03

April

Major Card Brands to Drop Signature Requirements in April

All of the major credit cards have announced they will no longer require consumers to sign for purchases at merchant locations, a change that will take effect in April. Merchants still have the option to ask for signatures, but the cards will not require signatures as part of their merchant services.

MasterCard was the first to make the announcement back in October 2017. They cited that more than 80 percent of store transactions in North America already do not require signatures, and the change will help make shopping experiences faster and more convenient.

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26

March

Small businesses: The most valuable B2B customer

Small businesses can be tough. They’re challenging to contact, often pressed for time with very little resources or support around them, and they typically buy the easiest solution at the lowest price.

In business-to-business (B2B), some companies focus on moving up-market, targeting midsize and larger enterprises, purposefully avoiding small businesses. But regardless of the challenges, small businesses are powerful, imperative to our economy and a critical cog in the wheel for many in and around B2B. I believe they’re the most valuable customer and, like any targeted prospect, those focused on

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12

March

The changing face of fraud

Cybercrime perpetrated worldwide in 2016 cost the global economy more than $450 billion and added 2 billion personal records stolen to an already extensive tab, based on statistics from small business insurance provider Hiscox Inc.

Visible gains in online commerce have also contributed to card-not-present (CNP) fraud as many predicted would happen when the U.S. transitioned to less fraud-friendly EMV (Europay, Mastercard and Visa) chip cards for card-present transactions. Javelin Strategy & Research estimated that year-over-year CNP fraud spiked 40 percent in 2016, and the incidence of identity, new account and

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05

March

Cannabis merchants seek regulatory clarity, banking solutions

While medical and recreational forms of marijuana are legal in thirty states and the District of Columbia, cannabis merchants face continuing regulatory uncertainties and blatant hostilities from the U.S. Department of Justice. Recent remarks by U.S. Attorney General Jeff Sessions linked cannabis sales with criminal gangs, violence and a national drug crisis, despite growing public support and reported socio-economic benefits of cannabis usage.

A study published March 12, 2018, by Colorado State University-Pueblo’s Institute of Cannabis Research, and funded by local and state cannabis taxes, found the Pueblo area netted $35

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26

February

Google Pay replacing Android Pay, Google Wallet

Alphabet Inc., d.b.a. Google LLC, disclosed Feb. 20, 2018, that the Google Pay mobile app is nearing completion. The newly branded Google Pay mobile platform will absorb the Android Pay and Google Wallet brands, broadening and consolidating their capabilities, according to company representatives. The legacy mobile apps were part of the company’s iterative journey dating back to 2011, when Google partnered with Sprint to launch Google Wallet on near field communication (NFC)-enabled Nexus S 4G phones and Google’s subsequent carrier-agnostic launch of Android Pay in 2015.

Google representatives said the new

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19

February

Travel industry fraud spikes to $1 billion

The International Air Transport Association estimates that 4.1 billion airline passengers boarded 42 million flights in 2017. Yet of the $7 billion collected to process payments during the year, fraud cost the travel industry nearly $1 billion, which IATA attributes in large part to increased fraudulent usage of stolen, compromised or fake credit card details in the purchase of airline tickets.

To combat this growing fraud epidemic, the IATA formed the Payment Method Working Group to tackle industry-wide fraud. In the initial phase, the group has focused on card-not-present fraud, which

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12

February

Chargebacks survey sheds light on CNP fraud

A recently released survey conducted jointly by Kount Inc. and Chargebacks911 assessed the state of fraud and chargeback management in more than 1,000 organizations. Titled the 2018 State of Chargebacks Survey, the study revealed card-not-present (CNP) fraud to be the number one source of chargebacks for 48 percent of businesses surveyed, followed by friendly fraud for 28 percent.

 

Particularly hard hit by CNP fraud were merchants in the travel/entertainment/leisure and education/training sectors, where 60 percent of respondents cited CNP transactions as the primary source of chargebacks. Additionally, researchers found significant differences in regional

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05

February

Leading credit card issuers ban cryptocurrency purchases

Several of the largest credit card issuers in the United States have put the kibosh on cardholders using plastic to purchase cryptocurrencies, like bitcoin. On Feb. 2, 2018, Bank of America, JPMorgan Chase and Citigroup each announced bans on cryptocurrency purchases by credit cards. This follows similar moves announced by Capital One and Discover in January.

In a related development, Coinbase, one of the largest cryptocurrency exchanges, is warning customers who use credit cards to be on the lookout for new card issuer fees related to those transactions. In a Feb.

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29

January

Third-party breach affecting Four Seasons contained

Four Seasons Hotels and Resorts learned of a data security breach at Sabre Hospitality Solutions, a third-party hotel reservations provider working with the company. The intrusion compromised payment card data and other information pertaining to a limited number of consumers. Four Seasons confirmed the issue has been contained and no unauthorized access to Sabre’s system currently exists.

The hotel chain also emphasized that guests who made reservations through Fourseasons.com, the Four Seasons Worldwide Reservations Office, or directly through any of its hotels and resorts were not affected by the incident. The

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19

July

IBM, Visa tackle IoT security

IBM Corp. and Visa Inc. introduced a cross-platform solution Feb. 16, 2017, designed to improve security on the Internet of Things (IoT) by aligning the global brands’ patented technologies and capabilities. By integrating IBM’s Watson IoT Platform and Visa’s Token Service, the companies will enhance security in payment-enabled devices, including wearables, appliances and cars, the companies stated.

“The Internet of Things is not only driving a more connected world; it’s changing the way we live, shop and pay, by moving data and the point of sale to wherever the consumer wants

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