Payments News

On The Web

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Security

In China, Paying With Your Face Is Hard Sell

“Ant Group Co., which revolutionized China’s payments industry , is learning how hard it is to separate people from their mobile phones. Three years ago, the financial-technology giant controlled by billionaire Jack Ma embarked on an ambitious and costly effort to install facial-recognition devices at retailers that would allow people to make payments by smiling […]
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Security

Banks Work with Fintechs to Counter ‘Deepfake’ Fraud

“Banks and fintech groups are setting up partnerships to combat the use of doctored video and audio content by fraudsters, as research shows such ‘deepfake’ crimes are the biggest worry among customers. HSBC this week became the latest bank to sign up to a biometric identification system, developed by technology firm Mitek and offered through […]
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Security

North Korean hackers ramp up bank heists: U.S. government cyber alert

“North Korean hackers are tapping into banks around the globe to make fraudulent money transfers and cause ATMs to spit out cash, the U.S. government warned on Wednesday. A technical cybersecurity alert jointly written by four different federal agencies, including the Treasury Department and FBI, said there had been a resurgence in financially motivated hacking […]
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Security

235M Instagram, TikTok, and YouTube profiles exposed in database breach

“A databased containing scraped data of nearly 235 million social media users from Instagram, TikTok, and YouTube was exposed without any password protection. It contained user information such as names, contact info, images, and stats about followers. Web scraping is a technique of gathering data from web pages in an automated manner. While it’s not […]
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Security

Instagram Faces Lawsuit Over Illegal Harvesting of Biometrics

“Facebook Inc. is facing new allegations that it illegally harvests the biometric data of users, this time in a lawsuit that targets the company’s photo-sharing app Instagram. Last month, the social media company offered to pay $650 million to settle a lawsuit in which it was accused of illegally collecting biometric data through a photo-tagging […]

On The Wires

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Security

Peasypay: The European Solution for Biometric Payments by EIT Digital

“PeasyPay, a startup launched by EIT Digital, is letting people pay by just showing their faces and taking a picture of the palm of their hands. The system was first rolled out in Budapest and is currently being piloted in Guadalajara, Spain. Slovenia and the UK will follow. No wallet, smartphone or credit card needed. […]
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Reports

GIACT® Releases Report on Securing Faster Payments, Account Validation

“GIACT®, the leader in helping companies positively identify and authenticate customers, today announced a new report, Securing Faster Payments: Addressing the Account Validation Rule, on the rapid growth of ACH payments, the latest fraud trends surrounding faster payments as well as how to secure ACH transactions. The report comes in advance of Nacha’s upcoming WEB Debit […]
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Security

Marqeta Adds 3D Secure to Its Platform, Providing Customizable Authentication for Online Fraud Mitigation

“Marqeta, the world’s first global modern card issuing platform, announced the release of its new 3D Secure solution. Marqeta 3D Secure will not only help card issuers meet regulatory requirements of Strong Customer Authentication (SCA) under the Payment Services Directive 2 (PSD2) in certain markets, it will also enable these issuers to create tailored cardholder […]
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Security

Restaurants & Retailers in Pasadena Establish Nation’s First Pay-by-Face Network

“With California imposing strict restrictions to stem the spread of COVID-19, a number of restaurant and retail store owners in the city of Pasadena have quietly established the nation’s first dense “face-pay” network. These small business owners have embraced an advanced facial recognition technology that lets their customers make secure, hands-free purchases using only their faces.”