Payment Systems

Latest Headlines

Latest Headlines

Retailers adopt proven strategies to curb POS breaches

Security breaches at the point-of-sale don't just impact business operations and customer loyalty, they strike an expensive and damaging blow to an retailer's bottom line.  

The importance of pushing back the EMV fraud liability shift deadline

As the payment wars between retailers and credit card issuers rage on, both sides would be well served if the EMV October fraud liability shift deadline were pushed back, because neither group is fully prepared to meet it. The dispute has been brewing for months and stems in no small part from the long and bloody conflict over card interchange fees. There's no love lost between retailers and their banking partners.

Costco slashes credit card fees to near nothing

Costco Wholesale Corp. has accomplished something other retailers only dream of. It has reduced its credit card acceptance costs to almost nothing.

Finance pros choose chip-and-PIN in fight against fraud

A survey found that 92 percent of finance professionals believe strongly that chip-and-PIN EMV cards, as opposed to chip-and-signature, will effectively reduce point-of-sale fraud. 

E-commerce fraud increase looms after EMV switch

With the October deadline for the EMV fraud liability shift from issuers to retailers fast approaching, merchants and financial institutions are focused on making the change happen as soon as possible. However, this does not take into account a potential increase in e-commerce fraud.

Apple Pay violates federal law, retailers say

Apple Pay is in violation of the Durbin Amendment to the Dodd-Frank Act, according to retailer groups including the National Retail Federation.

Supermarket trade group seeks EMV deadline extension

The Food Marketing Institute, the powerful trade association representing the interests of supermarket chains and other food retailers, has asked the credit card industry to delay the deadline marking the shift in fraud liability from card issuers to retailers, many of whom who are not ready for EMV.

Banks worried that retailers won't be ready for EMV

Banks are concerned that many retailers, especially smaller ones, won't be ready to transition to the EMV chip cards later this year. Liability will shift from the card issuers to the retailers and in October if retail point-of-sale systems and banking methods aren't EMV-compliant. 

Facebook adds P2P payments to Messenger app

Facebook has added a payments feature to its Messenger app, although its purpose is somewhat different from Apple Pay and others designed for use at the point-of-sale. In keeping with its mission to facilitate communications between "friends," the Facebook payment system is peer-to-peer and free, enabling the half billion Facebook users to send money to each other through Messenger after linking a Visa or MasterCard debit card to their account.

Banks' rush to embrace Apple Pay resulted in fraud: 'NY Times'

Offering more clarification in the problem of Apple Pay fraud,  The New York Times  has reported that the problem started with the big banks' rush to participate in the service. This mostly confirms the original source of the report of Apple Pay fraud, Cherian Abraham, mobile commerce and payments lead specialist at Experian Global Consulting, who reported the issue on his  Drop Labs  blog.