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CVS Debuts CVS Pay

August 24, 2016 by  
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CVS has rolled out its CVS Pay program that exists inside its mobile app. It allows customers to pay in store for prescriptions by scanning a barcode at the register.

Payments will be backed by a customer’s credit or debit card, the company said.

CVS Pay is currently available in New York, New Jersey, Pennsylvania and Delaware; a nationwide rollout at all 9,600 stores is expected to kick off later this year.

CVS doesn’t support Apple Pay or other NFC-based payment technologies, and its use of barcodes for payments is reminiscent of the way Starbucks customers pay for coffee. Working with the barcode technology was a faster way for CVS to bring forward technology for more convenient in-store payments, analysts said.

Other retailers have created in-store payments through their own apps. Walmart created Walmart Pay in December to allow payments through mobile device QR codes that can be read at checkout registers.

“There’s nothing really innovative here with CVS Pay,” said Gartner analyst Avivah Litan on Friday. “They are pretty much following the trend. It’s just mobile commerce with a credit card attached. It’s no big deal to put a credit card in a wallet.”

At one point, CVS was working with Walmart and dozens of other major retailers in the Merchant Customer Exchange, which was designed to process mobile payments electronically through bank accounts and not credit cards to cut out the card processing cost that merchants paid to banks. But MCX ended its pilot of its mobile app, CurrentC, in June. Analysts have predicted the concept will not continue.

Source-http://www.thegurureview.net/mobile-category/cvs-debuts-cvs-pay.html

NFC For ATM Transactions Catching On

August 3, 2016 by  
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Several of the nation’s biggest banks in the U.S. now support the use of a smartphone to withdraw cash from an ATM — many by way of Near Field Communication (NFC) technology — instead of requiring customers to use a bank card.

One of the early adopters, Bank of America, said this week it currently supports cardless technology at 2,800 of its ATMs. That number will reach 8,000 ATMs by year’s end that rely on NFC and other technology. Bank of America, which has about 15,000 ATMs nationwide, created a video to show how a smartphone loaded with the bank’s mobile app can now withdraw cash from some ATMs.

Wells Fargo said it has a “handful” of ATMs that are NFC-ready and working to deliver cash and other transactions and is planning to reach 5,000 by the end of 2016. A total of 12,000 ATMs will be enabled in 2017.

JPMorgan Chase said it also will have many cardless ATMs available this year, but didn’t specify how many or when. Initially at Chase, customers will show up at an ATM and type in a numerical code they acquired wirelessly through use of the Chase smartphone app to get their cash. That numerical code verification process will be an early step in rolling out cardless technology at the bank’s nearly 15,000 ATMs.

In addition to using NFC or a numerical code to authenticate a transaction, some bank ATMs are expected to rely on scanning a QR code displayed on a phone.

The number of ATMs supporting cardless cash remains a small portion of the estimated 500,000 ATMs in the U.S. Crone Consulting, which monitors the mobile payment industry, recently said it expects about 95,000 ATMs in the U.S. to support cardless cash by year’s end.

Courtesy-http://www.thegurureview.net/mobile-category/nfc-for-atm-transactions-catching-on.html

Was The Omni Hotel Chain Hacked?

July 21, 2016 by  
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Omni Hotels & Resorts has reported that point-of-sale systems at some of its hotel locations were attacked by malware targeting payment card information.

The hacking of the systems of the luxury hotel chain follows similar breaches of point-of-sale systems at various hotels and retailers like Hyatt Hotels, Target, Starwood Hotels & Resorts Worldwide and Hilton Worldwide Holdings.

Omni — in Dallas, Texas — said in a statement Friday that on May 30 this year, it discovered it was hit by malware attacks on its network, affecting specific POS systems on-site at some of its properties. “The malware was designed to collect certain payment card information, including cardholder name, credit/debit card number, security code and expiration date,” Omni said. There isn’t evidence that other customer information, such as contact information, Social Security numbers or PINs, was compromised, it added.

The chain did not disclose how many of its 60 properties were affected and the likely number of cardholders that could have been affected. As there is no indication that reservation or select guest membership systems were affected, users were unlikely to be affected unless they physically presented their payment card at a POS system at one of the affected locations. The malware may have been in operation between Dec. 23 last year and June 14 this year, although most of the systems were affected during a shorter timeframe, according to the hotel.

