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IndustryUpdate

because it can identify applications in real time that are
most likely fraudulent.
U.S. Payments Forum releases new resources

The U.S. Payments Forum released several new resourc-
es focused on improving the contactless payment expe-
ANNOUNCEMENTS rience at the POS, securing online channels against pay-
ment fraud, and accelerating the adoption of contactless
open payments in transit. These resources are part of
CO-OP Insights Center launches the Forum's ongoing efforts to provide education and
actionable guidance on timely and essential topics for
CO-OP Financial Services introduced CO-OP Insights the payments industry. "There has been an incredible
Center, a web-based business intelligence and reporting amount of change in the payments space this year in
platform. It was created to simplify complex information response to COVID-19, and the U.S. Payments Forum
to produce actionable insights and enable credit unions responded by prioritizing the emerging needs of the
to quickly understand portfolio behavior and grow industry," said Randy Vanderhoof, director of the forum.
credit and debit programs. "In the wake of COVID-19, it
is more important than ever for credit unions to under-
stand the trends in member spending," said Bruce Dragt, RESEARCH
Chief Product Officer, for CO-OP. "CO-OP Insights
Center aggregates volumes of transaction data and dis- EMVCo offers guidance on FIDO, EMV 3DS
tills it into insights credit unions can use to make sound
business decisions." Global technical body EMVCo published a white paper
that provides guidance on how FIDO Authentication
EPI processes $3.5 billion GPV in Q3 Data can be used in EMV 3-D Secure (3DS) messages
to reduce fraud and friction in the payment process for
Technology-driven payment and transaction processor consumers. Use of FIDO Data in 3DS Messages focuses
Electronic Payments Inc. reported it experienced a 12 on EMV payment use cases to demonstrate how FIDO
percent increase in gross processing volume (GPV) for Authentication Data can be leveraged to attest that
the third quarter of 2020 compared to the same period merchant-initiated strong consumer authentication has
in 2019. Third quarter GPV exceeded $3.5 billion amid taken place before an EMV 3DS transaction. This can
the ongoing COVID-19 pandemic. The company attri- reduce the need for issuers to authenticate cardholders
butes the growth to helping small businesses across the for every transaction when shopping online and stream-
country navigate changes in consumer behavior and line processes, EMVCo stated.
economic challenges to achieve continuity of commerce.
Ondot predicts lower holiday season spend
ETA working toward better future
Forty-eight percent of consumers expect to spend less
In congratulating President-elect Joe Biden and Vice money during the upcoming holiday shopping season
President-elect Kamala Harris, Jodie Kelley, Electronic compared with 2019, according to a new survey by
Transactions Association's CEO, said the electronic pay- Ondot Systems. The top three reasons respondents gave
ments industry has "worked tirelessly to assist consum- for spending less were the uncertain economy, a desire
ers and businesses" during the COVID-19 pandemic, and to build their savings, and concerns about their employ-
the ETA and its members will "continue this leadership ment and financial situation. Researchers also found that
in close cooperation with the Biden–Harris administra- one quarter of consumers have fallen behind on credit
tion and the new Congress, to strengthen our nation's card payments since the pandemic began, and spending
people and its economy, and to support the competi- continues to shift toward online and mobile channels.
tive marketplace that fosters the drive and spirit of the
American people."
PARTNERSHIPS
LexisNexis Risk Solutions
enhances fraud intelligence Bluefin, PAAY team up on security

LexisNexis Risk Solutions introduced LexisNexis Fraud Bluefin, a specialist in encryption, tokenization and data
Intelligence to its suite of fraud and identity products. security, and PAAY, an innovator in consumer authenti-
LexisNexis Fraud Intelligence helps organizations miti- cation, introduced a new security solution set designed
gate new account fraud risk by bringing together iden- to eliminate the threat of hackers and online fraud, while
tity events and consumer application activity to arrive providing regulatory compliance. The solution set com-
at a comprehensive, powerful score that offers complete bines 3DS, hardware-based encryption, and vaultless
view of identity, LexisNexis Risk Solutions stated, add- tokenization to provide merchants a liability shift, strong
ing that the tool limits friction for legitimate consumers
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