Fraud & Security

By Jim Daly@DTPaymentNews The PCI Security Standards Council is now a decade old, and as it concludes its annual North America community meeting in Las Vegas Thursday it faces a payments-security landscape vastly changed from the one it confronted 10 years ago, with mobile payments, tokenization, and so-called fin-tech startups …

• The total value of contactless transactions worldwide will reach nearly $500 billion next year, up fully 56% from an estimated $321 billion in 2016, according to Juniper Research. • Samsung Electronics America Inc. said more than 500,000 replacement Galaxy Note7 phablets have arrived in the U.S. and will be available …

By Jim Daly@DTPaymentNews Visa Inc. plans to phase out static passwords used with its Verified by Visa e-commerce fraud-control service beginning in April 2018. Visa’s announcement precedes even more changes coming to Verified by Visa’s underlying technology called Three-Domain Secure, or 3-Secure. EMVCo, the chip card standards body owned by …

By John Stewart @DTPaymentNews Few things have thrown a spotlight on the 40-year-old chargeback process like the nation’s conversion to EMV chip cards at the point of sale, but it’s in online commerce where the problem has long plagued merchants. And now there’s evidence that these sellers may have more …

By Kevin Woodward@DTPaymentNews When it comes to actively testing sensitive data networks for problems, only 23% of companies consider themselves as “very proactive.” This finding from a new Osterman Research Inc. survey of 126 companies representing thousands of employees arrives as the onslaught of breaches and malware continues to wreak …

By Jim Daly@DTPaymentNews With malware and hacker attacks on payment card-accepting devices increasing in sophistication, the PCI Security Standards Council has announced updated rules for protecting such devices. “The updates are designed to stay one step ahead of criminals who continue to develop new ways to steal credit and debit …

• JPMorgan Chase & Co. signed the Best Buy Co. Inc. electronics chain to accept the Chase Pay mobile app in its nearly 1,400 stores, on its site, and in-app. Chase Pay is live with some e-commerce merchants and is expected to become available in stores and in-app later in …

By John Stewart @DTPaymentNews The payments industry may be undergoing an unprecedented attack by fraudsters, but funding of cybersecurity startups by top investors will drop somewhat this year compared to 2015, according to the latest data from CBInsights, a New York City-based firm that tracks venture-capital investment. Total cybersecurity funding …

By Kevin Woodward@DTPaymentNews Not thoroughly knowing merchants and submerchants harbors peril for payment facilitators, and that’s one risk the Electronic Transactions Association hopes to alleviate. The ETA, a Washington-based trade group representing the merchant-acquiring industry, expects to release a set of underwriting guidelines for payment facilitators soon. According to Visa …

By Kevin Woodward@DTPaymentNews The payments industry’s efforts to protect sensitive cardholder data and transactions are moves in the right direction. They’ll have to be, because solutions to the epidemic of data breaches and online fraud are going to have to come from the private sector and from consumers’ own precautions. …