting their tactics and models, so much so that negative option marketing may become increasingly rare, perhaps disappearing altogether. What is Negative Option Marketing? In a report prepared by the Federal Trade Commission, negative option marketing is defined as the ‘act…
FTC Launches New Debt Collection Operation
‘Operation Collection Protection’ is what they’re calling the newest anti-debt collection initiative from the government. The FTC recently announced the new operation, geared toward protecting consumers from unlawful collection tactics and limiting the reach of merchants in that industry. The move is the latest in a series of harsh blows to the industry currently embattled…
Small Businesses Preferring Online Lenders to Banks
By Dylan Freni In an ongoing trend, more and more small businesses are turning to online lenders when they need cash, not banks. In the case of industry leader OnDeck, it is much easier for lenders who are not affiliated with banks to attract clients due to the speed in which they can work and offer money…
The New Visa Chargeback Monitoring Program: What Does it Mean for High Risk Merchants?
We don’t mean to damper holiday celebrations, but merchants only have nine days until the new Visa Chargeback Monitoring Program takes effect. Visa announced earlier this year that it was modifying its chargeback monitoring program effective Jan. 1, 2016. The changes are going to force merchants, particularly those in high risk industries, to re-think their…