2018

2018 Data Breaches: The List No One Wanted To Make

PYMNTS

So far this year (and there’s still one more day), Verizon reported that there have been 2,216 confirmed data breaches across 65 countries. Even more disturbing, perhaps, is that 68 percent of those breaches took months for the breached companies to discover.

Data 285

The five key levers for radical transformation in financial services for digital success

Insights on Business

If Charles Darwin were still alive, I wonder what he would think about the evolution of banks? Once again, banks are being forced to evolve or die. And financial institutions that fail or refuse to become cognitive and digital will get left behind. It’s survival of the fittest at its finest.

Bank Innovation Launches Public Telegram Channel

Bank Innovation

EXCLUSIVE – Interested in the latest trends in payments, digital banking, blockchain technology, API, security, big data and all the other hot topics in the fintech space? Come join Bank Innovation’s Telegram Group.

Amex Touts Success In Ripple Cross-Border Payments Pilot

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In a renewed show of support for blockchain technology , American Express General Manager of Corporate Payments Carlos Carriedo has suggested that its pilot tests with partner Ripple to enable real-time cross-border corporate payments have been a success.

Russian Central Bank Ends FX Competition

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The Central Bank of the Russian Federation (CBR) announced that it has revoked the licenses of five Russian foreign exchange (FX) trading companies.

What An Alleged NSA Hack Reveals About Payments Cybersecurity

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Big Tech Companies Throw Support Behind Fed Creating Real-Time Payments Network

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Amazon , Apple and Google are among the large tech companies that are throwing their support behind the creation of a real-time payments network in the U.S. led by the Federal Reserve.

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Ripple Forms Blockchain For Europe Association With Other Players

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Ripple, the blockchain company that owns XRP, the digital currency, has joined forces with NEM, Fetch.AI, and EMURGO/Cardano to create a new association that represents the interest of blockchain and cryptocurrency business in Europe.

Venmo Payment Fraud Led To $40M In Losses

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Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year.

Fraud 284

Mastercard Will No Longer Require Signatures On Cards, Receipts

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Mastercard, the payments company, announced on Thursday (Oct. 18) that cardholder signatures will now be optional for the back of credit cards and receipts. In a press release , Mastercard said it is making the changes due to advancements in technology and security.

Cards 285

Visa Accelerates Tokenization Of Credentials On File For Digital Payments

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Visa announced today the commercial expansion of its Visa Token Service for “credential-on-file token requestors.”

How AI is redefining financial crimes detection technologies

Insights on Business

Funding for Startups in FIS-Backed Fintech Accelerator Reaches $38 Million

Bank Innovation

EXCLUSIVE – If the future of banking is partnering with fintech startups, then finding the most innovative and efficient fintechs becomes crucial for banks’ success. This demand has led to the rise of third-party run accelerator programs. One such program is Little Rock, Ark.-based

How 5G Will Shake Up Banking and FinTech?

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Financial institutions are in the midst of becoming more mobile, with many of those legacy operations opting to — or at least considering — working more closely with FinTech providers to upgrade services, retain customers and acquire new ones.

Facebook Data Breach Fines Could Top $1B

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Facebook , the beleaguered social media giant that is facing intense scrutiny into its business practices, could be on the hook for a multibillion dollar fine, reported CNN.

Data 278

Google Gets EU eMoney License

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Google Payment Lithuania, a unit of Alphabet’s Google, was granted an electronic money institution license by The Board of the Bank of Lithuania. Finextra , citing Google, reported that with the license Google can issue and redeem electronic money and provide payment services.

Google 276

Blockchain Tech Disrupts The Corporate Payments Status Quo

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Blockchain seemed to be stuck in pilot phase in 2017, but in 2018, the financial services industry finally saw a stronger flow of real-world, working blockchain applications — many of which targeted pain points in B2B payments, including the time and lack of transparency in cross-border transactions.

What Black Friday Tells Us About The Future Of Retail

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The verdict is in. Black Friday was a boon for online retail.

Retail 279

Microsoft CEO: Data Privacy Is A ‘Human Right’

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Microsoft CEO Satya Nadella recently called data privacy a “human right,” urging tech companies to do all they could to protect users from cyber threats.

Data 281

Overstock To Sell Retail Biz, Focus On Blockchain

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Overstock is gearing up to sell its retail business, with a deal taking place in the next few months as it focuses solely on its blockchain initiatives.

