7.25.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Worldpay has introduced its drone delivery proof-of-concept, called Drone Pay. Drone Pay uses EMV contactless card technology that's embedded in a landing pad (resembling a doormat). This pad stores the consumer's card details.
Drones still seem far off as a delivery vehicle, though Worldpay is pushing back on that notion with research that contends 71% of Americans say they would like to have items delivered via a drone.
Alipay has added Guess, a lifestyle brand, to its growing network of international merchants that accept the payment app for Chinese travelers.
The partnership includes 50 stores across the U.S. including locations in New York, Las Vegas and California.
Alipay has more than 500 million users, and partnerships with First Data and Verifone to extend its availability in markets outside China.
Emergency security surgery
The data breach epidemic shows no signs of slowing down, with the latest incident in Singapore leading to a government crackdown on authentication.
The attack, on SingHealth, resulted in the exposure of payment details and other personal information for about 1.5 million people. It's the largest cyber attack in Singapore's history, reports CNBC.
As a result of the attack, banks are required to tighten verification procedures, moving beyond name, address, gender, race and birth to add new identifiers. Banks are already required to use multi-factor authentication in Singapore.
U.K. regulators are investigating whether there's enough competition in the British payment market.
The Payment Systems Regulator is concerned retailers are "suffering harm" because card acquirers are dominating the market, and thus fees, reports the Financial Times.
Regulators are also examining transparency and whether acquirers are making it hard for retailers to compare competitors.
From the Web
Kredivo raises $30M to build a digital credit card for Southeast Asia
TechCrunch | Tue July 24, 2018 - FinAccel, a Southeast Asia-based startup that offers a digital credit card service in Indonesia, has closed a $30 million Series B round as it begins to consider overseas expansion. The company launched its ‘Kredivo’ service two years ago to help consumers pay online in Southeast Asia, where credit card penetration is typically low, and it is essentially the combination of a digital credit card and PayPal.
Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M
Krebs On Security | Tue July 24, 2018 - Hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its insurance provider for refusing to fully cover the losses.
Fraud Reports Flow From Florida
U.S. News & World Report | Tue July 24, 2018 - Residents of Florida, Michigan and Nevada are among the most likely in the U.S. to report being targeted by fraudsters and identity thieves, according to a report from the Federal Trade Commission. The FTC's Consumer Sentinel Network recorded roughly 1.1 million reports of fraud in 2017 – with scammers posing as government officials, distant relatives and technical support staff in a bid to trick consumers into paying them.
More from PaymentsSource
Forgotten or fraud? Visa rule change blurs the line
Under its new chargeback rules, Visa retired one of the chargeback codes that merchants almost always lost — "transaction not recognized," formerly listed as Chargeback Reason Code 75.
PIR Bank hack highlights risks of non-computer devices on bank networks
The hack's core trick highlights an area of cybersecurity which is often neglected: hardware connected to computer networks which laymen wouldn’t normally consider a computer.
PayStand, Quadpay join the Silicon Valley Bank-First Data fintech lab
Two payments startups, PayStand and Quadpay, are collaborating with Silicon Valley Bank and First Data during a four-month accelerator program to explore mutual product development opportunities.
Ingenico to merge data silos through MapR platform
To consolidate the data flows that are increasingly becoming part of real-time payment processing, Ingenico is turning to MapR Technologies to provide artificial intelligence and analytics to its platform.