Tuesday, June 1, 2010

New Jersey and New York Transit Agencies Partner with MasterCard on Tap & Go™ Payment System to Enhance Commuter Experience



MTA, PATH and NJ TRANSIT Announce Acceptance of MasterCard® PayPass™ on Select Train and Bus Routes as Part of Six-Month Trial

http://www.mastercard.comNEW YORK & PURCHASE, N.Y.--(BUSINESS WIRE)--The Metropolitan Transportation Authority (MTA), Port Authority of New York and New Jersey (PATH), NJ TRANSIT (NJT) and MasterCard Worldwide today announced the launch of a six month pilot program in which MasterCard PayPass will be accepted for fare payments on select train and bus routes throughout New York City and New Jersey. Today’s announcement enables riders of the three transit systems to purchase fares and transfer between transit systems simply by tapping a single type of contactless credit or debit card or device.
“By using MasterCard PayPass, millions of the area’s mass transit customers will simply be able to Tap & Go™ when entering or boarding the subway or bus, eliminating the need to wait in line or fumble for exact change to purchase fare cards while on the go.”
The trial, which will take place June 1 – November 30, 2010, is the first payment system to link the transit agencies, replacing the need for riders to carry specific fare cards for three separate transit systems. For example, commuters transferring from a PATH train to the New York City subway will need only one type of payment device for each ride – their MasterCard PayPass card or device – to “Tap & Go™”, improving the overall customer experience through increased speed and convenience.
Multiple bus and train routes across New York City and New Jersey will be participating in the trial, including subway locations on the Lexington Avenue train line (4,5,6) from 138th Street in the Bronx through Borough Hall in Brooklyn, eight MTA bus routes (M14, M23, M79, M86, M101, M102, M103 and BXM7), 11 PATH stations (excluding only the Christopher and 9th Street stations), and three NJ TRANSIT bus routes (6, 80, 87).
Specially-equipped payment readers featuring the MasterCard PayPass brand mark and universal contactless symbol have been installed on select turnstiles and fare boxes along these routes to alert commuters that contactless payments are accepted.
The trial program is an extension of a successful pilot of contactless payments conducted by the MTA with MasterCard and Citigroup beginning in July 2006 when contactless readers were placed in 80 fare gates at 30 stations on the Lexington Avenue train line. During this new trial all MasterCard PayPass cards and devices will be accepted from any issuing financial institution.
"The technology that we're testing will make life easier for our customers and help reduce our cost of doing business at the same time," said MTA Chairman and CEO Jay H. Walder. "By using an open network we'll break down regional barriers and let people travel across the region with a card that's already sitting in their wallets. We're thrilled to be working with the Port Authority, NJ TRANSIT and MasterCard to test these innovations for our customers."
Using their MasterCard PayPass or other contactless payment-enabled card or device, riders will be able to choose from a “Pre-Fund” or “Pay-As-You-Go” fare option, and on MTA and NJT services can take advantage of existing time-based fares, such as One Day, Weekly, Bi-Weekly or Monthly passes, as well as discounted fares for senior citizens, disabled and student riders. All fares purchased using a PayPass-enabled card or device will be automatically applied to customers’ MasterCard credit or debit accounts, eliminating the need to fumble for cash or wait in line at ticket machines and counters. Transit riders can go to www.ridenynj.com for more information on how to participate.
“PATH is a natural fit for testing innovations such as MasterCard PayPass that can help customers travel seamlessly between mass-transit systems in New York and New Jersey,’’ said Port Authority Chairman Anthony Coscia. “This program aligns with our interest in improving reliability and simplifying fare payment, increasing capacity, and ultimately attracting more customers to the region’s mass-transit systems.”
“For our bus customers, particularly those who commute in New Jersey and New York every day, this program simplifies the cumbersome task of carrying multiple fare cards and makes the overall riding experience faster and more convenient,” said Jim Weinstein, NJ TRANSIT Executive Director. “We’re pleased to work with the MTA, Port Authority of New York and New Jersey and MasterCard to offer state-of-the-art technology like this to our riders who frequently travel between our systems.”
“Through innovative technology, this initiative enables MasterCard to support the regional transit agencies’ goals of moving more customers faster and more easily, while adding efficiency to their back-end operations,” said Joshua Peirez, Chief Innovation Officer, MasterCard Worldwide. “By using MasterCard PayPass, millions of the area’s mass transit customers will simply be able to Tap & Go™ when entering or boarding the subway or bus, eliminating the need to wait in line or fumble for exact change to purchase fare cards while on the go.”
Contactless payment will be available exclusively to MasterCard PayPass customers during the first two months of the trial and to additional select contactless payments brand customers for the remainder of the test period.
For B-roll, photos and video about this trial, visit: http://mastercard.presslift.com/ridenynj
About MasterCard PayPass
MasterCard PayPass is ideal for traditional cash heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories, such as quick-serve restaurants, drugstores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of Q1 2010, there are nearly 75 million MasterCard PayPass cards and devices that have been issued for use at approximately 230,000 merchant locations worldwide, including participating BP, Best Buy, Home Depot, CVS, McDonald’s, Petco and many others. PayPass also is accepted at numerous professional football and baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit www.mastercard.com/paypass.
About The Metropolitan Transportation Authority (MTA)
The Metropolitan Transportation Authority of the State of New York is the largest public transportation agency in the Western Hemisphere and among the largest in the world. Each day, approximately 8.5 million people rely on the agency’s 5,000-square mile network of subways, buses, railroads, paratransit vehicles, bridges and tunnels spanning 14 counties in two states. MTA New York City Transit carries 7.5 million people per day on its network of subways and buses.
About the Port Authority of New York and New Jersey, which operates the PATH rail system
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Port Authority Auto Marine Terminal; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan and is a partner in the Access to the Region's Core tunnel project.
About NJ TRANSIT (NJT)
NJ TRANSIT is the nation's largest statewide public transportation system providing more than 895,000 weekday trips on 240 bus routes, three light rail lines and 12 commuter rail lines. It is the third largest transit system in the country with 165 rail stations, 60 light rail stations and more than 18,000 bus stops linking major points in New Jersey, New York and Philadelphia.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to www.mastercard.com. Follow us on Twitter: @mastercardnews.


