The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market...more
Wendy’s suffered a data breach in the fall of 2015 that it recently reported affected one particular point of sale system at fewer than 300 restaurants. Wendy’s has already been sued as a result of the incident, including a...more
Over the past several years, the major credit card networks (VISA and MASTERCARD) have begun the process of converting credit card usage in the United States to the EMV standard. The EMV standard is a method of preventing...more
For too long, “swiping” a credit card has had at least one meaning too many. There was “swiping” as it pertains to running the magnetic strip of your credit card inside the groove of a small payment terminal to make an...more
On October 1, 2015 the major payment card companies instituted the EMV Liability Shift in an effort to incentivize card issuers and merchants to migrate to using payment cards with embedded chips (“chip cards”) according to...more
Most credit and debit cards in the U.S., and the point of sale terminals and ATMs that read them, still use “magnetic stripe” technology. Magnetic stripes are obsolete and relatively insecure, allowing fraudulent practices...more
Starting today, October 1, 2015, a substantial portion of the liability associated with in-store fraudulent credit card purchases shifts from credit card issuers, such as banks or credit unions, to retail merchants. Credit...more
October 1 is right around the corner. Merchants, retailers, hotels and restaurants: are you ready for what’s in your customers’ wallets? Starting next month, the payment card industry’s transition to chip-and-PIN (also known...more
October 1, 2015, is the date that many payment networks, including Visa, American Express, Discover, and MasterCard, have set for a counterfeit fraud liability shift. Although that date is just around the corner, many small...more
Last winter, following a well-publicized data breach, a group of financial institutions sued Target, arguing that Target should be held responsible for the damages that they had experienced as a result of the data breach...more
With the October 1, 2015 liability shift deadline looming, merchants who have not yet made the change continue to evaluate the cost of accepting EMV cards versus the liability that will shift from the issuer to the merchant...more
On October 1, 2015, a substantial portion of the liability associated with in-store fraudulent credit card purchases will shift from credit card issuers, such as banks or credit unions, to retail merchants. Credit card...more
A compilation of time-sensitive and trending legal and regulatory issues that general counsels and business leaders should be aware of in 2015. Employers Should be Aware of Multigenerational Workforce Risk - For...more
The EMV liability shift is coming. Sounds ominous, but what does it really mean? And how can retailers and merchants determine the potential impact of the shift on their business? Like many issues in the payment card...more
Major credit card companies, including Visa, MasterCard, Discover, and American Express, have announced plans to switch to EMV cards in the United States over the course of 2015. ...more
A recent report from the Congressional Research Service (CRS) highlighted a number of factors that are delaying the transition to chip-and-PIN (EMV) cards before the credit card network imposed deadline of Oct. 1, 2015. The...more
When Apple announced on September 9, 2014 that the iPhone 6 would be equipped with a mobile payment system appropriately called Apple Pay, the entire mobile payment universe woke up. Although competitors had existed for...more
With the new year just around the corner, retailers should make a resolution to learn more about EMV technology. That’s because 2015 is slated to be the year EMV technology makes significant inroads in the United States, and...more
Last Friday, in the wake of numerous data breaches, President Obama signed a new Executive Order that will change how federal agencies use payment cards and allow access to certain government portals. Those changes include...more
The interchange fee and the potential of mobile payments were the dominant payment system issues in 2012. From a landmark antitrust settlement to seemingly daily announcements of a new prepaid or mobile payment product, there...more