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Consumer reaction to PIN based fraud will be mixed
Avivah Litan, an analyst at Gartner is beig very pro-active in breaking the news and risks emanating from the recent Citi, Wells, BofA debit card fraud situation. While information remains sketchy, it...
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Single Euro Payments Area (SEPA) – significant implications for Banks with...
McKinsey study compares different approaches to banks’ making money, and found three broad approaches. The McKinsey Quarterly: How Europe’s banks should prepare for payments reform 1. Institutions in...
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ATM’s and future revenue generating potential
ATM’s are expensive. A mid sized bank has to spend $ 50MM every 8 – 10 years to maintain just the hardware in a 1,000 ATM network. Customers demand ATM’s for access to their money, yet, customers are...
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Business case and impacts of the NACHA credit push initiative
Great questions asked here at Payments News on this topic. While we have some clues, and directional research, the real impacts can only be estimated. Payments News: More About NACHA's "Credit Push"...
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Visa debit now offered by ANZ
A Visa card that accesses your bank account over the Visa network, at a merchant, or an ATM. (courtesy of Payment news). In Australia, apparently this is the first offer of debit cards, and they are...
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Banks aiming to alleviate online banking fears
Good article at silicon.com on two-factor authentication. All Banks are underway with something in this space at the moment, but the article correctly asks, whether this will be adequate. Of course the...
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Bulbank chip card Bulgaria
European banks continue to lead the way on chip. Banking Briefs – Business news Bulbank said on April 6 it successfully ended the needed certification and can now process chip cards in the country’s...
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The weakness in combo chip/ mag stripe cards
In a move by the criminals they highlight the weakness in combo chip / mag stripe cards. These are cards that have chip and mag stripe on them. This is the primary transitional approach taken by banks,...
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North American ATM’s are falling behind
ATM’s across the world are being used for new and innovative services, that keep customers satisfied. North American ATM’s just provide the basics. WSJ.com – The Envelope-Free ATM In Russia, a...
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Lloyds Bank says overseas card fraud on the rise
Lloyds notes the increase in fraud in non chip countries, such as Canada, and USA. Bank says overseas card fraud on the rise – Money – Times Online Lloyds TSB has reported a leap in the number of...
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Why chip & Pin won’t stop fraud
Hitesh Patel, KPMG Forensic talk about the escalation of fraud despite the introduction of chip and pin. The criminals are able to move to the weakest point in the system. Why chip & Pin won't stop...
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Just when we thought we had chip cards figured out … doh!!
Every bank is somewhere on the pace of conversion to chip /smart cards, even if they are just thinking about it. Well, we had better be including the conversion to contactless in that plan as phase 2,...
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More on contactless and mobile chip evolution
If you need to know where this is all going, then look to Japan & South Korea. Japan, South Korea lead world in contactless payments : Contactless News In Japan, FeliCa has created innovative...
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Japanese Stores Turn To Interoperable Contactless Readers
This is a matter that North American card acquirers, such as Moneris, and Paymenttech must consider otherwise the merchant experience will be terrible, and that would translate into consumer confusion....
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Consumer suspicions grow on Chip and Pin security – 06/06/2006
Real or not, there is an evolving thread questioning the infallibility of chip and pin. We know that the card not present issue is a contributor, but this comment regarding ATM’s having difficulties...
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Claims that chip and pin system is flawed, and fallible
The claim here is that certain merchant terminals (not ATM’s as earlier claimed) are not capable of recognising cloned chip cards. Millions at risk from chip and Pin | This is Money Security experts...
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Chip and pin ‘makes fraud even easier’
With this quote the security of chip cards debate is opened. CHIP-AND-PIN systems introduced to foil credit and debit-card fraudsters are making it easier to commit certain types of financial crime, a...
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Intel teams with Microsoft, BitWallet to promote FeliCa contactless...
The concept of providing portable card readers feels temporary to me. This move by three industry players in Japan, spells the future for the rest of us. Finextra: Intel teams with Microsoft, BitWallet...
