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Breaking News articles for November 2013

FTC raps processor for boarding scammers

Wednesday, November 27, 2013

Should ISOs and their processing partners be held responsible when scam artists use them to process payments that turn out to be fraudulent? The Federal Trade Commission believes the answer is yes, especially if there are signs of fraud, for example, accusations of unauthorized transactions.

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Google launches new prepaid card

Tuesday, November 26, 2013

Google Inc. re-entered the prepaid card market with the Google Wallet Card. The MasterCard Worldwide-branded general purpose reloadable (GPR) card functions in conjunction with Google's mobile wallet. In a Nov. 20, 2013, Google corporate blog post, Google Wallet Product Manager Sandra Mariano said the new prepaid card is a way "to spend the money instantly, either by purchasing in stores or by withdrawing cash at ATMs, without having to wait for money to transfer from your Google Wallet balance to your bank account."

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NACHA proposes ACH rule changes

Monday, November 25, 2013

NACHA − The Electronic Payments Association seeks input from the payments industry about how to improve the automated clearing house (ACH) network. NACHA, which oversees the ACH, issued two complementary proposals designed to collectively enhance the network by reducing the number of unauthorized ACH transactions and allowing the association to better police ACH rule violators.

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TMR says Shark Tank exposure worth it

Friday, November 22, 2013

Piscataway, N.J.-based merchant cash advance (MCA) provider Total Merchant Resources LLC appeared on the Oct. 25, 2013, edition of the popular venture funding game show Shark Tank and walked away with $200,000 in capital and a new celebrity business partner. One month later, they are pleased with the dramatic uptick in their business that ensued. TMR co-founders Jason Reddish and Val Pinkhasov pitched their MCA solution to five Shark Tank panelists, including Mark Cuban, high-profile owner of the Dallas Mavericks, and Canadian businessman and venture capitalist Kevin O'Leary. Reddish and Pinkhasov said TMR's strategy is to offer merchants upfront capital for a percentage of the revenue from their bankcard receivables as a way to then become the processor of all their electronic payments.

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More alleged fraudsters nabbed in ATM scam

Thursday, November 21, 2013

The office of the U.S. Attorney for the Eastern District of New York reported that six more individuals were arrested and charged with participating in a sophisticated, continent-spanning ATM fraud scheme perpetrated in 2012 and earlier this year. The purported scheme, which involved prepaid card accounts hacked at two banks in the Middle East, netted fraudsters $45 million. According to media reports, five men and one woman were arrested on Nov. 18, 2013, adding to the seven others arrested last May. Like the previous arrestees, the recently indicted individuals were residents of Yonkers, N.Y.

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Helping to prevent holiday gift card fraud

Wednesday, November 20, 2013

The National Retail Federation recently predicted holiday gift card sales will reach $29.8 billion in 2013, an all-time high in total spending. Upon hearing the projection, ThreatMetrix, a provider of integrated cybercrime solutions, was quick to point out that criminals see gift cards as an increasingly lucrative target.

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SpendTrend numbers bolster holiday optimism

Monday, November 18, 2013

Despite a contrary federal government and a tepid economy, First Data Corp. is reporting good news as the holiday shopping season ramps up in the United States. Based on its SpendTrend analysis of electronic payment data, consumer spending increased by over one percentage point from September 2013 to October 2013, signaling a surge in shopping that bodes well for a profitable holiday season for retailers. First Data reported dollar volume growth in October was 6.8 percent, up from 5.3 percent in September. The Atlanta-based acquirer said the growth was a result of cooler temperatures nationwide, which drove sales of seasonal merchandise.

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GPR cheaper than checking, report finds

Friday, November 15, 2013

Financial services advisory firm Bretton Woods Inc. issued a report that concludes the average amount of fees charged users of general purpose reloadable (GPR) prepaid cards is approximately half the fees charged basic checking account users. The researchers found that the majority of GPR users pay less than $7.50 per month in fees, compared to basic (meaning low balance) checking account fees that range up to $13.95 per month.

