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The Green Sheet Online Edition

January 13, 2020 • Issue 20:01:01

News Briefs

Simplified P2PE may broaden merchant adoption

An updated PCI Point-to-Point Encryption (P2PE) Standard will simplify P2PE procedures, according to the PCI Security Standards Council (PCI SSC). Positioned as part of the council's broader effort to evolve standards and validation programs, PCI P2PE version 3.0 is designed to appeal to diverse payments industry stakeholders, workplace environments, technologies and methodologies, PCI SSC representatives stated. Troy Leach, PCI SSC senior vice president, emphasized the council's commitment to making its security standards, programs and resources accessible to a wider audience.

PayPal sues CFPB over prepaid card rules

PayPal is asking a federal court to deep six the Consumer Financial Protection Bureau's prepaid card rule. In a lawsuit filed in U.S. District Court for the District of Columbia on Dec.11, 2019, PayPal asserted that the prepaid rule is riddled with flaws.

Chief among those flaws are required disclosures that violate the company's constitutional rights, the payments company claimed. PayPal has taken issue with requirements that consumers using its Venmo digital wallet be provided a "short form" disclosure that references fees for ATM balance inquiries, customer service, electronic withdrawals and other activities.

New year to ring in new fraud, experts warn

Security analysts are advising companies to harden their security postures in the new year. Fraudsters and fintechs are innovating, borrowing from each other's playbooks to weaponize solutions that alternately compromise or protect data.

Forensic investigators have seen increasingly dynamic and sophisticated strains of malware, ransomware and money laundering attacks. These new attack vectors require an equally strong and proportional response from cybersecurity firms, experts noted.

Cracking down on free trials

The card brands are cracking down on free trial subscriptions. Mastercard disclosed new rules requiring businesses to obtain cardholder approval before they bill those customers for recurring deliveries of products or services after a free trial period ends. Visa devised similar rules to take effect in April 2020. The changes aim to streamline processes for subscriptions that feature a free trial or introductory offer, to improve transparency on billing terms and support easier cancellation for customers.

Color blind gain access to digital banking

i2C Inc. launched a digital banking website and mobile app Dec. 23, 2019, designed to provide color blind customers access to web and mobile banking services. The company's website and mobile banking app are the newest additions to its global software-as-a-service platform.

Approximately one in 12 men and one in 200 women worldwide can see clearly but are unable to identify red, green or blue colors, according to a 2018 study published in the International Journal of Interactive Mobile Technologies. end of article

Following are excerpts from news stories recently posted under Breaking Industry News on our home page. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php?flag=previous_breaking_news.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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