article thumbnail

The Anatomy of a Credit Card Transaction

Clearly Payments

Merchant Sells goods/services and accepts credit card payments. Acquiring Bank The acquiring bank processes the transaction on behalf of the merchant. Payment Processor Facilitates communication between acquiring and issuing banks. Card Network Card networks route transactions between banks (e.g.,

article thumbnail

What is a BIN in Payment Processing

Clearly Payments

This routing allows the processor to request authorization for the transaction from the issuing bank, which then approves or denies it based on factors like available funds and fraud checks. For instance, it indicates the issuing bank, card type (credit, debit, or prepaid), and sometimes the country of issuance.

Process 104
article thumbnail

How are Interchange Fees Calculated?

Stax

Keep card networks up and running Large, global infrastructures are required to process massive volumes of transactions safely and efficiently. Card networks must maintain them properly and pay for fraud prevention tech (data encryption, tokenization, real-time tracking, etc.). have higher fees compared to basic payment cards.

article thumbnail

Bitcoin Daily: BlockFi Suffered ?Temporary Data Breach?; Celo Milestone Enables Celo Gold Transfers

PYMNTS

BlockFi said it was “able to confirm that no funds, passwords, social security numbers, tax identification numbers, passports, licenses, bank account information, nor similar non-public identification information was exposed as a result of this incident.”. dollars and Ukrainian hryvnias.

article thumbnail

What is NFC Mobile Payment and How to Use It?

Payment Savvy

Designed for Android mobiles, the NFC payment app Google Pay also ensures you make transactions in a safe environment with end-to-end encryption across devices. First, in order to protect users against fraudsters, NFC payments use end-to-end encryption. Contactless payments. Google Pay. It’s Fast.

article thumbnail

8 Tips for Avoiding COVID-19 Scams

FICO

Don’t trust a website simply because it begins with “[link] The s” merely means the data in transit is encrypted, that the site is legitimate or secure. Think about how you want to pay for orders and use a trusted mechanism - such as a credit card or PayPal - which generally provides more protection.

Scams 92
article thumbnail

The New PSTI Act is a Good Start, But do Smart Devices Still Need Better Protections?

The Fintech Times

We are advocates for comprehensive privacy measures, emphasising end-to-end encryption, robust authentication mechanisms, and user control over data. Don’t stop them from using the same code over and over, and our research shows that 45 per cent will use the same PIN for their phone, apps, services and bank cards.

API 124