Links in “Credit/Debit Cards”
- Six Key Footprints of Card Fraud
Do you know the six key signs of card fraud? Two fintech companies have studied years of card fraud statistics and have identified the six common factors. Some may surprise you. [10/22/15]
- Prepaid Card Breakdown Illustrates Peril for the Unbanked
Hundreds of thousands of low-income Americans who use prepaid debit cards instead of banks found themselves without access to their money when a technical problem blocked account access for one of the most popular prepaid cards. [10/21/15]
- FBI Says EMV Cards Still Vulnerable to Exploitation
The FBI has issued a bulletin warning that EMV technology is not a panacea to stopping data breaches and that no one technology can prevent fraud. According to the FBI, chip-enabled cards are more secure than magnetic strip cards, but the chip doesnât necessarily prevent these cards from being used fraudulentlyâeither online or at point-of-sale terminals. [10/14/15]
- Fraudulent Purchases on the Rise at Walmart
Itâs not certain whether the increase in purchases at Walmart using stolen debit cards is a result of the previous data breach or if Walmart is just proving to be an easy target. Philadelphia FCU has told its members that it will deny Walmart charges processed as âpinless debitâ transactions due to the increased risk. [10/14/15]
- EMV Technology for Debit Cards a Much More Difficult Challenge
Why is implementing EVM technology lagging behind credit cards? As a result of the Durbin Amendment to the Dodd-Frank Act, debit cards in the U.S. must support routing to two different unaffiliated networks. EMV technology was developed to process EMV transactions for a single proprietary network. The challenge now is to bridge that gap. [10/14/15]
- The Ins and Outs of PINs
As long as personal identification numbers (PINs) exist, they will continue to be a target for criminals. The Payment Card Industry (PCI) Security Standards Council continues to update the PIN Security Requirements to enhance usability and understanding by stating the requirements in a more granular manner. And though security has been enhanced with the recent switch to the new EMV chip, PIN safety standards are still as important as ever. Which of the recent PIN security requirements are most relevant to your institution? [10/13/15]
- Here Comes the Backlash: ATM, Overdraft Fees Hit Record
Average ATM fee for transactions outside a bank's network hit a record $4.52, and average overdraft fees also hit a record high at $33.07. "There is clearly some profiteering in there." [10/6/15]
- EMV Deadline Was Beginning of a New Era
Bob Letgers, the chief product officer of North American retail payments for FIS says that people are wrong in thinking of October 1st as the deadline for EMV, when itâs really just the starting point for EMV. There is so much more to come, including a similar liability shift for debit cards. [10/2/15]
- What to Know Before Tomorrowâs EMV Liability Shift
Beginning tomorrow, October 1st, the major card companies will shift the liability for point-of-sale transactions to the party that is least EMV compliant. In other words, if either of the parties to the transaction is the cause of the transaction occurring without the use of an EMV chip, that party will be held responsible for any resulting fraud losses. In short, hereâs what you need to know. [9/30/15]
- Making a Dent in the War Against Cybercriminals
U.S. law enforcement scores a couple of high profile wins in the war against cybercriminals, including one who was involved in the Heartland attacks that resulted in the theft of 160 million credit card numbers. Meanwhile, the hacking beat goes on. [9/18/15]
