Technologies and Trends
In October 2014, President Obama signed an executive order to tighten security measures for federal credit cards, and urged banks and retailers to follow suit in an effort to combat the growing threat of identity fraud. The order, which Obama signed before a packed crowd of regulators at the Consumer Financial Protection Bureau (CFPB), stated that the administration will add microchips and PIN numbers to government credit cards and debit cards starting in January 2015.
Founder, BayPay Forum
We recently interviewed the founder of BayPay Forum, Daniel Chatelain, a serial entrepreneur and evangelist of mobile payments. He created the BayPay Forum, working as a not-for-profit organization, to provide an international networking forum for payment and commerce executives.
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Courtesy of Payments Journal
The US card market has been eagerly awaiting the pending migration to EMV chip cards for some time. Although their proliferation and regulated liability shifts are just around the corner, the message to card issuers and merchants is simple: If you canít support EMV chip cards, get ready to pay for fraud.
Prepaid Moves Forward
Prepaid products are one of the fastest growing types of financial tools for consumers in the US, according to the Consumer Financial Protection Bureau (CFPB). The Bureau estimates that the total dollar value loaded onto general purpose reloadable (GPR) cards to be nearly $100 billion through 2014.