City National Bank has started to issue next-generation credit cards that have the traditional magnetic stripes and an embedded microchip that offers compatibility with payment terminals in other countries. Foreign nations have adopted the new card standard due to rampant card-skimming fraud. “We want our clients to have the best possible experience while making purchases
Read »People’s United Bank has upgraded its ATMs to accept EMV (Europay, MasterCard and Visa) cards, also known as “chip and PIN” cards. EMV is considered to be more secure than traditional magnetic strips, which is why many non-U.S. countries have adopted it as the standard. “Financial institutions through the U.S. are evaluating and making plans
Read »CEO Nish Bhalla of Security Compass hacked into a bank’s security system and made a fraudulent account containing $14 million. He was given access to the system by the bank in order test the system’s capabilities. It was done in four steps, showing the ease of his method. This technique was similarly used in a
Read »Not long after Google announced that it will introduce person-to-person payments (P2P) payments, Square said that it is slowing rolling out a feature that lets users send money to friends via email. Square’s new email-based payment feature is called Square Cash. According to TechCrunch, it will cost $0.50 per transaction for senders and there’s not
Read »Payment startup LevelUp is partnering with NCR, known for being a major manufacturer of ATMs and point-of-sale systems, to expand its simple payment system to restaurants. With a linked credit or debit card, LevelUp users provide a QR code to the retailer to complete payment. “NCR understands what it takes to help restaurants keep pace
Read »The Better Business Bureau is reporting that scammers are mailing utility bills to inform consumers they are running late on their bills. They then instruct the unknowing to purchase a prepaid debit card with the owed amount. The fraudsters ask for the debit card numbers and drain the accounts. This is the alternative to wire
Read »Gyft, a mobile gift card platform, now lets users buys digital gift cards with bitcoins, an increasing popular digital currency. “By using our existing network of retailers, we are able to offer bitcoin consumers the ability to instantly spend their bitcoins at hundreds of merchants,” said Vinny Lingham, Gyft co-founder and CEO, in prepared remarks.
Read »USAA launched new updates for its mobile banking applications with multiple improvements. A significant enhancement to the mobile check deposit feature allows customers to deposit multiple checks and auto-capture check images, which will simplify the chore for those who have to deposit multiple checks. Other upgrades include the ability to copy your credit card number
Read »Wendy’s, the popular fast-food chain, is holding a pilot program for mobile payments, which is being tested in Portland, Albuquerque and Austin, according to Mobile Commerce Daily. Customers in these pilot markets can link the Wendy’s mobile application (iPhone and Android) to their credit cards or a Wendy’s gift card. When it comes time to
Read »Lamassu, a startup, claims to have created the world’s first Bitcoin ATM. The machine will ask users to present a QR code on their cellphones to verify users’ accounts. Then, users insert paper currency, which is instantly converted to Bitcoins and sent to users’ accounts. The Bitcoin ATM is expected to help intertwine the realms
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