BlackBerry to use key technology by Assa Abloy
Boston.com - Malin Rising - 1 hour agoIn a statement released Tuesday, Assa Abloy said the technology, known as Near Field Communication, will be incorporated in smartphones so they can replace ...
Starbucks Taps China's Foursquare for Holiday Check-in Push
AdAge.com - Jason Del Rey - 15 hours agoWhile Foursquare slowly experiments with near-field communicationtechnologies here in the US, one of its Chinese lookalikes is rolling out a massive ...
SBUX
Security and quality for contactless payment function
MoreRFID (press release) - 5 hours agoThis makes the specialty label with integrated Near Field Communication(NFC) technology a contactless credit card. The NFC-Sticker provides access to all ...
High-Tech Pickpockets Can Steal Credit Card Info
NewsChannel5.com - 9 hours agoYou see, the latest generation of phones has something called Near Field communication technology. It's a radio signal that allows people to just wave their ...PayPal app for Android gets NFC payment widget
The Mobile Indian - Samir Makwana - 4 hours agoThe new PayPal app for Android also gets a new widget that supports Near Field Communication enabled smartphones for money exchange. ...
Jamiroquai to use 'smart posters' at gigs
musicweek.com - Charlotte Otter - 2 hours agoThe scheme, which uses near field communication (NFC) encourages fans to tap their phones near the posters, which will then enter them into an exclusive ...Luxury Starwood Resorts in Greece Select Advanced RFID Locking ...
Hotel News Resource - 1 hour ago... ISO 14.443B, ISO15.693 and NFC-compatible (Near Field Communication), fully integrated PMS interface software solutions, as well as the world leader in ... HOTIngenico rolls out Visa payWave-compatible terminals in Germany..
Finextra - 4 hours agoVisa payWave utilises NFC (Near Field Communication) wireless communication technology. Thanks to EMV-level security, the highest encryption standard ... EPA:INGSchmidt says Korea's Internet regulations could be more 'open'
Korea Times - 7 hours ago... its largest Android partner, and visited mobile operators to promote thenear field communication technology and Android ecosystem. ... GOOG
Galaxy Nexus to arrive in India by Mid-December
The Mobile Indian - Samir Makwana - 10 hours ago... camera in the front and rest suite of features include dual-band WiFi , Bluetooth 3.0, Near Field Communication, and storage option of 16 GB or 32 GB. ...Galaxy Nexus Could See Verizon Launch Nov. 21 NewsFactor Network
all 121 news articles » ETR:NXU - PINK:NXGIF - VZ
Death of the wallet: Smartphones set to become standard way to pay
Metro - James Day - 6 hours agoDesirable Near Field Communication (NFC) enabled devices such as the Samsung Galaxy Nexus (dropping next week) and the Galaxy SII are ready to make an ...
Tuesday, November 8, 2011
Near Field Communication Snippets
Judge approves $410 million settlement of lawsuit against Bank of America on overdraft fees
Image via CrunchBaseMIAMI — A federal judge on Monday gave final approval to a $410 million settlement in a class-action lawsuit affecting more than 13 million Bank of America customers who had debit card overdrafts during the past decade.Senior U.S. District Judge James Lawrence King said the agreement was fair and reasonable, even though it drew criticism from some customers because they would only receive a fraction of what they paid in overdraft fees. The fees were usually $35 per occurrence.
“It’s really undisputed that this is one of the largest settlements ever in a consumer case,” said Aaron Podhurst, a lead attorney for the customer class.
Adopt Chip and PIN Technology Now Says CUNA Consultant
CUNA Mutual Group Risk Consultant: Adopt Pin And Chip Technology NowPosted: 2011-11-07 00:00:00 | ||
| NEWS RELEASE: From CUNA Mutual Group Public Relations www.cunamutual.com For more information: Jess Noelck 608/665-7861 jess.noelck@cunamutual.com Phil Tschudy 608/665-7188 philip.tschudy@cunamutual.com
LAS VEGAS – Magnetic stripe card technology is going away, but it continues to pose a significant fraud risk for debit card issuers still using it, a CUNA Mutual Group risk manager told a breakout session audience Friday, at the 2011 ATM, Debit & Prepaid Forum.
Ann Davidson, senior risk management consultant, encouraged card issuers to move away from magnetic stripe cards and adopt more secure chip technology.
“The U.S. is a magnetic stripe fraud hot spot particularly for debit cards, since we’re among the last country to migrate to chip technology,” Davidson said. Criminals are using skimming devices and other sophisticated technology to capture the magnetic stripe and PINs, which is translating into a growing trend of debit card magnetic stripe and PIN fraud.
Citing a recent Nilson Report study, Davidson said U.S. card fraud is double that of global fraud. The U.S. loses 9 cents to fraud for every $100 worth of credit and debit card transactions, while the global average is 4.5 cents. “Many of the card fraud losses are occurring at ATMs, where in the U.S., they’re being referred to as “Automated Theft Machines.”
The days of lone perpetrators peeking over a card user’s shoulder to obtain a PIN are long gone. Today, data breaches and skimming equipment at ATMs or at the point of sale are providing easy money for crooks. Outdated magnetic stripe technology is an enabler, and as long as there are available victims and the thin black line on the card is used, the fraud schemes will continue.
Davidson said accelerating the deployment of chip technologies will create a much more secure payment environment. It will also continue to move the U.S. payment infrastructure toward using mobile payments by building the necessary infrastructure to accept and process chip transactions that support either a signature or PIN at the point of sale, Davidson added.
