Digital Transactions Authoritative, insightful and timely information for payments professionals
They're mad as hell, but whether they're going to take it any more isn't quite as clear. That's the essence of a letter seven merchant trade groups sent Tuesday to the PCI Security Standards Council and the five general-purpose payment card networks. The merchants want more input when the Payment …
Read More »Eye on Security: ‘Unique’ ATM Malware; Theft of Sony Card Data
Malicious software has been discovered on some Eastern European ATMs that has dangerous new powers to extract money as well as card data, according to a security executive. Meanwhile, Sony Corp. of America has confirmed that someone illicitly copied more than 5,000 credit card numbers of its customers who visited …
Read More »Older Operating System Lingers, Holds Back ATM Services, Study Says
Banks aiming to improve customer service should accelerate their move away from old ATMs and the IBM operating system that ran them for years, according to conclusions in a new Aite Group LLC study of banks' ATM channels. While the transition from IBM Corp.'s old OS/2 operating system to Microsoft …
Read More »Merchant And ISO Austerity Leads to Tough Quarter at VeriFone
Merchants and independent sales organizations just aren't in a buying mood, and that's hurting the top line of the largest U.S.-based point-of-sale terminal maker, VeriFone Holdings Inc. San Jose, Calif.-based VeriFone late Tuesday reported that revenues for its fiscal 2009 second quarter ended April 30 fell 13.5% to $201.6 million …
Read More »New Research Shows Optimism About Mobile Banking And Payments
Spurred by the increasing popularity of smart phones and a strong push by financial institutions, the number of Americans actively using mobile-banking services could grow to 53.1 million by 2013, an increase of 431% from an estimated 10 million today. That's the prediction from research firm TowerGroup Inc., which this …
Read More »Four Years Later, a Lawsuit Springs from CardSystems Breach
Four years later, the fallout from the notorious CardSystems Solutions Inc. data breach?at the time the biggest hacking of payment card data ever?surfaced last week and looks like it could go on for months or even years. Merchant acquirer Merrick Bank Corp. is suing Savvis Inc., the company that inspected …
Read More »Kansas City Fed Chief Espouses ACH for Debit Card Processing
The Federal Reserve Banks should adapt the automated clearing house network to compete directly with private-sector networks for debit card processing, the head of the Federal Reserve Bank of Kansas City said this week. “The Federal Reserve could enhance competition in payment card markets by positioning ACH services as an …
Read More »RBS Gets an OK on PCI, But Is It Back in Visa’s Good Graces?
RBS WorldPay Inc., the other big merchant acquirer besides Heartland Payment Systems Inc. to report a major data breach in recent months, this week announced that it has attained validated compliance with the Payment Card Industry data-security standard, or PCI. But Atlanta-based RBS WorldPay didn't say anything in its news …
Read More »Survey: Banks’ Post-Breach Reissuance Increasingly Costly
Many banks are reflexively reissuing debit cards in the wake of a breach, possibly stopping fraud losses but sustaining huge reissuance costs and eroding customers' trust. That's according to survey research released this week. “[Breaches] occur all the time, and don't show any signs of going away,” says Paul Henninger, …
Read More »Online Resources Seeks Peace With Its Biggest Shareholder
After losing a nasty proxy fight last week with his company's largest shareholder, the chairman and chief executive of electronic bill-payment technology provider Online Resources Corp. seems ready to bury the hatchet. “I think it's going to work out,” Matthew P. Lawlor, who co-founded the Chantilly, Va.-based company 20 years …
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