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New Jersey and New York Transit Agencies Partner with MasterCard on Tap & Go™ Payment System to Enhance Commuter Experience



MTA, PATH and NJ TRANSIT Announce Acceptance of MasterCard® PayPass™ on Select Train and Bus Routes as Part of Six-Month Trial

http://www.mastercard.comNEW YORK & PURCHASE, N.Y.--(BUSINESS WIRE)--The Metropolitan Transportation Authority (MTA), Port Authority of New York and New Jersey (PATH), NJ TRANSIT (NJT) and MasterCard Worldwide today announced the launch of a six month pilot program in which MasterCard PayPass will be accepted for fare payments on select train and bus routes throughout New York City and New Jersey. Today’s announcement enables riders of the three transit systems to purchase fares and transfer between transit systems simply by tapping a single type of contactless credit or debit card or device.
“By using MasterCard PayPass, millions of the area’s mass transit customers will simply be able to Tap & Go™ when entering or boarding the subway or bus, eliminating the need to wait in line or fumble for exact change to purchase fare cards while on the go.”
The trial, which will take place June 1 – November 30, 2010, is the first payment system to link the transit agencies, replacing the need for riders to carry specific fare cards for three separate transit systems. For example, commuters transferring from a PATH train to the New York City subway will need only one type of payment device for each ride – their MasterCard PayPass card or device – to “Tap & Go™”, improving the overall customer experience through increased speed and convenience.
Multiple bus and train routes across New York City and New Jersey will be participating in the trial, including subway locations on the Lexington Avenue train line (4,5,6) from 138th Street in the Bronx through Borough Hall in Brooklyn, eight MTA bus routes (M14, M23, M79, M86, M101, M102, M103 and BXM7), 11 PATH stations (excluding only the Christopher and 9th Street stations), and three NJ TRANSIT bus routes (6, 80, 87).
Specially-equipped payment readers featuring the MasterCard PayPass brand mark and universal contactless symbol have been installed on select turnstiles and fare boxes along these routes to alert commuters that contactless payments are accepted.
The trial program is an extension of a successful pilot of contactless payments conducted by the MTA with MasterCard and Citigroup beginning in July 2006 when contactless readers were placed in 80 fare gates at 30 stations on the Lexington Avenue train line. During this new trial all MasterCard PayPass cards and devices will be accepted from any issuing financial institution.
"The technology that we're testing will make life easier for our customers and help reduce our cost of doing business at the same time," said MTA Chairman and CEO Jay H. Walder. "By using an open network we'll break down regional barriers and let people travel across the region with a card that's already sitting in their wallets. We're thrilled to be working with the Port Authority, NJ TRANSIT and MasterCard to test these innovations for our customers."
Using their MasterCard PayPass or other contactless payment-enabled card or device, riders will be able to choose from a “Pre-Fund” or “Pay-As-You-Go” fare option, and on MTA and NJT services can take advantage of existing time-based fares, such as One Day, Weekly, Bi-Weekly or Monthly passes, as well as discounted fares for senior citizens, disabled and student riders. All fares purchased using a PayPass-enabled card or device will be automatically applied to customers’ MasterCard credit or debit accounts, eliminating the need to fumble for cash or wait in line at ticket machines and counters. Transit riders can go to www.ridenynj.com for more information on how to participate.
“PATH is a natural fit for testing innovations such as MasterCard PayPass that can help customers travel seamlessly between mass-transit systems in New York and New Jersey,’’ said Port Authority Chairman Anthony Coscia. “This program aligns with our interest in improving reliability and simplifying fare payment, increasing capacity, and ultimately attracting more customers to the region’s mass-transit systems.”
