Payments

Despite Chip Cards, Payment Security Continues to Be a Concern

As retailers and restaurants have been slow to roll out chip-based point-of-sale terminals, payment processing security remains a concern.
June 25, 2016
Despite Chip Cards, Payment Security Continues to Be a Concern

 

chip card listicle

As retailers and restaurants have been slow to roll out chip-based point-of-sale terminals for more secure payment processing, companies such as Wendy’s are still experiencing POS breaches. Here are five stories to get you up to speed on the latest in POS security.

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Only 37% of Retailers Equipped for Chip Cards

U.S. merchants have been slow to adopt chip-enabled credit and debit cards, exposing them to liability for fraudulent transactions perpetrated with traditional magnetic strip cards, according to a new survey. The Strawhecker Group (TSG), a management consultancy, found that only 37% of retailers were ready to process transactions with the EMV technology consisting of cards with a microchip. Read more.

Wal-Mart Stores Sues Visa Over Chip Card Verification

Wal-Mart Stores has sued Visa over its policy for verifying chip-enabled debit card transactions, saying the payments giant is favoring shoppers’ convenience at the expense of their security. Read more.

Home Depot Joins Battle Over Chip Card Security

More than half (54%) of U.S.-based CFOs surveyed reported offering more money for new hires, with an average pay increase of 10%, and 36% offered the same amount. Moreover, 68% said starting pay was more than the amount offered two years ago. Read more.

Wendy’s Says Hack Hit More Payment Systems

Wendy’s has disclosed that a cyberattack on its restaurants was more extensive than it initially reported, saying the attackers used malware to breach a second payment terminal system. Read more.

Making the Connection

The slow but steady rollout of mobile point-of-sale systems in retail stores, the growth of mobile wallets, and the ongoing need for stronger data security are among the major trends today in mobile payments. Read more.

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