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Hackers target Amazon sellers: Amazon's third party sales are coming under attack, threatening a vital piece of the online retailer's overall business, according to The Wall Street Journal. Citing advisors and Amazon sellers, the paper reports that over the past few weeks, hackers have changed bank deposit information on Amazon accounts for active sellers, enabling thefts of thousands of dollars from each. The hackers are using email and password credentials stolen from other accounts and sold on the "dark web," or an anonymous network for illicit information. The Journal reports these types of hacks have traditionally targeted eBay and PayPal, but Amazon has recently gained "favor." More than half of Amazon's sales are via third party sellers, with more than 100,000 third parties now selling more than $100,000 annually, according to the Wall Street Journal.
An employee seals a delivery box with tape with Amazon Prime and Amazon Premium branding at an Amazon.com Inc. fulfillment center in Peterborough, U.K., on Tuesday, Nov. 15, 2016. The online retail giant needs smart engineers to help expand its cloud computing division, automate warehouses and develop new gadgets like the voice activated Echo speaker. Photographer: Simon Dawson/Bloomberg
Simon Dawson/Bloomberg
Mining money: Gaming can claim more than its share of payments innovation. TechCrunch reports Minecraft will get an update later this spring that will add a broad set of new features, including the Minecraft Marketplace. The marketplace will include maps, skins, games and other add-ons for the popular exploration game. It will will also have its own virtual currency. Called Minecraft Coins, which can be purchased or exchanged for real money. Minecraft's developers are working on ways to make the virtual currency and content available on different operating systems and programs, and will launch a beta test of the currency later in April. A broader launch that includes game content is scheduled for later this spring.
A smoother start for Samsung in Australia: Westpac will support Samsung Pay in Australia starting April 11, a launch that comes with much less drama than the attempts of Apple Pay to enter the Australian market. The Australian Financial Review reports Westpac is the first of Australia's four largest banks to enable Samsung Pay, but noted discussions with the other three banks are progressing. That's a stark contrast to Apple Pay's attempts to enter the Australian market, which have been fraught with public fighting among the banks, Apple and the Australian government over fees and access to technology. The banks sought to collectively negotiate with Apple, a request the government recently denied. The Financial Review reports Samsung has gotten off to an easier start because it charges less and also allows the banks to access the Near Field Communication technology on Samsung handsets.
U.K. pursues Middle Eastern fintech: Amid concerns the U.K. may lose payments and financial technology companies and jobs as the Brexit negotiations commence, the government has extended geographic and cultural boundaries to expand its technology market. Finextra reports Yielders, a shariah-compliant group payments and crowdfunding platform for U.K. property investment, has been given regulatory approval from the Financial Conduct Authority. The wire service reports the U.K. is attempting to position itself as the primary center for Islamic finance outside of the Middle East. The Bank of England has developed a liquidity tool for shariah-compliant banks, and Yielders conferred with the U.K.'s Islamic Finance Council to demonstrate its compliance with shariah laws such as a ban on interest or investing in prohibited businesses such as gambling.
How Blispay lives between single-sale financing and store-branded cards As mobile e-commerce grows, more online merchants are adding instant credit options like PayPal Credit and Klarna, giving consumers more ways to finance large purchases separately from using a credit card. Blispay, a Baltimore, Maryland-based consumer finance startup, wants to push this concept further but stops short of offering a full-fledged store-branded credit card.
Static online security isn't enough to stop post-EMV fraud The U.S. Payments Forum’s report on global Card-Not-Present (CNP) fraud shows that CNP fraud is the most prevalent type of payment fraud reported in countries that have migrated to EMV technology, and it continues to increase.
Diebold Nixdorf's 'Big Rig' sells payment innovation Diebold Nixdorf's merchant acquiring strategy includes a truck loaded with its latest ATM and point-of-sale solutions that will visit 50 U.S. cities as part of the company’s first-ever mobile marketing tour.
The Charleston-based company agreed to pay $267 million to acquire Piedmont Bank in Peachtree Corners, Georgia. It's United's 34th deal, but the first since 2021.
The Puerto Rico-based company's board of directors has given an additional title to COO Javier Ferrer, naming him president as of May 9. His career path closely resembles that of his boss, CEO Ignacio Alvarez.
Truist Financial completes the sale of its remaining stake in Truist Insurance Holdings; City National Bank has hired Rick Bechtel as executive vice president and head of mortgage and residential lending; Associated Bank names Chun Schiros as its first chief analytics officer; and more in the weekly banking news roundup.
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
When the Trump tax cuts expire next year, the White House will ask for higher corporate taxes and a buyback tax as Congress enters one of its biggest economic fights of the decade, which will have major implications for bankers.
