Content about Debits and credits

August 5, 2014

On dates ranging from October 19, 2013 and April 10, 2014, hackers compromised the security of credit card processing systems at 33 locations of the P.F. Chang’s restaurant chain in Florida, Maryland, New Jersey, Pennsylvania, Nevada and North Carolina, and may have stolen consumer credit card data.

Scottsdale, Ariz. – On dates ranging from October 19, 2013 and April 10, 2014, hackers compromised the security of credit card processing systems at 33 locations of the P.F. Chang’s restaurant chain in Florida, Maryland, New Jersey, Pennsylvania, Nevada and North Carolina, and may have stolen consumer credit card data. The U.S. Secret Service notified P.F. Chang’s of the breach on June 10, 2014 and P.F. Chang’s says it has been processing credit card numbers securely since June 11.

July 14, 2014

Consumer spending slowed in June but remained positive on a year-over-year basis with a growth of 3%, according to First Data SpendTrend analysis, which tracks same-store point-of-sale data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks from nearly four million merchant locations serviced by First Data.

Atlanta -- Consumer spending slowed in June but remained positive on a year-over-year basis with a growth of 3%, according to First Data SpendTrend analysis, which tracks same-store point-of-sale data by credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks from nearly four million merchant locations serviced by First Data.

April 3, 2014

Despite a slight decrease in corporate payments fraud and a heightened interest in security risks, 2013 saw an increase in fraud specific to credit and debit cards as criminals and their schemes became more sophisticated, according to the 2014 AFP Payments Fraud and Control Survey released by the Association for Financial Professionals (AFP).

Washington, D.C. -- Despite a slight decrease in corporate payments fraud and a heightened interest in security risks, 2013 saw an increase in fraud specific to credit and debit cards as criminals and their schemes became more sophisticated, according to the 2014 AFP Payments Fraud and Control Survey released by the Association for Financial Professionals (AFP).

March 27, 2014

The National Retail Federation (NRF) told the Senate on March 26 that it’s time for an overhaul of the nation’s credit- and debit-card system, saying banks’ insistence on cards that use a signature instead of a Personal Identification Number (PIN) puts merchants and their customers at risk.

Washington, D.C. -- The National Retail Federation (NRF) told the Senate on March 26 that it’s time for an overhaul of the nation’s credit- and debit-card system, saying banks’ insistence on cards that use a signature instead of a Personal Identification Number (PIN) puts merchants and their customers at risk.

March 7, 2014

Only about four-in-10 (39%) of consumers are "very confident" that using a credit or debit card was safe. Half (49%) of consumers surveyed were only "somewhat confident."

Lenexa, Kan. - Only about four-in-10 (39%) of consumers are "very confident" that using a credit or debit card was safe. Half (49%) of consumers surveyed were only "somewhat confident." In light of the mass retail payment security breaches in recent months, Balance Innovations surveyed shoppers about their confidence in using credit and debit cards at their primary grocery store and whether they have changed their payment methods in response.

February 3, 2014

The National Retail Federation on Monday urged Congress to take a comprehensive approach as it contemplates a national response to criminal cyber attacks in which millions of consumers’ credit and debit card numbers were stolen.

Washington, D.C. -- The National Retail Federation on Monday urged Congress to take a comprehensive approach as it contemplates a national response to criminal cyber attacks in which millions of consumers’ credit and debit card numbers were stolen. NRF said retailers are willing to do their part to improve security, but that banks and card companies must also take major steps to shore up the current fraud-prone payments system.

January 31, 2014

The National Retail Federation (NRF) is scheduled to testify before a Senate committee the week of Feb. 3, as lawmakers begin to look into criminal attacks in which millions of consumers’ credit and debit card numbers were stolen.

Washington, D.C. – The National Retail Federation (NRF) is scheduled to testify before a Senate committee the week of Feb. 3, as lawmakers begin to look into criminal attacks in which millions of consumers’ credit and debit card numbers were stolen.

January 23, 2014

Approximately 1.1 million debit and credit cards used at Neiman Marcus stores may have been compromised in a security breach last year, according to an update posted on the retailer’s website.

Dallas -- Approximately 1.1 million debit and credit cards used at Neiman Marcus stores may have been compromised in a security breach last year, according to an update posted on the retailer’s website. To date, Visa, MasterCard and Discover have notified the company that approximately 2,400 unique customer payment cards used at Neiman Marcus and Last Call stores were subsequently used fraudulently.

January 22, 2014

The National Retail Federation on late Tuesday sent a letter to Senate Majority Leader Harry Reid and House Speaker John Boehner that called for replacing the magnetic-strip credit and debit cards that are widely used throughout the United States with chip-based cards that store data in an embedded computer micro-chip and require the use of a PIN rather than a signature.

