Visa Inc. on Tuesday reported that gas stations using a service it introduced two years ago to prevent card fraud at fuel pumps has reduced counterfeit fraud by 54%. Visa says that more than 35,000 U.S. gas stations now use its Visa Transaction Advisor technology at the pump, and that …
Read More »Dunkin’ Donuts Pay-Ahead App Available and other Digital Transactions News briefs
• Merchant processor Square Inc. settled a lawsuit filed by a Washington University professor, Robert E. Morley, who said he invented Square’s card reader for smart phones. Terms of the settlement were not disclosed, but Square set aside $50 million in the first quarter to cover legal expenses from the …
Read More »Mobile, Breaches, Gift Cards, In-Store Pickup Among Trends Driving Online Fraud
Forecasters have long predicted that the U.S. payments market’s move to EMV chip cards for in-person transactions will drive criminals into e-commerce fraud. Now data is emerging to show the nuances these fraudsters are exploiting, and how the rise in online fraud is hardly limited to the U.S. market. In …
Read More »How Account Takeovers Complicate the Battle to Control Fraud on Mobile Wallets
Issuers contending with payment card fraud will have to factor in mobile wallets, especially as the battle to thwart account takeovers intensifies. A majority of issuers—56%—said they cannot further reduce account takeovers without hurting the customer experience, according to a card-issuer fraud study released recently by LexisNexis Risk Solutions and …
Read More »Nearly 40% of U.S. Visa Credit and Debit Cards Now Have an EMV Chip
Nearly 283 million Visa-branded credit and debit cards issued by U.S. financial institutions now have an EMV chip, Visa Inc. reports. In addition, some 1.1 million U.S. merchant locations that accept Visa cards now take chip cards. In the latest of the payment card networks’ updates on the U.S. chip …
Read More »Vantiv Security Pay Program Update and other Digital Transactions News briefs
• The ATM Industry Association teamed up with media and conference firm Reconnaissance International to organize a series of international events under the “ATM & Cash Innovation” moniker. • Vantiv Integrated Payments, a Vantiv Inc. company, began the next phase of its Security Pays program to encourage business owners to …
Read More »Eye on Washington: ATM Deployers Slam Operation Choke Point; NRF Wants PCI Probe
A trade group of independent ATM deployers on Thursday issued a report blasting the federal government’s Operation Choke Point targeting high-risk merchants, and the nation’s leading retailer association called on the Federal Trade Commission to investigate the PCI Security Standards Council on antitrust grounds. While mostly affecting a few merchant …
Read More »The PCI Council Updates its Payment-Processing Software Rules
The PCI Security Standards Council on Friday released version 3.2 of its Payment Application Data Security Standard, which sets rules for payment-processing software. The new PA-DSS aligns with the recently updated main security standard, the Payment Card Industry Data Security Standard version 3.2. Today’s update was expected, as the Wakefield, …
Read More »MasterCard Reports Growth in EMV Merchants, With a Decline in Counterfeit Fraud
Despite hiccups and hitches along the way, the conversion of the massive and highly fragmented U.S. payment card industry from magnetic-stripe credit and debit cards to ones bearing an EMV chip appears to be moving apace. The latest data from MasterCard Inc. finds the number of merchants accepting chip cards …
Read More »Fraud and Chargeback Reduction Are Top of Mind for E-Commerce Payments Execs
Minimizing fraud is by far the top payment concern of e-commerce merchants, according to findings from the Merchant Risk Council’s newly released global payments survey. Some 46% of all merchants surveyed about payments and e-commerce issues affecting them in 2015—51% of MRC members and 35% of non-members—ranked managing e-commerce fraud …
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