“For our bus customers, particularly those who commute in New Jersey and New York every day, this program simplifies the cumbersome task of carrying multiple fare cards and makes the overall riding experience faster and more convenient,” said Jim Weinstein, NJ TRANSIT Executive Director. “We’re pleased to work with the MTA, Port Authority of New York and New Jersey and MasterCard to offer state-of-the-art technology like this to our riders who frequently travel between our systems.”
“Through innovative technology, this initiative enables MasterCard to support the regional transit agencies’ goals of moving more customers faster and more easily, while adding efficiency to their back-end operations,” said Joshua Peirez, Chief Innovation Officer, MasterCard Worldwide. “By using MasterCard PayPass, millions of the area’s mass transit customers will simply be able to Tap & Go™ when entering or boarding the subway or bus, eliminating the need to wait in line or fumble for exact change to purchase fare cards while on the go.”
Contactless payment will be available exclusively to MasterCard PayPass customers during the first two months of the trial and to additional select contactless payments brand customers for the remainder of the test period.
For B-roll, photos and video about this trial, visit: http://mastercard.presslift.com/ridenynj
About MasterCard PayPass
MasterCard PayPass is ideal for traditional cash heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories, such as quick-serve restaurants, drugstores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of Q1 2010, there are nearly 75 million MasterCard PayPass cards and devices that have been issued for use at approximately 230,000 merchant locations worldwide, including participating BP, Best Buy, Home Depot, CVS, McDonald’s, Petco and many others. PayPass also is accepted at numerous professional football and baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit www.mastercard.com/paypass.
About The Metropolitan Transportation Authority (MTA)
The Metropolitan Transportation Authority of the State of New York is the largest public transportation agency in the Western Hemisphere and among the largest in the world. Each day, approximately 8.5 million people rely on the agency’s 5,000-square mile network of subways, buses, railroads, paratransit vehicles, bridges and tunnels spanning 14 counties in two states. MTA New York City Transit carries 7.5 million people per day on its network of subways and buses.
About the Port Authority of New York and New Jersey, which operates the PATH rail system
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Port Authority Auto Marine Terminal; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan and is a partner in the Access to the Region's Core tunnel project.
About NJ TRANSIT (NJT)
NJ TRANSIT is the nation's largest statewide public transportation system providing more than 895,000 weekday trips on 240 bus routes, three light rail lines and 12 commuter rail lines. It is the third largest transit system in the country with 165 rail stations, 60 light rail stations and more than 18,000 bus stops linking major points in New Jersey, New York and Philadelphia.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 22 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to www.mastercard.com. Follow us on Twitter: @mastercardnews.


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MERCHANT RISK COUNCIL SUPPORTS MULTI-NATIONAL ANTI-FRAUD INITIATIVE

Credit cardsImage via Wikipedia




Organization Poised to Increase Consumer Confidence in Online Shopping


(Seattle, WA—June 1, 2010) The Merchant Risk Council (MRC), a merchant-led trade association focused on helping organizations reduce the risks associated with electronic commerce and payments globally, announces their support of today’s multi-national “Day of Action” by law enforcement and regulatory authorities in five countries in combating global mass marketing fraud.


