Tuesday , July 5, 2022

News

June, 2008

  • 3 June

    Indiana Bank’s Debit Card Breach Underscores Issuer Vulnerability

    South Bend, Ind.-based 1st Source Bank is reissuing its entire portfolio of debit cards after a hacker or hackers broke into a bank server containing debit card data. No fraud has been discovered as a result of the intrusion, a bank executive tells Digital Transactions News. The $4.5-billion-asset bank with …

  • 3 June

    New Electronic Benefit Options Score High in Michigan on First Day

    The state of Michigan has joined a trend, developing for the past couple of years, toward replacing paper benefit checks with electronic payment. The state on Tuesday announced it has started offering debit cards and direct-deposit options to citizens eligible to receive unemployment benefits. Michigan's Unemployment Insurance Agency (UIA), which …

  • 2 June

    Researcher Sees Issuers’ Service Providers as PCI ‘Hot Spots’

    Six specialty types of vendors, processors, and other service providers that card issuers use lack specific guidelines on how to protect cardholder data under the Payment Card Industry data-security standard, or PCI, according to a recent report from research firm TowerGroup Inc. These service providers thus represent “hot spots” that …

May, 2008

  • 30 May

    A Senate Letter Ratchets up the Heat on Networks over Interchange

    A bipartisan letter last week from four U.S. senators to Visa Inc. and MasterCard Inc. demanding information about how they set interchange rates is ratcheting up the pressure on the card networks, and it could represent another step on the U.S. road to joining about 20 other countries that either …

  • 29 May

    New ‘Mobile Lockbox’ Service Could Help Drive Expedited Payments

    A new service that lets consumers receive and pay bills on their handsets could help billers earn more income from last-minute payments customers make to avoid service shut-offs or late charges, observers say. The service, a so-called mobile lockbox, was announced last week by Wausau Financial Systems Inc., a provider …

  • 28 May

    Payment Issues Figure Among Reasons for Checkout Abandonment

    Various issues with payment methods loom large among reasons consumers give for abandoning the checkout process on e-commerce sites, according to a survey released on Wednesday by PayPal Inc. Some 22% of 355 consumers who had abandoned shopping carts at a mix of large and small merchant sites before completing …

  • 28 May

    Visa Extends Fraud-Recovery Process to PIN-Debit Transactions

    Visa Inc. is extending to PIN debit cards a process for reporting and recovering fraud losses from data breaches. In effect for credit cards and the Visa check cards since October 2006, the process, dubbed Account Data Compromise Recovery, will apply to Visa's Interlink point-of-sale debit and Plus ATM networks …

  • 27 May

    How Chase And First Data Are Splitting Chase Paymentech

    It's official: JPMorgan Chase & Co. and First Data Corp. will end their joint venture that owns Chase Paymentech Solutions LLC, the world's largest merchant acquirer, by the end of the year. The announcement on Tuesday morning was widely anticipated following the buyout of First Data last year by private-equity …

  • 27 May

    How Far Will BofA And Wells Go with Their New ACH Platform?

    While the recently unveiled joint venture between Bank of America Corp. and Wells Fargo Co. to create a common platform to process automated clearing house transactions isn't scheduled to become operational until 2010, the venture's very announcement by two of the biggest financial institutions in the country has sparked industry …

  • 22 May

    GAO Report Sheds Light on Federal Card-Acceptance Costs

    The federal government took in $27.1 billion in payments through credit cards in fiscal 2007 and paid at least $433 million in merchant discount fees, according to a new report from the Government Accountability Office, the investigative arm of Congress. Agencies that were able to break out their interchange costs …

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