DraftKings offers gift cards; FCA extends crypto deadline in U.K.

Register now

Russian hackers target Australian consumers; and other information you need to start your day, from PaymentsSource and around the web.

The information you need to start your day, from PaymentsSource and around the web:

Gambling on a gift

DraftKings is looking to boost visibility as sports betting expands, and is adding a gift card to the mix.

The sports gaming service will offer the cards at retailers, partnering with InComm, which has a network of more than 1,000 retailers and about 500,000 distribution points. DraftKings offers sports betting in ten states, but that should expand as more states legalize the practice, reports Casino.org.

The cards are plastic-only at this point — there's no mobile card and can also be used for non-gambling products. 7-Eleven, Dollar General, Speedway and Sheetz are among the retailers at launch.

If Thor asks for your number...

Russian hackers are reportedly involved in a scam that uses images of famous Australians to lure mostly local victims into a fake cryptocurrency scheme, a scam similar to a recent Twitter hack that used unwitting celebs as a lure.

The hackers produced hundreds of websites to promote the scam, explains Coindesk, adding the sites have unauthorized images of Australian actor Chris Hemsworth and other famous Australians such as business figures Dick Smith and Andrew Forrest.

Clicking on the image takes people to a "cryptocurrency investment" page, where they are asked for their phone number and $250. Some victims later get a call from the scammers to ask for more money. The scam is apparently so geographically large it's hard for Australian regulators to track the hackers, who are based in another country.

Overtime

The Financial Conduct Authority says U.K. cryptocurrency firms will have to register with the regulator by Jan. 10, or return funds to consumers and cease trading.

The deadline's not as tight as it appears, as the FCA originally set a deadline for Dec. 15, reports Finextra. The FCA took over money laundering oversight in January 2020 and needs a register of firms to ensure compliance.

The pandemic created a backlog and an aversion to office visits to process applications in person, necessitating the delayed deadline.

Currency for crypto

Shortly after investing in digital ID firm Truework, American Express Ventures has poured funds into cryptocurrency firm FalconX.

FalconX provides a platform for trading, credit and clearing, positioning itself as a single stop for financial institutions to execute cryptocurrency transactions.

The size of Amex's investment was not disclosed. FalconX reports 350% revenue growth since May and 250 clients, up from less than 100 in May, attributing the expansion to the popularity of cryptocurrency as a hedge against inflation.

From the web

COVID vaccine is bonanza for digital supply chain tracking industry
REUTERS | Thursday, December 17, 2020
More than half of vaccines go to waste globally every year because of temperature control, logistics and shipment-related issues.

GoCardless raises another $95M as it bets on open banking alongside its recurring payments network
TECHCRUNCH | Thursday, December 17, 2020
GoCardless, the London fintech that aims to become the one-stop shop globally for businesses that want to let customers pay via recurring bank payments, has raised $95 million in Series F funding.

Lydia raises another $86 million to build a European financial super app
TECHCRUNCH | Wednesday, December 16, 2020
French fintech startup Lydia has extended its Series B round. Accel is leading the extension with all major existing shareholders also participating. Lydia first raised $45 million in January 2020 — Tencent led that investment. The startup is now raising another $86 million, which means that Lydia has raised $131 million in total as part of its Series B round.

More from PaymentSource

As transactions become more complex, the laundering fight can't be manual
Manual transaction monitoring doesn't scale to the acceleration of online activity, leading to many potential false negatives, and reduced efficiencies as teams demand quick growth and analysts take time to train properly, says Acuant's Jose Caldera.

TD Bank looks ahead to long-term merchant recovery
Ultimately, whatever options banks and fintechs deliver for this next phase of the pandemic must appease not only the merchants but their customers as well.

FreedomPay, Sightline Payments partner on cashless casino ecosystem
FreedomPay and Sightline Payments are partnering to develop a cashless digital payments and patron loyalty platform for casinos, resorts and other gaming operators.

Fiserv to buy Ondot as card payments get more digital
It isn't lost on Fiserv that consumers increasingly are moving to digital financial services. Its deal to acquire Ondot Systems, a digital card solutions platform, aims to capitalize on the shift.

Crypto firm co-founder gets year in prison over debit card scam
A co-founder of a cryptocurrency firm was sentenced to a year in prison after pleading guilty to tricking investors out of more than $25 million in an investment scam promoted with the help of celebrities including Floyd Mayweather and the musician DJ Khaled.

Going digital can take the bite out of chargebacks
One big curveball that many merchants faced in the early months of the pandemic, and will continue to experience as the holiday season marches on, is chargebacks. In the early months of the pandemic, merchants saw staggering numbers of disputes.

M&A in Australia reveals an anxiety over foreign payment empires
Two large deals happened this week in Australia to build scale against international financial services encroachment from card schemes and cross-border financial services — a concern that's cropping up in several nations.

Design matters just as much as tech for biometric cards
A pleasing look, or even allowing consumers to design their own cards, can help build brand and uptake, says Fingerprints' Lina Andolf-Orup.

GoDaddy to buy Poynt in $320 million-plus payments deal
In a move designed to help small businesses to establish online and offline sales, web platform provider GoDaddy has agreed to acquire Poynt payments services.

Payments industry coalition chief Randy Vanderhoof to retire
After 18 years heading the U.S. Payments Forum and Secure Technology Alliance, Randy Vanderhoof will retire at the end of the year.

For reprint and licensing requests for this article, click here.
MORE FROM PAYMENTSSOURCE