Alto Global Processing: UK Payment Transactions Exceed 1 Billion a Month by Payments Journal


The UK Cards Association has announced that for the first time ever, the number of payment card transactions in the UK has
exceeded one billion a month for the first time. According to the industry body, consumers made 1.006 billion transactions using their debit and credit cards in August, up by 9.2% from August 2013.

Breaking down the data, the UK Cards Association announced that UK consumers in August made 774 million payments via debit cards and 232 million via credit cards which both represented an increase of nearly 10% from the year before. In terms of spending, overall debit card spending rose to £33.6 billion ($54.08) and spending on credit cards reached £13.7 ($22.05) billion which represent year-over-year growth of 7.9% and 4.3% respectively.

Commenting on the news, “A billion card transactions in a month is a major milestone and a clear indicator of the transformation in how we all spend. Rather than walking around with wads of notes or pockets full of coins, we’re increasingly choosing to use a card instead. With the rise in contactless transactions as a convenient way to make smaller payments, and online shopping too, its debit cards in particular that are leading the rise.”

With the macroeconomic conditions across Europe and the UK improving significantly, consumers are more willing to spend their hard earned income. While the UK has long been a mature payment card market, shifting preferences has seen consumers move to electronic payments over traditional payment instruments like cash more quickly. As a result, moving forward the volume and value of spending on electronic payment cards in the UK will only grow more rapidly.

This overview was written by Tristan Hugo-Webb, Associate Director, International Advisory Service for Mercator Advisory Group – See more at: http://www.paymentsjournal.com/Content/Featured_Stories/23411/?utm_medium=newsletter#sthash.UJ38JbnB.dpuf

Source: http://www.paymentsjournal.com/Content/Featured_Stories/23411/?utm_medium=newsletter

For More News Please Visit: http://www.paymentsjournal.com/

For more information on this please feel free to contact Luca Bizzotto, CEO of Alto Global Processing

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Safari In iOS 8 Uses Camera To Scan and Enter Credit Card Info by JORDAN KAHN of 9to5mac.com

In iOS 8, Apple has a new feature in Safari that allows users to scan a credit card with the device’s camera rather than manually entering the number when making a purchase online.

When entering a credit card number into a form online to, for example, make a purchase, Safari already allowed users to quickly select credit cards stored in its Passwords & AutoFill settings. You can still do that, but in iOS 8 you’ll now also have the option to select “Scan Credit Card” and snap a picture of the card. Apple then uses optical character recognition of sorts to input the number into the text field in Safari. There’s also a way to scan and save cards using the camera directly from within the Passwords & AutoFill settings.

Website developers don’t have to do anything to enable the feature, as Safari appears to automatically detect when a credit card number is being requested and presents the option to scan above the keypad.

Written by:   @JordanKahn for http://9to5mac.com

Source: http://9to5mac.com/2014/06/05/safari-in-ios-8-uses-camera-to-scan-and-enter-credit-card-info/

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Alto Global Processing: State Of The Art Microchip Technology Can Save American Merchants And Consumers Over USD190bn Per Year

By  of  Paymenteye

De Sonneville International has announced it has filed two US patent applications that are the solution to end the systemic US credit card fraud epidemic. According to Forbes and a 2009 Lexis Nexis study –  The True Cost of Fraud, the United States loses an estimated USD190bn per year to credit/ debit card fraud, which is more than the country spends on energy.

In recent years, certain technological advances have been introduced to combat the counterfeiting of payment cards. Such advances include the introduction of Chip and PIN, which is also known as EMV. It is apparent from works such as the University of Cambridge’s Chip and Pin is Broken, and the BBC’s Newsnight’s new flaws in chip and pin system revealed, that Chip and Pin is far from fool proof, let alone a firm security and defence against fraudsters. Such sophisticated fraudsters continue to find ways to circumvent the Chip and Pin protocol, and defraud people of billions of dollars every year.

In the case of SIM cards, the same is taking place. Sophisticated fraudsters have discovered ways to by-pass the security features and gain access to mobile networks to commit crimes under assumed identities and to use the network without payment. According to the Communications Fraud Control Association (CFCA), ‘Experts estimate 2013 fraud losses at USD46.3bn, up 15% from 2011 and the main reason for the relative increase in fraud is due to more fraudulent activity targeting the wireless industry.’

As recorded and filed in De Sonneville’s US patent application on April 9th, 2014, its microchip self-authenticates before it can perform any subsequent action or function. Simply put, if the chip does not authenticate itself, through the authentication circuit, it does not allow the chip to proceed to process a payment at a point-of-sale (POS) or, in the case of a SIM card, to access the mobile network. This has obvious benefits in protecting against the counterfeiting of payment cards and SIM cards.

Also, conveniently, De Sonneville has developed its’ self-authenticating SIM card as an encrypted payment SIM card that can be accepted at any radio-frequency (RF) or NFC POS. The self-authenticating SIM cards contain the same payment data as a payment card (in an encrypted form), and are operable to a contactless POS. Currently, contactless transactions are limited to an average of approximately USD50 per transaction. De Sonneville’s payment cards and payment SIM cards will be used for any amount that the user’s payment limit allows.