The hotel chain, which operates hotels and resorts in the U.S., Canada and Mexico, could not be immediately reached for comment over the weekend for further details.

Omni said after discovering the malware attack, it had immediately hired IT investigation and security firms and has now contained the intrusion. It did not specify why it had delayed to inform customers.

Courtesy-http://www.thegurureview.net/aroundnet-category/omni-hotels-reports-hacking.html

Is Apple Pay A Success?

June 13, 2016 by  
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Over a year ago after Apple Pay took the United States by storm, the smartphone giant has made only tiny ripple in the global payments market, hindered by technical challenges, low consumer take-up and resistance from banks.

The service is available in six countries and among a limited range of banks, though in recent weeks Apple has added four banks to its sole Singapore partner American Express; Australia and New Zealand Banking Group in Australia; and Canada’s five big banks.

Apple Pay usage totaled $10.9 billion last year, the vast majority of that in the United States. That is less than the annual volume of transactions in Kenya, a mobile payments pioneer, according to research firm Timetric.

And its global turnover is a drop in the bucket in China, where Internet giants Alibaba and Tencent dominate the world’s biggest mobile payments market – with an estimated $1 trillion worth of mobile transactions last year, according to iResearch data.

Anecdotal evidence from Britain, China and Australia suggests Apple Pay is popular with core Apple followers, but the quality of service, and interest in it, varies significantly.

To use Apple Pay, consumers tap their iPhone over payment terminals to buy coffee, train tickets and other services. It can be also used at vending machines that accept contactless payments.

Apple Pay transactions were a fraction of the $84.5 billion in iPhone sales for the six months to March, which accounted for two-thirds of Apple’s total revenue.

Apple has leveraged its huge U.S. user base to push Pay, but has met resistance in Australia, Britain and Canada where banks are building their own products.

“Payments in general is such a complicated system with so many incumbent providers that revolutionary change like this was not going to happen very quickly,” said Joshua Gilbert, an analyst at First Annapolis Consulting.

The upshot: Apple has rolled out Pay in a dribble, adding countries and partners where it can – Hong Kong is expected to be added next – resulting in an uneven banking landscape with users and retail staff not always sure what will work and how.

Source- http://www.thegurureview.net/mobile-category/apple-pay-struggling-to-gain-traction-outside-u-s.html

Amazon Finally Goes Two-Factor

December 11, 2015 by  
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Amazon is making it a little, or a lot, harder for miscreants to make off with user accounts by adding two-factor authentication.

It has taken Amazon some time to fall into line on this. Two-factor authentication has become increasingly popular and common in the past couple of years, and it is perhaps overdue for a firm that deals so heavily in trade.

Amazon is treating it like it’s new, and is offering to hold punters’ hands as they embrace the security provision.

“Amazon Two-Step Verification adds an additional layer of security to your account. Instead of simply entering your password, Two-Step Verification requires you to enter a unique security code in addition to your password during sign in,” the firm said.

The way that the code is served depends on the user, who can choose to get the extra prompt in one of three ways. They may not appeal to those who do not like to over-share, but they will require a personal phone number.

As is frequently the case, Amazon will offer to send supplementary log-in information to a phone via text message or voice call, and even through a special authenticating app.

It’s an option, and you do not have to enable it. Amazon said that users could select trusted sign-on computers that spare them from the mobile phone contact.

“Afterward, that computer or device will only ask for your password when you sign in,” explained the Amazon introduction, helpfully.

There are a number of other outfits that offer the two-factor system and you might be advised to take their trade and do your business through them. Apple, Microsoft, Google, Twitter, Dropbox, Facebook and many others offer the feature.

A website called TwoFactorAuth will let you check your standing and the position of your providers.

Source- http://www.thegurureview.net/technology-2/amazon-finally-goes-two-factor.html

Confusion Continues To Reign With U.S. Chip & PIN

November 11, 2015 by  
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Several large U.S. retailers are ramping up efforts to use personal identification numbers, or PINs, with new credit cards embedded with computer chips in a bid to prevent counterfeit card fraud.