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Isis launches nationally

Thursday, November 14, 2013

The near field communication (NFC) -based mobile wallet venture Isis launched its service nationwide today. The mobile wallet application is available as a free download from the Google Play Store. The app, which comes in three versions that coincide with the three largest U.S. mobile telecommunication networks behind the venture, is garnering mixed reviews from users on its first day of national availability. But payments insiders remain optimistic about the future of the mobile wallet enterprise.

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PCI DSS version 3.0 revealed

Wednesday, November 13, 2013

Three years ago, the PCI Security Standards Council (PCI SSC) published version 2.0 of the global standard for how payment appliances and networks should be secured. Now version 3.0 of the Payment Card Industry Data Security Standard (PCI DSS) has arrived. Its emphasis is on integrating data security into everyday business practices, as well as providing more flexibility for businesses to comply with the standard while reinforcing their responsibilities –even when security is outsourced to third parties. PCI DSS 3.0 is the result of input from the council's global constituency of payment technology and service providers and numerous special working groups that promulgate best practices for individual aspects of data security.

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Problems surface with Ventra Card

Tuesday, November 12, 2013

The Chicago Transit Authority reported it was taking steps to resolve customer service and card usage issues with the recently launched Ventra Card prepaid transit card program. Media reports have highlighted problems with the new program, including long wait times for users making customer service calls and difficulties in transit riders using the contactless cards to pay for rides.

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Banking on real-time payments

Monday, November 11, 2013

A banking behavior study recently commissioned by banking and payment technology firm FIS revealed consumer demand for real-time payments is on the rise. "Real-time payments are clearly the future of money movement," stated Anthony Jabbour, Executive Vice President of North American Financial Institutions at FIS.

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New York's no-surcharge law shelved, for now

Friday, November 8, 2013

A federal judge in a New York district court ruled in favor of five retailers seeking the right to surcharge customers who use credit cards at checkout. The Oct. 3, 2013, preliminary injunction suspends the N.Y. statute that bans the surcharging practice. In the Manhattan court, U.S. District Judge Jed Rakoff said the law violated retailers' constitutional right to inform customers of the cost of electronic payment acceptance.

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ID verification 'streamlined' in Australia

Thursday, November 7, 2013

The agency that regulates the Internet and other communication channels in Australia issued new rules that eliminate the need for consumers to show identification when purchasing prepaid mobile services at retail locations. The Australian Communications and Media Authority said on Nov. 1, 2013, that the ruling allows mobile prepaid service providers to validate users when services are activated and removes the identity checking burden from third-party stores that sell mobile prepaid services.

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EPI puts its name on Supercross Cup 2013

Wednesday, November 6, 2013

Calverton, N.Y.-based ISO Electronic Payments Inc. became the title sponsor for the Supercross Cup 2013, a two-day cyclocross race and the oldest professionally sanctioned event of its kind in New York State. The competition, which attracts nearly 400 national and international athletes annually, is now officially titled the Electronic Payments Supercross Cup 2013.

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Green Dot expects double-digit growth in 2014

Tuesday, November 5, 2013

Prepaid card pioneer Green Dot Corp. expects 2014 to return the Pasadena, Calif.-based company to double-digit growth in 2014. Green Dot based its prediction on the staying power of its prepaid card products in relation to those of its competitors, as well as the growth of its distribution network through partnerships with several national retail chain stores.

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How aware of fraud threats are you?

Monday, November 4, 2013

International Fraud Awareness Week kicked off Sun., Nov. 3, 2013, with an emphasis on fighting fraud the old-fashioned way: with facts and awareness. Sponsored by the Association of Certified Fraud Examiners and embraced by more than 900 organizations worldwide, the aim is to emphasize that fraud is a global problem that can be mitigated by anti-fraud awareness and prevention.

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WIMA USA bolsters digital engagement

Friday, November 1, 2013

The third annual WIMA USA conference and exhibition, held in South San Francisco, Calif., in late October 2013, attracted an international consortium of leaders in near field communication (NFC), as well as proximity- and cloud-based mobile solutions. The opening day focused on NFC and proximity solutions for marketers. Retail and other vertical markets were highlighted during the second day; mass transportation, wellness and health care were addressed on day three.

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