Data and information management

Fast-developing technologies are dumping fresh risk on a payments industry already reeling from a parade of data breaches, placing more pressure on cross-industry efforts to improve security.

UnionPay International, a Shanghai-based subsidiary of China UnionPay, has launched a rewards program with duty free businesses at airports around the world.

Large banks and card issuers are ready for the U.S. shift to chip-and-PIN technology, according to a report issued Wednesday. But the drop in fraud that is expected to result is unlikely to come any time soon.

Four House lawmakers announced Thursday that they had formed a bipartisan group to focus on "the new and innovative technologies in the payments industry."

Some "friendly fraud" is more manipulative than friendly. Global Risk Technologies wants to help merchants appeal more chargebacks and get back some of the billions of dollars lost to friendly fraud.

Target Corp. agreed to settle with more than 100 million customers whose personal information may have been breached in a database hack in 2013, among the biggest to hobble retailers and banks in recent years.

American Express Co., the lender that cut ties with one of its biggest retailer partners last month, agreed to a multiyear venture with Charles Schwab Corp. to create two co-branded credit cards.

Target agreed to settle with more than 100 million customers whose personal information may have been breached in a database hack in 2013, among the biggest to hobble retailers and banks in recent years.

The Mandarin Oriental hotel chain recently became the latest big business to suffer a data breach, sounding a call to the hospitality business to shore up security posture.

The Purchase, N.Y. card network named Brian Lang to this role, where he will be responsible for growing the unit's business by introducing new technology and product offerings. Lang will succeed Betty DeVita, who will become chief commercial officer of MasterCard Labs in New York.

The Consumer Financial Protection Bureau announced Tuesday that it's seeking public comment ahead of a second study on the credit card market that could pave the way for new regulations or enforcement actions.

It's become apparent that more organizations are attaining PCI compliance, but far fewer can stay in compliance for a reasonable period of time.

One of the longest discussions regarding the U.S. EMV migration is the choice of chip and PIN or chip and signature as the card verification method (CVM).

Israeli payments technology provider Zooz has recently moved into the financial capitals of the world, opening offices in both New York City and London.

Visa Inc.'s CyberSource has joined the Anti-Information Fraud Society in China, which was established to create a safer online payment market.

Innovation must be tamed. Let it run wild and risk serious economic consequences, not to mention hefty fines.

It's not always fun to be the butt of a joke, but in the financial services industry, it's often unavoidable. Some companies are embracing this role to turn the mockery into marketing.

Smaller banks need to develop detailed marketing plans to reach out to cardholders, while also working with their processors to prepare for the transition to EMV cards.

When it comes to protecting sensitive payment data, call centers are often the forgotten operation, and card data leaks out unintentionally. Protected data spoken in one cubicle can be overheard by 20 nearby reps, along with any customers on the phone with those reps.

Community banking groups have recently struck referral deals with marketplace lenders that could add revenue in the short run, but they might be giving away potentially valuable data and customers in the process.