Investment

A server containing sensitive consumer information at Experian has been breached, with the records of as many as 15 million T-Mobile customers stolen, the companies said Oct. 1.

A server containing sensitive consumer information at Experian has been breached, with the records of as many as 15 million T-Mobile customers stolen, the companies said Thursday.

The Trump Hotel Collection has disclosed a data breach that may have compromised customers’ debit and credit card data for more than a year. The breach was caused by malware lurking in the hotel’s payment system.

Like campaign managers at the end of a long election trail, top payments executives spent the final hours leading up to and shortly after the official EMV liability shift launch supporting the efforts of the past four years and providing the latest details on chip-card migration.

In updating cards with EMV technology, Visa and MasterCard have neglected an important element of what makes the security standard so successful elsewhere. The need for PIN verification is clear.

Many card issuers are well on their way to the migration to chip cards or have a plan to do so. But many merchants are still completely unaware of the shift in fraud liability taking effect Thursday.

Rules set by Visa and MasterCard suggest that by the start of this month, ideally, banks would all be issuing EMV-compliant cards and retailers would have the technology to accept them. If one party is supporting EMV and the other is not, the delinquent entity will have to cover the cost of any fraud that ensues.

A new survey reveals a wish-list for anti-money laundering specialists to help ease their process of assessing customer risk, a major concern as mobile technology and virtual currency play a larger role in the payments market.

When major card networks revealed the EMV chip card liability shift timeline four years ago, the Merchant Advisory Group was quick to make its stance clear: A conversion to chip cards won't mean a thing without a PIN authorization to go with it.

Some critics argue that it's a bad idea to introduce chip cards without PIN requirements. But this debate is a distraction from the payments industry's robust and multifaceted efforts to fight cybercrime.