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NEW DEBIT CARD BILL INTRODUCED: U.S. Senators Mark R. Warner (D-VA) and Mark Kirk (R-IL) yesterday introduced a new bill to reduce consumer liability for debit card fraud. The bill would cap consumers’ debt burden at $50, thus matching the current consumer liability for credit card fraud under the Truth In Lending Act. Consumers are currently liable for up to $500 for debit card fraud under the Electronic Funds Transfer Act. The bill is among the repercussions coming out of the massive Target data breach which occurred in late 2013 and affected 110 million Target customers. (Senate.gov)
SECURITY EXPERT — TARGET WAS ‘BETTER PREPARED THAN MOST RETAILERS': “Target was actually better prepared than the vast majority of its peers … It had dedicated security and IR [incident response] teams using multiple advanced tools … Exacerbating this situation is the incredibly manual, ad hoc nature of today’s IR … The issue isn’t Target’s security team or investment in tools, but rather the current state of the threat intelligence and IR practices…” (Dark Reading)
LAUNCH DATE SET FOR UK’S PAYM MOBILE PAYMENTS SERVICE: Paym, a peer-to-peer and commercial mobile payments system backed by a consortium of UK banks, is set to launch in late April. The service (pronounced pay-em) allows users to send payments from within their bank’s app by entering a phone number. The alliance of UK banks follows the announcement of several consortium-backed mobile payments initiatives in the U.S., such as Merchant Customer Exchange (MCX) from major retailers, and Isis from major telecom operators. (Payments Council/Finextra)
FAST FOOD GIANTS BATTLE FOR PAYMENTS APP SUPREMACY: “McDonald’s, Starbucks, Burger King, Subway, and Wendy’s have all kicked their mobile payment strategies into gear… their different approaches point to how this space is still evolving … many of the brands just now getting into the space are taking pages from Starbucks’ mobile payment playbook … Subway is reportedly testing mobile ordering and delivery in California with technology that lets consumers virtually build their own sandwiches.” (Mobile Commerce Daily)
BITPAY OPENS EUROPEAN HQ, SEEKS NEW FUNDING ROUND: Bitcoin payment processor BitPay announced Tuesday its plans to open a European headquarters in Amsterdam, with the goal of adding 30,000 European merchants by the end of this year. Meanwhile, reports surfaced that the Atlanta-based company was in the process of raising between $20 million and $30 million in a new VC funding round. (BitPay, WSJ)
MOBILE CHECK PROCESSOR MITEK SURPASSES 2,000 PARTNER BANKS: San Diego-based Mitek, which provides check imaging solutions to financial institutions, announced that it has partnered with over 2,000 financial institutions to date. Mitek’s technology allows users to deposit checks by capturing an image of the check with a mobile device. The technology is one among many that reduce the need for bank customers to journey to bricks-and-mortar locations. (Mitek via Finextra)
NYT THINK PIECE EXPLORES ‘REVOLUTION IN MONEY’: “If the last three decades revolutionized the information and telecommunications industries, the next three may upend the basic tenets of finance: currency, credit and banks, as well as payment and transmission systems.” (DealBook/NYT)
CARDTRONICS EXTENDS PARTNERSHIP WITH WALGREENS: ATM provider Cardtronics announced that it has extended a preferred provider agreement with U.S. convenience store Walgreens. Cardtronics owns or operates over 82,700 ATMs in the U.S. and internationally. (Cardtronics)
U.S. BANK BRANDS FOR SMALL BUSINESS: Minneapolis-based U.S. Bank announced a new brand for its small business payments offerings, called “U.S. Bank Business Edge.” The company also announced a new payment product, the U.S. Bank Business Edge Select Reward card targeted at small businesses. (U.S. Bank visa Business Wire)
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