The MRC is actively working with the leading e-Commerce and multi-channel merchants throughout North America and Europe and collaborating with a wide variety of law enforcement agencies, risk management solution providers, credit cards brands as well as numerous payment providers and processors in fighting fraud and mitigating risk in the online shopping channel.


“With Internet commerce becoming increasingly complex, we help the industry make online payments safe,” said MRC Executive Director Tom Donlea. “As a leading trade association in the industry, we facilitate collaboration among the good guys – after all, the bad guys are constantly collaborating to find new ways of defrauding banks, retailers and consumers.  When it comes to battling against fraudsters, we need to do the same.”


The MRC supports the efforts of law enforcement agencies in Australia, Canada, the Netherlands, the United Kingdom and the United States to reduce cybercrime and mass marketing fraud.




About the Merchant Risk Council
The Merchant Risk Council (MRC) leads industry networking, education, benchmarking and advocacy programs to make electronic commerce more efficient, safe and profitable.


Today, with the power of its member-base, the MRC is the leading trade association for managing payments, preventing online fraud and promoting secure e-Commerce. The MRC is dedicated to working with e-Commerce and multi-channel merchants, payment processors, credit card issuers, credit card companies, alternative payment providers, risk management experts, and law enforcement to make the Internet a safer and more profitable place to do business.


The MRC Global Board of Directors include: Apple, CyberSource, Discover, Expedia, Neiman Marcus, Visa and Wal‐Mart. The MRC Americas Advisory Board includes: Dell, Gap, GlobalCollect, Linden Lab, Microsoft, PayPal and Trustwave. The MRC European Advisory Board includes: Carphone Warehouse, Chase Paymentech, eDreams, GlobalCollect, Nike, Retail Decisions, SonyStyle, Symantec and Trustwave.


The MRC is headquartered in Seattle, Washington.


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MERCHANT RISK COUNCIL SUPPORTS MULTI-NATIONAL ANTI-FRAUD INITIATIVE

Credit cardsImage via Wikipedia




Organization Poised to Increase Consumer Confidence in Online Shopping


(Seattle, WA—June 1, 2010) The Merchant Risk Council (MRC), a merchant-led trade association focused on helping organizations reduce the risks associated with electronic commerce and payments globally, announces their support of today’s multi-national “Day of Action” by law enforcement and regulatory authorities in five countries in combating global mass marketing fraud.


The MRC is actively working with the leading e-Commerce and multi-channel merchants throughout North America and Europe and collaborating with a wide variety of law enforcement agencies, risk management solution providers, credit cards brands as well as numerous payment providers and processors in fighting fraud and mitigating risk in the online shopping channel.


“With Internet commerce becoming increasingly complex, we help the industry make online payments safe,” said MRC Executive Director Tom Donlea. “As a leading trade association in the industry, we facilitate collaboration among the good guys – after all, the bad guys are constantly collaborating to find new ways of defrauding banks, retailers and consumers.  When it comes to battling against fraudsters, we need to do the same.”


The MRC supports the efforts of law enforcement agencies in Australia, Canada, the Netherlands, the United Kingdom and the United States to reduce cybercrime and mass marketing fraud.




About the Merchant Risk Council
The Merchant Risk Council (MRC) leads industry networking, education, benchmarking and advocacy programs to make electronic commerce more efficient, safe and profitable.


Today, with the power of its member-base, the MRC is the leading trade association for managing payments, preventing online fraud and promoting secure e-Commerce. The MRC is dedicated to working with e-Commerce and multi-channel merchants, payment processors, credit card issuers, credit card companies, alternative payment providers, risk management experts, and law enforcement to make the Internet a safer and more profitable place to do business.


The MRC Global Board of Directors include: Apple, CyberSource, Discover, Expedia, Neiman Marcus, Visa and Wal‐Mart. The MRC Americas Advisory Board includes: Dell, Gap, GlobalCollect, Linden Lab, Microsoft, PayPal and Trustwave. The MRC European Advisory Board includes: Carphone Warehouse, Chase Paymentech, eDreams, GlobalCollect, Nike, Retail Decisions, SonyStyle, Symantec and Trustwave.


The MRC is headquartered in Seattle, Washington.


