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Electronic payments volume was up 3.8 percent, worldwide, during the third quarter 2018 compared to the same period last year. The increase was almost four times the growth in average tickets during the same period, according to the latest SpendTrend report from First Data Corp.
The recently formed U.S. Faster Payments Council is the Federal Reserve Bank's latest bid to improve speed, security, efficiency, cross-border compatibility and collaboration in payments. Developed by the Fed's Governance Framework Formation Team (GFFT), the FPC is open to all payments industry stakeholders, who are invited to serve on committees and work groups and have a voice in the direction of the project, FPC members stated.
The 2018 holiday season has been marked by increasingly stealthy and sophisticated attacks against consumers, merchants and financial institutions, security analysts noted. Bimal Gandhi, CEO at Uniken, cited the Marriott Starwood data security breach that recently came to light as the latest example of compromised data being resold and exploited at scale.
The Federal Reserve Board torpedoed industry efforts to make checks a fully electronic payment option. Regulatory changes disclosed earlier this month make it clear that financial institutions cannot clear electronically created items through the Reserve Bank System. While most checks start out as paper items, the majority today clear between banks and credit unions as electronic images.
Spearheaded by a PCI SSC Special Interest Group of call center and technology experts, Protecting Telephone-based Payment Card Data outlines best practices for mitigating fraud by removing sensitive data from scope. Ben Rafferty, global solutions director at Semafone, said the council last issued call center guidance in 2011, and the landscape has evolved significantly in recent years.
Walmart introduced Order and Pay, a new in-store ordering option that enables shoppers in physical store locations to order and pay for items that aren't available in the store. Consumers work with Walmart associates on the floor to process online orders from Walmart's Dotcom store and then pay for the items at the physical POS, along with other items selected from the shelves (if any).
The Dark Web is having a clearance sale on personally identifiable information, offering criminals a names, addresses, dates of birth and Social Security numbers at prices as low as $2 per record. Bryan Lewis, president and CEO at Intellicheck, said much of the stolen data was vetted for accuracy during a lengthy incubation period.
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