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The Top Payment Fraud Trends in 2024

Fintech News

Threat actors then attempt to tap the mPOS against an unsuspecting consumer’s purse, wallet, or pocket to initiate a card-present-transaction on the mPOS. Another variation of this scheme involves the threat actor using previously stolen cards to conduct the fraudulent transactions using the mPOS registered to the created fake merchant.

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What is a Level 1 PCI Compliant Processor?

Cardfellow

For businesses like retailers and restaurants, there are 4 levels of PCI compliance, determined primarily by the number of transactions that business processes each month. For service providers, such as credit card processors, there are only 2. PCI compliance only applies to the business or service provider that was validated.

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New Data Security Requirements for ACH Originators

Agile Payments

As of June 30, 2021, a new rule on supplementing data security requirements goes into effect for ACH originators that have an annual volume of 6 million transactions or greater. The rule requires the originators (and third party service providers) to protect bank account information unreadable when it's stored electronically.

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FinTech Dave Reports Data Breach Involving 7.5M Users

PYMNTS

In a blog post, Dave blamed the data breach on Waydev, a former third-party service provider. According to the FinTech, the “malicious party” gained access to user passwords “stored in hashed form using bcrypt , an industry-recognized hashing algorithm.”.

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Why FIs Are Taking Payments Multi-Cloud

PYMNTS

It also enables organizations to take advantage of competition between leading service providers, and to shift a higher volume of transactions or workload to different providers as they lower prices. Choosing the right third-party service providers can be tactical.

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How to Choose Right PCI SAQ for Your Business

VISTA InfoSec

In the world of digital transactions, businesses handling payment cards must demonstrate their data security measures through the Payment Card Industry Self-Assessment Questionnaire (PCI SAQ). Level 1 merchants and service providers, mandated by PCI SSC or customers, must complete a Report on Compliance (RoC), while others use an SAQ.

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Open Banking Rolls Out Payments Initiation API

PYMNTS

bank-funded entity that was mandated by the Competition and Markets Authority to provide new ways for customers to share their financial data with non-bank providers, has released an API specification for accounts and transaction information and payments initiation. Open Banking, the U.K.