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A new report has revealed that Fortnite’s in-game currency is being used to launder money from stolen credit cards. According to a report by The Independent and cybersecurity firm Sixgill , a hacker will access someone else’s credit card information, and then use it to create a Fortnite account and buy V-bucks, which is the game’s currency. Once the account fills up with V-bucks, it is then sold through a legitimate vendor like eBay, or on the dark web, for lower rates that the $10 for 1,000 gam
The Tax Cuts and Jobs Act (TCJA) provides that expenses for qualified transportation fringe benefits are nondeductible. The IRS recently released interim guidance via Notice 2018-99 clarifying that a portion of taxpayers’ “parking expenses” is considered nondeductible as qualified transportation fringes. Thus, Notice 2018-99 has significantly expanded the number of taxpayers that will need to calculate the nondeductible portion of their parking expenses.
Mastercard was slapped with a $648.3 million fine by the European Union, which alleged that the payments company raised the costs of card payments artificially. According to a report in Reuters , citing the European Commission, the bloc’s antitrust regulator, the move is part of an effort on the part of European regulators to stamp out fees that U.S. credit card companies charge.
Before consumers started to trade brick-and-mortar shopping experiences for eCommerce websites, retailers could bring customers through their doors with window displays. Now, with this shift, retailers are creating engaging experiences that digitally-connected consumers can tap into online with the help of virtual reality (VR) and augmented reality (AR) technologies.
Traditional budgeting and forecasting methods can no longer keep pace with today’s rapidly evolving business environment. Static budgets, rigid annual forecasts, and outdated financial models limit an organization’s ability to adapt to market shifts and economic uncertainty. To stay ahead, finance leaders must leverage a future-forward approach—one that leverages real-time data, predictive analytics, and continuous planning to drive smarter financial decisions.
At the World Economic Forum in Davos, Switzerland, executives of PayPal and Mastercard touted partnerships between financial technology companies and banks as a positive way to gain customers’ trust and innovate new ways for customers to interact with their finances. On Tuesday (Jan. 22), the executives talked about how financial companies had nothing to fear from these types of partnerships, and PayPal Chief Operating Officer Bill Ready said the idea that banking institutions have something to
There’s a canary in the faster payments coalmine. It flew in on Dec. 14, the Friday before the week before Christmas, so you might not have noticed. That was the day that an advocacy group, Financial Innovation Now (FIN), submitted a public comment letter to the Fed in response to its proposal to create and operate a real-time payments system in the U.S.
Last year was the year of artificial intelligence (AI), declared Brighterion CEO Dr. Akli Adjaoute for PYMNTS’ 2018 year-end eBook. The technology is proliferating financial markets, particularly for some of the world’s largest financial institutions in need of enhanced compliance solutions. Corporate treasurers are exploring AI for their own cash management and forecasting needs, while AI is also being explored among both traditional and alternative finance players for risk mitigat
Last year was the year of artificial intelligence (AI), declared Brighterion CEO Dr. Akli Adjaoute for PYMNTS’ 2018 year-end eBook. The technology is proliferating financial markets, particularly for some of the world’s largest financial institutions in need of enhanced compliance solutions. Corporate treasurers are exploring AI for their own cash management and forecasting needs, while AI is also being explored among both traditional and alternative finance players for risk mitigat
With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. Understanding exposure to risk is essential for companies today, and Dun & Bradstreet (D&B) research suggests awareness is strong, with U.S. and U.K. procurement professionals identifying supplier due diligence, internal compliance training, social gov
FinTech startups are introducing new ways for users to sift through information that was once hard to find: Intrinio , for instance, is now letting users search through notes and disclosures included on the SEC filings of U.S. public companies with keywords. Through the feature, users could look for “any indicators for sentiment analysis” to determine if a company is heading in “a good direction or a bad direction or any interesting events” Intrinio Founder and CEO Rachel Carpenter told PYMNTS i
If one wants to understand the complexities of the pharmaceutical supply chain, just follow the money. Contract negotiations between drug manufacturers, wholesalers, hospitals, pharmacies and their group purchasing organizations (GPOs) are ever-changing, meaning B2B payments are often incorrect, and chargebacks and disputes are common. Let’s say a manufacturer sells a drug for $100 to a wholesaler at wholesale acquisition cost (WAC).
