Links in “Credit/Debit Cards”

ABA continues its efforts to educate consumers about the new computer chips in their credit cards. [9/16/15]

Although the CFPB has a pre-rule action on overdraft protection programs scheduled for this Fall, it is not likely that this will happen as the agency is still actively collecting data. Last week it issued a request for information on POS and ATM disclosures and has now requested that the OMB conduct a national survey of 8,000 consumers in order to gain a better understanding of how and why consumers use overdraft protection services. [9/15/15]

A survey finds that the industry's total of 314 million credit card accounts is the highest reading since late 2008. The growth is in all three risk categories (sub-prime, prime, and super-prime). [9/10/15]

The CFPB is seeking approval to conduct a survey of 8,000 individuals about their ATM/debit card overdraft experiences. The survey will oversample respondents who are more likely to have experience with overdraft fees. [9/10/15]

A wave of fraudulent mobile payment transactions has hit many high-end retailers and banking institutions in Northeastern sections of the U.S. over the past several months. The Secret Service has issued a warning to financial institutions and provided best-practice recommendations to shore up vulnerabilities and help catch identity theft related to mobile payment fraud. [9/9/15]

If you are a credit card issuer the answer is “yes.” On October 1, the major card companies will shift the liability for counterfeit credit card transactions to the least EMV-compliant party for POS transactions. There is an exception to this date for POS sales at automated fuel dispensers, which have until Oct.1, 2017 to be in compliance. [9/2/15]

A financial fraud case on the FBI's site targeted young women in shopping malls, recruiting them to participate in an upcoming hair show, offering to pay them for their services, but requiring their debit card numbers to access their accounts. Checks would be deposited, then cash immediately withdrawn before the bank realized the fraud. If the women became skeptical, the scammers had a Plan B that was even worse. [9/1/15]

A U.S. appeals court gives the Federal Trade Commission power to hold a hotel operator accountable for breaches in which hackers stole credit card and other details from more than 600,000 consumers. [8/25/15]

Following close on the heels of the announced settlement between Visa and Target, MasterCard says it is close to an agreement, but the amount of the possible agreement was not stated. MasterCard issuers previously turned down a $19 million proposed settlement that would have given issuers about $1.90 per card. [8/21/15]

Target settles with Visa on behalf of thousands of financial institutions for $67 million for a massive data breach in 2013. A separate deal with MasterCard is said to be in the works. [8/19/15]