PYMNTS

MAY 29, 2020

And in 2018, just after bitcoin’s price seemingly peaked at the end of 2017 at just under $20,000, the famed investment firm said bitcoin could indeed be used as a form of currency. customers, and reportedly will process wire transfers, deposits and withdrawals from the Automated Clearing House (ACH) network.

Bitcoin

PYMNTS

DECEMBER 30, 2016

But, Vigue added, 2017 will be a year of continued innovation in the technology that can prevent, detect and mitigate a corporate cyberattack. What cybersecurity threats will impact corporate buyers and suppliers in 2017? The environment has truly evolved into an equal opportunity hunting expedition for fraudsters.”.

Checks

PYMNTS

SEPTEMBER 30, 2019

The operation also reportedly led to the recovery of about $118 million in fraudulent wire transfers linked to BEC scams. 80 percent of businesses have received at least one kind of BEC scam email last year , the BBB said in its latest report, noting that average BEC losses involving fraudulent wire transfers top $35,000.

Email Compromise

PYMNTS

DECEMBER 20, 2019

In 2017, Rimasauskas was arrested in Lithuania and extradited to the U.S. He pleaded guilty, stating that, in addition to the phishing scam, he forged invoices and other documents, which he submitted to banks to support the wire transfers, according to prosecutors. His accomplices have not been identified as of Thursday.

Law Enforcement

Finovate

APRIL 17, 2024

The new accounts, dubbed Mercury Personal, will offer advanced banking tools such as free wire transfers, multiple debit cards with account-level controls, and will pay 5% APY on savings accounts at launch. Mercury was founded in 2017 and has since been entirely focused on serving small businesses and investors.

Wire Transfer

PYMNTS

OCTOBER 15, 2018

It’s a twist on the business email compromise (BEC) scam that typically involves scammers emailing business owners and seeking payment via wire transfer, ACH or paper check. “No legitimate business or utility will call you and ask you to make a payment using a Green Dot card,” AG Frosh said in a statement.

Ransomware

PYMNTS

JULY 16, 2019

The bank filed a suit against the company on July 9, claiming that Interlogic “fraudulently initiated wire transfers” and that Interlogic CEO Najeeb Khan knew there weren’t sufficient funds to cover the transfers. An analyst at Baird said the revelations were “unfortunate” but “manageable.”. KeyBank’s five-year, $16.5

Payroll

FICO

AUGUST 26, 2021

By 2020, TJ was teaching his parents how to Zelle , an adoption curve reflected in an astonishing growth statistic: 13% of consumers used Zelle in 2020 , up from a mere 1% in 2017. . In 2017 a study by Visa and Accenture sized the North American opportunity for real-time payments at $18.5T in addressable payment volume.

Real Time Payments

PYMNTS

FEBRUARY 6, 2019

There are also fees linked to paying card bills via wire transfer, and fees if the fleet cards go unused. “This is a business model intended to deceive,” said Andrew Left, founder of Citron Research, in an interview with Bloomberg in 2017. FLEETCOR posted $2.2 WEX Inc. , Not The First Fee Controversy.

Payroll

PYMNTS

MARCH 12, 2020

The men were said to have impersonated Jean-Yves Le Drian, France’s defense minister from 2012 to 2017, mostly by phone — but in some instances, they staged a fake office and used a silicone mask for video calls. Earlier in 2019, for example, fraudsters made off with $29 million from the U.S.

Wire Transfer

PYMNTS

SEPTEMBER 14, 2018

Customers will also get a reduction in some undesirable fees, including wire transfer fees and foreign exchange fees at ATMs outside of the country. According to a company report, the Sapphire Reserve card is popular among millennials because of the generous rewards points, which cater to their desire to travel.

Wire Transfer

PYMNTS

FEBRUARY 20, 2019

Reports have noted that the use of blockchain to underpin trade finance can help supplant traditional methods, such as wire transfers. million votes for the 2017 Rock & Roll Hall of Fame induction. However, anecdotally, not all is rosy in blockchain land.

