6.28.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
FIDO, an industry alliance that supports dynamic authentication over static passwords, provides an option to enable identity security that's resistant to phishing and social engineering attacks that use stolen credentials, according to Twitter.
Customers can purchase FIDO security keys at FIDO vendors, according to Twitter, which adds users with keys can also access other online services that support FIDO, such as Facebook, Google, DropBox and Salesforce.
The expansion of contract work is changing payrolls in many ways, and has inspired a financial startup designed specifically for the gig economy.
Called Trezeo, the startup is launching a crowdfunding campaign on Seedrs, reports the Irish Times. Trezeo uses machine learning to analyze a user's income streams to produce a flow of payments that's regular and reliable. Trezeo tops up a user's account when work is slow, then gets paid back when the customer earns more from gig work.
Trezeo's co-founder and CEO, Garrett Cassidy, was formerly the European managing director for payments technology company Circle.com.
.What do you think about Kik?
Chat app Kik has debuted its Kin cryptocurrency to 1,000 users, including a feature that distributes Kin to people who give their opinion of Kik.
VentureBeat reports the currency is designed to expand Kik's rewards engine, which provides funds to bot developers. The more time users spend on the platform, the more Kin they can earn.
A shopper in Kenya demonstrated how dangerous it is to say your mobile phone number after making a mobile payment.
Nairobinews reports the shopper was able to find out another user's name, workplace, former school and residence after the "other user" gave out a mobile phone number at checkout, a common practice for mobile money apps in Africa.
The user was also able to find out social media information, relationship status and recent attendance at entertainment events. The site did not identify the store or shopper, but did report the store is taking steps to isolate verbal information at checkout.
.From the Web
Mobile contactless payment users to grow to over 760 million by 2020
The Irish Times | Wed June 27, 2018 - The number of people using mobile contactless payments such as Apple or Google Pay will grow to more than 760 million by 2020, with Apple’s digital wallet leading the way, according to new research. An estimated 440 million people will use contactless mobile services in 2018, Juniper Research said.
8 States Impose New Rules on Equifax After Data Breach
The New York Times | Wed June 27, 2018 - Equifax agreed to a number of data security rules under a consent order with eight state financial regulators that was announced on Wednesday, the latest regulatory response to the breach that allowed hackers to steal sensitive personal information on more than 147 million people.
Chat app Line to launch crypto exchange in July but it won’t cover US or Japan
TechCrunch | Thu June 28, 2018 - Messaging app firm Line has confirmed it will launch a cryptocurrency exchange called BitBox next month. The company said back in January that it planned to enter the crypto space with an exchange, but today it said that the BitBox service won’t be available for users in the U.S. and Japan — that’s presumably down to regulatory uncertainty.
.More from PaymentsSource
Insider threats force fraud fighters to update their playbooks
In the past few years of fighting against cyberattacks, security teams have developed "kill chain" models that document what steps the bad guys take to infiltrate a network and how to thwart them. The problem is, a significant number of data breaches occur from insider threats, which these models often overlook.
Hong Kong's Geoswift adds inbound P2P to aid Western travelers
Geoswift, an international payments provider, has launched an inbound P2P service with the goal of simplifying the complex regulatory processes involved in sending money to China.
B2B invoicing leaves early-pay discounts on the table
E-invoicing is the solution to unlock early-payment discounts, but many businesses are stuck in the past, according to Roger Hatfield, vice president of North America for CloudTrade.
Why fraud is spiking in business email payments
Payments fraud from business email compromise, or BEC, occurs when scammers use phishing tricks and email to fool businesses into making fraudulent payments to perceived suppliers. Experts suggest newer factors are accelerating the trend.