Payment Industry News - Merchant Account News

• Decline my debit card, please
  In recent years, most banks started approving, rather than declining, debit and check transactions that exceeded what customers had in their accounts. Consumers would rather pay $39-a-pop bounce fees, banks contend, than risk embarrassment at the checkout counter.

• Man charged in largest-ever ID theft scheme
  Albert Gonzalez, 28, broke his own record for identity theft by hacking into retail networks, according to prosecutors, though they say his illicit computer exploits ended when he went to jail on charges stemming from an earlier case.

• Service Providers Must Meet Complete PCI Compliance Validation Requirements
  Both the issuing and acquiring members must use, and are responsible for ensuring that their merchants use, service providers are compliant with PCI security standards.  VISA® members are held responsible for any liability that may occur as a result of non-compliance. 

• PCI Compliant eCommerce Shopping Cart from MonsterCommerce
  MonsterCommerce has storefront software that comes equipped with 128-bit SSL Security built in.  You have the ability to either choose to use a shared security certificate which is free, or you have the option to purchase your own Network Solutions Secure SLL Certificate.  No matter which certificate you choose to obtain, MonsterCommerce technical support team will setup your security for you to ensure your confidence of selling online. 

• Fraud Control Basics
  VISA® Merchants must take extra care to protect their merchant accounts from internal and external compromises.  Data security is greatly the businesses responsibility to make sure that protection is a key part of their policies.  All payments, payment acceptance and transaction processing should be protected from outside influences.

• MonsterCommerce Aligns Shopping Cart Technology with Google Checkout
  MonsterCommerce is one of the first Network Solutions company’s that is emerging with Google checkout technology.  Merchants who choose to use MonsterCommerce’s shopping cart software now have the options to provide their consumers with protected and secure Google checkout processes. 

• Who is required to meet the PCI security standard?
  All merchant banks are also required certify proof of PCI compliance from merchants that do more than 20,000 transactions per. If the merchants banks can not supply this information, they too may be fined. However, not only merchants who have more than 20,000 transactions have to meet PCI compliance. Everyone, regardless of transaction volume must produce Certification of PCI Compliance.

• Dumpster Diving Leads to FTC Sanctions
  A company in Kansas City, the Nations Title Agency Inc., have been accused that they have not taken appropriate measures to insure the protection of confidential data by the Federal Trade Commission. 

• Internet credit card processing using aggressive fraud controls
  Credit card processing is complicated today.  There are so many dishonest people, both online and in people, who are just waiting to steal the personal data information and use it in fraudulent ways.  Today, many people are getting involved in ecommerce and selling items on the web, but they may be leery of accepting online credit card transactions for fear of the data being stolen.

• VISA®, MasterCard Unveil New Security Rules
  If you are the holder of a VISA® or MasterCard credit card, you maybe interested in knowing there are new security rules being released soon.  These rules will effect any organization that deals with your credit card data.  These new rules for credit card processing will help protect your personal data against those looking to steal it and use it for fraudulent reasons.

• Pay By Touch acquires CardSystems' assets for $47 million
  CardSystems is an end-to-end payment processing provider with approximately 120,000 merchants (to which Pay By Touch will have immediate access) and a annual transaction turnover of $18 billion.

• Cop Arrested for Theft, Credit Card Fraud
  A Chicago police officer was in custody Wednesday charged with buying $1,600 in goods using credit cards of a man arrested in a bar fight, a report said.

• Backup tapes are backdoor for ID thieves
  Large companies are reconsidering their security and backup policies after a handful of financial and information-technology companies have admitted that tapes holding unencrypted customer data have gone missing. Last week, trading firm Ameritrade acknowledged that the company that handles its backup data had lost a tape containing information on about 200,000 customers. The financial firm is now revising its backup policies and, in the interim, has halted all movement of backup tapes, a spokesperson said this week