“Convenience does not have to be a choice over security,” said De Sonneville’s Chairman and technology co-inventor Dennis van Kerrebroeck.“Companies have become accustomed to payment card fraud as a cost of doing business, which is wrong. In this day and age, merchants and consumers have the right to be assured by their payment network providers that their payment card purchases are conducted without compromise. According to the study conducted by Lexis Nexis, (The True Cost of Fraud – 2009), in the US, over the next 10 years, the payment card fraud losses will equate to more than USD1.9 trillion, unadjusted, and that is simply not acceptable. Ultimately, these costs are passed on to the consumers and the merchants; we want to eliminate these costs by giving consumers and merchants a better option.”

The payment account information on De Sonneville’s chips cannot be intercepted. If the chip does not perform its’ patent pending self-authentication, the card does not allow itself to transmit the payment data through to the POS and then on to the network, and therefore would instead terminate the attempted transaction as counterfeit. This eliminates pre-play attacksman-in-the-middle attacks, cloning and the like.

Before a De Sonneville SIM card can gain access to its mobile network, it must first perform its patent pending self-authentication, therefore ensuring the SIM, the subscriber, the communication or a mobile payment is authentic. This stops call and text message interception. Other applications include ID cards, passports, and access systems. De Sonneville’s payment SIM cards protect the payment data in the same manner as its’ traditional payment card. In the future, and as required, the Company would be able to seamlessly integrate digital currency transactions throughout its payment network, POS terminals, payment cards, and SIM cards.

It is the mission of De Sonneville and its potential partners in banking, wireless communications, networking and large retailers, to build a new global payment network that will include encrypted payment cards and encrypted POS terminals all the way through to bank settlements, thus working towards eliminating payment card and SIM card counterfeiting, as well as the subsequent fraud that accompanies it.

Current global payment networks process in excess of USD6 trillion annually. The average merchant discount in the United States is 1.9%, and the average interchange fees break-down as 0.1% goes to the acquirer, 1.7% to the issuer, and 0.09% to the network.

There are currently approximately 6 billion SIM cards in use in the world. The Company is currently in the process of selecting an investment bank to represent its private capital needs for development of its technology, and in an anticipated subsequent initial public offering.

Source: http://www.paymenteye.com/2014/04/29/state-of-the-art-microchip-technology-can-save-american-merchants-and-consumers-over-usd190bn-per-year/?utm_source=PaymentEye+Daily+Newsletter&utm_campaign=c7973ffb82-29_04_2014&utm_medium=email&utm_term=0_3bd2a3a3c5-c7973ffb82-14476705

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Alto Global Processing: Target CIO Resigns Following Massive Data Breach

Posted by  (@sarahintampa) for TechCrunch.com 

Target Corp.’s Chief Information Officer Beth Jacob is resigning, effective immediately, in the wake of the massive data breach during the holiday 2013 shopping season during which as many as 70 million customers had their personal information stolen, including 40 million debit and credit card accounts.

The retailer also said it would be overhauling its information security practices and compliance division, and would be looking for external candidates to serve as interim CIO.

Jacob had worked at Target from 1984-86, then returned in 2002 as Director of Guest Contact Centers. She was promoted to her current position in 2008, after becoming a VP two years prior.

“While we are still in the process of an ongoing investigation, we recognize that the information-security environment is evolving rapidly,” Target Chairman, President and CEO Gregg Steinhafel said in a brief statement released this morning. “To ensure that Target is well positioned following the data breach we suffered last year, we are undertaking an overhaul of our information-security and compliance structure and practices at Target.”

This also includes elevating the role of the Chief Information Security Officer – another position that Target will hire externally, along with a Chief Compliance Officer.

The company also noted that it’s working with external adviser Promontory Financial Group to help it with its transformation.

Target has been working towards the implementation of chip and PIN card support, a tool that will further ensure customer security. The company also offered free credit monitoring for a year in the wake of the breach disclosure.

Hackers connected to the internal wireless systems at Target stores and grabbed credit card information as it passed through the system. The resulting breach, one of the biggest to date, resulted in millions of credit cards being sold on the black market.

Additional reporting: John Biggs

Source: http://techcrunch.com/2014/03/05/target-cio-resigns-following-massive-data-breach/

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Alto Global Processing: 4 Ways to Build Trust in Ecommerce by Transactionage.com

Recent industry reports put shopping cart abandonment rates at an average of 67%, that’s almost 7 out of 10 shoppers falling off before purchase. Reasons for abandonment are numerous, and not always indicative of poor checkout experience, but unnecessary barriers, confusing clutter, slow loading times and crucially, security concerns are key considerations when analyzing and optimising your ecommerce site.

Mistrust is rife in the online world, so assuring your customers that their payment details are safe with you will make an enormous difference to conversion rates, and ensure you’re not missing out on valuable revenue.

Here are 4 strategies to make sure your online checkout experience is not off-putting to potential customers, delivering the assurance they need to stay the course.

