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Breaking News articles for December 2019

Simplified P2PE may broaden merchant adoption

Friday, December 13, 2019

An updated PCI Point-to-Point Encryption (P2PE) Standard, published Dec. 12, 2019, will simplify P2PE procedures, according to the PCI Security Standards Council (PCI SSC). Positioned as part of the council’s broader effort to evolve standards and validation programs, PCI P2PE version 3.0 is designed to appeal to diverse payments industry stakeholders, workplace environments, technologies and methodologies, PCI SSC representatives stated.

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Protect against holiday ID crime, experts warn

Tuesday, December 10, 2019

With identity threats rising in proportion to increased holiday spend, security experts initiated “National Identity Theft Prevention and Awareness Month,” a public awareness campaign that runs through December 2019. Elevated holiday season threat levels are largely due to increased transaction volume and merchant and consumer distractions, according to Darrell Laffoon, chief technology officer at Sontiq. “December is a hot month for cybercrime,” Laffoon said. “It's only natural that employees get distracted around this time of year. One fundamental way to protect organizations is to reinforce best practices training.”

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Allied Wallet accused of campaign contribution fraud

Friday, December 6, 2019

Problems continue at Los Angeles-based Allied Wallet, an online bankcard processor and multicurrency gateway established in 2002. The company, a multiyear Inc. 5000 honoree, has been the subject of several investigations involving the Federal Trade Commission and U.S. Department of Justice for alleged fraudulent activities. CEO Andy Khawaja and company officers Mohammad Diab and Amy Rountree, settled with the FTC in May 21, 2019, after admitting to defrauding customers. Khawaja, Diab and Rountree were assessed penalties of $110 million, $320,429.82 and $1 million, respectively. In further developments, the DOJ unsealed an indictment against the company on Dec. 2, 2019, alleging that Allied Wallet used its proprietary gateway, digital wallet and merchant services in ways that violate AML guidelines. According to the indictment, Khawaja reportedly concealed more than $3.5 million in campaign contributions between March 2016 and January 2017 by covertly directing funds to political committees involved with the 2016 presidential election.

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Nominations open for ETA's 2020 Forty Under 40

Thursday, December 5, 2019

The Electronic Transactions Association opened the nomination period for its Forty Under 40 2020 class, an honor that highlights the diverse game changers at the intersection of payments and technology, the ETA stated in heralding the opening on Dec. 4, 2019. "ETA selects the Forty Under 40 on an annual basis to represent the evolving segments of the industry and highlight those whose actions and leadership are driving the payments industry forward," the organization noted. "Selected honorees will be a diverse cohort of executive leaders, entrepreneurs and thought leaders."

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Mexican eWallet ToditoCash goes fee free

Wednesday, December 4, 2019

Todito Cash, a payment processor and service provider headquartered in Monterrey, Mexico, disclosed Dec. 2, 2019, that it has eliminated transaction fees for its digital wallet, ToditoCash. Going forward, ToditoCash users can deposit or retrieve cash, pay bills, top-up mobile phones and purchase goods and services via the mobile app without paying additional fees, company representatives stated. Payments analysts expect the move to accelerate mobile wallet adoption in Mexico, which remains a cash-based economy, according to recent reports and commentary.

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Americans kick off holiday season with record spending

Tuesday, December 3, 2019

It’s beginning to look like retailers will be ringing up record sales gains for the year-end holiday season. A record 189.6 million Americans went shopping at brick and mortar as well as online stores from Thanksgiving through Cyber Monday, a 14 percent increase over the same period last year, according to data just released by the National Retail Federation and Prosper Insights & Analytics

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