- The Accredited Standards Committee X9 Inc. and the PCI Security Standards Council announced they will jointly develop a unified PIN-security standard. Currently each organization maintains a separate standard for PIN use, which could result in an entity being subject to one or both of the existing standards. The joint effort also will create a single PIN assessor qualification program to be managed by the PCI Council.
- The U.S. Treasury Department’s Financial Crimes Enforcement Network, working with the Office of the Comptroller of the Currency and the U.S. Department of Justice, levied a $185 million civil money penalty against U.S. Bancorp, alleging its U.S. Bank unit failed to “address and report suspicious activity” by putting a cap on the number transactions its automated system could generate for further review. U.S. Bank also said it resolved related matters with the OCC, the U.S. Attorney’s Office for the Southern District of New York, and the Federal Reserve. In total, the bank will pay $613 million in penalties.
- A proposal to be considered by the New York City Council would cap at $10 the minimum credit card purchase limit merchants could set.
- A 37-year-old Russian citizen was sentenced to 12 years in prison on Wednesday for his role in a computer hacking scheme that compromised more than 160 million credit card numbers and caused hundreds of millions of dollars in damages, Reuters reported. The defendant, Vladimir Drinkman, was arrested in the Netherlands in 2012 and extradited to the United States in 2015 on charges stemming from data breaches at 16 companies, including 7-Eleven Inc. and the former Heartland Payment Systems Inc.
- Mobile-commerce provider LevelUp announced a partnership with Grab, an airport e-commerce platform, to enable more mobile order-ahead services in U.S. airports.
- Asian-American supermarket chain iFresh Inc. said it will soon be accepting the Alipay mobile wallet in order to take payments from Chinese consumers.
- Advisory firm SpendEdge released the “PCI Compliance Solutions Market Procurement Research Report.”
E-commerce fraud over a two-year period through the end of 2017 increased 7% across all …