Researchers from Newcastle University in the UK have discovered a way to authorize transactions using VISA contactless payment cards beyond the pre-set spending limit. If the transaction is specified in a foreign currency, it will proceed at larger amounts. VISA contactless cards use a cryptoprocessor and RFID technology to perform secure payments without having to insert the card in a reader. An NFC-equipped mobile device may also be used as a payment card. In Europe they are debit cards and have a hard limit per transaction. In the UK the limit is £20, in Ireland €15. In Germany the limit is €25, but you can pay larger amounts by also providing a PIN or signature. In the US, where VISA uses the brand name payWave for the technology, the no-PIN limit is set by the merchant, and larger amounts may be specified with a PIN or signature. Featured stories Cryptocurrency reality checks and the coming boom USB Type-C is the iPhone charging connector that Steve Jobs … [Read more...] about Researchers claim VISA payment card exploit
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A major online payment provider said Monday that its processing service had been used in an attempt to charge money to stolen credit and debit cards. Several Web hosting companies that use the Authorize.Net service to accept credit cards online saw a sudden spike in transactions over the weekend. The transactions, most for $500 and $700, were billed to Visa, MasterCard and American Express cards that belong to people across the U.S., representatives for three Web hosts told CNET News.com. "These hackers got their hands on high quality data, and they used merchants of ours to run that data through the merchant's Web site, which goes through our platform," said David Schwartz, a spokesman for Authorize.Net in American Fork, Utah. The company says more than 130,000 merchants use its online payment service. The Web hosting companies discovered the unusual charges through e-mail alerts that Authorize.Net sends after each transaction. Close to 3,000 suspicious transactions were pushed … [Read more...] about Payment processor fears credit card crooks
The mobile payments universe is expanding at a terrific rate, but the key players are still working their angles to convert amorphous opportunity into real, viable services that retail-hungry Americans will trust and use. The companies are getting closer every day, as corporate heavy hitters bring weight, money, and experience to nimble start-ups through a web of partnerships. Traditional credit card brands, online payment companies, carriers, and smartphone manufacturers are all jumping into the game in various ways by joining to form coalitions, buying up tiny mobile payment start-ups, and attacking rivals' credibility by going straight for the panic button of consumer's everywhere: security against fraudsters. Making matters more confusing is the fact that "mobile payments" refers to a broad category encompassing everything from NFC (near-field communication), where you tap the phone at a physical terminal to register a payment, to methods for buying products using an app or other … [Read more...] about The major players in mobile payments
Mobile payment want you to swap your wallet for a phone or in some cases, a watch. Rather than carrying around cash and cards, just tap your phone to pay. Currently, the three most established systems are from Apple, Samsung and Google, although some wearables from brands like Garmin and Fitbit also offer their own payment systems. So how do Apple Pay, Samsung Pay and Google Pay compare and which one is best? Now Playing: Watch this: Apple Pay vs. Samsung Pay vs. Google Pay 7:31 With regards to availability, once you've added your cards to one of these mobile wallets you should be able to use them in any country that accepts contactless payments, as long as you would normally be able to use your physical card in that location. In the case of Samsung Pay, that also includes any terminal with a magnetic card reader. Technology and availabilityApple Pay and Google Pay use NFC, or near-field communication, to power contactless payments. Just tap your phone to a compatible … [Read more...] about Apple Pay vs. Samsung Pay vs. Google Pay: Which mobile payment system is best?
eBay announced today that it has teamed with Visa to promote its new Billpoint payment system. As part of the two-year agreement between the two companies, eBay will waive its Billpoint transaction fees until the end of May on auctions where bidders purchase their items using a Visa card. Beginning April 10, Visa will market the new payment service through print and television and ads. The two companies declined to discuss the financial details of the deal. "The trust that consumers have in the Visa brand will enable us to enter new markets like the person-to-person environment and provide eBay's online shoppers with the most convenient way to pay for everything from Beanie Babies to Elvis records," Visa executive vice president Bond Isaacson said. The Billpoint system allows auction buyers to use a credit card to pay for items they purchase on eBay and to conduct the transaction online. To date, most online auction purchases have been completed offline through personal checks or … [Read more...] about eBay, Visa partner in bill-pay deal