Fiserv agreed to pay the Federal Trade Commission more than $40 million to settle allegations that First Data Merchant Services, which Fiserv acquired in 2019, knowingly processed transactions tied to a scams that bilked thousands of consumers, in violation of the FTC Act and the Telemarketing Sales Rule (TSR). Under a separate settlement agreement related to the same charges, Chi "Vincent" Ko, a former vice president of the company, agreed to pay over $270,000. In addition, an FTC attorney warned that other payment processing companies should consider themselves on notice that the FTC expects them to be vigilant against scammers using the card processing networks to perpetrate fraud.

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This article is by Connie Spencer-Adams, vice president of partnerships at Womply. The global economic and social impact of the COVID-19 pandemic will be profound and long-lasting, and we are only seeing hints thus far of its potential future effects on our society and economy.

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Nonbank finance professionals won't have to travel to New York City for deBanked's third annual Broker Fair. On June 11, 2020, attendees, exhibitors and sponsors can immerse themselves in the live event from home offices and living rooms around the world. Designed for every sector of commercial finance, Broker Fair 2020 will include education, inspiration and networking opportunities, event organizers stated.

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The National ATM Council Inc. took decisive action to support the retail ATM industry during the coronavirus pandemic. In addition to helping secure essential worker status for independent ATM deployers (IADs) and service providers, the not-for-profit trade association is working with private and government sectors to provide consumers and business owners with fundamental services and safe access to cash, NAC representatives stated.

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Gas station operators with automated fuel dispensers gained more time to make those dispensers EMV compliant. Their deadline for EMV compliance is now April 2021. Visa, Discover and American Express all recently extended their deadlines; Mastercard is expected to soon follow.

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Several weeks after the Electronic Transactions Association cancelled its 2020 annual TRANSACT conference and expo at the Las Vegas Mandalay Bay Resort and Convention Center, the payments association revealed that the show would indeed go on, albeit in an entirely virtual setting. In opening remarks, Jodie Kelley kicked off the week-long event by thanking attendees, exhibitors and sponsors for their support.

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Leading fintechs attended the recent Identiq Member Summit, an online event aimed at exploring new approaches to identity validation, security and user experience in digital transactions. Attendees included representatives from Blackhawk Network, Eventbrite, Gett, Green Man Gaming, Intuit, PayU, Plastiq, Udemy and Via.

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Competition for merchant accounts is often characterized as a race to the bottom, with many ISOs and merchant level salespeople (MLSs) slashing margins to support lower card processing fees. But according to James Shepherd, founder and CEO of ISOamp, and Eric Jenks, national sales manager at PayTrace, plenty of savings can be had from analyzing merchant statements with an eye toward optimizing interchange qualifications.

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A new star will shine in the virtual conference firmament from May 11 to 15, 2020, when the Electronic Transactions Association hosts TRANSACT Connect. The five-day online event will provide networking opportunities, keynote addresses, panel discussions and exhibit hall demos. These staples have previously attracted more than 3,000 attendees annually to the organization's in-person show, as well as exhibitors, sponsors and payments industry thought leaders.

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Social distancing and working from home are having an impact on consumer buying behavior, according to a new study by Paysafe Group. "How COVID-19 is impacting payment preferences," published May 4, 2020, identified five key trends related to the global pandemic’s impact on in-store and online shopping habits. The report is the newest edition of the company’s Lost in Transaction series.

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To support supermarket workers who remain on the job during the COVID-19 crisis, New York City-based DailyPay launched a number of initiatives, including one that enables employees to access their pay as they earn it.

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Positive transaction trends from the restaurant category are instilling cautious optimism among payments analysts, business owners and service providers. Recent reports indicate that takeout, curbside pickup and delivery services are fueling growth in quick service, fast casual and fine dining restaurant categories.

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