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April 27 Payments NEXT News roundup: Resolve, Apple lawsuit, rampant ransomware, IRS tax fraudsters, more…
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Welcome to the weekly global payments news roundup from Payments NEXT. Fintech company Resolve launched its B2B payments platform. A New York student sued Apple for $1 billion for his arrest due to mistaken facial recognition. Q1 2018 ransomware costs are rising fast – up 89%, according to research from Coveware. Finally, we have a look at the challenge of tax fraudsters targeting the IRS and our popular weekly payments news roundup. All the news you can use for your weekend reading.
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B2B financing gets easier and faster with Resolve
Forrester Research says B2B e-commerce will reach $1.8 trillion by 2023 and make up 17% of B2B sales. Fintech startup Resolve aims to disrupt the painfully slow, traditional business finance model with its automated payments platform offering extended net terms for customers of B2B sellers. Read more… |
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Facial recognition error claimed in $1 billion Apple lawsuit
In a warning sign for the new technology and retailers, a student launched a $1 billion lawsuit claiming that mistaken facial recognition in an Apple Store led to his wrongful arrest. NYPD officers arrested 18-year-old New York student Ousmane Bah at 4 o’clock in the morning on November 29, 2018, alleging he stole several products from a Boston Apple Store. Read more… |
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Q1 ransomware rising, cost to business building fast
Coveware’s Q1 Ransomware Marketplace report shows an alarming increase in ransomware incidents and the impact and costs to business in the first quarter of the year to clients of the security company. The average ransom increased by 89% to $12,762 compared to $6,733 in Q4 of 2018. This was due to the incidence of more expensive types of ransomware such as Ryuk, Bitpaymer, and Iencrypt, which targeted larger enterprises. Read more... |
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Are tax pros ready for a new breed of tax fraudsters?
With the April 15 US tax deadline passed, were tax professionals really ready for a new breed of tax fraudsters? We’re not talking about the President and his tax return issues. We’re seeing a new breed of sophisticated tax fraudsters systematically attacking the US taxation system. We can tell you who is not fully prepared to defend against tax fraud thanks to a report issued last fall by the US Government Accountability Office (GAO). It’s the IRS! Read more... |
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April 26 Global payments news roundup...
Welcome to the weekly global payments news roundup from Payments NEXT. Equifax acquires PayNet to tackle the small to midsize business loans market. Amsterdam-based Volt launched its EU Open Banking payments platform. SoftBank will invest $1 billion in German digital payments company Wirecard to target the Asia-Pacific market. Ripple announced a 31% sales increase in XRP tokens in the first quarter. Mastercard company Vocalink and Saudi payments launched the first real-time payments solution in the Middle East country. China internet company Tencent Holdings invests in Argentine mobile payments company Uala. Read more... |
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