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Sunday, May 30, 2010

Debit Card Issues: Breaches, Resolving Errors & Other Concerns



Debit Card Issues: Breaches, Resolving Errors & Other Concerns

in 
Download this Event to your Calendar
Printer-friendly VersionPrinter-friendly VersionShareThis
Debit Card Issues: Breaches, Resolving Errors & Other Concerns

WEBINAR – ON DEMAND WEB LINK – FREE CD ROM

Register



Thursday, July 8, 2010

12 - 1:30 pm PT

1 - 2:30 pm MT

2 - 3:30 pm CT

3 - 4:30 pm ET   



Your debit card franchise is poised for rapid growth in 2010 and beyond . . .

but so are identity theft, data breaches, and card regulation.  Are you ready?
Last year, debit and prepaid card transactions grew 13% as consumers migrated in droves from “pay later” to “pay now.”  But last year also saw the biggest card breach in history and the first real threat to the integrity of PIN security as criminals successfully reversed HSM encryption at RBS/Worldpay.  Revisions to Reg E, ongoing implementation of the CARD Act, and the evolution of PCI rules also present major challenges and opportunities for card-issuing community banks.  Learn what your bank should do strategically and tactically to protect its fastest-growing payment franchise and the customers who use it.



Continuing Education: Attendance verification for CE credits provided upon request.



HIGHLIGHTS

•    Debit card security update:  End-to-End (E2E) Encryption vs. Tokenization vs. EMV

•    Regulatory Update:  Title IV of the CARD Act and PCI

•    Fee income threats:  Bank of America, overdraft opt-in for one-time debits, shift to PIN

•    Resolving debit errors:  hold-triggered overdrafts (signature vs. PIN)

•    Deputizing customers in the fight against fraud:  one- and two-way mobile text alerts

•    The future of debit:  online PIN debit, EMV and P2P

•    Next steps:  top 5 debit moves for 2010



WHO SHOULD ATTEND?

This informative session is designed for bank management; operations/marketing officers; and staff responsible for managing credit/debit card programs and other payments services/initiatives.



MEET THE PRESENTER

Lee Wetherington

Profit Stars    


Place: 
Webinar
Date: 
Jul 8 2010
Posted by at

Debit Card Issues: Breaches, Resolving Errors & Other Concerns



Debit Card Issues: Breaches, Resolving Errors & Other Concerns

in 
Download this Event to your Calendar
Printer-friendly VersionPrinter-friendly VersionShareThis
Debit Card Issues: Breaches, Resolving Errors & Other Concerns

WEBINAR – ON DEMAND WEB LINK – FREE CD ROM

Register



Thursday, July 8, 2010

12 - 1:30 pm PT

1 - 2:30 pm MT

2 - 3:30 pm CT

3 - 4:30 pm ET   



Your debit card franchise is poised for rapid growth in 2010 and beyond . . .

but so are identity theft, data breaches, and card regulation.  Are you ready?
Last year, debit and prepaid card transactions grew 13% as consumers migrated in droves from “pay later” to “pay now.”  But last year also saw the biggest card breach in history and the first real threat to the integrity of PIN security as criminals successfully reversed HSM encryption at RBS/Worldpay.  Revisions to Reg E, ongoing implementation of the CARD Act, and the evolution of PCI rules also present major challenges and opportunities for card-issuing community banks.  Learn what your bank should do strategically and tactically to protect its fastest-growing payment franchise and the customers who use it.



Continuing Education: Attendance verification for CE credits provided upon request.



HIGHLIGHTS

•    Debit card security update:  End-to-End (E2E) Encryption vs. Tokenization vs. EMV

•    Regulatory Update:  Title IV of the CARD Act and PCI

•    Fee income threats:  Bank of America, overdraft opt-in for one-time debits, shift to PIN

•    Resolving debit errors:  hold-triggered overdrafts (signature vs. PIN)

•    Deputizing customers in the fight against fraud:  one- and two-way mobile text alerts

•    The future of debit:  online PIN debit, EMV and P2P

•    Next steps:  top 5 debit moves for 2010



WHO SHOULD ATTEND?

This informative session is designed for bank management; operations/marketing officers; and staff responsible for managing credit/debit card programs and other payments services/initiatives.



