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Mobile devices increasing opportunity for payment fraud
As more consumers and employees use their smartphones and tablets, the risk of payment fraud stemming from those devices increase for small- and medium-sized businesses, warns a new report from Javelin Strategy & Research. The report offers a wide-ranging view of fraud threats faced not only by businesses but also financial institutions, which are advised [...]
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Samsung Smartwatch to use PayPal mobile payments
Samsung says it will partner with PayPal to offer mobile payments in the next edition of its Galaxy Gear smartwatch. The Korean manufacturer appears to be following in the footsteps of its great rival Apple, which earlier this month announced that its upcoming Apple Watch would support similar technology, allowing customers to make quick payments using their device. [...]
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US chip and PIN migration worth the effort and cost
The rollout of chip and PIN credit cards could cost $8.6 billion or more. Some experts say it’s not worth it – that the technology is already obsolete, and that better, less expensive options are on the way. Others say it will be years before those options are mainstream, and the time to reduce fraud [...]
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US debit card interchange cap to remain unchanged
According to news out of the US, the Federal Reserve Board says it will leave its debit card interchange cap for large issuers unchanged despite finding that some of their important expenses either declined last year or had changed little from levels found by an earlier survey. A major retailer trade group said the findings show [...]
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Is tokenization the future of payment fraud prevention?
According to a new report by the Federal Reserve Bank of Boston, tokenization is set to form a major change in the battle against payment fraud. Payment tokenization, as described by the MPIW (Mobile Payments Industry Workgroup), is the process of randomly generating a substitute value to replace sensitive information. This system has been used in financial transactions [...]
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