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NewsBriefs

Fraud trends extend beyond checks, with scams now
surpassing traditional fraud in both frequency and fi-
nancial impact. Romance scams, phishing attacks and Unlock Your
account takeovers are increasingly costly and time-
consuming to address, exacerbating the financial bur-
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Survey participants, including representatives from
banks and fintechs, noted that combining fraud and
AML teams significantly improves operational ef-
ficiency. Investments in automation and stronger au-
thentication protocols are also essential to staying
ahead of emerging scams.

While challenges persist, organizations implement-
ing advanced fraud prevention strategies reported im-
proved detection rates and reduced losses, which of-
fers a roadmap for addressing this escalating crisis.

Visa chief pans DOJ on debit suit
Visa CEO Ryan McInerney strongly rejected a U.S.
Department of Justice lawsuit accusing the company
of monopolizing the U.S. debit market. McInerney la-
beled the claims as “meritless” and showing a lack of
understanding of the payments ecosystem.

Filed in September 2024, the lawsuit alleges that Visa
controls over 60 percent of U.S. debit transactions,
generating $7 billion in annual fees, and employs anti-
competitive practices such as “disloyalty penalties” to
limit competition. The DOJ also claims Visa discour-
ages new entrants by offering monetary incentives to
potential competitors who agree to partner with Visa
instead of challenging the card company directly.

Retail groups, including the National Retail Federa-
tion, praised the lawsuit, stating they view it as an op-
portunity to address longstanding concerns over high
transaction fees. However, Visa insists it operates with-
in a competitive environment, pointing to its 8 percent
growth in payment volume for fiscal year 2024 as evi- BOCA
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