Sunday , October 22, 2017

Fraud & Security

Tokenization Gets a Boost as The Clearing House Signs on To Manage Mastercard Tokens

The Clearing House, a major player in U.S. payments, is getting deeper into the tokenization business through a new pact with Mastercard Inc. New York City-based The Clearing House and Mastercard announced Thursday that TCH has become a Mastercard-certified third-party Token Service Provider (TSP). As such, TCH will be able …

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Mastercard Scrubs Its Signature Requirement for POS Transactions

Mastercard Inc. is doing away with a rule requiring merchants to get signatures for transactions made with its credit and debit cards in the United States and Canada. Announced early Thursday, Mastercard’s rule change goes into effect April 13, 2018, allowing issuers, merchants, and processors time to make adjustments, though …

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Visa ID Intelligence Aims To Be A Digital Authentication Hub

Issuers, merchants, and processors all share the same dilemma when attempting to authenticate an online identity. They are bedeviled by personally identifiable information easily accessible to criminals that they can use to spoof authentic consumers. In response, Visa Inc. on Thursday announced the Visa ID Intelligence service, which it says …

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The Clearing House Gets TSP Certification and other Digital Transactions News briefs from 10/19/17

From the Oops Department: First Data Corp. early Thursday quickly removed from its Web site an inadvertently posted press release saying it had a deal to acquire independent sales organization BluePay Holdings Inc. “First Data confirmed that it is currently in discussions with BluePay with respect to a potential transaction, …

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Phillips 66’s ACH Payment Service and other Digital Transactions News briefs from 10/17/17

Fuel-payments specialist P97 Networks and Buy It Mobility Networks, an automated clearing house-based payment and consumer-engagement provider, said they will provide ACH-based payment and related services to Phillips 66, Conoco, and 76-branded fuel stations. In 2016, P97 said it was working with Chase Pay on a payments service for Phillips …

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AmEx Anti-Steering Case Moves to Supreme Court and other Digital Transactions News Briefs from 10/16/17

The Supreme Court agreed to hear a controversial antitrust case in which American Express Co. is defending its anti-steering rules for merchants against challenges from 11 states led by Ohio, Reuters reported. Payments provider TransCard Payments LLC announced a partnership with ExpenseAnywhere, an accounts-payable software developer. Travel Centers of America …

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FDIC May Have Been Hit With Up to 54 Data Breaches in the Past Two Years, Auditor Says

As the insurer for deposits at most of the nation’s banks, the Federal Deposit Insurance Corp. collects a large amount of personally identifying information on bank customers. As such, the FDIC is a target for hackers, who hit it with 54 suspected or confirmed data breaches discovered between Jan. 1, …

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Tech Buzzwords Don’t Cut It as Skeptical Investors Assess Payment Startups

Moderating a panel of three investment executives who put money into startup payments firms and other financial-technology companies, Frank Young, senior vice president of innovation at merchant processor Global Payments Inc., noticed well into the Strategic Leadership Forum session Thursday that no one had mentioned artificial intelligence, machine learning, the …

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What Might It Take for the EMV Holdouts To Join the Chip-Card Fold?

The number of U.S. merchants that accept EMV chip cards at the point of sale is increasing rapidly, according to recent figures from Visa Inc.,  but it’s going to take some work by merchant acquirers and payment card networks to convince the holdouts to convert. Executives from two of those …

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Whole Foods Reports Taproom Breach and other Digital Transactions News briefs from 9/29/17

Grocer Whole Foods Market, now a unit of Amazon.com Inc., said it is investigating a breach of the point-of-sale software used in its taprooms and full-service restaurants in some of its stores. Whole Foods did not say how many locations or how many cards are affected. It said the payment system for the …

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