Monday , January 22, 2018

Issuing/Originating

In Making Its App Work With Apple’s Face ID, Discover Could Tap Into a Budding Appetite for Biometrics

Wider availability of technology that would have been nearly unthinkable only a few years ago is making biometric authentication a more likely replacement for the password. In the latest development, Discover Financial Services on Thursday announced users of its mobile app who own an iPhone X can log in to …

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AmEx Says It Will End Its Signature Requirement, Leaving Visa As the Last U.S. Holdout

American Express Co. on Monday became the third of the four major U.S. card brands to announce it will cease requiring signatures for transactions made with its cards at the point of sale beginning in April 2018. AmEx says its rule change applies to all point-of-sale purchase transactions globally, a …

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How Should a Global Network Be Governed? An Answer from AmEx’s Chenault Sparks Debate

Whether he intended to or not, Ken Chenault may well have touched off a debate about what constitutes the ideal governance structure for a global payments network. Chenault, who will retire early next year as chairman and chief executive of American Express Co., charged this week that his two big …

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Discover Is the Latest To Erase a Signature Requirement for Credit and Debit Transactions

Discover Financial Services cardholders soon won’t have to sign for their credit and debit transactions made at the point of sale. As of April 2018, Discover is dropping the signature requirement for transactions made on the Discover Global Network in the United States, Canada, Mexico, and the Caribbean, the Riverwoods, …

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Two Years on, EMV Does Its Job Cutting POS Fraud, but Other Fraud Types and New Pitfalls Arise

Credit and debit card fraud at the point of sale is declining precipitously two years after the payment card networks’ EMV chip card liability shifts took effect, but identity, online, and so-called fallback fraud all have risen, according to an analysis of card issuers’ experiences from Auriemma Consulting Group. New …

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Data Breaches Have Exposed More Than 172 Million Consumer Records This Year, the ITRC Reports

Fraudsters have caused 1,202 data breaches this year as of Nov. 29, up nearly 18% from the same period a year earlier, and they’ve exposed 172.4 million records, according to the latest figures from the Identity Theft Resource Center. Some 156.4 million Social Security numbers were compromised in the breaches, …

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Stolen Data Ranges From 20 Cents to More Than $15 on Cybercriminals’ Shopping List

The underground market for personally identifiable information is flourishing, with criminals paying as little as 20 cents to as much as $15 for verified credentials across the dark market. That’s the latest from RSA Security LLC, a data-security company. The Bedford, Mass.-based firm released the 2018 Cybercriminal Shopping List Tuesday, …

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The Clearing House’s Real-Time Payments System Goes Live

The Clearing House’s much-anticipated real-time payments system, dubbed RTP, went live late Monday afternoon, ushering in a new era of faster electronic payments in the United States. The transaction between The Bank of New York Mellon Corp.’s BNY Mellon subsidiary and U.S. Bancorp’s U.S. Bank was completed at 4:59:40 p.m. …

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Visa Creates Business Unit To Develop Opportunities in the Expanding Transit Payments Market

Visa Inc. announced Monday that it has created a business unit dedicated to transit payments. The new unit debuts as public transportation agencies worldwide move away from cash and proprietary magnetic-stripe fare cards and begin accepting mobile wallets and contactless general-purpose credit and debit cards. Dubbed Visa Global Transit Solutions, …

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Visa And Mastercard Grow In Europe As Issuers Drop Electron and Maestro Brands

As in the United States, Visa Inc. and Mastercard Inc. dominate card payments in Europe, but now the two U.S.-based card brands are growing on that continent partly at the expense of smaller brands they own. European issuers are systematically switching Visa Electron and Mastercard Maestro cards to simply Visa …

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