AuthenTec: another piece of an Apple mobile payments plan - GigaOM

Broadcom Explains the Current State, and Future, of NFC (Interview ... By Todd Haselton Carriers are also implementing mobile payment solutions. Sprint, for example, uses NFC for mobile payments through Google Wallet and T-Mobile, AT&T and Verizon Wireless have teamed up on the ISIS intiative. However, NFC's use-case ... TechnoBuffalo

Image via CrunchBase NFC Exploit Can Expose Your Android Smartphone By Chuong Nguyen On more recent Android OS versions, NFC has been used not only for digital wallet and mobile payments through services like Google Wallet, but also to check in to places, command phones using smart tags to alter device settings or launch ... Gotta Be Mobile

AuthenTec: another piece of an Apple mobile payments plan - GigaOM By Erica Ogg One of the company's key products is an NFC chip with on-chip encryption, which is designed specifically for mobile payments. And in keeping with Apple's penchant for a seamless, touch-oriented user experience, AuthenTec's expertise is ... GigaOM

Top NFC Vulnerabilities: Your Smartphone's Best Friend and Worst ... By Mellisa Tolentino It's a serious topic, as more and more devices are being shipped with NFC chips standard, and NFC technology is being leveraged for sharing content between phones, contactless payments and more. As a smartphone user, developer or retailer it's ... Miller stated that this doesn't have to be the case, as users should be informed when a smartphones is being asked to perform a task like opening a mobile browser or downloading content. Malicious NFC tags can be used to siphon ... SiliconANGLE

Inside Secure appoints Pierre Garnier as Executive Vice ... - Paypers French contactless and NFC technology developer Inside Secure has appointed Pierre Garnier as Executive Vice President of the NFC and secure payment division and member of the management board starting 1 August 2012. ... embedded software and platforms for transactions and digital security. The company services include mobile payment, identification documents, access control, transit, electronic device manufacturing, pay television and mobile service operators. In recent ... The Paypers Headlines

Retail slow to replace cards with NFC | ServiceDesk360 By servicedesk360 The report says the retail industry is cautious about NFC, unwilling to invest in contact-less payments so soon after the implementation of chip and pin. However, many mobile operators have demonstrated commitment to the system with pilot ... ServiceDesk360

Nokia and Samsung devices hacked due to NFC flaw - AfterDawn NFC-based mobile systems have been slow to adoption, with the number one reason usually being security. Most companies offer at least one NFC-enabled phone, and the big hitter, Apple, is expected to add the ... Additionally, a concealed NFC tag placed on a payment terminal or other legitimate NFC-enabled device can be used to take control of the device, as long as they are unlocked. These issues will certainly need to be resolved before NFC can become mainstream. Tweet ... AfterDawn.com

Visa Strives to Make 2012 Olympics Cashless - Gemalto blog By Amy Gant Gemalto's corporate blog home, conversations around digital security including online authentication, NFC, mobile marketing, digital life management, digital identity and more. ... Visa's Mariano Dima said the choice to make the 2012 London Games cashless is to give consumers first-hand experience with contactless and mobile payments, via "a secure, reliable and fast payments infrastructure for the Games and beyond." I think Visa's initiative is a big step forward for payments. Gemalto blog

Apple Buying Fingerprint Security Company AuthenTec For Lots Of ... By Lily The purchase makes sense in the context of Apple pursuing the development of the iPhone, or other iOS devices, as mobile payment platforms through the use of NFC, or via personal identification devices. Whether Apple chooses to initially ... Apple Bitch

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The New Federal Reserve Rule Will Enrich Banks for Not Preventing Fraud, Says the Merchants Payments Coalition

WASHINGTON - NOVEMBER 23: Federal Reserve Bank Board of Governors Chairman Ben Bernanke participates in the open portion of a meeting of the Financial Stability Oversight Council at the Treasury Department November 23, 2010 in Washington, DC. Created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the council is charged with identifying and responding to emerging risks and threats to the financial stability of the United States. (Image credit: Getty Images via @daylife)

July 27, 2012 04:43 PM Eastern Daylight Time 

WASHINGTON--(BUSINESS WIRE)--The Merchants Payments Coalition criticized the Federal Reserve for making merchants pay for fraud prevention even if banks don’t prevent fraud.

Although the Fed found that merchants bear 41 percent of signature debit fraud losses and 74 percent of such losses for "card-not-present" transactions, its rules now require them to pay fees that cover 100 percent of fraud-prevention costs incurred by issuing banks.

Under debit-card reform that took effect in October, the Fed was to ensure that banks actually take effective steps to prevent fraud and decide how much of the cost of preventing fraud the merchants and the banks should bear.

Instead, the Fed rule rewards banks with more merchant funds if they self-determine that they prevent fraud. That will not be effective and regulators should have to find that the banks actually reduce fraud before they get more funds.

U.S. banks lag much of the rest of the industrialized world in technology to make card transactions safer and remain mired in 1970s-era technology, in part because the less-safe transactions (signing for a debit card purchase rather than using a PIN number) have historically been more profitable for the banks.

The coalition believes it is unfair for the Fed to saddle merchants with the costs resulting from this purposely outdated technology.

Instead the Merchants Payments Coalition believes that with this ruling the Fed is abdicating its regulatory role and simply allowing more money to flow to banks that issue debit cards.

Nothing in today’s ruling actually decreases fraud. This is inherently unfair to merchants who already bear nearly half the cost of preventing fraud.

The Federal Reserve Board’s final rule, which goes into effect Oct. 1, allows non-exempt issuers to collect a 1-cent fraud prevention adjustment on debit card transaction revenues, so long as issuing banks self-certify that they meet the Fed’s fraud prevention standards. This fee, in addition to a 0.7 percent fee for fraud prevention costs already included in the interchange fee, would place the entire cost of fraud prevention on the backs of merchants.

This final rule the Fed announced Friday is the same amount as the preliminary rule. The Fed is responsible for the details of enforcing debit reform passed by Congress in 2010 as part of the Dodd-Frank bill created to prevent another financial crash.

The Merchants Payments Coalition (MPC) - www.UnfairCreditCardFees.com - is a group of retailers, supermarkets, drug stores, convenience stores, fuel stations, on-line merchants and other businesses who are fighting against unfair credit card fees and fighting for a more competitive and transparent card system that works better for consumers and merchants alike. The coalition's member associations collectively represent about 2.7 million stores with approximately 50 million employees.

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