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The Green SheetGreen Sheet

The Green Sheet Online Edition

July 09, 2012 • Issue 12:07:01

10 Years ago in The Green Sheet

In July 2002, developments in the payments industry shaped the industry we see today. PayPal Inc. had only been four years in existence and yet had captured the attention of New York state bank regulators. Like PayPal, VeriFone Inc. was in growth mode. And bankcard fraud at restaurants was leading to the introduction of tabletop POS terminals.

    PayPal deemed legal

    New York State's Department of Financial Services, then called the New York Banking Department, reviewed PayPal's business model and concluded the alternative payment provider, which would be acquired by eBay Inc. that October, was not engaged in illegal banking activities.

    VeriFone gets capital infusion

    Chicago-based private equity investment firm GTCR Golder Rauner LLC reaffirmed its confidence in VeriFone by planning to increase its investment in, and recapitalization of, the POS device manufacturer.

    South Florida called skimming hotspot

    The U.S. Secret Service said credit card skimming was the fastest growing form of fraud and that South Florida was the "skimming capital of America." The agency estimated that one in five South Floridians had been defrauded, primarily through card skimming schemes at restaurants.

end of article

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