Friday , March 29, 2024

Smart Cards

As Credit Unions Adopt EMV, They Start To See Quick Gains in Fraud Reduction

Credit unions are making fast progress in their rollout of EMV chip cards, according to an update from PSCU, a major payments processor for this segment of the financial-services industry. Some 85% of PSCU’s clients have introduced, or are introducing, EMV credit cards, while the corresponding number for EMV debit …

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Counterfeiting’s Reign As the King of U.S. Payment Fraud Is Coming to an End

The Federal Reserve’s recently released 2016 Payments Study shows that counterfeiting was the biggest type of U.S. card fraud last year. But other types of fraud, especially card-not-present fraud, are rising quickly, thanks in part to the coming of EMV chip cards and the aftereffects of data breaches. The Fed study says counterfeit fraudaccounted …

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Visa Reports More Than 800 Million U.S. EMV Transactions in November

Visa Inc. says its U.S. EMV credit and debit card volume surpassed 800 million transactions in November, more than quadruple the chip volume from a year earlier. November’s transactions on EMV chip cards hit 805.9 million versus 175.6 million in November 2015, a month after the general-purpose card networks’ EMV point-of-sale liability …

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After an Unsteady Start, Debit EMV Shows Steady Progress, a New Report Indicates

When it comes to the U.S. EMV conversion, it seems as if everything has proceeded more slowly than anyone had expected. Merchants have been slow to adopt the chip technology, EMV certifications have been slow in coming, and consumers and merchants alike have even complained about slow transactions. But now, …

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VeriFone’s Galant Says Networks’ EMV Extension for Fuel Pumps Will Hurt Its Results

It’s a double whammy for VeriFone Systems Inc. On Monday, the San Jose, Calif.-based terminal maker said its sales for next year will be “tempered” by a decision by the major payment networks to postpone their deadline for fuel-pump EMV from Oct. 1, 2017 to Oct. 1, 2020. “We were disappointed and …

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Chip Cards Dominate Holiday Shopping So Far, While E-Commerce Gains Spending Share

By Kevin Woodward@DTPaymentNews U.S. shoppers flooded into stores and online this past weekend—Macy’s Web site crashed on Black Friday from the crush—to find holiday gift deals, with many putting their chip cards to use, though e-commerce spending, where the fraud-prevention feature of the chip is immaterial, continues to increase. In …

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Eye on Security: Madison Square Garden Breached; Should Chip Cards’ Mag Stripes Go?

Sports and entertainment venue operator The Madison Square Garden Co. (MSG) on Tuesday disclosed a nearly year-long breach of payment card information involving customers who bought concessions at five of its venerable properties. And a new study from Federal Reserve researchers makes six recommendations for improving mobile-payments security, one of …

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NFC Rising: The Contactless Terminal Base Expands in North America And Globally

By Peter Lucas @DTPaymentNews By the numbers, at least, merchants appear to be paving the way for mobile and contactless payments to become mainstream in the United States. The installed base of terminals ready for near-field communication in the U.S. and Canada is projected to reach 9.2 million by year’s …

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Slowing EMV Sales Once Again Take a Bite Out of CPI Card Group’s Financials

By Jim Daly@DTPaymentNews Payment card manufacturer CPI Card Group Inc. rode the EMV chip card wave over much of the past two years, but slowing sales in the third quarter took a big bite out of its revenues and profits. “Our third-quarter results were below expectations, primarily due to continued …

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A Year Later, Most Consumers Are Still Confused About EMV

A year into the migration to EMV chip cards, most consumers—83%—still are unsure of whether to dip or swipe their chip-enabled credit or debit cards at the point of sale. That statistic comes from a survey of 1,000 U.S. consumers commissioned by payments specialist Cayan LLC and conducted by Research …

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