Payments News Roundup: Friday, September 22, 2017

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Welcome to Payline‘s Payments News Roundup. We’re sharing headlines and recent news stories from around the web to keep you informed on payments, business, FinTech, and everything in between.  To kick off our first roundup, we’re looking at mobile payment technology and payments security.

Study Finds Smartphones to Drive Increase in eCommerce, Grow to $250 Billion by 2020
Electronic Transactions Association | Mon Sept 18, 2017 — Delivery and logistics company UPS has determined that mobile eCommerce is projected to make up nearly half of retail eCommerce by 2020. In their “Pulse of the Online Shopper” study, released in June 2017, it’s determined that smartphones will be the key contributor to overall growth, with projections for 17-percent of all transactions to be completed on a smartphone.

No, Apple’s Face ID is Not a ‘Secure Password
Forbes |Mon Sept 18, 2017 — The iPhone 8 has officially hit stores today, but lines are looking a little slim as many Apple loyalists are holding out for the iPhone X and the features offered by their latest innovation. If you’re up on your payments news, you have likely heard of Apple’s new Face ID feature and its ability to unlock the iPhone X and secure mobile payments with Apple Pay (we predicted this technology over a year ago!). But, is this “new” technology as secure as it seems? By removing Touch ID, some critics are saying no to this move by Apple.

Gallery Owner Says PayPal Won’t Help Enough After Alleged Heist
WLS – ABC 7 Chicago | Mon Sept 18, 2017 — A Chicago gallery owner is the victim of an alleged art heist, and he has a warning for other artists regarding a popular payment technology. David Leonardis, owner of David Leonardis Galleries of Chicago in Wicker Park, fell victim to an art thief by way of chargeback fraud. Despite Leonardis disputing the chargeback, PayPal informed him that there was nothing they could do to mitigate the issue “based on the evidence provided.”

PayPal responded that they do not offer Seller Protection for merchandise picked up in person or for transactions made through the donation button. While all merchants should be wary of terms and conditions provided by their payment processor, it’s important to work with a processor (like Payline) that you can trust so that fraudsters can be stopped in their tracks before they take advantage of your business.

After Massive Data Breach, Equifax Directed Customers To Fake Site
NPR | Thurs Sept 21, 2017 — Well, this is awkward. Following last week’s blow regarding the cyberattack that potentially exposed the personal information of 143 million people, credit reporting agency Equifax found themselves in hot water again with a phishing scam. The company’s Twitter page had been misdirecting followers to a similarly named security site that has since been removed. The fake page has since been removed as Equifax continues to recover from this massive security breach.

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