Debit and Credit Card Transactions

News & Analysis as of

FACTA Check: Credit and Debit Receipts Can Show Injury-in-Fact

In a series of recent decisions that have important implications for retailers, large and small, federal courts have allowed consumer class actions to proceed against businesses for violation of the Fair and Accurate Credit...more

Mixed Blessings – Sainsbury’s Supermarkets Ltd v MasterCard Incorporated and others [2016] CAT 11

This case is very important in that it is one of the first judgments where damages have been awarded for breach of competition rules in UK. It relates to MasterCard’s alleged anticompetitive card fees (credit and debit...more

KPMG Survey Finds that Shoppers Care About Retail Data Breaches

On the heels of Eddie Bauer’s notification of a cyber intrusion affecting all of its retail stores in the U.S. and Canada, KPMG has released a study showing that almost one-fifth of respondents to a survey said they would...more

Eddie Bauer Latest Victim of Point-of-Sale Compromise

Eddie Bauer announced on August 18th that it is the latest retailer who has become a victim of a “sophisticated” cyber intrusion that has compromised all of the cash registers in the 350 Eddie Bauer stores throughout the U.S....more

Visa Issues Security Alert Warning of Oracle MICROS POS Compromise

We reported last week that Oracle’s MICROS point-of-sale devices had been compromised. On the heels of the compromise, Visa sent out a security alert last Friday to merchants warning companies that use Oracle’s MICROS...more

HEI Hotels & Resorts Investigating Malware Intrusion

HEI Hotels & Resorts (HEI), which include Hyatt, Sheraton, Marriott and Westin Hotels have notified individuals who purchased food and beverages at 20 locations in 10 states and the District of Columbia that their credit card...more

Researchers say Chip-based Credit Cards aren’t as Secure as we Thought

Payment technology company, NCR Corporation (NCR), determined last week that the new chip-based credit card technology isn’t as secure as we thought. The technology behind these chip cards that is supposed to make them more...more

Oracle’s MICROS Point of Sale Division Hacked

KrebsonSecurity has reported that the Russian organized cybercrime group dubbed the Carbanak Gang, which in the past has been suspected of stealing more than $1 billion from banks, retailers and hotels and restaurants...more

No Cash? No Problem: The Emergence of Cashless Retailers

From the time we were little, putting birthday money into our piggy banks, cash has always been an important part of our lives. Now, imagine a world where cash is no longer king. Like so many other things that we thought were...more

Banner Health Begins to Notify 3.7 Million Patients This Week of Data Breach From Cyberattack

Phoenix, Arizona, based Banner Health (Banner), reportedly one of the largest health care organizations in the country, began notifying up to 3.7 million patients this week of a data breach of its computer systems that...more

EBA Publishes Final Draft RTS on Separation of Payment Card Schemes and Processing Entities under IFR

On July 28, 2016 the EBA published final draft regulatory technical standards (RTS) relating to the separation of payment card schemes and payment processing entities under the Interchange Fee Regulation ((EU) 2015/751) (IFR)...more

What Have Merchants Gained from Payment Card Antitrust Litigation?

In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Kimpton Hotels investigates credit and debit card breach

Kimpton Hotels and Restaurants has announced that it is investigating a point-of-sale credit and debit card breach affecting approximately two dozen of its properties in the U.S....more

Blog: EBA publishes Regulatory Technical Standards on separation of payment card schemes & processing entities: next steps

The European Banking Authority (EBA) has published its final draft Regulatory Technical Standards (RTS) on the separation of payment card schemes and processing entities, under article 7(6) of the European Interchange Fees...more

CFPB Week in Review

The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation - Enforcement Action Against Santander Bank...more

Third Circuit Slams The Door On Coverage For The Cost of Defending Excluded Claims—Then Leaves It Wide Open

An insured corporation settles a class action, and a portion of the settlement pays the plaintiffs’ attorneys. Payments to the class are excluded from coverage under the terms of the corporation’s liability policy. But can...more

Defining the Contours of Cyber Coverage for Data Breach: a Warning in Arizona

A year ago in this space, we looked at the receding wave of coverage litigation regarding whether various cyber-related exposures were covered under traditional policies, such as CGL and professional liability policies. ...more

ACH Debit Transactions – Whose Agent Are You?

Tucked away in a seeming innocuous paragraph in a complaint, the Consumer Financial Protection Bureau (CFPB) has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the...more

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

Your daily dose of financial news - The Brief – 6.16.16

As expected, the Fed announced yesterday that it was holding current interest rates steady and would be slow to push rates up while the economy tiptoes toward stability. Much more from Chair Yellen and economists’ reaction...more

Credit Card Issuers Cleared to Proceed Against Home Depot

Recently, a federal judge in Georgia ruled that the class action filed against Home Depot by the credit card companies could proceed. The judge stated that the card issuers’ allegations that Home Depot was negligent in its...more

UK Financial Regulatory Developments - May 2016 #16

Lloyd’s updates requirements for performance management - Lloyd’s has published a market bulletin to update its “Performance Management – Supplemental Requirements and Guidance”. It consolidates a number of existing...more

Noodles & Company alerts customers of credit card compromise

According to Noodles & Company (“Noodles”), it received information from Visa that Visa cards used by customers at its fast-food chains since January have “possibly” been compromised. It is presently investigating unusual...more

O’Charley’s diners warned of payment card data breach

Diners who used credit and debit cards at the Tennessee based O’Charley’s restaurants between March 18, 2016, and April 8, 2016, were notified by O’Charley’s of a data breach that affected its point of sale systems. Consumers...more

Vermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to...

A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of...more

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