The introduction of dual-interface chip technology and dynamic values for “each transaction” will greatly reduce magnetic stripe fraud, since the data will be far less useful or attractive to criminals.
Some U.S. merchants are already accepting contactless transactions today, she said. Visa will require U.S. acquirer processors and sub-processor service providers to be able to support merchant acceptance of chip transactions no later than April 1, 2013.
As cards are issued and reissued (both Visa- and MasterCard-branded products), Davidson said CUNA Mutual Group is encouraging credit unions it insures to adopt chip technology to secure payments into the future. Credit unions should check with their card processor to determine if chip technology is available. As the payment infrastructure evolves from magnetic stripe to devices such as EMV (Europay-MasterCard-Visa) chip technology and NFC (near field communication) mobile phones, it is critical that cardholders can continue to conduct their payment transactions.
“Ultimately, consumer education will be a key as more debit card issuers offer chip technology and more merchants accept or require chip technology for payment transactions.
Davidson offered card issuers the following best practices to avoid debit card fraud and successfully migrate to chip technology:
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual's vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.
|
Starbucks rolls out smart phone payments in Canada
Starbucks Corp. wants to cash in on one of its customers’ addictions – to their smart phones – to profit even more from their other addiction – to java.
On Tuesday, the giant chain will break new ground in Canada in offering mobile payment, starting from an iPhone and, in the coming months, Android and BlackBerry devices. It’s betting that by transforming shoppers’ phones into mobile wallets, it will get consumers to splurge more – and return more often.
Starbucks’s free iPhone app requires users to enter their prepaid Starbucks card number and tap a scanner. The company learned from its experience in the United States, where it launched mobile payment this past January and has processed more than 20 million transactions digitally since, Mr. Brotman said. About 65 per cent of Starbucks’ U.S. customers have smart phones, which is similar in Canada, he said.
MasterCard CEO Believes "Selective" Debit Incentives will Provide Increased Debit Volume
November, 2011
MasterCard Inc.’s chief executive on Wednesday said the network would continue to be “strategic” and “surgical” and “selective” as it seeks new transaction volume in the newly regulated U.S. debit card market. Big processor First Data Corp., meanwhile, reported the biggest increase in transaction volume by issuers in its Star PIN-debit network in at least seven quarters.
At a conference call with analysts to discuss the No. 2 payment card network’s third-quarter earnings, MasterCard president and chief executive Ajay Banga said his company is offering select merchants and merchant acquirers incentives to direct debit card transactions MasterCard’s way. “We are in a completely different competitive situation from others in the debit space and do not have the need to defend a large incumbent position,” said Banga in reference to market leader Visa Inc.
More from Digital Transaction News:
New Battleground Emerging in the Crowded and Complex Mobile Commerce Marketplace, Finds TMNG Global
New TMNG Global White Paper Forecasts a Measured Mobile Commerce Adoption Rate With Rapid Growth Limited to Discrete FunctionsOVERLAND PARK, Kan., Nov. 8, 2011 (GLOBE NEWSWIRE) -- A crowded and complex ecosystem of technology, Internet, financial services companies and wireless carriers is vying to take advantage of the nascent mobile commerce (mCommerce) opportunity, finds a new white paper from TMNG Global (Nasdaq:TMNG), a premier provider of professional services and software solutions to the global leaders in the communications, digital media, and technology industries. Released today, the paper entitled "Mobile Commerce: Jockeying to Create Value?", offers perspective on the complexities and disparities of global trials to date and forecasts a measured mobile commerce adoption rate with only a small percentage of total payments expected to be made via mobile devices by 2015.
According to the paper, while the widespread availability of NFC (Near Field Communications), a wireless technology that facilitates contactless payment, will support the development of many mCommerce services, service adoption will ultimately depend on how consumers and merchants weigh the benefits of mCommerce versus existing alternatives. As NFC technology becomes widely available on smartphones, TMNG Global expects that a growing number of retail merchants will accept NFC payments.
"Clearly, there is a rising global interest in mCommerce with new initiatives that have varied in success by geography," said Rich Nespola, TMNG Global's Chairman and CEO. "As these players struggle to position themselves, define business models, and forge strategic partnerships or engage in M&A activities, the results of the many mCommerce trials globally are cautionary. The battle for the marketplace will be won by those who overcome the twin fundamental hurdles of establishing an integrated and ubiquitous infrastructure and correctly incentivizing consumer and merchant adoption."
While the mCommerce value chain preserves many of the traditional roles for financial services companies, the paper shows how the new ecosystem will create opportunities for new players to enter the market. Specifically, the role of the Trusted Service Manager (TSM) which provides a platform for secure reliable provisioning and management of mCommerce applications has emerged as a key battleground. This central position, bridging between mobile and other solution components offers incumbents leverage in working with partners. Since mCommerce business models involve multiple partners, the key question is how power will be shared and returns allocated. As the value chain evolves, the TSM could exert substantial power and consequently capture significant value.
While the mCommerce market will evolve at a measured rate, TMNG Global expects the greatest potential for rapid growth to be in the following areas:
"The complexity of mCommerce leaves little room for a go-it-alone approach. Success will require multiple cross-industry strategic partnerships, whether from the perspective of building or participating in an integrated infrastructure or from the imperative for demand creation," added Mr. Nespola.
|
Subscribe to:
Posts (Atom)