Study: 61 percent of data theft victims subsequently experience fraud

The great majority of fraud victims said current data protection requirements are "insufficient" and that government should be doing more. In a new survey of identity fraud victims, 61 percent of respondents reported that breached information was used to commit...


7 steps to minimizing data breach fallout, part 2

In my previous post, I shared four of the seven steps financial institutions can take to prepare for and respond to a data breach affecting their cardholders. Here are the remaining three: Core maintenance.

7 steps to minimizing data breach fallout, part 1

Many financial institutions have felt the sting of recent breaches — and there could be more to come. Dealing with the aftermath is frustrating, time-consuming and, in some cases, costly. Fortunately, community FIs can take steps to prepare for the next time hackers and fraudsters successfully victimize the industry.

Fed study spells out importance of cash to consumers

A study of US consumer spending preferences reveals strong cash use across all incomes and age groups.

Will consumers change behavior because of data breaches?

New research indicates many consumers have altered their shopping behavior as a result of recent far-reaching retail data breaches. Specifically, data analytics company Feedzai's "2014 Consumer Reaction to Financial Data Breaches Study" found that 22 percent of shoppers who were...

Instant card reissuance valuable in a world where real-time reigns

In light of recent retail data breaches affecting millions of consumers, the logistics of card reissuance has come to the forefront for many financial institutions. As we all know, when consumer perception is mired, it can be detrimental to an...

Card evolution: A bridge between plastic cards and mobile phones

Among the hundreds of new payment technologies popping up around the world, one in particular has caught my eye. Called Coin, it's a single plastic card that allows a consumer to load up to eight other cards. As someone who...

Next wave of card fraud prevention solutions needed

Two separate studies into card fraud, published in recent weeks, highlight the same problem: Following several years of decline, card fraud levels are once again on the increase. The European Central Bank has just released its latest card fraud report,...

Cash for me -- and I won't be quiet about it!

I have a confession to make: I love cash! Further confession: I don't really care how it is delivered, just that it is! Now I have to say that I usually swim against the tide. Being part of a mass movement doesn't often appeal to me.

EMV card issuance made safe and secure

Securely issuing EMV cards requires a multilayered approach to both validation and system management.

We are at war, and I'm cashing up!

We are at war and I'm cashing up! I have been on the road this past month catching up with clients on the West Coast. However, it's been hard to miss the hoopla following the fraudulent attacks on some of...

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First EMV-compliant ATMs certified in Japan

Driven by increasing numbers of visiting travelers, Japan's Aeon Bank Ltd. has become the first FI in Japan to deploy ATMs that support secure EMV chip card transactions.

Pulse debit study forecasts rise in EMV issuance, decline in ATM use

The Discover-owned network's 2014 Debit Issuer Study reveals increased debit use, a renewed focus on fraud prevention and EMV issuance, and sustained growth in debit as FIs promote the use of cards over cash.

Visa digs in its heels against Russian demands

Will the largest network in Russia tell Putin's Duma what they can do with their new payments system rules, or will Putin back down in the face of losing first-world payment status?

Study: The bulk of US payment cards will be EMV enabled within 17 months

By the end of 2015, 70 percent of credit cards and 41 percent of debit cards in the United States will be EMV enabled, according to a new report from research and consulting firm Aite Group. “EMV: Lessons Learned and...

Study: Cardholder account control via mobile device

Whether it was a strategy by FIs to reduce call center costs or a response to their customers’ wish to prevent fraudulent use of their cards, debit account control via mobile app is now a reality. And an increasing number...

NYCE licenses MasterCard EMV common debit solution

Payment technology provider FIS has announced a licensing agreement that will make the MasterCard EMV debit solution available to all NYCE participants. The agreement provides all NYCE Network participants with an EMV license with respect to MasterCard products and continues...

Aussie police chief blames tap-and-go for 5% increase in crime

They might be convenient, but do we really want NFC-enabled “tap-and-go” ATMs? Police chief commissioner Ken Lay of Victoria State, Australia, thinks tap-and-go is a pretty bad idea overall. Lay blamed tap-and-go for much of a 5 percent increase in...

MasterCard beefs up card protection for consumers, small businesses

MasterCard this week announced that all of its credit, debit, prepaid and small business cards issued in the U.S. will now be covered by Identity Theft Resolution assistance.

Visa, MasterCard mull costs of making nice with Russia

A six-week deadline looms for two payments giants. They have until July 1 to decide whether to: a) accede to a new Russian law that would cost them hundreds of millions; b) pull out of the Russian market; or c) try to hammer out a less noxious middle way. The two networks quit processing transactions for four Russian banks when the U.S.

EMV debit solution meets Durbin requirements, maintains flexibility

Debit transaction routing requirements of the Durbin Amendment have presented a unique challenge for EMV rollout in the U.S. Now Giesecke & Devrient says it has a solution that meets Durbin Amendment requirements while supporting bank, merchant and consumer needs...

FIS instant issuance solution creates cards in the cloud

Banking and payments technology provider FIS has announced its new private cloud-based Instant Card solution that lets FIs issue ready-to-use credit, debit or prepaid cards in the branch without having to add server software or hardware. According to a news...

First Data SpendTrend: Spending growth gains momentum in April

First Data Corp. has released its SpendTrend analysis for April 1–30, 2014, compared to April 2–May 1, 2013.

Study: Instant issuance of debit cards - the newest best practice

The technology for instant issuance debit cards has been available for years, but both provider uptake and consumer awareness have remained low. However, recent data breaches requiring mass card reissuance have prompted FIs to evaluate the practice of issuing cards...

First Data, Bank of the West deepen ties

Payments technology and services provider First Data has announced the expansion of its relationship with $65 billion-asset Bank of the West. The company will add credit processing to its current roster of payment services for the bank. First Data has...

Shazam, Visa enter network agreement

The Shazam Network and Visa Inc. have signed an agreement that will allow issuers to use the Visa common debit application identifier for Visa- and Shazam-branded cards and transactions. The Visa common domestic AID and Visa Smart Debit Credit EMV chip application support U.S.

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