Visa Checkout is opening its platform to integrate with digital wallets. Google’s Android Pay will use this new platform to offer Visa Checkout to its consumers for making online purchases. This new platform will enable issuers, digital wallets and payment app providers to access a streamlined set of APIs. They will be able to integrate with the Visa Checkout open...
Visa has recently provided clarification and modification regarding debit routing rules. Merchants can route US EMV debit transactions not just through Visa’s network, but through over 12 available ones. 2 payment application identifiers (AIDs) on the chip enable debit routing and processing. These are the US Common Debit Aid and the Visa Debit Aid. Visa says the Common Debit AID...
In 2016, new chip debit and credit cards were issued to consumers by major financial institutions. According to the US Payments Forum, 600 million cards have been issued. How do these chip cards protect consumers? EMV (Europay/MasterCard/Visa) chip cards are designed to protect you from data breaches. The system has been used in European countries and Canada for decades. 90%...
One year has passed since EMV technology arrived in the US credit card market. Chip cards are designed to make transactions safer and they really do this. According to a NerdWallet survey, the majority of consumers approve the EMV liability shift in the US. Happy Birthday EMV MasterCard reports 88% of its credit cards are chip-ready, but 67% of all...
Hackers selling a batch of 50-100 credit card numbers can get $250.000 – $1 million. A buyer can make $2 million – $8 million using these stolen card numbers. As for the risks, the deal is riskier for the buyer than the seller. The data was provided by a research team led by Thomas Holt, a criminologist at Michigan State...
Maybe thought that the implementation of EMV cards was the end of our fraudulent charge fears. Not so. While EMV cards are safer with in-person usage, they have opened up a few can of worms when it comes to CNP fraud. CNP, or card not present, fraud is still possible with EMV cards, and it is quickly becoming a hacker’s...
The ability to browse endless items and purchase them instantly from anywhere in the world has changed the face of commerce forever. However, this process is flawed as instances of identity theft have skyrocketed in the last few years. This unpleasant reality has sparked a series of conversations and innovations to keep consumer identities safe, while keeping fraud management low...
Identity theft protection services have taken a big hit this month as two major companies have been exposed for misconduct and dishonesty. The Federal Trade Commission accused LifeLock of failing to secure sensitive customer information as it pledged to do in 2010. Then the credit bureau Experian, which also provides identity protection services, was sued for allegedly selling consumer records...
The holiday season brought a reminder of last year’s issues with data breaches. While it was thought that the big-box retailers were always safe, 2013 showed us that they were just as vulnerable as everyone else. These breaches affected Target, Neiman Marcus, Panda Express, and later, Home Depot, among others. While consumers tend to trust the big-box retailers more than...
At the beginning of October in response to the latest cyber attack on JPMorgan, Attorney General Eric T. Schneiderman issued a statement explaining that the company was targeted in a massive cyberattack that affected millions of account holders and small businesses, therefore causing trouble for New Yorkers in general. He stated that all JPMorgan account holders are able to take...
