Headline News is brought to you by Glenbrook Partners. Glenbrook provides payments strategy consulting and education services to payments professionals worldwide!
ON THE WEB
- New ATM hack allows thieves to make off with up to $50k from a single chip-and-pin card - TNW - "A new ATM hack demonstration shows just how vulnerable they are. In the demonstration, hackers were able to use a common chip-and-pin card to withdraw money from an ATM in under 15 minutes. Rapid7, a small team of security engineers, demonstrated the hack at Black Hat, a hacker conference in Las Vegas."
- New security flaw in credit card chip system revealed - CNN Money - "On Thursday, a banking and retail industry group that monitors the EMV system cast doubt on the theory. "If the data on the magnetic stripe is altered it might fool the terminal," said U.S. Payments Forum director Randy Vanderhoof. But on the back end, the system would "reject the transaction.""
- Nigeria’s Central Bank wants to keep remittances expensive - Quartz - "On Aug. 2, the bank issued a new directive (pdf) which will oblige all but three of Nigeria’s money transfer operators (MTOs) to suspend operations, and could reverse years of progress made in cutting the costs of remittances. The directive will also severely reduce competition among money transfer operators in Nigeria."
- Best Buy spurs omnichannel purchases with real-time in-app inventory filter - Mobile Commerce Daily - "Shoppers on the Best Buy application can now filter their searches by which products are available for pickup that day at a store, pointing to the growing importance of real-time inventory insight for driving omnichannel shopping experiences."
ON THE WIRES
- UK Card Fraud Losses Climbed 18 Percent in 2015, Largest Rise in Europe - "Analytic software firm FICO today released an interactive map of European card fraud, which reveals the UK saw Europe’s largest annual jump in card fraud losses for 2015. Most of the 18 percent rise in losses came from online transactions, reflecting the growth in this channel, the ease of accessibility to funds and lower risk for criminals, and the theft of personal data through cybercrime. "
- Credit card payment processing solutions that meet expectations of today’s consumers have been out of reach—until now - "i2c’s Agile Processing solution is a next-generation payment processing model that helps credit issuers take control of their business and execute their product roadmap vision. It enables banks and credit card issuers to create, configure, and deploy innovative digital and mobile card programs consumers want quickly and cost effectively."
- 30% of Credit Card Fraud Victims Change Cards to Another Credit Card or Use Cash Leading to a Dramatic Business Impact on Credit Card Issuers - "SmartMetric has created a fingerprint reader that fits inside each persons credit card that is used to validate the card user by them simply touching the cards sensor as the card user reaches across to insert the card into a reader or ATM. Our card provides greater security as well as peace of mind for the consumer benefiting both card issuing banks as well as the consumer said today SmartMetric's President & CEO, Chaya Hendrick."
GLENBROOK PAYMENTS EDUCATION EVENTS
Our next Glenbrook payments education events are coming this fall - in Palo Alto, CA and New York City. See our fall schedule here. We hope to see you there!
- Payments Boot Camp - Palo Alto - October 11-12
- Insight Workshop - Palo Alto - Data in Payments - October 13
Bring your colleagues along! Group discounts are available. For more information or to learn about our private workshops conducted at your location, contact Glenbrook's Russ Jones.
UPDATES FROM GLENBROOK
- We're hiring! Passionate about payments? Love solving tough client problems? If that describes you, come join us! Among other positions, we're looking for an East Coast engagement manger. Click here to learn more!
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews
Note: Headline News is compiled by Glenbrook Partners. Throughout the day, as we spot interesting developments, this post is updated. Do you have news to share? Tell us here: firstname.lastname@example.org!