Think money laundering, and you might picture bags of cash and back alley deals. But that’s not the real picture at all. Money laundering is an increasingly prevalent, dangerous and expensive problem in the US payments industry. Transaction laundering is responsible for a shocking $200 billion in fraud in the
One year ago today, The Clearing House debuted RTP, its Real Time Payments system for the US financial market. Supported by all the member banks of The Clearing House, RTP is off to a strong start. It’s estimated that 50% of eligible demand-deposit accounts will be able to receive an
The rise in internet-connected devices brings terrific benefits to retailers: easier inventory management, increased data collection, targeted customer promotions and much more. But this same connectivity can leave retailers vulnerable to data breaches due to hackers and malware. When considering implementing IoT applications in a business setting, retailers need to
Unattended retail is a great way for your retailers to cut labor costs and build efficiency. From grocery self checkout to payment kiosks, unattended retail is growing in popularity every year. But it’s important to realize that unattended retail comes with some unique fraud risks. Be aware of these risks
Merchants are intensely concerned about payment security. And rightly so, considering the destructive costs of data breaches. However when you try to explain PCI compliance, you probably notice their eyes glazing over.
Next to price, the top factor in a merchant’s POS decision is payment security. Data breaches and fraudulent transactions present deadly risks to both businesses and their customers. Your merchants expect their payment service providers to keep this payment information secure.
The POS industry is being disrupted at a head-spinning rate. Every season, manufacturers and software providers are rolling out new payment options that don’t just tweak previous methods, but completely eclipse them. And changes don’t just rest with hardware. Acquirers and merchants continually have to adjust their procedures to
POS systems are a hot target for data thieves. The complexity of payment systems makes it difficult to block all threats. Much like a game of Whack-A-Mole, by the time one weak spot is patched, hackers are already on to the next con.
Is your call center ready to face new threats to data security in 2018? It’s important to understand the risks call centers face, and make a plan to protect your business and your customers.
What’s the first word that comes to mind when you think about PCI compliance? Most likely “security” (or perhaps the word “headache”). But in either case, hardware storage is probably not your top consideration. And yet, PCI compliant hardware storage is absolutely crucial for your merchants’ data security.
There’s no denying it – tablet POS systems are hot. In fact, this market is so lucrative that, at press time, over 50 manufacturers and software developers have gotten in on the game. That’s a lot of choices to sift through. So how can payment service providers choose which
The TLS switch deadline hits June 30, 2018. All applicable merchants must use TLS 1.1 encryption (as a minimum) by June 2018, or they won’t be able to process any card transactions at all. PCI has drawn this line in the sand as an absolute necessity to ensure the protection of
As EMV has tightened up on retail fraud, fraudsters are turning their efforts toward ecommerce. It’s estimated that online fraud will cost retailers $71 billion globally over the next five years. Small merchants are a common target for fraudulent transactions and data thieves, but there’s actually quite a lot
Transaction fraud costs US merchants and banks an estimated $8.5 billion per year. For small businesses, fraud losses are especially painful.
In recent years the hotel and restaurant industry has been rocked by an increased number of hackers who have stolen secure data. Hotels have reported more than a dozen data breaches in the past several years. A recent Trustwave study on data breaches ranked hotels as the most vulnerable industry
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