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☆ Marqeta shares plunge more than 30% on big forecast miss
▼ + stars: | 2024-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter. The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to "heightened scrutiny of the banking environment and specific customer program changes." Total processing volume of $74 billion was up more than 30% from a year earlier. The company has been trying to break into the buy now, pay later business with a recently launched product called Marqeta Flex.

Persons: it's, Simon Khalaf Organizations: LSEG, Analysts, Mastercard, Visa, CNBC Locations: Las Vegas, BNPL

☆ How US enterprises drive digital sales with seamless and scalable payment solutions
▼ + stars: | 2024-10-28 | by ( ) www.businessinsider.com time to read: +5 min

Companies must consider customers' desire for local payment methods, frictionless transactions, and evolving government regulations. For both enterprises, a payment platform must do more than simply accept transactions: It must easily adapt to different markets, audiences, and regulatory environments. That's why they have chosen a single-source payment platform to help them innovate and grow. This included payment methods like Momo in Vietnam, Bank Transfer in Indonesia, Pix in Brazil, and UPI in India. Seamless payment processes drive businessEnterprises looking to grow need a payment partner that meets business requirements as well as consumer preferences.

Persons: Dave Wolf, Fubo, Erik Gerson, Adyen, Momo, we've, Wolf, tokenization, Gerson Organizations: Companies, Meta, Reality Labs, Fubo, UPI, tokenization, Insider Studios Locations: Vietnam, Indonesia, Pix, Brazil, India, Adyen

☆ A 27-year-old who runs a 7-figure sneaker business made a costly mistake with fake Yeezys. It taught her an invaluable lesson about reselling.
▼ + stars: | 2024-09-17 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +3 min

Before Val Zapata built a seven-figure reselling business, she almost lost it all. "I got caught early in the game with like 50 pairs of fake Yeezys that I had to swallow," the 27-year-old entrepreneur told Business Insider. For the rest of the pairs, "I'm like, 'I don't want to run them all. About four weeks after the sale, the buyer attends Sneaker Con and learns that the slides are, in fact, not authentic. The $2,500 lesson reinforced the importance of trusting but verifying, especially if you're buying from a seller you've never worked with.

Persons: Val Zapata, Zapata, Sneaker Con, I'm Organizations: Service, Business, Sneaker Locations: Colombia

☆ How a Gen Z immigrant went from paycheck to paycheck to financial independence by turning her shoe collection hobby into a 7-figure business
▼ + stars: | 2024-09-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

So you would find these really, really high-end sneakers — like, $1,000 sneakers — on there for $150." Related stories"We started selling five or 10 sneakers a day, and then I just started doing basic math," said Zapata. She shadowed a friend who was also starting to do live Whatnot shows. Courtesy of Val ZapataThe majority of her sales now come from live Whatnot shows. After just one month on Whatnot, Zapata says she did enough in sales to quit her insurance job in September 2022.

Persons: —, Val Zapata, Zapata, couldn't, Val Zapata Zapata, didn't, We've, we're gunning Organizations: Service, Business, Facebook, YouTube, Twitter, eBay, BI Locations: Houston, Texas, Colombia, New York, Nevada, Las Vegas, Vegas

☆ Retailers are losing $100 billion a year from 'friendly fraud,' report finds — and sometimes it's an accident
▼ + stars: | 2024-07-25 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Man sits on a sofa in his living room and uses a credit card to pay online. Stefanikolic | E+ | Getty ImagesFriendly fraud is a broad termCredit card experts say identifying friendly fraud can be difficult. "We look at the number of accounts, number of disputes, number of overturned disputes, number of closed accounts. Looking at Socure's research, $89 billion of the $100 billion attributed to this type of fraud is lost by merchants. The remainder comes from credit card fraud loss ($18 billion) and the dispute resolution from the top 15 U.S. banks.

Persons: Robert Painter, Chi Chi Wu, That's, Wu, Johnny Ayers, Ayers, Domenic Cirone Organizations: Getty, National Consumer Law, Merchant Risk Council Locations: U.S

☆ Friendly Credit Card Fraud: Consumer Chargebacks Hurt Businesses
▼ + stars: | 2024-06-10 | by ( Emily Stewart | ) www.businessinsider.com time to read: +10 min

Annoyed, mostly at myself but also a little bit at the seller, I had a sinister thought: What if I file a dispute with my credit-card company? AdvertisementA credit-card charge-back happens when a consumer sees something they don't like or recognize on their statement and asks the bank to look into it. Much of that is friendly fraud: The report cited a statistic from the data-analytics company Datos Intelligence that 75% of all the fraud digital businesses see is first-party fraud. Your order arrived and you claim it didn't: fraud. I've never disputed a purchase before, and my credit-card company would like to keep me happy.

