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Every time there is a retailer data-security breach, credit unions step forward to make their members whole. A NAFCU survey found that its member credit unions paid an average of $226,000 each in costs associated with retailer data breaches in 2014. Meanwhile, large companies like Target might lose less than one-tenth of one percent of their annual sales due to a data-security breach; and if they want to recoup expenses, they can always raise prices. Credit unions, as not-for-profit, member-owned institutions, have no such remedy. It’s time to get a national data-security standard in place for retailers. And to do that, we need everyone in the industry – trades, credit unions and the more than 107 million credit union members nationwide – to raise their voices and make Congress take action. Continue Reading
(Hartford, CT) – Today, U.S. Senator Richard Blumenthal (D-Conn.), Ranking Member of the Senate Committee on Commerce, Science, and Transportation’s Subcommittee on Consumer Protections and Data Security, requested answers from the Merchant Customer Exchange (MCX) whose members have blocked use of new mobile payment systems. In a letter to MCX Interim CEO Brian Mooney, Blumenthal requested answers to reports that retailers have chosen to disable their payment systems in order to block new “tokenization” technology that may better protect consumers.
ABA this week is running ads in Capitol Hill publications and on D.C.-area talk radio stations urging Congress to let the payments industry continue to develop innovative solutions to secure payments — and not mandate static technologies such as chip-and-PIN, which is fast becoming out of date.
U.S. banks are steadily shipping more secure chip-embedded credit and debit cards to consumers, but industry attention is also focused on whether merchants have installed updated payment terminals to accept the new cards.
MasterCard announced that it has published the “Emotion of Safety & Security Survey”, conducted by Braun Research, which finds that 67 percent of Americans have heard of biometric payment solutions and 82 percent have heard of contactless or tap-and-go payments.
Visa and MasterCard are putting more resources than ever behind their tokenization services as they push to improve their standing in the overall digital payment market.
Leading payments processor First Data is going up against younger startups such as Square, Shopkeep, and Poynt with the Clover Mini, a device equipped to take virtually any kind of payment. The seven-inch tablet terminal handles checks, magnetic and chip-and-PIN cards, and mobile payment systems, and includes a receipt printer.
MasterCard has formed new partnerships with Synchrony Financial and Citi Retail Services to take its tokenization efforts to the next level.
New technology is changing the way you pay for goods and hopefully making it more secure too.