Distributed Ledger Technology (DLT)

PYMNTS

JANUARY 4, 2019

The newswire noted that the instant payments system has been in development since 2017, and domestic bank transfers that are worth up to 10 million Ft ($35,000 USD) will be settled within five seconds, according to GIRO , a payments service provider. To that end, Reuters reported on Thursday (Jan.

Instant Payments

PYMNTS

SEPTEMBER 11, 2019

As PYMNTS covered earlier this year, losses from such schemes nearly doubled from $675 million in 2017 to as much as $1.2 The numbers come from the FBI’s annual Internet Crime Report , which detailed that the use of social engineering, emails and other methods to get victims to wire money to fraudsters was a lucrative business.

Scams

PYMNTS

DECEMBER 18, 2017

Targets reportedly included a New York investment company that, according to court documents, received two requests for wire transfers totaling more than $100,000. Reports said Adindu was arrested in 2016 and allegedly carried out business email compromise scams between 2014 and 2016. The sentence follows charges by the U.S.

Scams

PYMNTS

JUNE 14, 2018

Business identities can be used to open card accounts, initiate wire transfers or commit tax fraud. . “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement.

Identity Theft

PYMNTS

FEBRUARY 7, 2018

. “In total, Choi collected hundreds of thousands of dollars from his own employees through false representations about the company’s financial health and his own ability to financially support WrkRiot in its early stages of development,” according to an indictment filed in June 2017.

Wire

PYMNTS

OCTOBER 13, 2017

Between April 2016 and March 2017, the NAR reported that overseas buyers spent $153 billion on U.S. real estate during the NAR’s April 2016 to March 2017 report timespan. Some buyers arrange wire transfers with overseas financial institutions to complete the purchase through third-party title companies, he explained.

Cross-Border

Green.Money

AUGUST 16, 2019

Wire transfers are costly, and in many cases, take a trip to the bank. Bitcoin can be transferred from any device, to and from anywhere in the world, 24-hours a day, 7-days a week. It happened in 2012-2013 and again in 2016-2017. In some industries, credit cards have a national chargeback average of 8%.

Bitcoin

PYMNTS

SEPTEMBER 14, 2017

Its “ 2017 Midyear Security Roundup: The Cost of Compromise ” report found that nearly 42 percent of BEC cyberattacks occurred because the CEO fell for the eInvoice scam. The company said it detected more than 82 million ransomware attacks in the first half of 2017 alone.

Scams

PYMNTS

JANUARY 9, 2019

“Wire transfer fraud is of particular concern for corporate treasury,” the company wrote. NACHA found that, in the first 11 days that the service went live in 2017, only 6 percent of the 2 million transactions made were B2B transactions. Furthermore, so far, corporate adoption of faster payment tools is limited.

Faster Payments

PYMNTS

AUGUST 12, 2016

As a result, the employer relies on payment methods that are decades old, including wire transfers and paper checks, which is a head-scratcher given the fact that ACH isn’t interoperable worldwide. By the end of 2017, these five trends will be realized — one way or the other. Bottlenecks.

Economy

PYMNTS

AUGUST 5, 2019

For one, traditional money movement methods like wire transfers can be costly, and card payment acceptance requires merchants to accept processing fees. Security is important, though, as the tally of major publicly reported cyberattacks rose 165 percent between 2013 and 2017.

Cross-Border

PYMNTS

APRIL 30, 2018

Fraudsters can automate the process by which they infiltrate email accounts and learn to speak like a CEO or CFO to initiate a fraudulent wire transfer, a scam known as the business email compromise (BEC). According to Jeffery, rising automation of cybercrime means businesses are often outpaced by criminals.