But they are being resisted by the banking industry, which sees no need to invest further in PIN technology, already used with debit cards, resulting in halting adoption and widespread confusion.

A small band of retailers with the clout to call the shots on their branded credit cards is leading the charge. Target Corp is moving ahead with a chip-and-PIN rollout, and Wal-Mart Stores Inc plans to do the same.

But Wal-Mart said it faces obstacles because its credit card partner, Synchrony Financial, is not yet able to handle PINs on credit cards. Synchrony declined comment.

Broadly, U.S. banks are unprepared or resisting the change.

The impasse comes after many consumers got their hands on new credit cards embedded with so-called EMV chips in advance of an Oct. 1 deadline that required retailers to accept chip cards or be liable for fraud losses. EMV stands for EuroPay, MasterCard and Visa.

But only about a third of merchants are actually using the chip technology, according to analyst estimates. The number may not pick up until early next year, if at all, because the retail industry typically halts upgrades during the crucial holiday shopping season.

“PIN issuance will remain a niche,” said Julie Conroy, credit-card analyst with Aite Group.

Banks favor using chip cards verified by old-school signatures, even though chip-and-PIN usage has led to lower fraud over the decade they have been used in Europe and elsewhere.

“The PIN is definitely a must,” said Lance James, chief scientist with cyber intelligence firm Flashpoint. “It’s one extra step that provides true two-factor authentication.”

But bankers say PINs provide little benefit beyond the advantage of using chips in combating the estimated $7 billion-plus in annual U.S. card fraud.

EMV chips thwart criminals who use stolen data to create counterfeit cards, a category that Aite estimates accounts for 37 percent of that fraud. Banks say that PINs only provide additional fraud protection when criminals seek to use lost or stolen cards, a situation that Aite estimates accounts for only 14 percent of fraud.

Banking groups say there are better approaches than PINs for verifying customers and have asked retailers to embrace tokenization and encryption to prevent theft of credit card numbers.

“PIN is a static data element that would not have a meaningful impact on overall payments fraud,” said Electronic Payments Coalition spokesman Sam Fabens.

Courtesy-http://www.thegurureview.net/aroundnet-category/confusion-continues-to-reign-with-u-s-chip-pin.html

Is Mastercard Going With Selfies?

July 17, 2015 by  
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Mastercard has announced plans to roll out a verification technology that requires a selfie to process payments. The industry’s latest move in the shameless act of narcissism is a biometric face scanning technology that will let customers replace their PINs with their face, according to MasterCard chief product security officer, Ajay Bhalla. Bhalla told CNN Money that the multinational financial services corporation has teamed up with all the major phone manufacturers to deliver the technology. “The new generation, which is into selfies, I think they’ll find it cool. They’ll embrace it. This [app] seamlessly integrates biometrics into the overall payment experience,” he said. “You can choose to use your fingerprint or your face. You tap it, the transaction is OK’ed and you’re done.” The selfie payment feature will roll out on a trial basis first in the US, with a full scale deployment to follow at an unspecified date. The system requires users to blink when prompted once they have held their device at eye-level for the checkout process to complete. This ensures that potential cyber crooks cannot use a still image of the user to hack into their personal account. MasterCard announced last month that all retail outlets across Europe will accept contactless payments by 2020, paving the way for wider adoption of mobile payment solutions. Mike Cowan, head of emerging payments products at MasterCard, revealed at the company’s Future of Payments event in London that Europeans will soon be able to tap to pay anywhere. “From the beginning of 2016 any new payment terminal that gets deployed must accept contactless, and every single terminal must accept it by 2020,” he said. This means that new point of sale terminals must adhere to the new standard on deployment from 1 January 2016, while existing terminals that don’t yet support contactless payments must be replaced by 1 January 2020 at the latest. Source

USAA Exploring Bitcoins

May 20, 2015 by  
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USAA, a San Antonio, Texas-based financial institution serving current and former members of the military, is researching the underlying technology behind the digital currency bitcoin to help make its operations more efficient, a company executive said.

Alex Marquez, managing director of corporate development at USAA, said in an interview that the company and its banking, insurance, and investment management subsidiaries hoped the “blockchain” technology could help decentralize its operations such as the back office.

