Online and mobile payments get all the press, but plenty of card-not-present payments still originate from telephone orders. The security threats from such orders are changing, which prompted the PCI Security Standards Council to issue an update Wednesday to guidance it first produced seven years ago for protecting phone-based payments. …
Read More »Visa’s Counterfeit Fraud Declines, But Some Other EMV Measures Signal a Conversion Lull
Counterfeit fraud losses continue to decline, according to Visa Inc.’s latest report about the U.S. conversion to the EMV chip card standard. But Visa’s EMV dollar volume was lower in September than in June, and the number of merchants that accept chip cards remained unchanged at 3.1 million. Visa says …
Read More »Mobile Commerce Flourished on Black Friday At the Expense of Desktop Activity
More consumers took to their smart phones this past Friday, known as Black Friday, at the expense of shopping online with a desktop computer, finds Akamai Technologies, a Web-services company. Consumers using mobile devices accounted for 57.6% of online shopping on Nov. 23, compared with 35.9% for those using desktop …
Read More »Mitek CFO Decides to Stay and other Digital Transactions News briefs from 11/27/18
Mobile remote deposit capture software provider Mitek Systems Inc. reported that chief financial officer Jeffrey C. Davison, who in August said he would resign effective Nov. 30, has changed his mind and won’t quit. Mitek’s board of directors accepted the rescission. Long-time chief executive Jim DeBello recently left and has …
Read More »A Fraud Spike at Venmo Vexed PayPal Just As the Company Sought Venmo Revenue
PayPal Holdings Inc. has been trying to make money off of its highly popular but free peer-to-peer payments service, Venmo, but over the weekend a report emerged indicating a surge in fraud could have complicated that effort. Venmo sustained a transaction loss rate of 0.40% in March, up from 0.25% …
Read More »Secret Service Targets Skimmers on Fuel Pumps and other Digital Transactions News briefs from 11/26/18
Worldpay Inc. and Paysafe Group announced a partnership to establish a payments platform for the U.S. online-gaming and sports-betting sector. The U.S. Secret Service lit up Operation Deep Impact last week in a nationwide initiative to find and remove credit and debit card skimming devices on fuel pumps. Following a …
Read More »Fuel Dispenser Vendor Offers Chevron, Texaco Dealers EMV Update Program
Chevron and Texaco fuel retailers have another option when considering EMV upgrades at the pump with the debut of a Gilbarco Veeder-Root program. Launched this week, the program enables these convenience-store operators to trade in their current non-EMV-compliant equipment from their pumps for the Passport POS service from Greensboro, N.C.-based …
Read More »Mitek Suitor Urges the Company’s Board to Begin Talks
Rebuffed earlier this month, a hedge fund on Tuesday urged remote deposit capture and identity-verification software provider Mitek Systems Inc. to reconsider its rejection of a buyout offer and begin negotiations. In a letter to Mitek’s board of directors, New York City-based Elliott Management Corp. accuses the board of “old-fashioned …
Read More »Online Fraud Losses Will More Than Double in Five Years, Juniper Forecasts
Payments companies and retailers have a sobering forecast to ponder for online fraud. By 2023, global online fraud losses from e-commerce, airline ticketing, money transfer, and banking services will grow from $22 billion projected in 2018 to $48 billion, says Juniper Research in a new report. Thanks to the proliferation …
Read More »Many Retailers Already Have or Plan to Erase Signature Requirements Soon, the NRF Reports
More than 40% of retail executives surveyed for the National Retail Federation’s latest payments study say they have already dropped signature requirements for payment card transactions or plan to do so before this year is out. Another 13% plan to end signature requirements in 2019. The actions come in the …
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