Bank tellers are becoming fewer with each day. ATM machines have taken the over -and there is no doubt that the automated systems have proved to do a much perfect job than humans. Companies are investing in technology –basically to replace salespeople and other replaceable labor force. Salespeople making strange six and seven figures will be removed if they cannot prove their worth to remain in the employment. That’s because artificial intelligence has confirmed to be far much stronger than man’s intelligence
JPMorgan launched a partnership with PayPal, bolstering both companies’ digital payment networks.
JPMorgan Chase (NYSE:JPM) and PayPal (NASDAQ:PYPL), two global payments leaders, have announced a partnership that will make it easy to add Chase cards via Chase Pay to PayPal accounts, and will soon offer customers the option of paying with Ultimate Rewards points when linked through Chase Pay at PayPal’s millions of online merchants.
In addition, PayPal will have the ability to process payments on ChaseNet, a unique, closed-loop payment netwo
The most recent round of bank earnings provides a window into the shift to mobile services. Bank of America and JPMorgan both expanded their mobile customer bases by double-digit percentages versus a year ago.
One of the world’s biggest payment providers is researching how to boost the security of your transactions with a new biometric service that could end PIN numbers and passwords.Visa Europe Collab, the development arm of Visa, has teamed up with biometrics start-up Sthaler and global payments company Worldpay to trial ‘Fingopay’, a new form of payments utilising finger vein technology.
The new technology registers and scans for a print of a user’s finger vein pattern each time they pay for goods at a Point of Sale (PoS) point. This print is highly unique, with only a one in 34 billion chance that two people share the same finger vein pattern
JPMorgan Chase & Co. says that a recent cyberattack compromised customer information for over 70 million households and 7 million small businesses.The New York-based bank said Thursday that customer information including names, addresses, phone numbers and email addresses were stolen in the cyberattack. PMorgan Chase, the nation’s biggest bank by assets, has been working with law enforcement officials to investigate the cyberattack. There has been no unusual customer fraud related to this data breach.
The latest credit card technology is an embedded computer chip. europe and other countries are already using the new chip cards. The main difference between the old cards and the new cards is that the data is static on a magnetic stripe, but changes with every transaction on an embedded chip card. (this is called dynamic authentication). Chip cards are more secure than the magnetic stripe cards. If a hacker steals the data from a magnetic stripe card, he has all the information necessary to use that card until the theft is discovered. Chip cards, on the other hand, create a unique transaction code every time the card is used, so stolen transaction data is useless. That’s not to say they are completely safe from fraud. But a security breach is far less likely to occur on a chip-enabled card.Chip cards employ EMV technology which stands for Europay, MasterCard and Visa, the original developers of the smart chip technology. Many U.S. credit cards already contain an embedded EMV chip. However most of these cards require signature validation, not PIN validation. In part, that’s because to make the full transition to chip-and-PIN cards, merchant card readers all need to be replaced with terminals that can handle the new technology.The goal of EMV technology is to thwart fraud and reduce resulting losses for everyone. To encourage full compliance with the new technology, Visa and MasterCard will shift liability for preventable fraud losses to merchants who don’t install the new machines. When traveling outside the U.S. you should request a chip-and-PIN (not chip-and-signature) card from your bank. In some parts of Europe, the transition to chip-and-PIN readers is nearly complete.
Eventually all U.S. credit cards will be chip-enabled. Current cards will be replaced by chip cards as they expire. The transition, which will take several years. Consumers in the U.S. should be able to pay using either a chip-enabled or a magnetic stripe card. In other parts of the world, however, shoppers may have trouble using a magnetic stripe card, particularly at unmanned kiosks or gas pumps.
ATM skimmers have become miniscule and thinner, with an extended battery life. Several miniaturized fraud devices have been pulled from compromised cash machines at various ATMs in Europe so far this year.
According to a new report from the European ATM Security Team (EAST), a novel form of mini-skimmer was reported by one country. Pictured below is a device designed to capture the data stored on an ATM card’s magnetic stripe as the card is inserted into the machine. Most card skimmers sit directly on top of the existing card slot, the newer mini-skimmers fit snugly inside the card reader throat. These newer skimmers are difficult to detect.
Mobile-powered skimmers allow thieves to have the stolen card data relayed via text message, meaning they never need to return to the scene of the crime once the skimmer is in place. MP3-based skimmers capture card data as audio waves that specialized software can later convert into card data.
ATM skimmers are still a problem in Europe, even though practically all cash machines there only accept cards that include so-called “chip & PIN” technology. Chip & PIN, often called EMV (short for Eurocard, MasterCard and Visa), is designed to make cards far more expensive and complicated for thieves to duplicate.
Regrettably, the United States is the last of the G-20 nations that has yet to transition to chip & PIN, which means most ATM cards issued in Europe have a magnetic stripe on them for backwards compatibility when customers travel to this country. Quite Naturally, ATM hackers in Europe will ship the stolen card data over to thieves here in the U.S., who then can encode the stolen card data onto fresh (chipless) cards and pull cash out of the machines here and in Latin America.
Countries where the ATM EMV rollout has been completed most losses have migrated away from Europe and are mainly seen in the USA, Asia-Pacific, and Latin America.
One of the easiest ways to protect yourself from ATM skimmers is to cover the PIN pad when you enter your digits.
The latest ATM’s include features like video chatting with a live teller, receiving change and more.
Bank of America’s new Teller Assist machines, for example, allow a customer to swipe a debit or credit card, driver’s license or photo ID for authentication. A live teller will then surface on the screen to assist the user.
The machines are supposed be able to perform about 80% of the services a traditional teller can.