Digital Transactions Authoritative, insightful and timely information for payments professionals
For years, the wave of fraud receded like an outgoing tide for companies that accepted electronic payments from consumers and other businesses. But last year, a tidal wave crashed on shore. Fully 73% of companies reported they had suffered actual or attempted payments fraud in 2015, up 11 percentage points …
Read More »EMVCo Rolls Out Its PAR Data Element To Reduce Security Threats to Card Numbers
EMVCo, the chip card standards body owned by the world’s largest payment card networks, on Tuesday formally updated its tokenization specification to include the new Payment Account Reference data element. The purpose of PAR is to match tokens to the underlying primary account number of a credit or debit card …
Read More »A Smoother Experience, Coupled With Rising Online Fraud, Sparks Interest in 3-D Secure
Once widely disparaged as an unwieldy fraud solution, 3-D Secure is back on the radar screens of risk managers at major online merchants and card issuers. Improvements in the 15-year-old technology, combined with surging e-commerce fraud, are driving the renewed interest, experts say. “Two-and-a-half years ago, zero U.S. online merchants …
Read More »Mobile’s Bigger Role in Payments Offers Data With Dual Benefits for Combating Fraud
Acquirers and financial institutions can put consumer and merchant affinity for smart phones to work for them when trying to comply with anti-money-laundering and know-your-customer regulations. Smart-phone activity, whether it’s purchasing behavior, location habits, or personally identifiable information associated with the wireless carrier account, can be used to vet the …
Read More »As the Risk of Online Fraud Rises, the Air-Travel Industry Wrestles With 3-D Secure
By John Stewart These days, the airline and air-travel industry finds itself squeezed between two imperatives that have come into sharp focus in recent months. With high average tickets, airlines must guard against fraud at a time when the spread of EMV chip cards is pushing more criminals into …
Read More »Squeezed by Competitors And Finances, Jumio Sees a Savior in Facebook’s Co-Founder
Online and mobile-authentication technology provider Jumio Inc. filed for bankruptcy protection and put itself up for sale Monday, but the Palo Alto, Calif.-based firm expects to live on thanks to support from Facebook co-founder Eduardo Saverin. Saverin, an early equity investor who has injected at least $23 million into Jumio …
Read More »Semi-Integrated POS Products Could Reduce EMV Certification Costs and Save Time
Independent software vendors, value-added resellers, and point-of-sale software developers facing the daunting task of certifying their unique products for EMV payment acceptance may face costs starting at $30,000. That figure, which comes from Andrey Tikhonov, senior director of payment technology at Elk Grove Village, Ill.-based Infinite Peripherals Inc., reflects the …
Read More »It’ll Be 14 Years Before Mobile Payments Are Secure To Leave Cash And Cards at Home
The prospect of leaving the house with just a smart phone in lieu of a wallet full of cash and payment cards is 14 years away, according to a survey released Thursday by the Institute of Electrical and Electronics Engineers (IEEE), a technology association based in New York City. By …
Read More »Venmo Blogs About Security Policies After Keywords Trigger Transaction Delays
PayPal Holdings Inc.’s popular Venmo person-to-person payments service posted a review of the company’s anti-money-laundering and related security policies Sunday in the wake of transaction reviews triggered by certain keywords in Venmo messages that have slowed down the payments process. “There has been recent discussion around specific keywords associated with …
Read More »Gift Card Provider SVM Buys 1to1 Card and other Digital Transactions News briefs
• In-store mobile payments made with wallets enabled with near-field communication will total nearly $240 billion worldwide by 2021 as mobile-wallet competition intensifies and the contactless-payment infrastructure matures, predicts researcher Strategy Analytics. • Closed-loop gift card provider SVM LP acquired 1to1 Card, a prepaid card management-services firm for incentive, loyalty and …
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