Compliance

For the past several years, the concept of sharing transaction data between merchants, processors and issuers has been considered a good security measure to curb fraud. But someone has to compile and compare that data in such a way to not only stop fraud, but assure legitimate transactions are not declined.

The role of EMVCo — which is often seen as an extension of the card brands that deals only with chip-based EMV plastic cards— has come into sharper focus.

At a time when many have shifted to digital payments to weather the coronavirus pandemic, the four main U.S. credit card brands are aggressively expanding their own take on digital commerce.

As a cryptocurrency entrepreneur who helped launch Stellar and Dogecoin, Marshall Hayner has long been interested in finding a way to use blockchain — the digital ledger technology originally developed for Bitcoin — to solve some of the data privacy issues relating to payments.

Technology has helped banks expand globally, but complying with country-specific laws restricting data flows is a constant struggle.

More than a dozen large European banks plan to launch a payment system that would rival U.S. payment companies and technology firms, an idea that hasn’t worked in the past but may have a better chance given the current global health, economic and political crises.

South African investigators' revelation last week that fraudsters stole more than $3.2 million from the banking division of the country's post office more than a year ago served as a stark reminder that encryption doesn't mean a thing if the key is left unprotected.

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.

The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.

The credit union regulator has not yet announced an agenda, but the meeting could potentially include mattes related to field of membership and risk-based net worth.