MasterCard

Mastercard previewing smartphone web payment system with in-person security strength

Source: http://www.engadget.com/2012/11/07/mastercard-previewing-smartphone-internet-payment-system/

Mastercard previewing EMV internet smartphone payment system with NFCstrength security

Mastercard is already a big fish in the still tiny NFC contactless payment pond, and now it wants to take that same technology to a veritable ocean — internet sales. The plastic purveyor is tag-teaming with ING in the Netherlands for PayPass-based smartphone internet payments that would have a “comparable level of security” to bricks and mortar purchases — by transmitting an EMV-compliant cryptogram or QR code to merchants. That would theoretically make online shopping less risky, and the system would also allow coupons and vouchers to be applied, giving a “similar user experience in both the physical and digital world.” The Dutch trial has already started and will continue until early 2013, but there’s no word if new users can still jump in — check the PR after the break to read the tea leaves for yourself.

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Mastercard previewing smartphone web payment system with in-person security strength originally appeared on Engadget on Wed, 07 Nov 2012 10:03:00 EDT. Please see our terms for use of feeds.

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Wednesday, November 7th, 2012 news No Comments

Mastercard previewing smartphone web payment system with in-person security strength

Source: http://www.engadget.com/2012/11/07/mastercard-previewing-smartphone-internet-payment-system/

Mastercard previewing EMV internet smartphone payment system with NFCstrength security

Mastercard is already a big fish in the still tiny NFC contactless payment pond, and now it wants to take that same technology to a veritable ocean — internet sales. The plastic purveyor is tag-teaming with ING in the Netherlands for PayPass-based smartphone internet payments that would have a “comparable level of security” to bricks and mortar purchases — by transmitting an EMV-compliant cryptogram or QR code to merchants. That would theoretically make online shopping less risky, and the system would also allow coupons and vouchers to be applied, giving a “similar user experience in both the physical and digital world.” The Dutch trial has already started and will continue until early 2013, but there’s no word if new users can still jump in — check the PR after the break to read the tea leaves for yourself.

Continue reading Mastercard previewing smartphone web payment system with in-person security strength

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Mastercard previewing smartphone web payment system with in-person security strength originally appeared on Engadget on Wed, 07 Nov 2012 10:03:00 EDT. Please see our terms for use of feeds.

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Wednesday, November 7th, 2012 news No Comments

Visa Failed Again As Its Network Went Down For 40 Minutes On Sunday

Source: http://www.businessinsider.com/visa-network-outage-2012-4


Visa

WASHINGTON (AP) — A technical problem affecting the Visa network barred some people around the United States from using their credit and debit cards for about 45 minutes on Sunday, the company said.

The outage was caused by a recent update Visa has made to its system, said Visa Inc. spokeswoman Sandra Chu. She said Visa had trouble processing some transactions as a result, but the system is operating normally now.

Chu said the problem Sunday was unrelated to the security breach potentially affecting Visa and MasterCard customers that was reported Friday by credit card processor Global Payments Inc.

The outage occurred from around 2:40 p.m. to 3:20 p.m. EDT, a person from a major bank said. The person spoke on condition of anonymity because bank employees were not authorized to speak publicly. Visa had notified the banks that are members of its network of the problem.

Consumers and merchants reported having Visa cards rejected on Sunday.

At the Shoot Smart gun range in Fort Worth, Texas, manager Jared Sloane said credit and debit transactions stopped working early in the afternoon.

Sloane said a few customers walked out when told they could only pay with cash or check, but otherwise the problem wasn’t yet much of a disruption.

Shoot Smart said problems with transactions were persisting at about 6:40 EDT.

Chu said Visa’s system was fully up and operational.

__

Associated Press writer Paul Weber in San Antonio contributed to this report.

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Monday, April 2nd, 2012 news No Comments

Every Major Credit Card is Potentially Hacked

Source: http://gizmodo.com/5897872/every-major-credit-card-is-potentially-hacked-right-now

Every Major Credit Card Provider Is Potentially Hacked Right NowGlobal Payments, a major credit card processing company, has reportedly been hacked. That means each of the four major credit card companies, and according to reports, as many as 10 million customers are at risk.

The story has been developing throughout the morning. Right now, it goes like this: Hackers gained access to an administrative-privileged account at a New York City taxi company and, over the course of several months, stole 10 million credit card numbers. They’ve been sitting on them, waiting to spend all at once to maximize the time before they’re shut down.

The Wall Street Journal puts the number of compromised accounts around 50,000, which is a far cry from 10 million. The massive number had originally been sourced to a post from a Gartner analyst, and while it seems a little far fetched that a cab company would have millions of numbers, we’d still err to caution.

Visa and Mastercard have both issued statements explaining the breach, but stressed that their networks were not specifically breached. Though that doesn’t really matter if you’re affected by the hack of “third-party processor” Global Payments. No word yet from American Express or Discover, but both are accepted by official NYC cabs.

Third-party processors like Global Payments or PayPal simplify accepting credit cards for small or spread out merchants. So a cab using GP is about the same as an eBay seller using PayPal, and this hack affects users the same way a PayPal hack would. Which is to say, very seriously.

