Source: Visa

Jack Forestell, Visa’s Chief Product and Strategy Officer said, “Combining the strength of our global network with our leadership in payment innovation here in Asia Pacific, we are bringing new products and solutions that will transform commerce and deliver trust and security to AI-enabled payments across the region.”

Visa's newly established scam disruption unit, part of its Payment Ecosystem Risk and Control (PERC) division, prevented over $350 million in attempted fraud in 2024.

The Consumer Financial Protection Bureau (CFPB) is exploring how existing privacy and consumer protection laws can be applied to emerging digital payment systems offered by Big Tech, stablecoins, and other cryptocurrencies.

The Federal Deposit Insurance Corporation (FDIC) has directed Discover Bank to return over $1.2 billion to merchants who were overcharged on swipe fees.

Fraud losses in the U.S. soared to $12.5 billion in 2024, marking a 25% increase from the previous year, according to Federal Trade Commission data.

The latest update to PCI DSS, version 4.0.1, introduces a critical focus on phishing-resistant authentication factors to combat evolving cyber threats. Yew Kuann Cheng, regional vice president for the Asia Pacific at the PCI Security Standards Council, emphasizes that businesses leveraging advanced anti-phishing technologies can more efficiently meet multi-factor authentication (MFA) requirements.

A new report from Nasdaq Verafin, Financial Crime Insights: Europe, highlights the staggering scale of financial crime across the continent. Drawing from the 2024 Global Financial Crime Report and industry surveys, the study reveals that an estimated $750 billion in illicit funds flowed through Europe’s financial system—2.3% of the region’s GDP.

Hackers are using Google Tag Manager (GTM) to inject malware into Magento-based eCommerce websites, enabling them to steal credit card numbers during customer checkout.

Frax Finance has launched frxUSD, a rebranded version of its FRAX stablecoin, aiming to set new standards in decentralized finance (DeFi) and stablecoin transparency.

JPMorgan Chase is leading the charge in quantum computing among global banks, significantly outpacing competitors in hiring, research, and investment, according to a report by benchmarking platform Evident.

PayPal has agreed to pay $2 million to settle charges by the New York State Department of Financial Services (NYDFS) over cybersecurity lapses that exposed customers’ Social Security numbers.

The U.S. Faster Payments Council (FPC) has unveiled its latest report, International Practices in Mitigating Faster Payments Fraud, sponsored by Nasdaq Verafin. This in-depth resource provides valuable insights into how leading international markets address fraud in faster payments, offering actionable strategies for enhancing fraud mitigation in the United States.