Email Compromise

PYMNTS

JANUARY 16, 2018

million students left their homes to study abroad in 2017, up more than 100 percent from the 2.1 News & World Report , international students represented 33 percent of the school’s overall student body during the 2016-2017 academic year , the highest rate of international students at any U.S. Researchers have found that roughly 4.7

Payments

PYMNTS

JUNE 19, 2018

The money can be disbursed by direct deposit, wire transfer or to a PayPal account, and is received within one to two days. For the June feature story, PYMNTS spoke with Abrahm about how digital escrow tools are being used to instill confidence in big-ticket sales, notably in the used vehicle market. Keeping Big-Ticket Sales Moving.

Wire Transfer

Fintech News

MARCH 6, 2024

Suning Bank received its banking license from the China Banking Regulatory Commission (CBRC) in December 2016, and commenced operations in June 2017 with registered capital of 4 billion yuan. which operates the popular messaging app KakaoTalk, and was established in 2016, receiving its banking license in April 2017.

Online and Mobile Banking

PYMNTS

JANUARY 5, 2017

In the banking industry, blockchain may lower costs in interbank wire transfers, and more so when it comes to the technology confirming trusted parties and security, warding off other risks and costs. Walmart added it to track pork in China and produce in the U.S., while other companies are using it to track wine and diamonds.

Blockchain

PYMNTS

JANUARY 2, 2017

With the increasing trade volume between the two countries, payments have become a major pain point for retailers that often rely on wire transfers, which can take up to three days to complete. In 2015 alone, the U.S. The result? A need for larger working capital and a slower supply chain for both exporters and importers.

Cross-Border Payments

PYMNTS

JANUARY 4, 2018

as of 2017, according to PYMNTS/InfoScout data is Walmart Pay, with a usage rate just a shade below 6 percent (5.95 More than 40 percent of respondents — as of September 2017 — noted that they liked their cards just fine. The most-used mobile wallet in the U.S. percent to be exact).

Push-to-Card

PYMNTS

MARCH 18, 2019

In its final report, published in January of 2017, the Fed expressed its support of the collectively developed faster payments framework in the U.S., Or that wire transfer revenues could be cannibalized as end users are incented to shift payments to RTP. which also included the role of The Clearing House.

Faster Payments

CB Insights

JULY 25, 2019

incidents of elder financial exploitation were committed in 2017 alone. A study published in the American Journal of Public Health found that more than 5% of the elderly population experiences some kind of fraud or scam every year. And according to the Consumer Financial Protection Bureau, approximately 3.5M Source: True Link Financial.

FinTech

PYMNTS

APRIL 14, 2017

In its 2017 AFP Payments Fraud Survey , researchers noted a “dramatic” increase in corporate payments fraud compared to levels seen in 2015. To get to the bottom of this troubling data, AFP Manager, Treasury & Payments Magnus Carlsson discussed the findings with PYMNTS.

AFP

CB Insights

FEBRUARY 21, 2019

Making transaction processes more efficient : Most real estate transactions are still conducted through wire transfers and require costly verification processes that can take days to complete. In 2017, the company partnered with the Brazilian Cartorio de Registro de Imoveis (Real Estate Registry) to establish pilot programs.

Blockchain

PYMNTS

APRIL 14, 2017

Might 2017 really be the year of the tech IPO resurgence? To add insult to injury: The company is being sued by Bitfinex, which is based in Hong Kong, for suspending wire transfers to banks that serviced the tech upstart. The firm got $600 million in the latest funding round, giving it an implied valuation of $7.5

Online and Mobile Banking

PYMNTS

JULY 10, 2017

The report , released in January, found the 2015 value of wire transfers was $1,200 trillion. According to the most recent Faster Payments statistics, 141 million payments were processed in May 2017 and valued at £115 billion — $150 million USD. ACH payments were valued at $145.3 trillion and check payments were worth $26.8

Faster Payments

Fintech Labs Insights

MAY 12, 2017

Provides three-factor authentication designed for account openings, wire transfers, system administrator logins. The company added Karen Dayan as Chief Marketing Officer in April, the same month Eisen was named to the One World Identity (OWI) Top 100 Identity Leaders for 2017. Provides free, two-factor authentication.

Authentication