Debit Cards

  Just because a consumer’s financial information is compromised in a data breach does not mean the consumer will become a fraud victim. But the linkage between breaches and fraud is becoming much stronger, according to new data from Javelin Strategy & Research. Javelin recently reviewed data from its annual …

  One full year after complete implementation of the controversial Durbin Amendment’s debit card regulations, the impact on both merchants and consumers—the law’s putative beneficiaries—remains mixed, according to a study released by the Federal Reserve Bank of Kansas City. While Durbin drastically reduced interchange for the country’s largest banks while …

  Financially motivated cybercrime accounted for 75% of data breaches in 2012, with state-affiliated espionage campaigns aimed at stealing intellectual property ranking second at 20%, according to the Verizon 2013 Data Breach Investigations Report released on Tuesday. In 2012, breaches affecting financial organizations accounted for 37% of the total, followed …

  The provisions of the Durbin Amendment to the 2010 Dodd-Frank Act are starting to hurt smaller issuers’ debit card income even though these financial institutions are explicitly exempted from the law’s cap on interchange rates, according to a debit expert. “This phenomenon is happening as we speak,” said Tony …

  Interchange rates on ATM transactions are falling and may not have hit bottom yet, so independent distributors of ATMs need to look for additional sources of revenue. That is the conclusion of a recently released white paper entitled, “The Future of Interchange in the United States,” sponsored by the …

  Fiserv Inc. on Wednesday announced it is adding a capability to its Popmoney person-to-person payment service that will let users send money within seconds to intended recipients. The new feature, called Popmoney Instant Payments, relies on debit-network clearing and comes as more and more processors are harnessing these networks …

  With help from Discover Financial Services, regional electronic funds transfer networks this week took a major step toward ending a dilemma over how merchants can route PIN-debit transactions made on chip cards through EFT networks and still meet the Durbin Amendment’s transaction-routing requirements. Previously, the main routes available for …

With the U.S. embarking on its gradual implementation of EMV chip card technology beginning this year, recent news from Canada’s national debit network should be encouraging. Introduction of EMV—the Europay-MasterCard-Visa standard—in Canada has helped reduce debit card fraud losses on Interac cards due to skimming to the lowest level since …

The Federal Reserve Board on Tuesday released another report on debit card revenues and expenses and says it does not plan to propose changes to its controversial debit regulations implementing the Durbin Amendment in 2010’s Dodd-Frank Act. Dodd-Frank requires the Fed to report on the debit card market every two …

  The effort to harness debit card networks for near-instant person-to-person payments is moving apace. The latest development is this week’s announcement that the Houston-based Pulse electronic funds transfer network has enabled a service that will let cardholders pay each other by entering their debit card PINs on a so-called …