Checkout.com refused to pay ransom to ShinyHunters after a breach of its legacy cloud storage, donating over $1 million to cybersecurity research instead. The incident exposed old merchant data but no payment info, highlighting API and insider risks in fintech. This bold move sets a precedent for industry responses to extortion.
Visa and Mastercard's $38 billion settlement proposes reducing U.S. interchange fees and allowing merchants to reject premium cards, potentially saving retailers $30 billion over five years. This revised deal, following a 2024 rejection, could diminish consumer rewards while easing business costs amid economic pressures.
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