Digital Transactions Authoritative, insightful and timely information for payments professionals
Google Inc. late on Tuesday announced a solution for a security flaw in its mobile wallet that allows hackers to gain access to wallet owners’ prepaid accounts. Google also said it had, on Monday afternoon, restored the ability to load funds on new prepaid cards. In response to the flaw, …
Read More »Now Taking EMV Cards at Some U.S. Stores, Wal-Mart Prods EFT Networks to Get in the Game
With both Visa Inc. and MasterCard Inc. now on the record with plans to encourage the adoption of EMV chip card and mobile payments in the U.S, it seems all but certain that the magnetic-stripe payment card’s days are numbered. In fact, Wal-Mart Stores Inc. already is seeing some EMV …
Read More »Food, Dining Places Especially Vulnerable to Card-Data Breaches, Report Finds
Among all the types of merchants that accept card transactions, coffee shops, pizza parlors, burger places, and food stores might need to keep an extra-careful watch on their card data. If they’re operating as a franchisee and part of a chain, they might want to be especially wary. And if …
Read More »Visa Unveils Chip Services As Its U.S. EMV Card Base Crosses the 1 Million Threshold
Visa Inc. reported on Monday that its U.S. financial-institution clients have issued more than 1 million chip cards compliant with the EMV standard. The leading payment card network also introduced new EMV processing services so that issuers can reduce their own investments in chip technology. Just over 10 issuers now …
Read More »MasterCard’s ‘Road Map,’ Including Merchant Incentives, Lifts Industry Hopes for EMV
Ever since Visa Inc. released a major policy statement in August regarding chip cards in the United States, observers have waited for the other shoe to fall from competing card networks, especially Visa’s biggest rival, MasterCard Inc. That void began to fill in late on Monday with MasterCard’s release of …
Read More »Web Merchants See Fraudulent-Order Rate Fall, But the Good News Comes at a High Cost
Online merchants made some progress last year against fraud, but the fight is becoming more and more expensive for them in terms of both dollar losses and operational costs, according to a report issued on Tuesday. Indeed, the news for e-commerce sellers is mixed at best. While fraudulent orders as …
Read More »Fraud From Euronet Breach Hits Mag-Stripe Cards, Spares EMV Chip Cards
Payment processor Euronet Worldwide Inc. reported on Monday that part of its European businesses sustained a computer security breach late last year. The disclosure is of interest to the U.S. payments industry as it moves slowly toward adoption of EMV chip cards because most European cards have both a chip …
Read More »Though Zappos Case Gets ’12 off to Gloomy Start, Number of Card Records Breached Fell in 2011
Despite a seemingly non-stop parade of headlines about data breaches last year, the number of credit and debit card records compromised actually fell, according to new figures from the Identity Theft Resource Center. The ITRC says it identified 111 data breaches that exposed 3.38 million records in 2011. n In …
Read More »An FTC Settlement Highlights Regulators’ Concerns with Third-Party Risk
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Read More »Acquirers, Small Merchants See More Risk-Reduction Value in PCI, Survey Shows
The 7-year-old Payment Card Industry data-security standard (PCI) is proving its effectiveness in preventing data breaches among small merchants, according to a survey of payments-industry acquirers set to be released next week. The survey, cosponsored by ControlScan Inc., an Alpharetta, Ga.-based vendor of PCI-compliance solutions, and the Merchant Acquirers’ Committee, …
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