He said USAA had a large team researching the potential of the blockchain, an open ledger of a digital currency’s transactions, viewed as bitcoin’s main technological innovation. It lets users make payments anonymously, instantly, and without government regulation.

The blockchain ledger is accessible to all users of bitcoin, a virtual currency created through a computer “mining” process that uses millions of calculations. Bitcoin has no ties to a central bank and is viewed as an alternative to paying for goods and services with credit cards.

“We have serious interest in the blockchain and we think the technology would have an impact on the organization,” said Marquez. “The fact that we have such a large group of people working on this shows how serious we are about the potential of this technology.”

USAA, which provides banking, insurance and other products to 10.7 million current or former members of the military, owns and manages assets of about $213 billion.

Marquez said USAA had no plans to dabble in the bitcoin as a currency. Its foray into the blockchain reflects a trend among banking institutions trying to integrate bitcoin technology into their systems. BNY Mellon and UBS have announced initiatives to explore the blockchain technology.

Most large banks are testing the blockchain internally, said David Johnston, managing director at Dapps Venture Fund in San Antonio, Texas. “All of the banks are going through that process of trying to understand how this technology is going to evolve.”

“I would say that by the end of the year, most will have solidified a blockchain technology strategy, how the bank is going to implement and how it will move the technology forward.”

USAA is still in early stages of its research and has yet to identify how it will implement the technology.

In January this year, USAA invested in Coinbase, the biggest bitcoin company, which runs a host of services, including an exchange and a wallet, which is how bitcoins are stored by users online.

Source

MasterCard Testing New Fingerprint Reader

October 29, 2014 by  
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MasterCard is trying out a contactless payment card with a built-in fingerprint reader that can authorize high-value payments without requiring the user to enter a PIN.

The credit-card company showed a prototype of the card in London on Friday along with Zwipe, the Norwegian company that developed the fingerprint recognition technology.

The contactless payment card has an integrated fingerprint sensor and a secure data store for the cardholder’s biometric data, which is held only on the card and not in an external database, the companies said.

The card also has an EMV chip, used in European payment cards instead of a magnetic stripe to increase payment security, and a MasterCard application to allow contactless payments.

The prototype shown Friday is thicker than regular payment cards to accommodate a battery. Zwipe said it plans to eliminate the battery by harvesting energy from contactless payment terminals and is working on a new model for release in 2015 that will be as thin as standard cards.

Thanks to its fingerprint authentication, the Zwipe card has no limit on contactless payments, said a company spokesman. Other contactless cards can only be used for payments of around €20 or €25, and some must be placed in a reader and a PIN entered once the transaction reaches a certain threshold.

Norwegian bank Sparebanken DIN has already tested the Zwipe card, and plans to offer biometric authentication and contactless communication for all its cards, the bank has said.

MasterCard wants cardholders to be able to identify themselves without having to use passwords or PINs. Biometric authentication can help with that, but achieving simplicity of use in a secure way is a challenge, it said.

Source

Hackers Infiltrate Jimmy Johns

October 7, 2014 by  
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Sandwich restaurant chain Jimmy John’s said there was a potential data breach involving customers’ credit and debit card information at 216 of its stores and franchised locations on July 30.

An intruder stole log-in credentials from the company’s vendor and used the credentials to remotely access the point-of-sale systems at some corporate and franchised locations between June 16 and Sept. 5, the company said.

The chain is the latest victim in a series of security breaches among retailers such as Target Corp, Michaels Stores Inc and Neiman Marcus.

Home Depot Inc  said last week some 56 million payment cards were likely compromised in a cyberattack at its stores, suggesting the hacking attack at the home improvement chain was larger than the breach at Target Corp.

More than 12 of the affected Jimmy John’s stores are in Chicago area, according to a list disclosed by the company.

The breach has been contained and customers can use their cards at its stores, the privately held company said.

Jimmy John’s said it has hired forensic experts to assist with its investigation.

“Cards impacted by this event appear to be those swiped at the stores, and did not include those cards entered manually or online,” Jimmy John’s said.

The Champaign, Illinois-based company said stolen information may include the card number and in some cases the cardholder’s name, verification code, and/or the card’s expiration date.

Source

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