Clearly Payments

OCTOBER 22, 2024

This guide explains how a PIN functions in credit and debit card payments and its importance for merchants. A PIN is a four- to six-digit numerical code assigned to a credit or debit card by the card issuer or chosen by the cardholder. If the wrong PIN is entered too many times, the card may be temporarily blocked.

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Debit Card Credit Cards Point-of-Sale (POS) Encryption 105

PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. This payment rail’s use is going strong in the United States, with debit card penetration reaching 78 percent in 2018. Card fraud is an ever-present threat. That delay appears to be intended to drive up the data’s prices.

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Debit Card Security Fraud Detection Federal Trade Commission 73

PYMNTS

JUNE 19, 2017

The company believes that exposure of cardholder data that could be used to create counterfeit cards – including names, addresses, emails and Social Security numbers – was limited, but some credit card numbers may have been compromised. The breach may affect users who paid via credit card at affected Buckle store locations between Oct.

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Compromise Credit Cards Card Issuer CHIPS 63

FICO

AUGUST 31, 2017

While data breaches and ransomware grab the headlines, we’re still seeing fraud growth due to ATM compromises in the US. The fraud growth rate has slowed down from the gangbusters surge we saw in 2015, but consumers and issuers still need to pay attention. Either way, you will need to arrange for a replacement card as soon as possible.

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Compromise ATM Continuity Card Issuer 74

FICO

OCTOBER 6, 2016

debit card issuer realized an 18 percent improvement in real-time fraud dollars detected, and a relative reduction of 11 percent in account false positive ratio, saving millions of dollars per year and improving the customer experience for its cardholders. By adding adaptive analytics, one large U.S

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Card Issuer Near Real-Time Issuers Data Breach 60

The Fintech Times

FEBRUARY 22, 2024

AI is not a barrier for cross-border payments Serena Smith, chief client officer, at i2c Inc Serena Smith , chief client officer, at i2c Inc , the card issuer and payment processor, explains that AI will not be the main hindrance for cross-border payments growth in 2024. “The great thing about AI is that it never gets bored.

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Cross-Border Payments Cross-Border AI Payment Security 136

PYMNTS

AUGUST 27, 2018

Layered over those two issues, card issuers are also increasingly under pressure to offer generous rewards to attract new customers, with millennials often switching between cards to get the most out of rewards and interest rates, putting an even greater squeeze on revenue. T-Mobile’s Data Breached.

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Data Breach Breach Credit Cards Online and Mobile Banking 41

FICO

NOVEMBER 27, 2017

Every year, the increase in shopping on Black Friday and Cyber Monday, and throughout the following shopping season, draws a rise in both card-present and card-not-present (CNP) fraud. This year, the threat may be greater than ever: Recent data breaches have exposed millions more cardholders’ details. Work with your Card Issuer.

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Card Issuer ATM Issuers Compromise 53

FICO

SEPTEMBER 3, 2020

Since the start of COVID-19, we have been tracking its impact using data reported by the UK’s leading credit card issuers, through the FICO® Benchmark Reporting Service. Average spending on UK credit cards increased in June and July. Issuers wishing to subscribe to this service can contact me at staceywest@fico.com.

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Credit Cards Card Issuer Issuers Breach 52

PYMNTS

JUNE 7, 2018

percent goes a long way toward enticing consumers to spend more on credit cards — such offers can be hard for spenders to ignore. Innovative products continue to grow,” he said, “and marketing [geared] to those segments are an investment focus” for issuers. Credit card holders really understand that it’s the issuers’ money at risk.”.

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Credit Cards Issuers Card Issuer Data Breach 53

PYMNTS

AUGUST 13, 2018

“The FBI has obtained unspecified reporting, indicating cybercriminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach and commonly referred to as an ‘unlimited operation,’” the letter read, according to the report.

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FBI ATM Scams Third Party Vendors 58

PYMNTS

JULY 11, 2016

The firm learned of the breach on May 30. Estimating the magnitude of the breach, Omni said that 50,000 payment card numbers have been compromised and sold on criminal online conduits by a hacker who goes by the moniker JokerStash. The firm noted that the “malware may have operated between Dec.