Persons: —, I'd, Oscar Bello, wasn't, Domenic Cirone, Robert Painter, Kevin, they've, what's, Bello, I've, Emily Stewart Organizations: Equifax, Mastercard, Datos Intelligence, Citi, Chargeback, Mmm, Business Locations: Ethoca, New Orleans

☆ Scammers are using delivery apps like Instacart to swindle customers and delivery workers out of money
▼ + stars: | 2024-05-11 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Read previewSome Instacart shoppers are the targets of a scam centered on gift cards. "Within 30 seconds, I got a message about buying the Vanilla Visa gift card," she said. Instacart forbids shoppers from adding gift cards to orders, a screenshot of the company policy seen by BI indicates. "Customers are not able to order gift cards through the Instacart platform or place a special request for a gift card via chat," an Instacart spokesperson told BI. AdvertisementInstacart also tells shoppers not to purchase gift cards for customers, the spokesperson added.

Persons: —, they've, Instacart, Jim, itsjwest, Heidi Bleau, Bleau Organizations: Service, Business, Walgreens, BI Locations: Massachusetts, cologne

☆ Big donation to Rudy Giuliani defense fund is target of lawsuit alleging fraud by donor
▼ + stars: | 2024-04-11 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

There is no public evidence that Giuliani and Martorano know each other. Giuliani spokesman Ted Goodman, in an email to CNBC, said "This is a lawsuit unrelated to us." CNBC requested comment from lawyers for Martorano, his wife, and the other defendants in both the Georgia lawsuit and a federal civil racketeering and fraud lawsuit in California related to the alleged skincare cream scam. In her ruling, the judge wrote that the plaintiff "has shown by a preponderance of the evidence that Konnektive Defendants deceived banks and credit card companies." "The Konnektive software was designed specifically for the purpose of facilitating automated bank fraud," according to the federal suit.

Persons: Rudy Giuliani, Bonnie Cash, Rudy Giuliani's, Matthew Martorano, Giuliani, Donald Trump, Trump, —, Martorano, Kevin Kneupper, LeAnne Tan, Ted Goodman, Kathryn Martorano, Konnektive, Kneupper, San Diego judge's, Don Emmert Organizations: New York, U.S, Reuters, New York City, CNBC, La, Visa, Mastercard, Fulton County Superior Court, San Diego, Federal, New, Trump National Golf, AFP, Getty, Trump Save America, Save, Commission Locations: Washington , U.S, Georgia, Martorano, Fulton County, California, San Diego, San, New York, Bedminster , New Jersey

☆ How the three-year cruise fell apart
▼ + stars: | 2024-01-20 | by ( Julia Buckley | ) edition.cnn.com time to read: +22 min

CNN —In April 2023, George Fox was gearing up for the adventure of a lifetime: a three-year cruise taking him around the world. The high hopes and eventual failure of the Life at Sea cruise reads a bit like a Greek tragedy. When Miray objected, he resigned, along with much of his team, and told passengers the cruise was off. When the cruise was canceled in November, Bayramoğlu told passengers that only 111 cabins were booked. On October 24, Miray’s PR spokesperson told CNN that the departure date had been moved to November 30.

Persons: CNN —, George Fox, “, ”, ‘, Miray, who’d, Meredith Shay, Shay, she’d, Jenny Phenix, I’d, Mikael Petterson, Petterson, “ I’ve, Ethem, Miray’s, “ Vedat, ’ ”, Vedat, Cruises, hadn’t, Kendra Holmes –, –, Petterson –, they’d, Bayramoğlu, Sharon Lane, she’s, ” Shay, ” Holmes, Marit Hommedal, NTB Scanpix, Noel Hansen, Kendra Holmes, Hansen, ’ ” Hansen, ’ Rebecca Varner, Lorna Bolduc, Rebecca Varner, Holmes, Bonnie Kelter, Kelter, Varner, Ugurlu, Phenix, “ I’m, couldn’t, ’ George Fox, he'd, Bolduc, Miray’s Bayramoğlu, ” Miray, who’s, ” Hansen Organizations: CNN, Fox, Miray Cruises, Cruises, Passengers, Gemini, Carnival, Facebook, Life, Getty, US Foreign Service, ‘, Miray’s, ”, Miray Locations: Istanbul, ’, Turkey, Florida, Germany, Bayramoğlu, Petterson, AFP, Clermont , Florida, Costa Rica, New Jersey, Maine, that’s, Miami, Europe, Ecuador, Southern Florida

