The Financial Crimes Enforcement Network (FinCEN) has issued its final rule that "amends Bank Secrecy Act Regulations – Definitions and Other Regulations Relating to Prepaid Access, amending the money services businesses (MSB) rules and establishing a more comprehensive regulatory approach for prepaid access. In summary, the rule puts in place suspicious activity reporting, and customer and transactional information collection requirements on providers and sellers of certain types of prepaid access similar to other categories of MSBs."

J.P. Morgan has issued a report titled “Payments Fraud: How It Happens And What You Can Do To Protect Your Organization” in which the company shares best practices for battling check, automated clearing house (ACH), and credit card fraud, as well as tips on protecting treasury operations from advanced phishing techniques. The report also explores the key areas of fraud vulnerability and proliferation, and reviews fraud protection products and services available today. READ MORE »

CyberSource has announced the results of its latest annual survey of eCommerce fraud finding that "merchants in 2009 were fighting back against fraud, and seeing considerable evidence of success. U.S. and Canadian merchants expect to lose about $3.3 billion to eCommerce fraud this year, down from $4 billion last year. This is the first drop in estimated revenues lost since 2003. The percentage of revenue merchants predict they will lose in 2009, on average, is 1.2%, the lowest estimate in the 11-year history of the survey." READ MORE »