An Encryption Upgrade Could Upend Online Payments. AT THE END of June, digital credit card transactions are getting a mandatory encryption upgrade. It’s good news—but not if you have an old device, or depend on a retailer that hasn’t completed the transition. When data moves from one device to another, it needs to protection so it isn’t intercepted…
Why retailers lacking EMV chip readers years after deadline. As many as one-third of small retailers are not using chip-reading credit and debit card machines, more than two-and-a-half years after they were told to swap out traditional credit card machines. The major credit card companies previously announced that any retailer, large or small, without EMV chip payment terminals after…
NYPD tests new tool that detects credit card skimmers. Patrick Traynor, a cybersecurity expert, was in New York in February working with police to help identify a way to detect credit card skimmers on ATMs when he got a financial fraud alert: his own information had been stolen while he was in town. It wasn’t the…
Americans are using their credit cards more than ever — and some experts think that’s a good thing. The number of credit card accounts increased by 2.6% compared to this time last year, according to TransUnion’s Q1 2018 Industry Insights Report. Currently, there are 416.5 million credit cards and 174.9 million consumers with access to a…
All 4 major U.S. credit cards ditch signatures with eye on biometrics. Beginning this month, four of the largest credit card networks in the United States no longer require signatures to complete transactions — a move driven by evolving security and technology. American Express, Discover and Mastercard gave merchants the option to stop requesting handwritten…
Upgrading to EMV Reduces Fraud Liability and Boosts Customer Experience. Many small businesses operate on tight margins. That’s one reason they have been slow to upgrade their payment systems to accept EMV chip-enabled cards. Many are also stymied by the cost and complexity of the required changes. Unfortunately, delaying can have expensive consequences. October 2015…
Consumers at risk as mobile banking Trojans threaten worldwide. Consumers around the world that use mobile banking apps are at a greater risk of being tricked by cybercriminals and falling victim to mobile banking Trojans. This is according to new global research from Avast, which asked almost 40,000 consumers in 12 countries around the world to…
On April 15, 2018, Visa’s new rules on chargebacks, called Visa Claims Resolution or VCR will come into effect. This new program has already gone live in Hong Kong and New Zealand in October 2017. Now these new rules will be migrated to all the remaining countries. It is not clear at this point if…
Payment card acceptance set to surge by 40% to 85 million outlets worldwide.The latest cards research, Global Payment Cards Data and Forecasts to 2022, reveals that the number of card-accepting merchant outlets rose by an impressive 7 million in 2016 to 61 million. Double-digit growth was recorded across Asia-Pacific, central and eastern Europe and the Middle…
In most of the world, buying goods with a credit card equipped with a chip is a mindless, routine task. Americans, having arrived late to chips after decades of swiping magnetic stripe cards, are having a much harder time with it. When you approach the checkout, there’s the constant question: swipe or insert? If a chip reader is working—and many…