Digital Transactions Authoritative, insightful and timely information for payments professionals
TJX Cos. Inc. late on Tuesday said it has settled with three banking associations and three individual banks that sued the off-price retailer in the wake of a data breach that potentially compromised nearly 100 million credit and debit card numbers. That leaves just one Alabama community bank still in …
Read More »HomeATM Aims to Bring PIN Debit, Card Present Rates to the Web
A small engineering company in Montreal has struck a deal with Universal Air Travel Plan Inc., a Washington, D.C.-based switch for some 220 airlines and travel agencies around the world, to enable air carriers to accept PIN debit and credit cards on their Web sites with card-swipe authentication. In addition, …
Read More »Survey: Consumers Lost $3.2 Billion to Phishing Attacks in 2007
Some 3.6 million U.S. adults were victims of phishing attacks in the 12 months ending in August, losing an average of $886 apiece for an estimated total of $3.2 billion, according to a survey of more than 4,500 online users sponsored by Gartner Inc. Gartner, a technology research firm based …
Read More »PIN Debit And the ACH Among the Big Gainers in Fed Payments Study
PIN debit transactions are growing significantly faster than signature debit payments. Checks processed electronically are approaching half of all checks paid. And transactions on the automated clearing house are growing faster than any other form of payment. These are among the more surprising results of the Federal Reserve's tri-annual payments …
Read More »NACHA Rule Targeted at Cap One’s Decoupled Debit Card, Sources Say
A clarification of a rule regarding transaction aggregation, announced last week by NACHA, was driven chiefly by banks that intended to hamper a new PIN debit card being introduced by Capital One Financial Corp., sources tell Digital Transactions News. The new card, which came to light late this spring (Digital …
Read More »NACHA Tightens Risk Management, Restricts Payment Aggregation
NACHA, the rules-setting body for the automated clearing house network, this week announced membership approval of a rule amendment that will raise fines for unauthorized transactions and cut off ACH access for companies that enter too many such payments into the network. NACHA has also issued a rules clarification that …
Read More »An EFT Summit Helps Costco Weigh Options for Web-Based PIN Debit
In a development that could lend considerable momentum to efforts to bring PIN debit to the Internet, Costco Wholesale Corp. is investigating at least three technologies that would allow the retailing giant to accept PIN debit cards for payment on its Web site, according to sources familiar with the matter. …
Read More »With Plug-In, PayPal Looks for Expanded E-Commerce Reach
PayPal Inc. on Tuesday will make available to its entire account base a so-called virtual debit card it has been testing with a large number of account holders for nearly 18 months. The new product, which PayPal has dubbed Plug-In, carries a MasterCard Worldwide brand and allows users to buy …
Read More »Though Still Shaky, a Smaller TRM Gets Closer to Profitability
Still financially challenged but claiming to be on the mend, TRM Corp., operator of the nation's second-largest non-bank ATM network, reduced its loss in the third quarter as it culled underperforming machines and cut expenses. The Portland, Ore.-based firm on Friday reported a net loss of $4.89 million compared with …
Read More »Its Overhaul Complete, Visa Shoots for the Moon with Its Pending IPO
Visa Inc. late Friday said it aims to raise $10 billion in its upcoming initial public offering of stock. The figure, while preliminary, is four times the $2.4 billion MasterCard Inc. grossed in its May 2006 IPO, the first chance the market had to value a bank card network. A …
Read More »