It was recently revealed that Sprint is preparing a mobile platform and wallet called Touch Wallet and Apple demoed a new addition to their upcoming iOS 6 called Passbook, which stores gift cards, tickets, coupons and store loyalty cards that can be used and redeemed with merchants via scannable barcodes. Read More
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Decrease in Debit Spending Reduces Visa’s Total U.S. Payment Volume
Although spending on Visa credit cards increased in April and May from a year ago, overall volume processed on U.S. Visa cards was down 3 percent in April and remained stagnant in May as spending on Visa debit cards declined by double digits. Read More
Dwolla Launches Real-Time Bank Transfers, Builds Competitive Alternative to Traditional Payment Networks
Dwolla, an alternative cash based payment network, enables consumers to make retail payments and peer-to-peer transfers over their hybrid ACH network. In June Dwolla launched their FiSync network which enables real-time bank transfers to Dwolla accounts, meaning users can connect participating bank accounts through their Dwolla account to make purchases in-store and online or transfer
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More Merchants Accepting Payments Over Mobile Devices, More Competitors Entering this Space
In June Square announced that they are now processing $6 billion annually while VeriFone and Intuit compete with similar product offerings that allow merchants to accept and process credit card payments via their mobile device. Meanwhile iZettle, dubbed the Square of Europe, expands from Scandinavia to the UK now with over $16 million raised in
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PayPal Expands Brick-and-Mortar Presence via VeriFone POS Terminals
eBay owned PayPal first announced their mobile wallet and push into Customer Present payments in late 2011. Now following trials with their mobile wallet at Home Depot stores, PayPal has announced their licensing, marketing and implementation agreement with VeriFone bringing the PayPal payment option to many POS terminals. Read More
LinkedIn Suffers Data Breach, Now Faces Lawsuit
Nearly 6.5 million passwords were posted on a Russian based hacker forum website and on June 6th LinkedIn confirmed that these passwords belonged to their users. The company now faces a $5 million class action suit claiming they are in violation of their own user agreements and privacy policies. Read More
Apple Store Employee Bypassed Security Checks to Accept Known Bad Checks
Roberto Sanchez, a former Apple Store employee in New Hampshire, reached a plea bargain to serve three months in jail after intentionally bypassing security procedures to accept bad checks from a friend allowing the theft of nearly $150,000. Read More
Call Center Agent Copied Customer Card Details, Made Purchases Online
A call center employee working in the UK was arrested after copying credit card information provided to him by customers over the phone which he later used to attempt fraudulent purchases. Read More
Retail Sales Clerk Boosts Commission Buying Goods with Fraudulent Credit Cards
A former employee at Saks Fifth Avenue faces felony credit card abuse charges after using fraudulent credit cards opened in the names of stolen identities to make purchases from his register as a way to earn extra commission. Read More
CIFAS Releases Report on Internal Fraud Trends in the UK
CIFAS, a fraud prevention membership association in the UK, reported that internal fraud in the United Kingdom increased 14.5 percent in 2011. The CIFAS Staff Fraudscape report also identifies trends on employees more likely to commit fraud and the most effective ways to discover internal fraud. Read More