New York -- The National Retail Federation on late Tuesday sent a letter to Senate Majority Leader Harry Reid and House Speaker John Boehner that called for replacing the magnetic-strip credit and debit cards that are widely used throughout the United States with chip-based cards that store data in an embedded computer micro-chip and require the use of a PIN rather than a signature. The chip-based cards are widely used in Europe, Asia and Africa.

December 28, 2013

Target Corp. admitted Friday that “strongly encrypted PIN data” was removed during the hacking that compromised some 40 million credit- and debit-card accounts between Nov. 27 and Dec. 15.

Minneapolis -- Target Corp. admitted Friday that “strongly encrypted PIN data” was removed during the hacking that compromised some 40 million credit- and debit-card accounts between Nov. 27 and Dec. 15. The retailer said it remains “confident” that customers’ PIN numbers are safe and secure.

December 19, 2013

Target confirmed that it suffered a major data breach that may have affected as many as 40 million credit and debit card transactions at Target stores between Nov. 27 and Dec. 15.

Minneapolis – Target confirmed that it suffered a major data breach that may have affected as many as 40 million credit and debit card transactions at Target stores between Nov. 27 and Dec. 15. The retailer said the information included customer name, credit or debit card number, and the card’s expiration date and CVV (the three-digit security code).

November 19, 2013

Six in 10 (61%) holiday shoppers this year plan to use cash, check or debit card to pay for most of their holiday purchases. Just 29% say they will use credit, according to the latest Country Financial Security Index.

Bloomington, Ill. -- Six in 10 (61%) holiday shoppers this year plan to use cash, check or debit card to pay for most of their holiday purchases. Just 29% say they will use credit, according to the latest Country Financial Security Index.

November 18, 2013

Dollar volume growth in credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations in October 2013 was 6.8%, an uptick from the prior month’s growth of 5.3%.

Atlanta -- Dollar volume growth in credit, signature debit, PIN debit, EBT, closed-loop prepaid cards and checks at U.S. merchant locations in October 2013 was 6.8%, an uptick from the prior month’s growth of 5.3%. First Data Corporation’s First Data SpendTrend analysis shows the growth was supported by the onset of cooler temperatures, which drove sales of seasonal merchandise and early holiday advertising attracting shopper foot-traffic.

November 12, 2013

In the first 10 months of 2013, e-commerce sales are up 17% from the same period last year, according to the Visa Spending Intentions survey.

New York -- In the first 10 months of 2013, e-commerce sales are up 17% from the same period last year, according to the Visa Spending Intentions survey. To-date in 2013, Visa domestic e-commerce transactions exceeded one billion dollars on 211 days, an increase of 19% from 2012.

In other findings:

July 24, 2013

Kmart is offering members of its Shop Your Way loyalty program the option to reserve items online, pay at their local Kmart store using their cash, check, debit, loyalty points, credit or gift card, and pick up the item onsite if available.

Hoffman Estates, Ill. -- Kmart is offering members of its Shop Your Way loyalty program the option to reserve items online, pay at their local Kmart store using their cash, check, debit, loyalty points, credit or gift card, and pick up the item onsite if available. Called Pay in Store, the program launches nationally this month and allows online shoppers to select the Pay in Store option and reserve an item for 48 hours.

December 18, 2012

Survey results released by ING Direct – to be rebranded Capital One 360 in 2013 – found that most Americans are purchasing holiday gifts with cash or debit cards this year.

Wilmington, Del. -- Survey results released Tuesday by ING Direct – to be rebranded Capital One 360 in 2013 – found that most Americans are purchasing holiday gifts with cash or debit cards this year.

The fourth annual holiday shopping survey found that more than three out of four Americans are purchasing gifts with cash or a debit card this year and more than three out of five (63%) are spending the same on holiday gifts as they did last year.
 

November 28, 2012

By Brendan W. Walsh, Pashman Stein, P.C.

By Brendan W. Walsh, bwalsh@pashmanstein.com

October 24, 2012

Barnes & Noble said it has detected tampering with PIN pad devices that are used in 63 of its stores.

New York -- Barnes & Noble said it has detected tampering with PIN pad devices that are used in 63 of its stores. Upon detecting evidence of tampering, which was limited to one compromised PIN pad in each of the affected stores, chain discontinued use of all PIN pads in its nearly 700 stores nationwide by the close of business on Sept.14.
 
In addition, the company notified federal law enforcement authorities, and has been supporting a federal government investigation into the matter.
 

October 8, 2012

Walmart and American Express have teamed up to offer customers an alternative to debit and checking accounts.

Bentonville, Ark. -- Walmart and American Express have teamed up to offer customers an alternative to debit and checking accounts. The new service, called Bluebird, is designed to provide financial services to customers who often do not have traditional bank accounts. It will allow for deposits by smartphone and mobile bill paying, with no minimum balance or monthly, annual or overdraft fees.

January 12, 2010

Same-store transactions for December 2009 showed a growth of 8.0% over 2008, holding up well...