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A case for multiple fraud protection systems
This simple story and the refutes from the UK Banks serves to valaidate the need to implement a suite of fraud systems, from software based pattern recognition, through to chip cards. This story is a...
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Relevance to Bankwatch – five strategic questions
I went over my posts for the last 6 months, where I had included a "relevance to bankwatch" and these five strategic questions leapt right out of the page. So I think I will start to look at those...
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The pains of travelling and paying in a world moving to EMV
Aneace correctly points out a consequential trend in card fraud, that is going to impact travellers plans. Chip card implementation is complex, and the fact that cards will be combo, chip and mag...
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Cool payment technology that makes contactless much more attractive for...
Aneace is dead on with his argument that the payment experience needs to be enhanced with customer focussed benefits tied to the transaction, to make the purchase experience more compelling. Aneace’s...
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"Digital Identity – chip cards as a line of business"
Dave makes a good case here for Banks to lever their investment in chip to support new revenue. “So if the bank sends me a simple USB smart card reader so that I can log on with my chip and PIN card,...
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Aneace’s Blog: Visa’s No Signature Required program is working … how will...
For all the push to contactless cards, this release from Visa, noted by Aneace, confirms the viability of small payments with no signature is not dependent on contactless. Last week, Visa reported...
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Barclays launches ‘carbon neutral’ card – AllPayNews
Nice touch from Barclays with a ‘green’, environmentally friendly debit card. Barclays customers are set to go green with the launch of the UK’s first carbon neutral debit card. This new card, which...
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The Retail Bulletin – Chip & Pin reduces fraud, but fraud continues elsewhere
The opening sentence in this quote sums up the weakest link approach that criminals follow. Nonetheless, it appears that chip and pin is reducing card fraud in the UK so far. But rather than reducing...
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Credit cards are still very vulnerable online
This post amazed me, and when I followed some of the suggestions, I was successful. It is essential that Banks, and credit card companies follow through with enhancements such as “Verified by Visa “....
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Chip transaction protection comes a step closer in Canada
This first transaction brings Canada closer to being in line with Asian and European countries with chip and pin protection for debit and credit transactions. [hat tip to Payments news] Interac...
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e-cash applications need better design for consumers to accept
Interesting review of the customer view while trying to use the Barclaycard OnePulse card. Dave makes the point that the merchant benefits are clear, but the benefit to the consumer at the point of...
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Brits struggling with PINs – survey | finextra
In a survey that probably understates the matter, Brits are using the same password for multiple cards. Finextra: Brits struggling with PINs – survey Around a quarter of cardholders in the UK are...
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Cash vs prepaid smart cards
Aneace summarises the last presentation suggesting that cash is under-priced hence smart cards, and electronic purses / prepaid cards are not as successful as they could be. Aneace’s Blog: A solution...
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16% of Japanese mobile users use digital wallet
Dave links to a report that highlights usage of cell phones as a digital wallet in Japan. Great statistic here … almost 16% use their phone for this purpose. Digital Money Forum: We should have such...
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The problem with card fraud is getting worse
Dave writes up the latest on card fraud in Europe and UK and touches on the US. As Simon points out in the comments, its a chilling read, and highlights that the slow and gradual shift to secure cards...
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Chip and pin Canada | the basic flaw
Canada begins the official rollout of chip and pin following 3 years of implementation, and testing. Good stuff. However I remain befuddled by one thing, and no amount of discussion with “chip...
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IBM makes pilot security devices available for financial institutions to trial
IBM come out with an innovative security measure that actually makes sense. It makes far more sense than the two factor authentication tokens many banks have been wasting their time with. It also...
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Rogers Wireless joins RBC and Visa m-payments pilot
This is an exciting development. After reporting on the far east and their advances in types of wireless payments, RBC in Canada and Rogers wireless announce a new pilot in the works. Rogers Wireless...
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Consumers still need convincing on smart cards
Fewer than half of consumers would switch to smart cards according to a “survey” by terminal makers Ingenico. They arrive at the conclusion based on surveying people using the cards. There is an...
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