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Nashville, Tenn.-based iPayment Inc. this morning said it has appointed White & Case as its counsel of record in litigation in U.S. Bankruptcy Court in Los Angeles, in which it and certain of its officers and directors are defendants against allegations of fraud. The processor also repeated earlier assertions it …
Read More »Visa Adds Chargeback Rights to Its Rapidly Growing Interlink Card
Visa USA announced it is now offering chargeback rights to consumers holding its Interlink PIN debit card. The bank card network sees the extension of chargeback protection to PIN debit as a response to consumer expectation and a competitive edge for Interlink issuers. “As debit usage continues to grow, consumers …
Read More »Hypercom’s Networking Unit Wraps up a Promising First Year
An upstart supplier of transaction-networking infrastructure that was set up by a major maker of point-of-sale terminals has signed a dozen contracts since it began U.S. operations in April and is carrying transactions at the rate of 65 million a month. “It's been a very busy and successful last six …
Read More »Paradata Gears Up for a Major Expansion in Its U.S. Merchant Base
Paradata Systems Inc. is getting set to build up its market share in Internet-based transaction processing in the U.S. To that end, it has added two U.S.-based transaction-processing veterans to its board and is starting to seek out larger independent sales organizations and other resellers to more rapidly expand its …
Read More »United Bank Card Bids for Fast Growth Through a Terminal Giveaway
In a bid to accelerate growth in its merchant base and in its transaction volumes, United Bank Card Inc. says it will give card terminals, check readers, and signature-capture devices free to merchants signed on by independent sales organizations contracted with the Hampton, New Jersey-based processor. The company, which says …
Read More »AmEx’s Big Lawsuit: A Power Play Through the Banks?
American Express Co. Inc.'s decision to include eight banks as defendants in the lawsuit it filed earlier this week against Visa USA Inc. and MasterCard International Inc. may be a power play to weaken the bank card networks by widening policy differences between the networks and their major members, some …
Read More »Equifax Touts a ‘Secret Question’ Test for Online Authentication
With concern mounting about the adequacy of commonly used authentication technologies in online transactions, a technique devised by a major credit-reporting agency to secure the sale of consumer credit reports online is finding adoption among financial institutions and could appeal to Internet merchants. Equifax Information Services LLC is actively licensing …
Read More »VeriFone Teams with McAfee to Offer POS Anti-Virus Software
Responding to a year that has seen a steady barrage of viruses, worms, trojans, and other malicious computer attacks, VeriFone Inc. and McAfee Inc. announced today they will offer the first anti-virus software product to protect point-of-sale terminals linked to the Internet. The software will be available starting early next …
Read More »Criminals Escalate the Phishing War with an Alarming New Weapon
Up to now, phishing schemes only worked if the fraudsters could entice recipients of their e-mail to visit transaction sites tricked up to look like the real thing, such as a fake eBay site or spoofed online banking site. The sites would collect login and other confidential information the criminals …
Read More »VeriSign Expects Its New Seal to Spread Rapidly on E-Commerce Sites
VeriSign Inc. says heavy promotion it's putting behind its new trust mark for e-commerce will drive the number of payment-gateway client sites displaying the mark from 40,000 currently to more than 70,000 by year's end. And it expects that number to double by the end of 2005. The Mountain View, …
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