2.11.19 Your morning briefing

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The information you need to start your day, from PaymentsSource and around the Web:

Home shopping Amazon
Amazon’s incursion into traditional retail sectors has taken many forms, such as smart doorbells for home delivery, its Whole Foods acquisition and its cashierless Go store. It’s now moving into home shopping.

Called Amazon Live, the streaming Amazon-produced shows will feature items for sale on Amazon, along with a carousel below for purchases, reports TechCrunch, adding Amazon’s target with this play is QVC.

Early content includes Valentine’s Day gifts, a cooking show and a show that sells products for daycare centers and schools.

Bloomberg News

Anti AML
A new phishing campaign is targeting anti-money laundering or payment compliance officials at credit unions, and the contacts may have come from the government.

The data, which is not public, may have come from the National Credit Union Administration, reports security writer Brian Krebs, noting the Patriot Act and Bank Secrecy Act require financial institutions appoint BSA officers as part of payment fraud and money laundering protection, which in the case of credit unions are registered with the NCUA.

The attack involved emails that looked like they were sent by BSA officers from other credit unions, claiming a payment from a credit union member had been held, and asking the credit union officer to open a PDF file with information on the “payment.” This PDF links to a malware site, Krebs wrote.

Clinging to contact
As contactless payments in the U.K. grow quickly, there’s still ample space for cash transactions, enough to produce new currency.

Danske Bank will debut its new polymer £10 note on February 27, with new colors and a portrait of John Dunlop, an inventor, tire pioneer and member of the Automotive Hall of Fame.

Even with cash, paper has become less popular, as the bank plans to retire the paper £10 note by the end of the year, reports Finextra. The polymer bills are also designed to embed more security.

Brexit ‘DMV’ for financial institutions
Worried about post-Brexit access to Europe, about 100 financial services companies and fintechs from the U.K. have applied for electronic money transfer licenses in Lithuania to secure access to the EU.

Lithuania has become a hot country because it can process an application in three months, compared to up to a year in other EU nations, reports Reuters.

Revolut has also applied for a license in Luxembourg as a Brexit hedge, while Starling Bank is seeking a license in Ireland.

From the Web

Real-Time Person-To-Person Payments Are On The Rise In The U.S. — Aité
Forbes | Fri February 8, 2019 – Real-time person to person (P2P) mobile/digital payments are on the rise and even growing in the U.S. according to a new, perhaps optimistic, report from Aité Group. Aité sees mobile payments as a way to drive loyalty and revenue.

Wirecard says met Singapore authorities after FT reports, pledges cooperation
Reuters | Fri February 8, 2019 – Wirecard said it had met the authorities in Singapore and pledged its cooperation to their investigations into a series of reports in the Financial Times that alleged financial wrongdoing at the German payments company.

Canada’s Regulators Might Help Crypto Exchange QuadrigaCX’s Victims After All
CCN | Sun February 10, 2019 – Provincial securities regulators in British Columbia, Canada, won’t be investigating the QuadrigaCX scandal. However, new developments could see Canada’s largest securities body, the Ontario Securities Commission (OSC), begin an investigation.

More from PaymentsSource

Western Union strategy centers on digital growth, Amazon pact
Western Union is in a “learning” phase as to how its digital advancements will connect with its physical locations, as well as what the Amazon partnership could lead to — and at least in this early stage, it appears to be succeeding.

Mastercard puts a contextual jingle at the point of sale
Mastercard has dropped its name in many brand references but it’s adding a customized sound, which consumers may begin to hear soon as they pay in stores and through voice assistants.

To see blockchain’s future in payments, follow the money
Technology investors are bulldozing cash into blockchain and artificial intelligence, but the “why” is just starting to emerge, as is the true nature of the innovation.

Flaws in testing may be real source of Wells Fargo’s tech failure
While Wells Fargo has yet to identify exactly how a problem at a server facility in Minnesota took down its operations nationwide, observers pointed to possible gaps in the bank’s emergency backup contingency plans that prolonged an outage that lasted some 24 hours.


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