All articles by Verdict Staff
Verdict Staff
Citi breach exposes credit card data to hackers
Citigroup has revealed a major computer breach has left hundreds of thousands of its credit card customers exposed to hackers. Citi Account Online, which stores basic customer information such as names, account numbers and email address, has been cited by Citi as the source of the breach. The bank told the Financial Times other information such as birth dates, social security numbers and card security codes are held elsewhere and as such have not been compromised.
Visa banned from new business in China
Visas dispute with Chinas banking card association, China UnionPay (CUP), has taken a nasty turn with Visa allegedly banned from starting any new business in the country for the next year.The Financial Times cites people familiar to the matter as its source for this latest development, and claims the block on new business appears to be a major contributing factor in the decision to file a case against CUP with the World Trade Organisation (WTO).filed the case with the WTO last week over market access restrictions and discriminatory limitations on foreign suppliers seeking to engage in the supply of electronic payment services.
UK contactless mobile phone ‘exceeds expectations’
The average value of transactions on Orange and Barclaycards newly launched contactless-enabled mobile phone in the UK is already far greater than either party anticipated. In two short weeks, Tom Gregory, head of digital payments at Barclaycard told Cards International, consumers are using their Quick Tap handsets to pay for larger basket sizes than Barclaycard initially expected.
Visa acquires Fundamo for $100 million
Visa Inc. has acquired mobile financial services provider Fundamo for $110 million. The company has also announced a new, long-term commercial agreement with the mobile money solutions provider Monitise.
Skills to pay the bills
The cross-border bill payments market is in its infancy, yet there is significant demand among migrants to pay bills in their home countries. While there are regulatory and technological challenges, the key to success in cross-border bill payments depends on effective customer education and marketing, as well as partnerships, says Robin Arnfield
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RSA offers to replace SecurID tokens
Business security solutions firm RSA has offered to replace its SecurID tokens for selected customers as it reveals information from a recent RSA hacking was used to attack a major US government defence contractor. In an open letter to the public, RSAs executive chairman Art Coviello acknowledges the March RSA hackings involvement in an attempted broader attack on Lockheed Martin. Although the fraudster was thwarted, Coviello realises the attack, coupled with the increasing frequency and sophistication of cyber attacks in general, may reduce some customers overall risk tolerance.
Uncertain future for Interac
Canadas domestic debit network Interac has so far been able to fend off the threat of the international networks entering the local debit market. However, its future remains uncertain as Interacs not-for-profit status means that it is limited in its ability to compete against further challenges from the likes of Visa and MasterCard, writes Jane Cooper.
BP rolls out contactless payment terminals
BP petrol stations, together with its German unit Aral, will begin accepting MasterCard PayPass contactless payments across its UK, Swiss and German forecourts over the next two years.Under the new development, consumers with PayPass-enabled payment cards will be able to pay for BPAral purchases up to the value of £15 ($24.63) in the UK, 25 in Germany and CHF40 in Switzerland as the roll-out of contactless terminals across the three countries commences.
Contis Group acquires GTP Financial Services
Online banking and prepaid card technologies provider Contis Group has acquired prepaid card issuer GTP Financial Services for an undisclosed sum.The acquisition is expected to turbo charge Contis into becoming one in only a handful of true end-to-end service providers in the prepaid card industry as it serves to strengthen its capabilities as a full supplier of Visa prepaid card solutions across the UK and EU.
EPC opens consultation on latest SEPA requirements
The European Payments Council (EPC) and the Cards Stakeholders Group have released the latest SEPA Cards Standardisation Requirements for public consultation.