Publicly, all retailers have—historically—said that data breach disclosures need to happen quickly and publicly. Privately, though, IT and security specialists have long questioned the point of such disclosures, especially the early ones. The initial reports are almost always wrong, shoppers can't do anything useful with...
State prosecutors in New York on Monday (Aug. 11) brought criminal charges against a dozen payment companies, “accusing them of enabling payday loans that flouted the state’s limits on interest rates in loans to New Yorkers,” according to a story in The New York Times....
Do Visa and MasterCard have enough control over the U.S. payment card market that they can violate a smart card patent. A federal appeals court last week began hearing arguments in a case in which card vendor SmartMetric Inc. contends they do, and have. Get...
In a move that should sharply boost—some might say inflate—consumer credit scores, FICO on Thursday (Aug. 7) changed its policy and will no longer consider an unpaid or late bill, once that bill “has been paid or settled with a collection agency,” The Wall Street...
U.S. revolving credit, which consists mostly of card-based receivables, increased at a seasonally adjusted annual rate of 5.5 percent in the second quarter, which compared with 1 percent annual growth a year earlier, according to the latest Federal ReserveG.19 report released Aug. 7. June’s 1.3...
As PYMNTS.comreported recently, the Federal Reserve for the first time in its triennial payments study collected data related to payments fraud. It recently published the full report, a 192-page document loaded with data. What the discussion on fraud in the full report suggests is: Why...
American Express has given up its bid to wrest total control of the “Black Card” brand name from Netherland’s registered Israel-based coffee producer, which owns the Black Card coffee trademark. A court dismissed the case after AmEx withdrew its action. Get the Full Story Complete...
Treasury Department oversight of non-bank money-remittance businesses would be more streamlined by reducing duplication of regulatory reviews with states under a bill now awaiting President Obama’s signature. The bill also could save remittance companies millions by not have to go through duplicative state and federal...
The countdown to EMV continues to run down, as of the publication of this article there will be (August 5) there are less than 500 days until EMV adoption will be required, and it is looking increasingly likely that credit unions will be missing the...
