Digital Transactions Authoritative, insightful and timely information for payments professionals
Online criminals are broadcasting fewer scam e-mails but are zeroing in on more individuals who have substantial assets to protect or who have access to companies' or financial institutions' money-movement capability, according to the latest report on phishing from the Anti-Phishing Working Group. The report also indicates that merchants, banks, …
Read More »Big Merchants Pay $225,000 on Average for PCI Audits, Study Says
Getting an annual assessment to determine their compliance with the Payment Card Industry data-security standard costs big merchants an average of $225,000, but some pay $500,000 or more and others much less, according to a new research report by Ponemon Institute LLC. The report also says that only about 2% …
Read More »Regulators Seek Stronger Authority over Card Payments in Canada
Canadian Finance Minister Jim Flaherty submitted his budget plan to Parliament late last week, and his proposals have merchants celebrating. That's because the government is floating the idea of regulating the payment card networks and, by implication, credit and debit card interchange. “There was good news for retailers in yesterday's …
Read More »Small Banks No Longer Immune to Payments Fraud, Stats Show
Attempted check fraud declined in 2008 for the first time in years, but overall check-fraud losses continued to climb while debit card fraud hit small banks especially hard, according to new statistics from the American Bankers Association on demand-deposit-account fraud. A preview of the latest ABA report was presented on …
Read More »Apple Store Deal Gives High Profile to VeriFone’s PAYware Mobile
In its effort to become a major supplier for merchants seeking to use their iPhones from Apple Inc. as payment card-accepting terminals, VeriFone Holdings Inc. already has announced a major marketing initiative for its PAYware Mobile system that includes a software application on Apple Inc.'s iTunes App Store and a …
Read More »Mitek-NetDeposit Deal Lends More Impetus to Mobile Capture
NetDeposit LLC, which this week announced it will support a mobile remote deposit capture product from San Diego-based Mitek Systems Inc., expects to have the service ready for financial-institution clients “some time” in the third quarter, says Chris Styga, executive vice president of the financial-service solutions group for the Salt …
Read More »Remote Mobile Capture Is Ready for Prime Time, Researcher Argues
Remote deposit capture by mobile phone, a recent technology still considered experimental by many bankers, has proven itself in deployments so far, a banking researcher said on Monday. “The technology is demonstrably ready for broad adoption,” Robert Meara, a senior analyst at Celent LLC, told attendees at a banking conference. …
Read More »TSYS Changes Course, Forms Joint Venture with First National of Omaha
The joint merchant-acquiring venture announced Monday by Total System Services Inc. (TSYS) and First National Bank of Omaha marks a major change in strategy by both companies. The deal, scheduled to close April 1, marks the first time TSYS is taking an ownership interest in a merchant portfolio. And for …
Read More »Reload Capability Eludes Consumers Despite Prepaid’s Popularity
The concept of the reloadable general-purpose prepaid card is a familiar one to those who work in the prepaid card industry, but it hasn't caught on with the general public, according to findings from Mercator Advisory Group Inc. A Mercator survey of 1,012 adults last May and June found that …
Read More »UATP Books a Hotel As Its Airline-Card Network Diversifies
Processing volume hit some turbulence last year, but that didn't stop Universal Air Travel Plan Inc. from pursing its goal of adding merchants to its airline-owned network. Washington, D.C.-based UATP last week reported that LQ Management LLC's La Quinta Inns & Suites has become the first hotel chain in the …
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