Priority Payout Corp. and the owner of the payment processing company are banned permanently from engaging in processing or assisting in it, and must pay a contempt judgment of $1.8 million, according to the Federal Trade Commission (FTC). Priority Payout Corp. owner, Thomas Wells, has agreed to settle FTC charges that he and his company repeatedly violated a 2009 court...

The Federal Trade Commission (FTC) estimates that consumers lost $24.6 million from tech-support scams in 2015 and 2016. The average consumer loses about $280 on each scam. Last year, the FTC received nearly 143,000 reports about tech support scams. But, an even more revealing statistic is that the FTC found that people 60 and older were five times more likely...

The government of India is a leader in biometric adoption for payments. More than 1 billion Indian consumers have established a digital identity with the government, which requires users to submit fingerprints, iris scan recognition, and a photograph to collect social welfare payments. Collecting this biometric information took fewer than 10 years, and now India has the tools to identify...

The regular IT and security failures at British banks make it a longshot to become a cashless society any time soon. British banks experience 1.2 IT or security failure each day, according a comprehensive analysis by consumer group, Which? The glitches prevent customers from making payments. During the last nine months of 2018, the consumer group found that 302 IT...

  Any security measure is only as strong as its weakest link. The same rings true for biometrics security. Biometric data, often considered the most secure, however it is only as secure as the system that protects it. Biometric data, which uses fingerprints, visual cryptography, and facial recognition technology to make a secure online transaction or access other confidential information,...

In today’s digital world, encryption schemes are everything. Are you absolutely sure your business is protected? Recent reports might cause you to take a closer look at how you’re protecting your customers’ sensitive information. At the point of sale, there are two encryption options: PCI-validated point-to-point encryption (P2PE) solutions and nonlisted encryption solutions, which lack several key requirements. The PCI...

Keeping yourself protected from increasingly common cyber-attacks is now one of the most important areas of business management. It’s a fact that with cybercrime consistently on the rise, the potential damage that can occur due to a data breach can end up damaging your company beyond repair. Luckily, this needn’t be the case, and with a few simple and cost-effective...

Cybersecurity is a booming field that many people are going into because of the many benefits it has to offer. If you want a career change to something exciting and rewarding, this is certainly one option that you will want to take a closer look at. There are many benefits to becoming a cyber security specialist, and the more you...

It’s estimated that Americans lose approximately $50 billion a year to financial scams, and there are indirect costs like bounced checks, late fees, trouble meeting monthly expenses and even bankruptcy. So, it’s no stretch to say that fraud also results in emotional costs, which are, in fact high. 50% of victims report having felt severe stress, and over 1/3 report...

EMV (Europay, MasterCard, and Visa) chip card payments at the US point of sale (POS) are now 2 years’ old (October 2015) at least officially. However, according to a poll of consumers and retailers by a Boston-based merchant processor, consumers think purchases are still being processed slowly; many merchants still don’t accept chip cards. Merchants’ and Consumers’ Views on EMV...