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Weekly EMV Industry News Roundup - 15 July 2016

Visa’s mobile payments push goes for Olympic Gold

PaymentWeek

  • The Olympics—whether summer or winter variety—are a great opportunity to build national sentiment, show off athletic prowess, and provide an opportunity for nations to compete in a safe and even enjoyable fashion.
  • It’s also an opportunity for corporations to show off what they can do, and Visa is making a greater push than ever into the upcoming Rio Olympics.
  • We’ve seen Visa making some inroads in the Olympics previously, with word coming out back in late April.

U.S. said to be No.2 out of 20 countries in credit card fraud

American Banker

  • Nearly half of U.S. consumers say they have been hit by credit card fraud within the last five years, and those breaches are becoming more commonplace, according to a survey released Tuesday.
  • ACI Worldwide and Aite Group surveyed 6,035 consumers from 20 countries and found that credit card fraud is a bigger problem in the United States than almost every other nation that was examined.

How to keep your credit card safe when traveling abroad

MarketWatch

  • According to a new survey from the payments company ACI Worldwide and market-research firm Aite Group, credit and debit card fraud worldwide is actually growing.
  • The groups surveyed about 6,000 consumers in 20 countries and found that 17% of consumers said they have experienced fraud multiple times in the past five years, compared with 13% who said they had in 2014.
  • The countries where consumers are most likely to have experienced card fraud were Mexico, where 56% said they had experienced fraud in the last five years, Brazil, at 49% and the U.S., at 47%.

How lawsuits over Chip-and-PIN cards affect consumers

Bankrate

  • Three of the nation's largest retailers have sued the big credit card processing firms over how you pay at the register. The lawsuits argue that credit payments networks Visa and MasterCard are compromising security in favor of their bottom lines, leaving consumers vulnerable to fraud.
  • The lawsuits filed recently by Wal-Mart, Home Depot and the grocery chain Kroger aren't identical, but they share a theme: The new way we "dip" our debit and credit cards isn't secure enough -- and the credit companies know this.
NMI Team