News

January, 2015

• 5 January

  Wire-Transfer Provider Xoom Hit by $31 Million International Fraud Scam

  Online wire-transfer provider Xoom Inc. reported Monday that it will take a $30.8 million one-time charge as a result of a scam in which the same amount of its cash was transferred abroad. Xoom also said that its chief financial officer had resigned. San Francisco-based Xoom declared in a regulatory …

December, 2014

• 31 December

  The Tally of Payment Cards Compromised in Data Breaches Grew 38% in 2014

  The number of credit and debit cards compromised in data breaches hit 64.4 million in 2014, up 38% from 46.6 million in 2013, according to preliminary figures from the Identity Theft Resource Center, a San Diego-based non-profit that tracks breaches. Some 133 of 2014’s breaches involved payment cards, up 39% …
• 29 December

  Google Becomes Latest Major Player to Sue Card Networks After Settlement Opt-Out

  Two days before Christmas, Google Inc. quietly filed a federal lawsuit against Visa Inc. and MasterCard Inc., alleging the card networks violated antitrust law by setting “supracompetitive” interchange rates from 2004 to 2012. The unusually sparse, three-page suit, filed in U.S. District Court for the Eastern District of Texas, asks …
• 29 December

  Retail Groups Blast ‘Inaccuracies’ And ‘Misrepresentations’ in ICBA Release

  Retailer organizations are lambasting an Independent Community Bankers of America survey that blamed retailers for breach costs that totaled $90 million at The Home Depot Inc. this year. In a letter to the ICBA and bearing Monday’s date, the chief executives of the Retail Industry Leaders Association, National Retail Federation, …
• 28 December

  New York City Seeks Ideas About Paying Parking Violations Through Mobile Devices

  Mobile payments in New York City soon could get access to a large amount of raw material for transactions if a proposal by the city’s Department of Finance becomes reality. The DoF recently issued a request for information (RFI) from vendors about developing a mobile-payments system for paying parking violations. …
• 23 December

  Payments Exec Tom Wimsett in Gateway Deal With Private-Equity Firm

    Former National Processing Co. chief executive Tom Wimsett, now head of consulting firm Wimsett & Co. LLC, has teamed up with private-equity firm Thompson Street Capital Partners to buy EchoSat Communication, a payment-gateway company. EchoSat, based in Lexington, Ky., targets petroleum marketers and convenience stores. According to EchoSat’s Web …
• 23 December

  Short MoneyCard Contract Extension With Wal-Mart Casts a Shadow Over Green Dot

  Green Dot Corp.’s stock fell 8% Tuesday morning after the prepaid card services provider reported Monday that it had extended its agreement with Wal-Mart Stores Inc. to issue and manage the Walmart MoneyCard only until Dec. 31, 2015. In the view of investors, the short extension of a five-year agreement …
• 23 December

  2015’s Coming Attractions: Breach Law, More Choke Point, And Online Sales Tax

  Breach-notification laws, misbehaving merchants, and online sales tax legislation are just three potential hotspots for legislation and regulation in 2015, advise payments industry attorneys. Long a wish-list item for many, a uniform, national breach-notification law could see enactment in 2015, thanks —unfortunately—to the flurry of large-and small-scale payment card data …
• 23 December

  U.S. E-Commerce To Approach $500 Billion by 2018, but Physical Stores Will Remain Open

  Americans will spend nearly half a trillion dollars on e-commerce in 2018, with 70% of the U.S. population making online purchases, but e-commerce still will not account for even 9% of total retail sales, according to a new global forecast from research firm eMarketer Inc. In contrast, e-commerce will capture …
• 23 December

  ComScore: Online Spending by PC up 15% Since Nov. 1, With $5 Billion Yet to Come for ‘14

  Just going by the headlines, you’d think mobile is the prime mover in the payments business. But desktop PCs still dominate online sales, and for the holiday-shopping season they’ve been ringing like cash registers. Since the official start of the season on Nov. 1, consumers using PCs have registered $48.3 …