It’s been 10 full days since government workers missed their paychecks due to the prolonged government shutdown, and one of the most recognizable crowdfunding companies is stepping in to help. GoFundMe has launched a fundraising campaign targeted specifically to furloughed government workers, according to reports , and it’s raised around $90,000 from more than 1,000 people in just two days.
As businesses increasingly adopt automation, finance leaders must navigate the delicate balance between technology and human expertise. This webinar explores the critical role of human oversight in accounts payable (AP) automation and how a people-centric approach can drive better financial performance. Join us for an insightful discussion on how integrating human expertise into automated workflows enhances decision-making, reduces fraud risks, strengthens vendor relationships, and accelerates R
Alphabet Inc.’s Google was hit with a $57 million fine Monday (Jan. 21) by a French regulator, in what the Wall Street Journal reported is the largest penalty under the new European General Data Protection Regulation (GDPR) privacy law. According to a report in the Wall Street Journal , France’s National Data Protection Commission fined Google, saying it didn’t do enough to get the consent of users when gathering data used for targeted advertising.
Coupa has announced another bank partner to join its recently launched suite of B2B payments solutions known as Coupa Pay. Coupa Software and JPMorgan announced on Tuesday (Jan. 22) that they are now working together to integrate JPMorgan’s Single-Use Accounts (SUA) virtual cards into the Coupa Virtual Cards for Purchase Orders offering, part of the Coupa Pay suite.
At their core, subscription services are simple and straightforward. A consumer pays a recurring fee and, in return, receives access to a selection of goods and services. Subscription merchants have duplicated this simple formula within every industry imaginable, but few today offer subscription services that resonate with what consumers want. So, what differentiates the best from the rest?
There are few familiar places in the regular life of a consumer other than the grocery store , and that familiarity can breed a type of trust, a sense that nothing too weird or threatening will happen there. That doesn’t mean they can’t be about innovation. Supermarkets are home to some of retail’s major and ongoing technological advances — and 2018 stands as a big year for grocery innovation.
Based off SkyStem's popular e-Book, the book of secrets to the month-end close will be revealed in this one-hour webinar. Learn leading practices when it comes to building a strong and sustainable month-end close that has room to grow and evolve. Learn about the power of precise estimates, why reconciliations are critical to closing the books, how and when to automate, and how the chart of accounts play into your close process.
Business confidence remains strong in the U.S., riding on the optimism of a strengthening economy that brings new opportunity for revenue growth. This is particularly true for small and medium-sized businesses (SMBs), most of which are anticipating revenue growth in the year ahead, according to JPMorgan Chase research. The firm’s Business Leaders Outlook report, published earlier this month, found that the majority of SMBs expect revenue, sales and profit increases in 2019, with executiv
Get ready for even more fake grandchildren when it comes to payments fraud. That’s one of the sad facts of life as more consumers hit senior citizen status, and criminals gain more expertise in conning people into giving over their money. That said, financial services professionals, backed by regulatory changes, are reportedly becoming better at recognizing when their senior citizen customers are being conned out of money in their bank accounts — an awareness that seems likely to increase in the
Walmart is testing out a new solution designed to automatically address soft declines on its eCommerce site. Walmart Labs, the technology arm of Walmart, discovered that most declined purchases on the retail giant’s site were soft declines, which are credit card rejections due to generic issuer errors such as server timeout or issuer unavailability.
Bitcoin fell to a five-week low during this past holiday weekend, reaching $3,442.50, its lowest level since Dec. 17. By Tuesday (Jan. 22), the crypto was up 0.7 percent to hit $3,622.41 on the Kraken exchange, according to MarketWatch. “Bitcoin keeps bouncing along in the upper $3K range, but it was unable to extend last week’s breakout above this level,” wrote Market Analyst Jani Ziedins.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
“Can we all just agree that real-time access to money isn’t going to be an option anymore?” said Ingo Money CEO Drew Edwards. That’s how Friday’s conversation between Edwards and Karen Webster started. Yet, according to the latest Disbursements Tracker , a collaborative effort between Ingo Money and PYMNTS, hurdles remain. The Tracker found that some 74 percent of business executives cited a lack of interoperability as a major inhibitor to their real-time payments adoption, along with the opera
The Rockefeller Foundation and the Mastercard Center for Inclusive Growth, the two philanthropic arms of the organizations, announced a partnership on Tuesday (Jan. 22) called Data Science for Social Impact, according to a press release. The aim of the new organization is to “accelerate the use of data science by empowering nonprofit, civic and government organizations with the tools, expertise and other capabilities they need to help solve the world’s most pressing challenges.”.
