Obama's Chip and PIN Move is 'Meaningless,' Analysts Say
An executive order signed by President Obama on Friday that mandated the adoption of chip and PIN technology in government cards and enabled its use in facilities like Post Offices is a "meaningless gesture" that smacks of politics over substance.
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The White House is slated to unveil a major package of initiatives on Friday to increase data security for financial transactions, including an executive order to add chip-and-PIN technology to government-issued credit and debit cards. more »
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Next year's updates to the Payment Card Industry data security standards will give compliant retailers better protection, but hackers will be targeting the weaknesses of companies that don't put in extra effort. more »
Stephen Orfei
It's time for the Payment Card Industry Security Standards Council to work with acquirers in providing merchants with "PCI in a box," said Stephen Orfei, the council's new general manager. more »
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MasterCard is establishing a foundation for mobile wallets in Europe by requiring the continent's merchants to accept contactless payments by the end of the decade. more »
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The Payment Card Industry Security Standards Council is providing updated guidance for merchants to protect against fraudulent card skimming, which it says costs U.S. businesses and consumers $8 billion a year. more »
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MasterCard Inc. won a court clash with European Union antitrust regulators who refused to hand over a study comparing the costs of bank cards with cash. more »
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Card data security has to become a 24-hour priority for businesses, not just when PCI compliance assessors come around for annual checkups, according to the Payment Card Industry Security Standards Council. more »
Janet O. Estep, president and CEO of Nacha
Nacha, the electronic payments association, has stepped up scrutiny of the automated clearing house network in an attempt to weed out fraudulent charges. more »
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Planet Payment has partnered with Banco Espirito Santo do Oriente S.A. in Macau to provide UnionPay card acceptance to local merchants. more »
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In the age of digital commerce, more business are using third parties to manage operations, increasing the risk to any payments data they handle, says the Payment Card Industry Security Standards Council. more »
Kenneth Chenault, CEO, American Express
American Express Co. Chief Executive Officer Kenneth I. Chenault defended company rules that bar merchants from asking customers to use cards with lower processing costs as a needed measure to protect its brand. more »
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The Secure Remote Payment Council wants a more open process in the development of a standard for tokenization, with the goal of ensuring a single token can be handled by multiple parties to improve security. more »

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