The Green Sheet Online Edition
April 4, 2025 • 25:04:02
News Briefs
True cost of fraud escalates, LexisNexis study shows <- click to read full story
Fraud continues to burden ecommerce and retail businesses, with U.S. merchants now losing $4.61 for every $1 of fraud, according to the LexisNexis True Cost of Fraud Study.
Mobile channels, including digital wallets and QR codes, account for a significant portion of fraud costs. Despite rising losses and customer churn, many companies are not increasing their fraud-fighting budgets. Forty-one percent still rely on manual processes, and identity verification remains a top challenge.
The report warned that confidence in current fraud detection may be misplaced, as 70 percent of businesses claim their systems are effective. Yet 79 percent of U.S. ecommerce executives expect improvements despite gaps in verification tools. LexisNexis calls for AI-powered, multi-layered defenses to counter evolving threats.
Big Tech payments rule is dead <- click to read full story
Congress overturned the CFPB's Big Tech payments rule, which granted the bureau supervisory oversight of large payment apps like Apple Pay and PayPal.
The House passed the resolution to overturn the rule 219-211 along party lines, following Senate approval. This marks the third CFPB rule repealed under the Trump Administration.
The rule, enacted in January 2025, aimed to protect consumers from fraud and unfair practices by giving the bureau supervision—not regulation—over firms processing over 50 million payments annually.
Critics, including Senator Pete Ricketts, labeled it overreach. Tech groups also challenged it in court. Supporters, including Consumer Reports, argued that consumer protection is urgently needed in digital payment environments.
Visa's new services designed to power client growth <- click to read full story
Visa launched three new services—reimagined Authorize.net, Unified Checkout and ARIC Risk Hub—to simplify payments, enhance fraud protection and drive business growth. Announced at ETA Transact 2025, these offerings are part of Visa's broader suite of over 200 value-added services. The new Authorize.net provides AI-driven insights and supports multiple payment types and will launch in the United States this year.
Also launching this year is Unified Checkout allows merchants to integrate and accept over 25 payment options quickly. ARIC Risk Hub, powered by Featurespace's adaptive AI, identifies fraud in real time across global transactions.
Visa's goal is to support clients in navigating digital commerce, improve checkout experiences and safeguard customer trust while expanding globally.
US Bank's 'essentials' for SMBs responsive to pre-tariff survey <- click to read full story
U.S. Bank introduced Business Essentials, an all-in-one checking and payment solution tailored to small businesses.
The product includes unlimited digital transactions, free mobile card readers, same-day access to funds and no monthly maintenance fees. The launch responds to a bank survey showing 80 percent of SMBs prefer bundled financial services.
Expressing optimism before tariff concerns surfaced, 73 percent of businesses indicated they had grown in the past year. Owners cited competition, labor shortages and economic pressures as key stressors.
Flexible payroll options and AI tools were noted as vital needs, though many remain unsure how automation will impact jobs.
U.S. Bank sees Business Essentials as a key opportunity to help clients consolidate tools, improve insights and reduce operational burdens, strengthening long-term SMB growth.
Shazam sheds merchant services biz <- click to read full story
Shazam sold its merchant services division to NCMIC Finance Corp., stating this will allow it to refocus on its core EFT network operations. The 25-year-old portfolio and processing staff will move to NCMIC's Professional Solutions Financial Services division.
Both Iowa-based firms see the move as mutually beneficial, citing enhanced fraud protection and expanded payment networks for clients. Shazam, founded in 1976, was a pioneer in shared ATM networks and POS systems.
As debit card usage rises, Shazam said, the shift supports its community bank stakeholders while enabling sharper focus on innovation in EFT services.
NCMIC, best known for chiropractic insurance, aims to broaden its financial services with this acquisition. Executives from both firms framed the transition as a strategic step to strengthen core competencies. 
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