The Daily Telegraph reports the Office of Fair Trading is investigating the problem of slow electronic payments that can often take five days for businesses to complete, compared to just a few hours in Sweden.
Gartner says that a contactless credit facility is the most interesting part of the offering. How many retailers' point-of-sale terminals will be able to process contactless credit payments is unclear. Acceptance at the point of sale will be critical to the success of contactless payment schemes. If few retailers accept contactless payments, customers will tire of trying to use them and revert to traditional payment methods.
Separately, eWeek reports on plans by VeriSign to introduce an anti-phishing service this week.
The service allows VeriSign to monitor the Internet for signs of new phishing schemes, such as phony looking e-mail messages and new malicious Web sites that play off a customer's brand. VeriSign will then work with ISPs to have those sites removed, and it can help with the forensic investigations.
The full text of the announcement of VeriSign's Email Security Services is now available.
Americans are now carrying $683 billion in revolving credit card debt. That’s not the amount we charge every month; it’s the outstanding unpaid balances on which people pay interest. And, according to a report by Cambridge Consumer Credit Index, 47% of the people who paid less than the full amount on their credit card bills in a recent month, made only the minimum payment due. In fact, only 13% of Americans with an outstanding balance could afford to pay more than half the balance.
An earlier story explores the introduction of chip cards and PINs to the UK market.
So how does it work? There are two elements involved in making card transactions secure. The first is to ensure that the card is genuine; the second that the person presenting the card is the true owner. The chip does the former and PIN does the latter. The chip protects your card from the counterfeit, skimming or cloning fraudster, whilst the PIN prevents someone using your card if it’s lost, stolen or intercepted in the post.