All articles by Verdict Staff
Verdict Staff
UK fraud lowest since 2000
Figures published by the UK Cards Association show that fraud losses on UK cards, cheques and online bank accounts have all fallen in the last year.Total fraud loss on UK cards fell by 17% to £365.4 million in 2010 – the lowest annual total since 2000.
Contactless cards ‘highly susceptible’ to ‘e-pickpocketing’
Documents uncovered from the US Patent and Trademark Office reveal that card schemes may not be telling the whole truth when it comes to the security of contactless technology. It is alleged the documents show that at least one credit card company is aware that the contactless cards containing RFID chips are highly susceptible to electronic pickpocketing.
Debit cards to disappear?
Major US banks and credit unions have formed an alliance to push US consumers into lobbying against the governments proposed restrictions to interchange fees under the Dodd Frank Act.The Electronic Payments Coalition has launched an aggressive advertising campaign, implying that banks will eliminate debit cards if the Act is passed and consumers continue to use their cards for purchases.
Indian consumers more aware of fraud – Visa
Indian consumers are significantly more proactive in combating card fraud than any other market in Asia-Pacific, according to the Visa Payment Card Security Study.Payment card fraud was ranked as the fourth biggest financial security concern among consumers in India, with 46% of respondents revealing they are extremely or very concerned about the threat of fraud. The study also showed that Indians have the highest levels of perceived vulnerability to card fraud with 29% feeling extremely vulnerable
Ingenico partners MRL PosNET on encryption service
Payment solutions provider Ingenico has joined forces with Indian merchant services company MRL PosNET to launch Indias first line encryption solution on a POS terminal.The newly-launched service, SecureNET, is aimed at delivering a secure and light-weight POS application that can encrypt POS messages across different communication channels such as DSL broadband, Cable modem broadband, Data enabled GPRS SIM or Data enabled CMDA fixed wireless phones.
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Australian debit processor to cut interchange fees
Australian merchants will incur on interchange fees on transactions under AUD15 ($15) under a new multilateral interchange fee model.
IberiaBank selects Fiserv’s debit solutions
US-based IberiaBank is set to implement a full suite of debit solutions from technology provider Fiserv in a bid to reduce processing and network costs.
Groupon faces lawsuit
Groupon.com, an internet-based company that provides discounts on products and services, is feared to have fallen foul of the US Credit Card Accountability Responsibility and Disclosure Act (CARD Act).It has been reported by a variety of media outlets that a potential class action lawsuit has been filed against Groupon, claiming the website issues coupons with illegal expiration dates. The CARD Act prohibits the sale of gift certificates with expiration dates of less than five years.
Each to their own
A report by market research consultancy Finaccord reveals some surprising similarities and differences in the kinds of insurance policy that are cross-sold with financial products in different countries around the world. Robin Arnfield talks to the reports author.
Continued growth on the cards
Commercial card strategies have helped corporates weather the global recession, but the potential for growth is still enormous. Particularly in Latin America, where are number of US banks are looking to launch new programmes. Robin Arnfield reports.