ePayments News

Payments News from the PIN Payments Blog provides news relating to the Global Payments Industry. Credit Cards, PIN Debit, Signature Debit, Chip & PIN, Contactless, MOTO, Alternative Payments, Card Present, Card Not Present and eCommerce. The PIN Payments Blog also covers, in detail, the growing threat posed to eCommerce by "typing" either credit/debit card numbers into a box on a merchant checkout, or "typing" password/username into boxes at online banking websites. Eliminate typing and you eliminate card not present fraud. Swipe...Don't Type!

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Retailers Applaud GAO Report On Interchange Fees

Consumers aren't the only ones who sometimes feel like they're being victimized by credit card companies. Lately, retailers have the same feeling. While consumers pay higher and higher interest rates, retailers complain that interchange fees -- what they pay to credit card processors on consumer transactions -- are also going up at an increasing rate. This week the Government Accountability Office (GAO), the watchdog arm of Congress, reported that credit card companies and their issuing banks profit significantly from interchange fees while merchants and consumers face escalating costs. "The GAO report verifies what retailers, small and large, have been saying for years. Congress must ... Read Full Story

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Senate hears need for bank overdraft controls

From: www.ap.org

Bank overdraft fees that can turn a cup of coffee into a $40 expense disproportionately hit the young and the poor, consumer groups are complaining to Congress. Last year, overdraft fees — charges when a customer writes a check, uses a debit card or withdraws money from an ATM for an amount larger than his account holds — reached nearly $24 billion, more than double the level of 2004, consumer advocates said. Nearly half of that comes from debit card and ATM overdrafts. And unfortunately, Jean Ann Fox of the Consumer Federation of America tells the Senate Banking, Housing and Urban Affairs Committee in ... Read Full Story

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Survey finds Mac, PC users are equal cybercrime victims

Mac enthusiasts are just as likely to fall victim to a phishing attack as Windows users, according to a survey commissioned by security firm ESET.The survey of 1,003 people, conducted by Competitive Edge Research and Communications, concluded that most cybercrime losses are caused by phishing attacks, but that users are equally at risk to these ploys, no matter what operating system they leverage."Phishing attacks are just as effective on Macs, Linux, Windows, Solaris and any operating system since they rely on tricking the user and not on malicious software or any software vulnerabilities," Randy Abrams, director of technical education at ESET, said Monday in ... Read Full Story

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Fed To Bar Overdraft Fees On ATM And One-Time Debit Card Uses

Under a new rule proposed by the Federal Reserve Board, financial institutions will no longer be able to charge consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless the consumer consents, or opts in, to the overdraft service for those types of transactions. Before opting in, the consumer must be provided a notice that explains the financial institution's overdraft services, including the fees associated with the service, and the consumer's choices. The final rules, along with a model opt-in notice, are issued under Regulation E, which implements the Electronic Fund Transfer Act. "The final overdraft rules represent ... Read Full Story

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MasterCard's Mobile Chip and PIN Displays

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PINDebit on

From: pindebit.blogspot.com

Here is a snippet from and article published in Evan Schuman's StorefrontBacktalk . The piece talks about how MasterCard is trying to authenticate card not present transactions via mobile devices with "single use passwords" or "one-time-passwords" which have already been found to be vulnerable to real-time keyloggers . Here's a couple paragraphs and some more info on real-time keylogging... For regions where chip-and-PIN payment cards are popular, primarily Europe (and definitely not the U.S.), MasterCard is doing something that could boost Mobile Commerce: Users of both regular cell phones and Java-enabled smartphones can now get payment passwords displayed on their devices. “This is interesting ... Read Full Story

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Should you debit the halls?

For many, part of a frugal holiday-shopping strategy includes a plan to leave the credit cards at home and use a debit card at the checkout.The cards are attractive since they link directly to bank accounts. Early this year, debit passed credit cards in dollar volume spent. But before using debit cards, make sure you understand the risks to your budget or if they are lost or stolen.Do debit-cards make it easier to stick to a budget?Not...

From thestate.com ()

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Limbo 2 Trojan Bad News for Floating PIN Pads

Accel Exchange recently announced they are launching an Internet PIN Debit platform by Acculynk, for the web. Here's how it works: PaySecure™ is simple to use. Just "type" in personal details, such as your debit card information at the merchant checkout as you normally would... card number, expiration date, and security code. If your debit card can be used with a PIN, the PaySecure™ graphical, scrambling PIN-pad will appear on your...

From pindebit.blogspot.com ()

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SBI Jhansi - Money debit from account but did not get money from ATM

Dear Sir/Madam, I have a savings account (010592096995) with State Bank Of India, Railway Station Jhansi, U.P., Pin-284003 I have used another Bank's ATM (TXN No. 1219) on 30-May-2007 for withdrawal amount Rs. 500/-. A bad experience I have gathered. I have...

From complaintsboard.com ()

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INTERAC Celebrates 25 Years of PIN-Debit in Canada

INTERAC has announced that it is marking "25 years of providing Canadians secure access to their money from coast to coast to coast. On November 9, 1984, a single national PIN-based network was born out of a vision to connect Canadians to their money anywhere, anytime. INTERAC's growth and evolution took off from that point and today, both consumer awareness and usage levels are almost unmatched worldwide." "INTERAC is a world-class debit...

From paymentsnews.com ()

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NZ credit, debit card spending falls 0.7%

Nov. 10 (BusinessWire) – New Zealanders spent less on their credit and debit cards in October, the first decline in four months, suggesting a high jobless rate and a focus on reducing household debt are keeping a lid on spending.

From scoop.co.nz ()

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RBI Plans Payment System to Rival Visa/MasterCard

There seems to be a developing worldwide trend towards creating a country's own payment system. The goal? Cash in on the future of electronic transactions and/or eliminate the duopoly enjoyed by Visa and MasterCard. Europe has the Monnet debit scheme, which is scheduled for a 2010 launch, along with Payfair, which recently announced it may unite with Monnet... The Russian Finance Ministry announced plans to investigate the potential...

From pindebit.blogspot.com ()

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INTERAC Celebrates 25th Year

Interac'ing for 25 Years. In addition to Smart Cards, contactless debit card payments could soon be widely available in Canada thanks to a new innovation from Interac. The debit system is celebrating the 25th anniversary of its pin-based network and has announced a number of new developments for the coming years. In addition to driving the movement towards chip and pin debit cards in Canada, plans are also underway to create a...

From pindebit.blogspot.com ()

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EU Rules on eCommerce are "Counter-Productive"

Published: Friday 20 November 2009 The EU is in corrective mode on eCommerce after it created a web of burdensome rules in order to inspire more consumer confidence, argues the author of a report examining European rules on online shopping. Background: At present, the contractual rights of EU consumers are set out in four separate directives on unfair contract terms, sales and guarantees, distance selling and doorstep selling...

From pindebit.blogspot.com ()

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