There’s an old saying in battle that the enemy of your enemy is your friend. In eCommerce, all sorts of alliances emerge, with Amazon squarely in sight. And according to recent news on the eCommerce front, Google has lost a friend, seemingly, in at least part of its ongoing eCommerce battle against Amazon. Bloomberg reports that Walmart has “quietly” left one of Google’s key efforts against Amazon, having removed products from the latter’s Shopping Actions website, and also left Google Express,
China is expected to displace the U.S. this year as the leading retail market around the world. According to eMarketer’s worldwide retail and eCommerce forecast, in 2019 China’s total retail sales are forecast to increase 7.5 percent, hitting $5.636 trillion. That compares to retail sales in the U.S. which are projected to increase 3.3 percent to $5.529 trillion.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration. Join expert Joe Wroblewski for a practical and insightful session on how you can build a smarter, more connected tech stack that drives efficiency and long-term success!
When Dutch entrepreneur Teun van den Dries started GeoPhy , an artificial intelligence (AI)-driven service that performs real estate valuations, there was nothing like it on the market. When he went to buy a house, Bloomberg reported, the appraiser he used simply asked him how much he thought it should cost. That led him to realize the potential market for his company, which he started in 2014.
Another one has bitten the dust when it comes to providing the vital last-mile delivery service for online consumers (especially the hungry ones). The news that on-demand delivery startup Munchery has closed its doors — even after raising $125 million in venture capital funding — serves as reminder of how difficult it can be to gain a profitable foothold (much less a dominant position) in the on-demand food delivery space.
Indonesian ride-hailing company Go-Jek is acquiring a “substantial” number of shares in Philippine-based blockchain services platform Coins.ph. While the details of the transaction were not revealed, it was reported that there will be no impact to Coins.ph customers and that its team “will continue in their existing roles,” according to CoinGeek. “Supporting the success of a local FinTech entrepreneurial champion like Coins.ph, with a similar ambition to empower society through innovation and te
The big bitcoin and crypto breach events are well-known news items. There was the Mt. Gox hack that saw $473 million in bitcoin disappear, the Bitfinex hack in which $72 million in value was lost overnight and the reigning champion crypto hack, the January 2018 Coincheck hack that saw $530 million in cryptocurrency go missing. But while those big hacks — and the large sums of money heisted all at once — are eye-catching, bitcoin security expert Hartej Sawhney recently told CNBC that they might
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
There are north of 70,000 Alexa skills on the market today, capable of helping consumers do everything from booking an Uber to buying their groceries to playing a trivia game to kill some time while waiting for the pizza ordered via Alexa to arrive. But the ongoing challenge for the developers of those Alexa skills is monetizing them. While app developers have various paths to making big money on their creations, the avenues to remuneration are fewer and further between for voice skills develop
Zelle, traditional banks’ answer to Venmo and Paypal, continues to grow in usage, not only with customers but with banking institutions as well, according to reports. Zelle’s operator, Early Warning Services, reported a Q4 payment volume of $35 billion, which is up 12 percent from Q3 and 61 percent from a year before. Also, 135 million transactions were processed during that same time.
Here’s a test: What’s fraud? Also, what’s a simple and legitimate matter of credit risk ? Those aren’t trick questions, but rather a reflection of the realities when it comes to digital criminals and their global networks. (Hint: The criminals know the difference.) Those questions also speak to the seemingly impossible tension in the world of payments and new card accounts: how to onboard and authenticate consumers as quickly and seamlessly as possible, while also protecting them and the institu
For a small business (SMB) to grow enough to expand across borders is an accomplishment by any definition, considering how many hurdles stand in a company’s way to achieve that goal. In the latest research from the Association of Chartered Certified Accountants (ACCA), analysts dove into what those hurdles are, finding evidence that domestic market conditions, regulatory red tape and the struggle to find adequate talent remain among the tallest and most difficult to overcome.
Is your finance team bogged down by endless data requests and disorganized spreadsheets during the month-end close? It’s time to consider a better option – automate with ART! SkyStem’s solution works alongside your ERP to transform the close and account reconciliation process and speed up month-end work. Explore SkyStem’s ART - the award-winning account reconciliation automation platform - and receive a $100 Amazon gift card as a thank you for your time.
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