1. Clear policies and company information

You should be providing clear links to your privacy policy, shipping and returns policies, FAQs and company information. You cannot be transparent enough when it comes to helping customers understand who you are, where you are, and what your credentials as a business are.

It is especially important for new online merchants without a well-established brand to introduce themselves and help their customers understand who they are doing business with.

2. Security certificate

In order to accept credit cards and debit cards online you’ll need to ensure your third party providers that have access to cardholder information are PCI DSS compliant (Payment Card Industry Data Security Standard). You will need to certify that your site meets these requirements.

3. Recommendations & testimonials

Consider employing a product review system on your site. Customers want assurance from their peers, and social recommendation (word of mouth) is a powerful persuader. According to a recent report by PricewaterhouseCoopers, 80% of Internet users conduct product research online before making purchases. By allowing customers to provide not only product reviews but also testimonials on their experience with your company, you can go some way to providing peace of mind and comfort to even the most cautious customers.

Of course, not all reviews are glowing, and you should be confident that your business is ready, your fulfillment process is solid, and your checkout is smooth. One silver lining to unfavourable reviews however, is the chance to use the insight, address the issue and deliver a better service for your customers.

4. Payment processing

Help your customers understand how their payments are processed by providing clear information on what happens to their details and information during, and after the transaction.

Make it clear which third parties your site is working with to process payments, and detail any security measures that are in place (provided by your ecommerce payment gateway provider). Third party service providers will meet international standards for data handling and privacy, which will reassure your customers of the safety of your site.  Most even provide their logo for you to include on your site.

In the world of online retail, nothing separates the successes from the failures more than the checkout. With competition for new and existing customers intensifying every year, online retailers need to optimise their checkout processes through conversion rate optimisation to ensure they are doing everything they can to reduce checkout abandonment, and convert shoppers into loyal customers. Getting the assurance piece right is a critical component in achieving your ecommerce goals in 2014.

Source: http://www.transactionage.com/2014/02/05/4-ways-to-build-trust-in-ecommerce/#sthash.bV6YaBTR.dpuf

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Alto Global Processing: Payments Players Face Four Key Decisions As EMV Shift Nears

Source: http://www.pymnts.com/

Visa, MasterCard and Europay formed EMVCo in the 1993 to combat and reduce fraud internationally, but in the United States, the slow transition to this new standard is causing problems of its own.

To date, more than 1.62 billion payment cards have been upgraded to comply with the standards set by EMVCo. This accounts for nearly 45 percent of all cards globally – most of which are in use outside the United States.

As this figure continues to climb, domestic financial institutions (FIs), merchants and consumers face an increasing threat of fraud, which is increasingly likely to occur in nations where the financial infrastructure has fewer safeguards in place. With the U.S. EMV liability shift four years away, what does the road to compliance look like, and what steps do acquirers, issuers and merchants need to take to prepare?

This is the subject of a new white paper released by global management consulting firm Accenture. Entitled “Payments Transformation – EMV comes to the US,” the release outlines four key decisions facing those in the payments ecosystem.

In this PYMNTS.com Data Point, we’ll take a closer look at two of the four decisions Accenture highlights in its research.

Offline Or Online Authentication?

According to Accenture, FIs first need to determine how they will verify the authenticity of EMV cards. This process can occur online or offline. Either way, authentication validates the EMV card before a payment occurs while providing additional safeguards against fraud.

Offline authentication – The card is verified by the merchant’s POS terminal, which reads information and certificates embedded in card’s chip. With this option, the terminals manage the payments brands they will accept.

Online authentication – The card is approved by the issuer using cryptographic certificates created by a card or mobile phone. This removes the need for important information to be housed on the physical card

How To Verify The Cardholder?

In an EMV system, cardholders verify their identity through three Cardholder Verification Methods (CVMs). These are a PIN, a signature or no CVM. The second decision facing FIs is selecting one of these options. Factors that could influence this decision include the level of fraud reduction desired by the issuer and customer attitude toward PINs.

Chip & PIN – Since much of Europe has elected to use PIN technology over concerns of the use of signatures, EMV cards are sometimes known as “chip-and-PIN cards” overseas. Read by dipping the card into a POS, the chip-and-PIN is more secure, but alters the traditional customer experience.

Chip & Sign – The chip & sign method may lead to a smoother adoption of EMV cards in the United States because this process is similar to the one used currently with magnetic-stripe cards. However, these transactions are less secure, and may make consumers vulnerable to fraud and theft: one of the main issues the EMV transition could help the United States solve.

No CVM – In this choice, neither a signature nor PIN is used to verify transactions. By making this choice, issuers would need a merchant POS structure to support this feature. No CVM is best suited for low value transactions, such as unattended terminals ie mass transit, as an example.

For more insights from Accenture, read the full white paper here.

To access the Accenture Payments Transformation Series, visit Accenture here.

Email Accenture with questions at paymentservices@accenture.com.

Direct Link To Article: http://www.pymnts.com/briefing-room/security-and-risk/online-and-cyber-fraud/2013/payments-players-face-four-key-decisions-as-emv-shift-nears/

For more information on this please feel free to contact Luca Bizzotto, CEO of Alto Global Processing Please visit Alto Global Processing

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