☆ E-commerce experts say these 4 checkout mistakes may hurt your business' bottom line
▼ + stars: | 2023-07-10 | by ( Sponsor Post | Created Insider Studios With Paypal | ) www.businessinsider.com time to read: +9 min

But many customers still witness challenges during and after checkout, including false declines and fraud. Below are four common checkout mistakes that enterprise e-commerce businesses make and how to avoid them. If those thresholds are too conservative, they can lead to false declines; if they're too liberal, they become more vulnerable to fraud. E-commerce merchants lost an estimated $11.1 billion in false declines last year. The machine learning models can distinguish between legitimate and fraudulent transactions to reduce false declines.

Persons: they're, Cindy Turner, Turner, Chargebacks, PayPal Braintree6, Experian, Cartes Organizations: Enterprise, PayPal, PayPal Braintree, Merchants, Insider Studios, Accounting, Deloitte, Novarica, Naked, LexisNexis, DE Locations: PayPal Braintree, Risk, chargebacks, . CA

☆ Why Goldman’s consumer ambitions failed, and what it means for CEO David Solomon
▼ + stars: | 2023-02-27 | by ( Hugh Son | ) www.cnbc.com time to read: +10 min

That's because many of the decisions Solomon made over the next four years — along with aspects of the firm's hard-charging, ego-driven culture — ultimately led to the collapse of Goldman's consumer ambitions, according to a dozen people with knowledge of the matter. Goldman executives were eager to seal the deal with the tech giant, which happened before Solomon became CEO, they added. The rapid growth of the card, which was launched in 2019, is one reason the consumer division saw mounting financial losses. Within months, Ismail left Goldman, sending shock waves through the consumer division and deeply angering Solomon. Goldman should plow some of those volatile earnings into more durable consumer banking revenues, the thinking went.

☆ Bank card fraud exploded during the pandemic. Then came the bot hiring boom
▼ + stars: | 2022-12-06 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

But it was the pandemic as much as the deal itself which led to one important change in how the company looked at the combination of human workforce and technology. The use of digital banking boomed during the pandemic lockdowns and that led to an exponential growth in fraud. Fraud was costing the bank a significant amount of money, but previous to the pandemic, employing a human workforce for every charge was not an efficient or economic way to solve the problem. The costs of the fraud were being refunded to consumers, but the bank was not claiming the costs back from payment processors. But once the two banks combined, "it became really valuable," Hawkins said, just as the pandemic was leading to more fraud at low transaction values.

☆ Musk suggests charging $8 a month for Twitter verification after criticism for $19.99 plan
▼ + stars: | 2022-11-01 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

New York CNN Business —After facing criticism for his plan to charge Twitter users $19.99 a month to get or keep a verified account, Elon Musk has a counteroffer: maybe $8? Under Musk, Twitter is working to update its existing subscription product known as “Twitter Blue,” which currently costs $4.99 a month, to include the verification feature, CNN previously reported. The news quickly prompted outrage and disbelief among some longtime Twitter users, including author Stephen King, who has nearly seven million followers on the platform. Musk acquired Twitter for $44 billion, an amount that he admitted is “obviously overpaying” for the company. On Sunday, Musk tweeted: “The whole verification process is being revamped right now.”Even before the deal was completed, Musk suggested the possibility of tying verification to a paid subscription service.

It’s also unclear if some verified users may be exempt from paying the fee; many international organizations and charities, for example are verified on Twitter. The changes would update an existing paid Twitter feature known as “Twitter Blue, which currently costs $4.99 a month and is available in four countries including the United States, to include the verification feature. “The whole verification process is being revamped right now,” Musk tweeted on Sunday. “Interesting,” Musk tweeted in response to the poll. Even before the deal was completed, Musk suggested the possibility of tying verification to a paid subscription service.

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