Adhering to the extensive, ever-changing rules and regulations promulgated by the major card brands has always been a challenge for payment professionals. Staying in compliance requires vigilance, and numerous articles in this publication, many of them written by industry veterans, have detailed what kind of behavior is and is not acceptable to the card companies upon which we continue to rely for our livelihood.While there has always been a certain amount of government oversight, the increased scrutiny the payments sphere is now experiencing has added more layers to an already complex business. This issue's lead article takes a look at recent developments on the regulatory front and makes the case that while costs of compliance with government mandates may be dear, the costs of not complying can be even greater.
Industry experts who contributed to this issue discuss how these and other factors are affecting the current state of payments; how the Electronic Transactions Association is expanding and adapting to serve a changing payments community; the importance of knowing exactly what your customer acquisition costs are; why buyers assign low valuations to portfolios consisting primarily of a variety of small to midsize retailers; the industry's progress on the Europay, Mastercard and Visa (EMV) front; and why it is imperative to read and understand the confidentiality provisions in ISO and agent agreements.
In news stories, we cover recent developments in the interactive Visa Commerce Network; the multimillion dollar theft of bitcoin and LiteCoin from members of the Cryptsy cryptocurrency exchange; a collaboration that resulted in a new check that practically eliminates mobile deposit fraud; and The Wendy's Co. breach, which hit the chain's Midwest and Northeast locations. In addition to new product stories and company profiles, this issue includes updates on payment company honors, expansions, new funding, reorganizations, acquisitions, partnerships and appointments; industry lawsuits, security alerts and position statements; and research on card-not-present fraud, blockchain technology, identity fraud and the secondary gift market. Other features offer advice on using LinkedIn and other social media, explore the impact of millennials on payments, and highlight key report findings on cybersecurity pressures.
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