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Breach Compromise Card Issuer Social Security 40

FICO

JULY 7, 2020

Freezing your credit blocks access to your credit reports, which are required by lenders and credit card issuers in turn stopping a scam artist from opening an account or getting credit in your name. Use the help offered by breached organizations.

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Scams Smishing Phishing IRS 97

PYMNTS

NOVEMBER 28, 2017

In terms of protection, tokenization masks the underlying credential in payments, like an ID, and provides domain control if there is any breach or exposure. The obvious benefit to the consumer is that if a merchant is breached, only the token associated with that particular merchant needs to be resubmitted.

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Breach Credential Payments Issuers 45

PYMNTS

FEBRUARY 3, 2020

Cybercriminals have more opportunities than ever to swipe debit card numbers and PINs from online consumers, and false websites, large-scale data breaches and skimming tools can compromise account information. Fraudsters are increasingly savvy, though, and retailers cannot afford to relax much. .

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Debit Card Assessments Data Breach Online and Mobile Banking 52

PYMNTS

OCTOBER 30, 2017

And, Krebs noted, though Equifax is getting a lot attention and concern given its size and scope, the fraud problem extends far beyond just the recent big breach. The Many Ways To Play At Fraud. Account takeover fraud is a growing concern, but Krebs noted that institutions and customers are better armed against it.

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Identity Theft FTC Account Takeovers Phishing 69

FICO

MARCH 7, 2018

We’re also getting better at managing compromises when they do occur, thanks to tools like FICO ® Card Compromise Manager , which proactively detects and prioritizes compromised merchants and data breaches, automatically alerting fraud teams of all payment cards that are part of a compromise.

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ATM Compromise Card Issuer Issuers 45

FICO

AUGUST 28, 2020

However, widespread data breaches mean that password data has been leaked and can be bought by criminals on the dark web. Indeed, regulation such as Payment Services Directive 2 (PSD2) enshrines the need for multi-factor authentication for payment providers such as banks and credit card issuers.

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Authentication Online and Mobile Banking Breach Data Breach 52

PYMNTS

AUGUST 14, 2018

“A complaint has been filed with Pune police about the malware attack, and the bank is doing internal audits to investigate the breach,” the official said. The fraud was carried out on Aug. 11 and Aug. 12 via 25 ATMs that were located in Canada, Hong Kong and India.

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Debit Card FBI ATM Card Issuer 40

EBizCharge

AUGUST 12, 2024

When navigating the realm of credit card processing, it’s crucial to distinguish between merchant acquirers (acquiring banks), card issuers, and payment processors, as each plays a distinct role in the card transaction ecosystem. Card issuers are banks or financial institutions that issue credit cards to consumers.

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Credit Cards Acquirers Process Debit Card 52

PYMNTS

FEBRUARY 3, 2017

According to TechCrunch , devices called “shimmers” can now read your card number and possibly access your card’s chip and obtain your PIN number. Shimmers are actually not new — the security breach has been around since 2015, but many assumed cards equipped with chips were immune to it.

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CHIPS Credit Cards Chip Cards EMV 41

PYMNTS

AUGUST 1, 2019

Although the investigation came around at the same time a Seattle woman hacked a database of credit-card issuer Capital One Financial that was stored on the eCommerce giant’s cloud server, examiners were reportedly not aware of the breach when they visited Amazon’s Virginia facility.

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Regulations Federal Reserve Database Card Issuer 43

Stax

MARCH 14, 2024

A consumer using a chip and signature card will sign for the purchase. The signature is compared with the one on the back of the card or with the signature stored in the card issuer’s system. Tokenization, which replaces sensitive card data with a unique token, has become more prevalent in CNP transactions.

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Chip Cards CHIPS EMV Debit Card 88

Stax

MARCH 15, 2024

Protect Your Customers and Your Business from Chargebacks When a fraudulent purchase occurs at your online store, it could lead to a credit card chargeback. You’ll be cutting down the risk of a data leak or a security breach if you only collect what you need and don’t require your customers to create an account to check out.

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Process Security PCI DSS Encryption 88

The Payments Association

OCTOBER 4, 2024

Traditional card issuers and networks must adapt or risk obsolescence. Technological disruption and innovation The rapid pace of technological change is both a challenge and an opportunity for the card payment industry.

