article thumbnail

Amid UK Payment Woes, Firms Face Fraud Risk

PYMNTS

To get a sense of how fraud gets done at the micro level, consider one recent case where a former Costco employee in Washington state pleaded guilty to embezzling roughly $290,00 from the firm. Robin Cline, who had worked as an accounts receivable clerk for the firm, had been accused by the Justice Department of wire fraud.

Risk 43
article thumbnail

ACH Fraud Is Rising - And New NACHA Measure Leaves Gaps

FICO

Specifically, ACH Originators of WEB debit entries are required to use a “commercially reasonable fraudulent transaction detection system” to screen WEB debits for fraud. Trial and micro deposits of just a few cents. If the transaction arrives, it qualifies as a status check for that account. Multiple Layers of Protection.

NACHA 52
article thumbnail

How Blockchain Tech Could Disrupt Real Estate

CB Insights

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. The company helps title agents verify client identities, bank account ownership, and securely transfer wire information.

article thumbnail

If Facebook Wants To Be WeChat, Why Did It Launch Libra?

PYMNTS

If you need a balanced refresher of Libra’s impact on global payments, here’s how I called it in a piece that published one minute after the Libra news crossed the wire. In that piece, I offered a fact-based framework for understanding Libra’s future and the several big “telltales” that will shape it over the short and longer term.

Bots 62
article thumbnail

Everything You Need To Know About What Amazon Is Doing In Financial Services

CB Insights

Its first entry point in the market was in payments in October 2014. Acko reports having 20M customers on its platform for B2C and B2B coverage, as well as third-party micro-insurance for ticket cancellation, ride-hailing, and driver protection. Source: March 2018, Housing Wire. Rumor: Amazon is getting into mortgages.