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MasterCard and Visa targeted in Target lawsuit
The Target data breach, which compromised the data of 40 million cardholders continues to have ramifications across the industry. Following a class-action lawsuit against Target for the data breach, MasterCard and Visa are now targets of a separate class-action lawsuit related to the breach. In an order dated August 13, the US Judicial Panel on [...]
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Boston Fed provides update on mobile payments
The Mobile Payments Industry Workgroup of the Boston Federal Reserve has released the outcome of its May 2014 meeting on the state of the industry in the US and has found relatively little change in terms of consumer protection and regulation. According to Susan Pandy, director of payment strategies at the Boston Fed: “The discussions [...]
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ECB identifies payment systems for oversight
The European Central Bank (ECB) has named four key payment systems – Target2, Euro1, Step2-T and Core(Fr) – as “systemically important”, and as a result they will be subject to new regulations covering large-value and retail payment systems in the euro area operated by both central banks and private entities. The ECB says the aim [...]
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eBay’s Braintree could accept bitcoin
Online auction site eBay is planning to integrate bitcoin into its Braintree payments service. The move comes after executives from eBay’s online payments unit PayPal held meetings with digital currency specialists, including Coinbase, about enabling bitcoin transactions through Braintree. The integration of bitcoin with Braintree would provide a major boost in usage and trust of [...]
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Retail malware: PCI-DSS is part of the problem
When the Payments Card Industry Data Security Program (PCI-DSS) was first introduced in 2004, the move was in response to a series of breaches that demonstrated how exposed credit and debit card information could be at retailers, large and small, that hadn’t properly considered cyber security. The standard, which has been widely criticised as a [...]
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