The digital payments ecosystem is a complex, interconnected and ever-changing network that is exploited by criminals but can also be leveraged by risk professionals to defeat them. Merchant fraud is evolving at lighting pace, often leading to…
In the digital age where most any consumer can run errands without having to leave the house, the question becomes, what is the true cost for…
The field of data science is growing rapidly, with an explosive demand across all industries for the acquisition and analysis of “big data.” Data science has the ability to take existing business practices to new heights and help make the best decisions possible. In the payments industry, where the ecosystem is constantly changing, the role data science plays is extremely valuable – especially regarding fraud management, merchant due diligence, and customer insight.
Originally developed for law enforcement and the military to interrupt communications by criminals and terrorists, jammers are receiving more global attention. With the increasing and evolving use of jammers for recreational and illegal purposes, a main concern for card networks, legal teams and law enforcement is the risk they pose to the general public if used incorrectly.
The ins and outs of payday lenders
Payday lending is an industry with global presence and growing numbers. In the UK, it is estimated that 8.2 million loans were taken out from 2011-2012, amounting to about £2.2 billion. In the US, payday loans have an annualized percentage rate between 360% – 780%, for a two-week loan (yes you read those numbers correctly, they aren’t typos).
With these shocking numbers in mind, government and card networks are being more diligent when it comes to payday lenders. As a repercussion, acquirers are hesitant to keep or board these ‘high-risk’ merchants. Let’s take a closer look at the payday loan industry and ways to help you remain compliant and profitable when dealing with these risky businesses.
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