Many consumers and merchants adjusting to using newly-issued EMV credit and debit cards may undergo a perception versus reality check as Visa Inc. prepares to debut its Quick Chip for EMV program. Visa also provided updated chip card issuing and acceptance data. Announced Tuesday, the program enables consumers to remove …
Read More »Search Results for: chargebacks
Rash of Breaches Bedevils Merchants With a Fast-Rising Rate of Fraud, Lexis-Nexis Finds
Retailers are contending with a markedly higher level of fraud this year than they did in 2015, with the fraud rate increasing from 1.32% of revenue to 1.47%, finds the 2016 LexisNexis True Cost of Fraud study. Last year marked the first time the rate was greater than 1%. When …
Read More »EMV’s Litigious Phase
We probably should have seen this coming. The ongoing transition of the U.S. payments system to the EMV chip card standard has provoked its first lawsuit. And chances are this won’t be the last. Two Florida merchants, a small grocery chain and a liquor store, filed suit last month in …
Read More »Many ATM Operators To Speed up EMV Acceptance in 2016: Survey
While many ATM operators know what hardware and software their fleets need to enable EMV chip card acceptance, most are waiting to fully upgrade until concerns about routing issues, chargeback rates, and continuing uncertainty subside, according to the 2016 ATM Channel EMV Readiness survey from the ATM Industry Association. Like …
Read More »Apple Pay May Be Coming to M-Commerce Sites and other Digital Transactions News briefs
• Starbucks Corp. said JPMorgan Chase & Co. by year’s end will issue a Visa-branded Starbucks reloadable prepaid card that will allow cardholders to earn Starbucks “stars,” or loyalty points, for purchases just about anywhere Visa is accepted; the new card is an extension of Starbucks’ relationship with JPMorgan Chase’s …
Read More »As the Risk of Online Fraud Rises, the Air-Travel Industry Wrestles With 3-D Secure
By John Stewart These days, the airline and air-travel industry finds itself squeezed between two imperatives that have come into sharp focus in recent months. With high average tickets, airlines must guard against fraud at a time when the spread of EMV chip cards is pushing more criminals into …
Read More »COMMENTARY: How Faulty Merchant Agreements Sink ISOs
By Eugene Rome Merchant-service providers of all shapes and sizes learn the hard way that cutting corners by using cut-and-paste tactics to create a merchant agreement can end up in costly litigation. Independent sales organizations, third-party processors, and payment facilitators must have a merchant agreement that is tailored to …
Read More »Retail Duo Hits Networks, Banks, and EMVCo With Chargeback Suit, Seeks Class Status
The liability shift by which merchants not prepared to accept EMV chip cards now must bear responsibility for counterfeit card fraud has given rise to a federal antitrust lawsuit seeking class-action status for merchants. The 47-page complaint, filed Tuesday in U.S. District Court for the Northern District of California, comes …
Read More »Opening up the Club
An exclusive coterie of card networks runs the business of issuing and managing payment tokens. But that elite club soon may have more members. Looking for a business with growth opportunities? Look no further, ladies and gentlemen, than at the business of the token service provider. A sexy business? Definitely …
Read More »Opening up the Club
By Jim Daly An exclusive coterie of card networks runs the business of issuing and managing payment tokens. But that elite club soon may have more members. Looking for a business with growth opportunities? Look no further, ladies and gentlemen, than at the business of the token service provider. A …
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