Digital Transactions Authoritative, insightful and timely information for payments professionals
With Microsoft Corp. no longer supporting its Windows XP operating system, companies marketing tablet-based point-of-sale gear and software are hoping to garner more business from small and mid-sized businesses looking to replace POS systems that use the outmoded OS. As expected, computing giant Microsoft ceased support for the 12-year-old XP …
Read More »In the Wake of Its Effort to Tokenize Card Numbers, The Clearing House Turns to the ACH
The Clearing House Payments Co. LLC, which last summer announced its effort to tokenize payment card numbers, is now mulling a related system that would similarly mask sensitive consumer information related to automated clearing house transactions, and may have a proposal ready by year’s end. “It’s something we’ve spent a …
Read More »Exposure to Card Fraud Spikes in 2013 As Shift to EMV Looms, AFP Survey Reports
Some 43% of businesses report they were exposed to card fraud in 2013, a whopping rise of 14 percentage points from 2012, according to the latest annual fraud survey from the Association of Financial Professionals. Nonetheless, survey respondents are remarkably optimistic about the Europay-MasterCard-Visa (EMV) chip card standard, with 92% …
Read More »Banks That Sued Trustwave and Target Have Second Thoughts and Withdraw Lawsuit
Two banks that sued Target Corp. and data-security services provider Trustwave Holdings Inc. in the wake of Target’s massive data breach have withdrawn their federal lawsuit after filing it only a week ago, leaving payments-industry observers wondering why they brought the action in the first place. In separate motions filed …
Read More »Eye on Bitcoin: It’s Not a Currency, the IRS Says; Jumio Launches Security Network
By Linda Punch Those looking for the U.S. Internal Revenue Service to give Bitcoin legitimacy as a currency when the agency issued its guidance earlier this week were sorely disappointed. The IRS said the digital cash will be taxed like property, not currency. But the quest for legitimacy may be …
Read More »New Law Enforcement Tactic Could Snare ISOs and Acquirers in Quest To Catch Bad Merchants
A historical shift in how some federal financial law-enforcement agencies view the payments industry is under way, and it’s not one that bodes well for the industry, Jason Oxman, chief executive of the Electronic Transactions Association, told attendees at the Southeast Acquirers Association conference this week in Atlanta. Dubbed …
Read More »Target Clarifies Number of Consumers Affected by Breach, Claims Data Security Improving
Target Corp. told a U.S. Senate committee Wednesday that the overlap in the number of consumers affected by the two-headed monster of its data breach may be 12 million or more. The nation’s No. 2 general retailer also said it is improving its data security in the wake of the …
Read More »Banks Sue Trustwave, Target’s PCI Services Provider Before the Retailer’s Data Breach
Trustwave Holdings Inc., the leading provider of Payment Card Industry data-security standard (PCI) services to merchants, on Monday became the target of a lawsuit arising from the massive data breach at Target Corp. The suit, filed in U.S. District Court in Chicago by two banks, claims negligence on the part …
Read More »Tokenization for E-Commerce Takes Key Step Forward with CardinalCommerce Patent
At a time when both banks and retailers are reeling from a rash of payment-data breaches, a technology company that has developed a system some believe could stop these breeches has announced that it has secured new patent protection for its technology. Mentor, Ohio-based CardinalCommerce Corp. said this week it …
Read More »Smucker’s Hacked E-Commerce Site To Reopen Soon; Sally Beauty Confirms Breach
The J.M. Smucker Co.’s online store is expected to reopen next week, nearly a month after the jam-and-jelly producer closed it after discovering that hackers had broken into its computer system and stolen payment card data and other personal information on up to 23,000 customers. In other data-security news, beauty …
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