Tag Archives: payments system

Task Force Assessments on ‘Faster Payments’ Due Mid-2017

The task forces convened as part of the Federal Reserve’s “faster payments” initiative have begun reviewing 19 specific proposals to advance faster payments in the U.S., according to a Fed statement today, with the first installment of a final report due from the Faster Payments Task Force and the Secure Payments Task Force in January.

Read More »

Visa: EMV-Enabled Merchants Seeing Just Half of Previous Fraud

A year after the liability shift for card fraud based on readiness for chip card or EMV capability, merchants that had completed the transition to chip card terminals saw 47 percent less counterfeit fraud in May versus a year earlier, according to figures released today by Visa.

Read More »

Survey: Despite Card Fraud, Consumers Satisfied with Resolution

While nearly half of U.S. consumers believe they will experience credit or debit card fraud in the next five years -- and 42 percent have personally experienced it -- victims of fraud are universally satisfied with the way their bank resolved the situation, according to a recent survey.

Read More »

Wendy’s Confirms Data Breach at More than 1,000 Locations

The fast-food chain Wendy’s yesterday confirmed that 1,025 locations -- nearly 20 percent of U.S. stores -- were part of a major data breach that ran for up to several months in which cyber criminals infected card terminals with malware to steal debit and credit card data.

Read More »

ABA, FS-ISAC Issue Statement on SWIFT Compromises

In response to recent high-profile compromised communications sent through the SWIFT communications network, ABA -- together with the Financial Services Information Sharing and Analysis Center and other financial groups -- today issued a statement with insight and analysis on the incidents, as well as recommendations for mitigating cyber risks.

Read More »

Agencies Issue Guidance in Response to SWIFT Compromises

In the wake of high-profile compromised communications in the SWIFT communications network, the federal banking agencies issued guidance alerting banks to specific risk mitigation techniques that can minimize the cyber risks associated with interbank networks and wholesale payments systems.

Read More »