On the Web:
- Target Got Hacked Hard in 2005. Here’s Why They Let It Happen Again - Wired - "That’s when Albert Gonzalez and cohorts – including two Russian accomplices — launched a three-year digital rampage through the networks of Target, TJ Maxx, and about half a dozen other companies, absconding with data for more than 120 million credit and debit card accounts."
- Six Things to Know About Chip Cards (EMV) - MasterCard Cashless Pioneers - "Carolyn Balfany, SVP Product Development at MasterCard, addresses EMV. She explains: a) what it is and b) how it will benefit the entire payments ecosystem."
- Fed Defends Middle Ground in Banker-Merchant Fee Fight - Bloomberg - "The Fed’s position, which it will argue for today in the U.S. Court of Appeals in Washington, has left banks contending the cap is too low to cover their costs and make a reasonable profit."
- Target Hackers Wrote Partly in Russian, Displayed High Skill, Report Finds - Wall St. Journal - "The holiday data breach at Target Corp. appeared to be part of a broad and highly sophisticated international hacking campaign against multiple retailers..."
- A Closer Look at the Target Malware, Part II - Krebs on Security - "As is the case with many data breaches, the attackers in this attack used a virtual toolbox of crimeware to get the job done."
- U.S. government warns merchants on methods used by Target hackers - Reuters - "We believe there is a strong market for the development of POS malware, and evidence suggests there is a growing demand," the report, obtained by Reuters, warned.
- Breach at Neiman Marcus Went Undetected From July to December - New York Times - "The computer network at Neiman Marcus was penetrated by hackers as far back as July, and the breach was not fully contained until Sunday, according to people briefed on the investigation."
- Twitter Gets Serious About Commerce, Nears Deal With Payments Startup Stripe - Re/code.net - "Twitter is close to letting its users purchase products directly through the social network and is nearing a deal with payments startup Stripe to help it accept credit card payments from its users..."
- Look Out, YC Payments Startup Balanced Is Processing $370M A Year - TechCrunch - "Balanced says it’s currently handling a volume of more than $370 million per year, and says it is servicing more than 440 marketplaces and crowdfunding platforms."
- Shopkick Starts 100-Store iBeacon Trial For American Eagle, Biggest Apparel Rollout Yet - TechCrunch - "Shopkick says that shoppers will get a welcome message when they enter an American Eagle Outfitters, with details of location-specific rewards, deals, discounts and product recommendations in the store."
- First Look: Inside PayPal's Innovation Center - American Banker - "The company, which dominates online payments, is one banks should watch as it aims to capture revenue from a growing commerce channel and includes banking services within its app."
- ATMs Face Deadline to Upgrade From Windows XP - Bloomberg BusinessWeek - "Microsoft’s 12-year-old Windows XP dominates the ATM market, powering more than 95 percent of the world’s machines and a similar percentage in the U.S...."
On the Wires:
- Retailers Urge Appeals Court to Make Federal Reserve Follow the Law - The Merchants Payments Coalition, a group of merchants fighting for a more competitive and transparent bank-card industry, said today: “Judge Leon struck a blow for fairness with his original ruling. We think the evidence will also prove as compelling to the appeals court. We look forward to that court reaffirming the Durbin Amendment as passed and sending the Federal Reserve back to the drawing board to ensure it actually follows the law.”
- "NRF Asks Appeals Court to Uphold Order for Lower Swipe Fee Cap - "The National Retail Federation today asked an appeals court to uphold a judge’s ruling that the Federal Reserve set its cap on debit card swipe fees far higher than intended by Congress and that the cap needs to be recalculated at a lower level."
- Retailers Comment On The Data Security Act - "PIN-and-chip cards are widely used across the globe, and it’s time for the bankcard industry in the United States to adopt that technology to better protect our consumers. We must transition away from 1960s technology and adopt a 21st century system that will help reduce and prevent fraud and protect customers from the threat posed by sophisticated cybercriminals, hackers and data thieves."
- U.S. Bank Announces Plan to Wind Down Checking Account Advance - "U.S. Bank will begin to wind down its short-term, small-dollar deposit advance product, Checking Account Advance, to align with final regulatory guidance issued by the Office of Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)."
- FinCapDev 2014 Opens Call for Proposals - “Mobile technology has the potential to expand access to critical financial services and support, improving consumer financial health,” said Jennifer Tescher, President & CEO of the Center for Financial Services Innovation. “That’s what FinCapDev is all about: leveraging that potential and enabling innovators to build products for consumers who want and need better access to high-quality tools and information.”
- Acculynk Gains Ground in Europe with Secure PIN-Based Authentication Patent Grant - "Acculynk, the first global PIN-debit authentication gateway, announced today that the European Patent Office granted Acculynk patent protection for the company’s propriety process for PIN based authentication over the Internet."
Updates from Glenbrook:
- Feedback: How are we doing for you? I'd love to hear from you - drop me a quick note: [email protected] or leave me a voicemail: +1.650.469.3421.
- Please forward press releases to: [email protected].
- Need consulting help from Glenbrook for one of your payments projects? Let us know your needs here - and we'll get right back to you!
- Join our mailing list for updates about Glenbrook events. Follow us on Twitter: @paymentsnews and @paymentsviews