May 11 – iovation, the provider of device intelligence for authentication and fraud prevention, today announced the immediate availability of a report it and research and advisory firm Aite Group developed entitled “EMV: Issuance Trajectory and Impact on Account Takeover and CNP.” The report calculated that card-not-present fraud — fraudulent transactions where a credit card is not physically presented to a merchant — will cost retailers and financial institutions $7.2 Billion in the United States by the end of 2020. The report also found that account takeover losses for financial institutions — when a fraudster poses as a genuine customer, gains control of an account and then makes unauthorized transactions — will increase from $644 million in 2015 to more than $1 billion by 2020 in the U.S.
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April 25 – TD Bank Merchant Solutions has announced the availability of the Clover product portfolio featuring all-in-one payment terminals designed to help small businesses manage their operations through custom hardware, software and merchant services. The Clover product portfolio is powered by First Data, a global leader in commerce-enabling technology and solutions.
February 1 – TD Bank, America’s Most Convenient Bank® has launched a new credit card product that makes it easier for consumers to earn cash back on everyday purchases. The TD Cash Visa Signature Credit Card provides 2 percent cash back on all dining types and 1 percent cash back on all other purchases. It comes with no revolving categories, annual fees or foreign transaction fees. There is also no limit on the amount of cash a cardholder can earn, and no reward expirations.
January 14 – Forrester forecasts that 4.8 billion people globally will use mobile phones in 2016. This brings significant opportunities to businesses, especially for those companies that understand how a customer-obsessed mobile strategy will change the way they operate in 2016.
By Toni Lapp
Boone County National Bank, Columbia, Mo., closed for business on a Friday last month, and reopened the next Monday as Central Bank of Boone County. The bank changed more than its name; it converted from a national- to a state-chartered bank.
March 13 – PaymentsSource, providing news and analysis for payments professionals, has announced the honorees for the 2015 Most Influential Women in Payments. PaymentsSource will celebrate the accomplishments of these exceptional leaders on April 8th at an honoree panel discussion and reception, held during the 27th Annual Card Forum & Expo at the Chicago Marriott Downtown, hosted by PaymentsSource and American Banker.
March 12 – FirstMerit Corp. has announced that its Apple iOS and Android Mobile Banking Apps now include Popmoney, a simple and secure service that allows customers to send and receive money electronically. Sending and receiving personal payments through Popmoney reduces the hassle of writing checks and eliminates the need to carry cash. All it takes is an email address or mobile phone number of the person receiving funds to initiate a payment.
March 9 – The nation’s three leading national credit reporting agencies have reached an agreement to improve credit report accuracy, increase the fairness and efficacy of the procedures for resolving consumer disputes of credit report errors, and protect consumers from unfair harm to their credit histories due to medical debt. The agreement was announced by New York Attorney General Eric Schneiderman. (more…)
July 14 – The Office of the Comptroller of the Currency will host two workshops in Syracuse, N.Y., at the Sheraton Syracuse University Hotel, Aug. 5-6, for directors of national community banks and federal savings associations.
July 2 – By the end of 2015, 70% of U.S. credit cards and 41% of U.S. debit cards will be EMV enabled, says Aite Group.