Everyone seems to be scrambling to figure out what’s going on here, including credit card companies. What we’re going on right now is that this is probably based out of New York, and probably confined to those who’ve paid for a cab with a credit card. If you fit that description, think about preemptively checking in with your card company to protect yourself. [Gartner, PhysOrg, CNN, WSJ]

Update: Bank of America and Chase have apparently been alerting their customers about this breach for weeks, but not providing specifics beyond their individual accounts. And in some cases, alerted customers received fraudulent charges even after a card had supposedly been shut down.

Thanks Lauren & iomegaman5

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Friday, March 30th, 2012 news No Comments

EMV in, magnetic strips out

Source: http://www.engadget.com/2012/01/31/mastercard-reveals-roadmap-for-our-electronic-payment-future-em/

MasterCard reveals roadmap for EMV electronic payments It’s been over fifteen years since MasterCard, Visa and Europay developed EMV technology to make your credit cards more secure, but it has yet to really catch on here in the US. However, MasterCard has created a master plan to help usher in the EMV era and sound the death knell for the magnetic strip. Why? The EMV infrastructure is far more fraud-resistant because each transaction is authenticated dynamically using cryptographic algorithms and a user-specific PIN. That’s why MasterCard plans to help build out the EMV POS infrastructure by April of next year and have its secure e-payment system functioning at ATMs, online and with its myriad mobile payment options as well. For now, the nuts and bolts of how the credit card firm plans to bring its plan to fruition are few, but more details will be forthcoming, and there’s a bit more info at the source and PR below.

Continue reading MasterCard reveals roadmap for our electronic payment future: EMV in, magnetic strips out

! MasterCard reveals roadmap for our electronic payment future: EMV in, magnetic strips out originally appeared on Engadget on Tue, 31 Jan 2012 05:42:00 EDT. Please see our terms for use of feeds.

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Tuesday, January 31st, 2012 news No Comments

ClickZ articles by Augustine Fou, PhD

Dr. Augustine Fou is Group Chief Digital Officer of Omnicom’s Healthcare Consultancy Group. He has nearly 15 years of digital strategy consulting experience and is an expert in data mining, analytics, and consumer insights research, with specific knowledge in the consumer payments, packaged goods, food/beverage, retail/apparel, and healthcare sectors.

Dr. Fou has provided strategic counsel on the use and integration of online marketing to clients such as AT&T, IBM, Intel, ExxonMobil, MasterCard, Unilever, Pepsi, DrPepper, Frito Lay, Taco Bell. KFC. Atari, Conde Nast, Hachette Filipacchi, Victoria’s Secret, Liz Claiborne, and others. He has served as expert witness on online payments for the Federal Reserve Bank of New York, and advised government agencies such as the Norwegian Trade Counsel, the Gouvernement du Quebec, Invest in Sweden Agency, and the Canadian Consulate.

Dr. Fou is an Adjunct Professor at New York University in the Integrated Marketing Department of the School for Continuing and Professional Studies. He also writes a monthly column for ClickZ’s Experts Columns on Integrated Marketing and is a frequent speaker and panelist at online and advertising industry conferences.

He started his career with McKinsey & Company and recently served as SVP, Digital Lead at McCann/MRM Worldwide. Dr. Fou completed his PhD at MIT at the age of 23 in the Department of Materials Science and Chemical Engineering.

Recent articles by Augustine Fou

The 22 Immutable Laws of Marketing No Longer Apply, Part 3
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Why the laws of duality, the opposite, and others no longer hold true. Second in a three-part (1 comments) Mar 4, 2010

The 22 Immutable Laws of Marketing No Longer Apply
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Is Believing in Behavioral Targeting Like Believing in Santa?
Should we have grown out of our naïve belief in behavioral (25 comments) Dec 17, 2009

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Three reasons why the Net Promoter score is a waste of (19 comments) Nov 19, 2009

How to Do Social Marketing in Heavily Regulated Industries
Financial services, pharmaceutical, and healthcare are ripe for social marketing. Here’s (11 comments) Oct 22, 2009

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Defining ‘digital’ as the collection of habits and expectations of today’s consumers — and what that means to (7 comments) Sep 24, 2009

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It may help fulfill demand. Understand the (18 comments) Jul 2, 2009

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Benchmarks to avoid and others to embrace. (5 comments) May 7, 2009

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If social marketing’s done right, the potential ROI could be infinite. Five tips to get you (51 comments) Apr 9, 2009

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Planning an awareness campaign in TV or other media? Advertisers can now correlate money spent on that campaign to a lift in sales — and estimate the return on (4 comments) Mar 12, 2009

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Three tips for using “missing link” marketing to solve targeting’s Jan 15, 2009

Experiential Marketing
Consumers are savvy and informed; they won’t just take your word on a product. Experiencing the product is more important than (1 comments) Dec 18, 2008

Search Improves All Marketing Aspects
Search is much more than just an opportunity for marketers to push out another Nov 20, 2008

Social Commerce: In Friends We Trust
How to integrate social networks into your marketing (1 comments) Nov 6, 2008

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Sunday, April 4th, 2010 digital No Comments

Dr. Augustine Fou is Digital Consigliere to marketing executives, advising them on digital strategy and Unified Marketing(tm). Dr Fou has over 17 years of in-the-trenches, hands-on experience, which enables him to provide objective, in-depth assessments of their current marketing programs and recommendations for improving business impact and ROI using digital insights.

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