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a new generation of payments leaders. "My 18 years as
Executive Director of the Secure Technology Alliance (and
Smart Card Alliance) and eight years as Director of the
U.S. Payments Forum (and EMV Migration Forum) have
been the most personally satisfying and professionally
stimulating years of my life," Vanderhoof stated.
"At 62 years old and with a desire for spending less time at
airports and meeting hotels and more time at my second
home that people from New Jersey call the 'Jersey Shore,'
I determined it was the right time for me to begin to
transition away from the full-time demands running two
vibrant, member-driven organizations."
Brace for heightened fraud in 2021, experts warn
On Dec. 13, 2020, the Cybersecurity and Infrastructure
Security Agency published an advisory detailing how
cybercriminals—identified by U.S. National Security
analysts as Russian state-sponsored cyber actors—had
breached the highest levels of the U.S. government.
Analysts have said, however, that numerous cyber
criminals are on the hunt, creating a new normal of
heightened cyber assaults on businesses and governments
alike.
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The advanced persistent threat began in March 2020,
when adversaries employed a series of tactics, techniques
and procedures to escape detection as they infiltrated
numerous government departments. "The adversary
is using a complex network of IP addresses to obscure
their activity, which can result in a detection opportunity
referred to as 'impossible travel,'" CISA analysts wrote.
Visa pumps brakes on interchange rate hikes
Visa disclosed that its next round of interchange rate
changes won't take hold until the spring. Bloomberg News
reported it had reviewed a document Visa recently sent
merchants explaining that it will leave most interchange
rates intact until April due to the COVID-19 pandemic's
impact on sales. No similar correspondence has been
seen from Mastercard, but the two companies' timetables
for interchange rate changes tend to be similar. Visa and
Mastercard typically update interchange rates twice
a year. In February 2020, Visa disclosed rate hikes for
several transaction categories, most notably ecommerce
purchases, while also revealing reductions for verticals
like grocery, health care, education and real estate. But as
state and local stay-at-home orders and business closures
brought commerce to a crawl, both companies opted to
back-burner rate hikes.