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Security Notes Let’s begin with a statement that contradicts most texts on the subject: Tokenization is a form of encryption. Encryption is a process wherein a piece of data is replaced with a different piece of data so that only the intended reader will be able to reverse the process …
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Falling Short on EMV
Every U.S. EMV chip card will have a backup magnetic stripe. That ensures widespread acceptance but can present risks. As EMV chip card payments finally take hold in the United States, an issue certain to show up on the payment industry’s radar is fallback. That’s when the customer inserts an …
Read More »Vantiv Wins the U.S. Postal Service’s Merchant-Processing Business
Merchant processor Vantiv Inc. has won one of the biggest retail merchant-processing contracts out there—the U.S. Postal Service’s credit and debit card business, including its USPS.com online component. Counting post offices, branches and substations, the Postal Service has more than 35,000 retail outlets in all 50 states, U.S. territories and …
Read More »Interest in Tap-And-Pay Payments Is Not as Strong as Awareness, a New Poll Says
Contactless payments made by tapping a smart phone against a point-of-sale terminal are increasing, according to a Harris Poll survey released Thursday. The survey of more than 2,200 U.S. adults found that the proportion of the general population who either experienced or witnessed a contactless smart-phone payment increased from 17% …
Read More »As EMV Deadline Nears, Chase Ups the Education Ante for Small Merchants
With no exemptions for small merchants from the Oct. 1 liability shift for EMV transactions, efforts to educate them are well under way, with even the largest of banks instructing them on what EMV means for their businesses. “It’s more of an industry message,” says Deanna Karhuniemi, vice president of …
Read More »POS Fraud Slipping, but Watch Out for Account Takeovers and Online Fraud: Report
Point-of-sale payment card fraud will be easing off thanks largely to the introduction of EMV chip card payments to the United States in the next few years. But fraudsters, according to a new report from Javelin Strategy & Research, will be back in stores armed with cards using stolen credentials …
Read More »Tokenization Efforts May Not be as ‘Disjointed’ as They Appear, Says New Fed Report
There may be a number of competing definitions and products already in the market and under development, but the current state of payments tokenization may not be as out of whack as some may think. That’s the assessment of the latest report from the Mobile Payments Industry Workgroup, whose members …
Read More »COMMENTARY: How to Pick a Payment-Processing Provider the Smart Way
By Dan Leberman Every business owner needs to process customer payments, but selecting a payment processor can be very confusing. To make the selection simpler, get started by identifying and prioritizing the most important factors for your business. Based on PayPal’s own best practices, here are top considerations for every …
Read More »How Targeting Criminals’ Sky-High ROI Can Help Thwart Online Fraud
Criminals targeting payment card data have a very hefty incentive, suggests the Trustwave 2015 Global Security Report. How much of an incentive? The return on investment in one example is 1,425%. Released Tuesday, the report quantifies the return on investment for a common type of online fraud, suggesting strategies to …
Read More »MasterPass and Visa Checkout Announcements Highlight Digital Progress for Visa, MasterCard
By John Stewart Wednesday’s announcement by MasterCard Inc. that its MasterPass digital-payments service has signed up home-furnishings and décor e-retailer Wayfair, along with several Wayfair properties and mobile apps, threw into relief the progress the two giant general-purpose card networks are making in e-commerce and in-app payments. Once the province …
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