MEET THE PRESENTER

Lee Wetherington

Profit Stars    


Place: 
Webinar
Date: 
Jul 8 2010
Posted by at

EU antitrust case against Visa: FAQs

Visa Debit logo
Finextra reports:



Antitrust: Commission market tests Visa Europe's commitments to cut Multilateral Interchange Fees (MIFs) for debit cards transactions - frequently asked questions.

Interchange fees are charged by a cardholder's bank (the 'issuing bank') to a merchant's bank (the 'acquiring bank') for each sales transaction made at a merchant outlet with a payment card.
Interchange fees are either agreed bilaterally, between one issuing and one acquiring bank, or multilaterally, by a number of issuing/acquiring banks or by means of a decision binding all banks participating in a payment card scheme. The industry refers to these multilateral interchange fees as "MIFs". A MIF can be a percentage, a flat fee or a combined fee (percentage and flat fee).
When a customer uses a payment card to buy from a merchant, the merchant receives from his bank (the acquiring bank) the sales price less a 'merchant service charge', the fee a merchant must pay to his bank for accepting the card as means of payment for that transaction. A large part of the merchant service charge is determined by the interchange fee. The customer's bank (the issuing bank), in turn, pays the acquiring bank the sales price minus the MIF and the sales price is deducted from the customer's bank account. The MIF is therefore a cost that is finally charged to the merchant (through the reduction of the purchase price) who passes the costs on to consumers in the price level of the good or service.
What are the Commission's competition concerns as regards interchange fees?
Continue Reading at Finexrtra
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EU antitrust case against Visa: FAQs

Visa Debit logo
Finextra reports:



Antitrust: Commission market tests Visa Europe's commitments to cut Multilateral Interchange Fees (MIFs) for debit cards transactions - frequently asked questions.

Interchange fees are charged by a cardholder's bank (the 'issuing bank') to a merchant's bank (the 'acquiring bank') for each sales transaction made at a merchant outlet with a payment card.
Interchange fees are either agreed bilaterally, between one issuing and one acquiring bank, or multilaterally, by a number of issuing/acquiring banks or by means of a decision binding all banks participating in a payment card scheme. The industry refers to these multilateral interchange fees as "MIFs". A MIF can be a percentage, a flat fee or a combined fee (percentage and flat fee).
When a customer uses a payment card to buy from a merchant, the merchant receives from his bank (the acquiring bank) the sales price less a 'merchant service charge', the fee a merchant must pay to his bank for accepting the card as means of payment for that transaction. A large part of the merchant service charge is determined by the interchange fee. The customer's bank (the issuing bank), in turn, pays the acquiring bank the sales price minus the MIF and the sales price is deducted from the customer's bank account. The MIF is therefore a cost that is finally charged to the merchant (through the reduction of the purchase price) who passes the costs on to consumers in the price level of the good or service.
What are the Commission's competition concerns as regards interchange fees?
Continue Reading at Finexrtra
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Saturday, May 29, 2010

Phishers Ambush Military Credit Unions

Internet.com is reporting that "a number of bogus Web sites that appear to be the official pages of a pair of credit unions used by military personnel are actually phishing traps designed to steal soldiers' identities."



Phishing can be eliminated. What they are "phishing" for are online banking passwords and usernames. Get rid of the antiquated login process and start "really" getting serious about authentication.



Replicate the same trusted process to disperse cash "in real time" from an ATM and two-factor" authenticate the online banking session by having customers swipe their bank-issued card and enter their bank-issued PIN.  



Start doing that, and banks will eradicate the "phishing" problem...because there will be nothing left to phish phor.



The money banks spend "phighting" phishing can be spent providing their customers with a PCI 2.1 Certified PED resulting in the complete eradication of the threat posed.  (it would also provide an ROI to the issuing bank via interchange revenue derived from usage of the device for eCommerce purchases)



Whats the phake phishing site going to ask people to do? Swipe their card and Enter their PIN?  Worthless move.  It's instantly 3DES DUKPT encrypted inside the device and guess who "doesn't" have the encryption key? If you said the phisher you're right.  If you said the online banking customer you are also correct.  The way it's done now, the customer does have the information being phished phor.  



Translation: No more username/passwords.



Even the customer him/herself does NOT have the "information" the phishers are looking for so they cannot be "duped" into providing it.



Make sense?  When swiping the card and entering the PIN "outside the browser and inside the box" and there isn't "ANY phishable" information.





