PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Is Twitter Trying to Become Amazon?

Pradeep T Moudgal by Pradeep T Moudgal
March 6, 2014
in Analysts Coverage
0
Comments Pouring into the Fed Regarding Proposed Regulation II Clarification

Comments Pouring into the Fed Regarding Proposed Regulation II Clarification

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Canadian debit network Interac reported today that fraud on its cards has fallen to $38.5 million (CAD) in total losses in 2012.

The figure is substantially lower than the prior year’s debit card fraud losses, which totaled $70 million, and the highest loss recorded for a single calendar year in 2009 of $142.3 million. The annual fraud loss rate for 2012 equated to 1.2 basis points of overall dollar volume flowing through the network. Much of the credit for reducing Interac’s issuers’ fraud losses is due to the implementation of EMV chip-and-PIN in Canada.

From Interac’s press release:

“Our multi-layer strategy to fight debit card fraud is producing significant results and continues to reinforce strong confidence in the safety, soundness and security of the world-class Interac system,” said Caroline Hubberstey, Head of External Communications for Interac Association and Acxsys Corporation. “The ongoing conversion to chip technology is a vital tactic in our fraud prevention strategy, which is supported by other core elements that are critical to our continued success. These include valuable partnerships with law enforcement, financial institutions, acquirers, merchants and educational outreach to consumers.”

Chip technology is both secure and smart. It gives the card the ability to store and process data securely. Unlike a magnetic stripe, this processing power makes it extremely difficult to copy and reproduce. This processing power is used, together with cryptography, to allow the card and terminal to communicate with one another to carry out security checks to ensure the card is valid. Chip technology also enables advancements like Interac FlashTM, which is currently being rolled out across the country.

Click here to read more from Interac.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the U.S. Bank report - Real-time payments