Just over five months after merchants were required to start accepting EMV cards or the liability of fraudulent charges, retailers have filed an antitrust lawsuit against the nation's largest credit card companies and banks, claiming the liability shift was instituted illegally.
The lawsuit, initially reported by The Recorder, alleges that the financial institutions conspired to transfer the liability for fraudulent transactions from themselves to retailers, merely using the transition to EMV cards as a mask. What's more, the complaint states that the process to get chip-enabled systems has been marred by technical issues that made it difficult for many merchants to achieve EMV certification by the October 1 deadline.
"Merchants were not consulted about the change, were not … more
Last year, 30 percent of all e-commerce transactions were executed from a mobile device, according to Internet Retailer. As mobile shopping continues to represent a large slice of online sales, card companies are sprinting to develop technology to better protect this new type of card-not-present transaction from fraud. While physical biometric authentication, such as fingerprint or facial scanning, has emerged as the most popular verification method in recent months, some contest the depth of its security.
More secure than a heartbeat According to Robert Capps, vice president of business development at NuData Security, using a single form of biometric data is no more secure than simply adding a second password. As he explains in an article published in Mobile Payments Today, this … more