BankNews Feb. 2015

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ADT Launches Anti-Skimming Device to Detect, Deter ATM Fraud

March 13 – ADT Security Services has introduced a new advanced skimming detection device for financial institutions throughout North America. The ADT Anti-Skim™ ATM Security Solution helps prevent skimming attempts and detects skimming devices on all major ATM makes and models.

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Deputy Secretary Robert M. Kimmitt remarks on policy principles for sovereign wealth funds

Oct 13 – Thank you, Peter, for that warm introduction.  It is a pleasure to join you today to discuss the importance of keeping markets open for foreign investment, a particularly timely topic given the current uncertainty in global financial markets.  I would like to thank the U.S. Council for International Business for hosting this event and for its continuing interest in this important topic, and I also thank the co-sponsors and supporters of the event. 

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Deputy Secretary Kimmitt statement on IWG agreement on generally accepted principles for sovereign wealth funds

Oct 13 – Deputy Secretary of the Treasury Robert M. Kimmitt issued the following statement on the release of the International Working Group of Sovereign Wealth Funds’ Generally Accepted Principles and Practices for Sovereign Wealth Funds:

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Deputy Secretary Kimmitt to announce $3.9 billion in tax credits

Oct 2 – U.S. Treasury Deputy Secretary Robert M. Kimmitt and Treasury’s Community Development Financial Institutions Fund Director Kimberly A. Reed will travel to New Orleans, La., this week to award $3.9 billion in tax credits to organizations investing in rural and urban low-income communities across the United States.  The awards are being made under the 2007 round of the New Markets Tax Credit Program and will include $400 million allocated specifically for the redevelopment and reconstruction of the Hurricane Katrina Gulf Opportunity Zone.

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Wisconsin: ‘Skimmers’ milking cardholders

South Dakota names Kim Olson state economic development director

Payment Method Security and the Expanding Role of Chip & Pin

April 21 – With the increased awareness of major data breaches and the ever-expanding prevalence of credit card fraud, payment transaction security has become an important discussion in this country. A significant portion of this discussion has revolved around the role of EMV or “Chip & Pin” technology for credit cards as a more secure payment method.

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ATMIA Assists ATM Industry in Preventing Malware Attacks

April 9 – To help the ATM industry prevent malware attacks on its terminals, the ATM Industry Association has published new guidelines called “Best Practices for Preventing ATM Malware, Black Box and Cyber-Attacks.”

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Most Influential Women in Payments Honored by PaymentsSource

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.

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Here Comes EMV

By Randy Vanderhoof

By all estimations, 2015 is poised to be the “year of the chip,” with major progress in the U.S. migration to the global EMV chip standard for payments. Many card issuers have already begun or are planning to start issuing chip cards this year. By the end of 2014, there were approximately 120 million chip cards in the market. This number is expected to increase dramatically to 600 million chip cards by the end of this year –about half of all of the payment cards in the United States. Retailers are also on board, with some estimating that as many as 50 percent of merchant terminals may be enabled by the end of 2015. As a community bank, how should you start thinking about and planning for issuing chip cards? Let’s look at some of the major considerations.

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