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Headline News from PaymentsNews.com - May 11, 2017

Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!

ON THE WEB

  • UK facility takeover fraud jumps - Finextra - "Facility takeover fraud soared by 45% in the UK last year, as crooks hoovered up the personal data of victims and used it to gain control of bank and other accounts, says not-for-profit data sharing and prevention agency Cifas. In a report based on information from nearly 400 organisations, Cifas says that last year there were 22,525 cases of facility takeover - where a fraudster poses as a genuine customer, gains control of an existing account and uses it for their own ends, such as making transactions or ordering new products or product upgrades. "
  • BankThink: Fintech’s future is in the back end - American Banker - "Yet the longer-term objective of the fintech revolution — to improve the financial consumer’s experience — is still important and requires more work. A key step to getting there is fixing the mechanical flaws in the financial system. The excitement that had surrounded new consumer-facing products may give way to the critical yet less sexy discussion over how fintech can improve the financial services infrastructure."
  • Carr Takes Heartland Lessons To Heart at Beyond, His Latest Startup in Payments - Digital Transactions News - "Carr’s latest endeavor is Beyond, launched May 1, just over a year from the closing of Global Payments’ $4.3 billion acquisition of Heartland Payment Systems Inc. In addition to providing payment-processing services, Beyond’s product lineup includes point-of-sale, lending, vending, and integrated human-resources tools. Integrated payments products are available, too."
  • SSA.GOV To Require Stronger Authentication - Krebs on Security - "The U.S. Social Security Administration will soon require Americans to use stronger authentication when accessing their accounts at ssa.gov. As part of the change, SSA will require all users to enter a username and password in addition to a one-time security code sent their email or phone. In this post, we’ll parse this a bit more and look at some additional security options for SSA users."

ON THE WIRES

  • Visa and Cambia Health Solutions Collaborate to Accelerate Patient Health Care Payments with Visa Direct - "With the integration of Visa Direct technology into its payment platform, customers of Cambia’s family of companies will be able to receive health care reimbursements directly to their eligible debit cards, speeding up the payment process. This effort emerged from ongoing co-innovation efforts between Cambia and Visa to explore opportunities to modernize payment in health care. Visa Direct is a card-based platform that can deliver funds in near real-time to more than 1 billion eligible Visa card accounts, as well as non-Visa branded debit cards. Using VisaNet, the world’s largest payment network, it can reach nearly every consumer or small business with a debit card."
  • End of the IOU: P2P Payments the New ‘Social Norm’ - "It appears Americans have run out of excuses for not paying their friends back in a timely manner, whether it’s for a $5 latte or $2,500 vacation. A new survey released today finds 36 percent of adults currently use a person-to-person payments service (P2P), with millennials leading the charge at nearly double that rate (62 percent). What’s more, 45 percent of non-users say they plan to start using the service within the next year, foreshadowing exponential growth in the coming months."
  • First Data Unveils Clover Flex, Ushering in Next Generation of Smart Payments Technology - "As commerce evolves beyond the traditional storefront, so does the need for businesses to provide their customers with a seamless payment experience, regardless of where they check out. First Data (NYSE: FDC), a global leader in commerce-enabling technology, today launched Clover Flex, a smart payment terminal designed to fit comfortably as a handheld device or on the countertop. The latest addition to the Clover family, Clover Flex harnesses the full power of the Clover platform. Clover Flex can accept PIN entry, NFC, mag stripe transactions, electronic gift cards, and can process EMV chip cards in less than three seconds."

GLENBROOK PAYMENTS EDUCATION EVENTS

Our next public Boot Camp and Insight Workshop series will be in Atlanta, May 16-18. Come for the two day boot camp or attend all three days. For those of you who plan ahead, we have our fall schedule lined up, too. Check out our entire boot camp schedule here. We hope to see you soon!

Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.

UPDATES FROM GLENBROOK

Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: gotnews@paymentsnews.com!

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