That's why Eugene Kaspersky of Kaspersky Labs last week called for "MASS adoption of peripheral card readers for ALL internet banking customers. (see top left...and click the top right sidebar graphic for the complete story)



May 28, 2010  By Larry Barrett


Phishers don't play favorites and their latest intended victims are the men and women in uniform.









As eSecurity Planet discovered, several clever phishing traps have popped up online in the past year with almost the exact same look and feel of a pair of popular credit unions primarily used by folks serving in the U.S. military.


Security software experts are warning customers of both USAA, an insurance and financial services firm, and the Navy Federal Credit Union to be especially vigilant before divulging their Social Security numbers, passwords, account numbers and other personally identifying information.
Symantec said this latest attack comes from Web sites hosted on servers in Taiwan and variants of this particular phishing URLs have been used to spoof other online brands as well.
U.S. Strategic Command officials are joining leading security software vendors in warning soldiers serving in the U.S. Army, Navy, Air Force and Marine Corps to be on high alert for a new phishing scam that targeting customers at a pair of credit unions catering to servicemen and their families.
Gen. Kevin P. Chilton, the STRATCOM commander, is warning soldiers and their families that bogus Web sites imitating both USAA, a popular insurance and financial services firm catering to military families, and the Navy Federal Credit Union have successfully stolen the personal and banking data of an unknown number of customers. 

Read the full story at eSecurity Planet: 

Phishing Scam Targets Military Credit Unions





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Phishers Ambush Military Credit Unions

Internet.com is reporting that "a number of bogus Web sites that appear to be the official pages of a pair of credit unions used by military personnel are actually phishing traps designed to steal soldiers' identities."



Phishing can be eliminated. What they are "phishing" for are online banking passwords and usernames. Get rid of the antiquated login process and start "really" getting serious about authentication.



Replicate the same trusted process to disperse cash "in real time" from an ATM and two-factor" authenticate the online banking session by having customers swipe their bank-issued card and enter their bank-issued PIN.  



Start doing that, and banks will eradicate the "phishing" problem...because there will be nothing left to phish phor.



The money banks spend "phighting" phishing can be spent providing their customers with a PCI 2.1 Certified PED resulting in the complete eradication of the threat posed.  (it would also provide an ROI to the issuing bank via interchange revenue derived from usage of the device for eCommerce purchases)



Whats the phake phishing site going to ask people to do? Swipe their card and Enter their PIN?  Worthless move.  It's instantly 3DES DUKPT encrypted inside the device and guess who "doesn't" have the encryption key? If you said the phisher you're right.  If you said the online banking customer you are also correct.  The way it's done now, the customer does have the information being phished phor.  



Translation: No more username/passwords.



Even the customer him/herself does NOT have the "information" the phishers are looking for so they cannot be "duped" into providing it.



Make sense?  When swiping the card and entering the PIN "outside the browser and inside the box" and there isn't "ANY phishable" information.





That's why Eugene Kaspersky of Kaspersky Labs last week called for "MASS adoption of peripheral card readers for ALL internet banking customers. (see top left...and click the top right sidebar graphic for the complete story)



May 28, 2010  By Larry Barrett


Phishers don't play favorites and their latest intended victims are the men and women in uniform.









As eSecurity Planet discovered, several clever phishing traps have popped up online in the past year with almost the exact same look and feel of a pair of popular credit unions primarily used by folks serving in the U.S. military.


Security software experts are warning customers of both USAA, an insurance and financial services firm, and the Navy Federal Credit Union to be especially vigilant before divulging their Social Security numbers, passwords, account numbers and other personally identifying information.
Symantec said this latest attack comes from Web sites hosted on servers in Taiwan and variants of this particular phishing URLs have been used to spoof other online brands as well.
U.S. Strategic Command officials are joining leading security software vendors in warning soldiers serving in the U.S. Army, Navy, Air Force and Marine Corps to be on high alert for a new phishing scam that targeting customers at a pair of credit unions catering to servicemen and their families.
Gen. Kevin P. Chilton, the STRATCOM commander, is warning soldiers and their families that bogus Web sites imitating both USAA, a popular insurance and financial services firm catering to military families, and the Navy Federal Credit Union have successfully stolen the personal and banking data of an unknown number of customers. 

Read the full story at eSecurity Planet: 

Phishing Scam Targets Military Credit Unions





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