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Online and Mobile Banking Cross-Border Payments Cross-Border Alternative Payment Methods 88

PYMNTS

MARCH 1, 2019

Chase does not have to do anything, they’re already the world’s largest credit card issuer … They’re basically telling the world what Affirm’s got is pretty valuable and important.”. Levchin views JPMC’s new rollout as an excellent endorsement. But it’s certainly enough to hand over the Sizzle of the Week crown.

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Finance Identity Theft Push-to-Card Underwriting 63

PYMNTS

JUNE 24, 2020

All employees with an active company card have been notified of the data breach. The case may also signal an opportunity for commercial card issuers and solution providers to develop more robust anti-fraud measures. But additional damage — which is not as measurable — is likely to affect employee trust.

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Commercial Card Innovation Ransomware Credit Cards 52

Stax

DECEMBER 20, 2023

One of the most famous data breaches happened to Target in 2013. Use Address Verification Services (AVS) AVS is a fraud prevention measure for online and card-not-present transactions. It’ll compare the billing address provided in the transaction to the billing address on file with the card issuer.

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Credit Cards Small Business Process Security 88

Stax

JANUARY 15, 2024

It’s a global framework established by major payment card networks, including Visa, Mastercard, American Express, Discover, and JCB International. The PCI Security Standards Council (PCI SSC) has robust measures to protect cardholder information and prevent unauthorized access, fraud, and data breaches. Fair competition.

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Credit Cards PCI DSS Compliance Process 88

PYMNTS

SEPTEMBER 28, 2017

But in the world of identification fraud, there’s a greater sea change afoot, one that stretches farther than the impact on any one firm, or even the millions of adults targeted in the most brazen of breaches. billion in credit card charge-offs in the next year alone. of individuals, according to Barnhardt.

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Enrollments Breach Fraud Detection Social Security 43

PYMNTS

NOVEMBER 27, 2019

The service works by simulating known fraud attacks against credit card issuers’ systems to distinguish acts of fraud that are being caught from those that could go undetected. municipality is dealing with a unique, but an increasingly common, type of fraud.

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Point-of-Sale (POS) AI Card Issuer Credit Cards 60

PYMNTS

MARCH 19, 2018

While fleet card fraud is certainly a threat to end customers – the businesses and employees using those card products – it is also threatening to fuel retailers, as well as card issuers and acquirers, said Dr. Mark Goldspink, CEO of fraud detection firm The ai Corporation.

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AI Fraud Detection Mitigation Issuers 61

PYMNTS

JULY 21, 2017

If a data breach is a sprint — where a fraudster grabs as much data as he or she can, as quickly as possible, in an effort to maximize ill-gotten gains — the fight against fraud is a marathon. A marathon that never ends. Fraud varies country to country, region to region.

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Chip Cards EMV CHIPS Issuers 46

FICO

MARCH 25, 2021

Performance benchmarking: FICO provides cloud-based model performance benchmarking dashboards that banks and card issuers can use to assess their fraud management strategies. Scott Zoldi, unpacks unsupervised models, which he refers to as “little crystal balls” in this great blog post. .

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Innovation Compromise Financial Crimes Fraud Detection 52

FICO

DECEMBER 23, 2019

A celebrity’s online file-sharing service was breached by foreign hackers, who harvested mobile phone numbers from it. This has proven to be an extremely popular way for banks and card issuers to inform customers of suspicious activity, and allow them to take action to protect their assets and accounts. Just ask the 6.9

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Online and Mobile Banking Credential Scams Irrevocability 52

PYMNTS

NOVEMBER 1, 2017

Security was also a starring player, as some analysts were curious about how Banga felt the Equifax breach has impacted the card business. Banga noted that while he thought it would be a mistake to immediately equate all instances of fraud increases with Equifax , security remains top of mind for the company.

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Visa Push-to-Card Same Day ACH Volume 49

PYMNTS

JANUARY 31, 2020

Another 2018 survey found that consumers of all ages showed growing interest for such cards, as customers’ preference for the payment method saw a 10 percent increase over 2017. These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods.

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ATM Debit Card Fraud Detection Credential 59