Retail 279

Cannabis Cos’ $4.7B In Cash-Based Taxes Overwhelm IRS

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The Internal Revenue Service (IRS) is paying $1.7 million to a Virginia company to handle “large cash payments for processing cannabis federal taxes.”. According to Quartz , the U.S. government collected approximately $4.7

Taxes 280

SWIFT Disconnects From Iran’s Banks

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Months of geopolitical spats that spanned Europe, the Middle East and the United States have seen payments infrastructure at the center of it all.

Thinking Forward: Financial Services and the AI Revolution

Insights on Business

Artificial intelligence is changing the game. According to Stanford professor Andrew Ng , AI is the “new electricity,” already generating billions in value as it transforms industries such as IT, health care — and now financial services.

BBVA to Test Invisible Payments at ‘Ciudad BBVA’

Bank Innovation

Spanish bank BBVA will be testing its invisible payment strategy in-house, allowing employees and staff to use an app to pay for purchases without taking out their wallets, the bank announced today.

Brexit A Boon For Blockchain?

PYMNTS

Questions loom large over Brexit. As the U.K. gears up to leave the European Union (EU), for commerce, there remains the unknowns of how trade will be affected, as well as how capital, goods and services can be tracked.

Amazon Dumps Instacart For Whole Foods Deliveries — What’s Next?

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Instacart will have to conquer the grocery-delivery business without the help of Amazon. That’s one take on the news Thursday (Dec. 13) that Instacart has begun the process of winding down deliveries to customers of Amazon-owned Whole Foods.

How Connected Devices Are Revolutionizing How And Who We Pay

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Connected devices — smartphones, tablets, voice-activated speakers, smartwatches, in-car dashboard systems — are changing how consumers in the U.S. buy and pay. Not just some consumers, but almost all of them. We have brand-new data that reveals how much change is happening.

Uber Seeks Driver Lawsuit Settlement Before IPO

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Uber, gearing up to launch an initial public offering (IPO) in the first quarter of 2019, is offering to settle with drivers who have been fighting the ride-hailing company via individual arbitration.

Report 270

How Open Banking Opens Doors For Alternative SMB Lenders

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Use of alternative finance (AltFin) sources among small business (SMB) owners is on the rise, but still has a long way to go before it poses a legitimate threat to traditional banks’ market dominance.

Bitcoin Daily: AML Crypto Regulation Will Be Dictated In June 2019

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The Financial Action Task Force (FATF) announced that it will get one step closer to creating international standards for cryptocurrency when it launches its first set of rules in June of 2019.

Mapping Fraud’s DNA

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Payments and commerce fraud has its own ecosystem, one that includes criminals, servers and other computing devices, IP addresses, compromised payment cards and stolen personal data, and even houses and other physical locations.

Fraud 275

Asia Corporates Replacing ACH With Cards, Citi Finds

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Corporates across the Asia Pacific region are increasing their use of commercial card products, according to a new report from Citi. Reports in The Asset on Thursday (Oct.

Cards 275

FICO To Debut New Credit Scoring System In 2019

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Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019.

System 275

Advancing Innovation in the Global Financial Services Industry

Insights on Business

IBM RegTech Innovations. Advances in artificial intelligence (AI), blockchain, and cybersecurity are poised to transform the financial services industries.

BofA Eliminates Free Checking Accounts, Now Charging $12 Fee to Low-Balance Customers

Bank Innovation

EXCLUSIVE- Bank of America has quietly shuttered its free checking account, now requiring customers to keep a certain minimum balance in their accounts, or set up direct deposit of at least $250, to avoid a $12 monthly fee, the Wall Street Journal reported yesterday.

Report 247

Mastercard Leads Investment In Mobile FinTech Mobeewave

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Contactless payment company Mobeewave announced the closing of a $16.5 million Series B funding round, led by NewAlpha Asset Management, Mastercard and Forestay Capital.

Nigerian Presidential Hopeful Wants Blockchain And Crypto To Help Economy

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Atiku Abubakar, a 2019 presidential candidate in Nigeria, said he will support cryptocurrency and blockchain if he becomes the country’s next leader, according to the Daily Post. The push is part of his “Get Nigeria Working Again” proposal.