This Week in Payments 9-5-2014
By Kate Vinton via Forbes
After a month and a half of investigation, Goodwill announced on Wednesday that 330 of its stores in 20 states were impacted by a credit card breach, in which an estimated 868,000 cards were compromised.
Goodwill’s investigation revealed that malware had been installed on a third-party vendor system used by 10% of its franchised stores to process credit cards. Twenty of Goodwill’s 158 regional headquarters in the United States were impacted by the breach, because of the shared third-party system. When the investigation first started in July, Goodwill stressed the fact that the company does not have a centralized payment system because it is a franchise.
By Kate Vinton via Forbes
Home Depot may be the latest in what is becoming an increasingly long list of retailers hit with credit card breaches this year, Brian Krebs reported on Tuesday. Some banks say the breach extends back to late April or early May 2014. If this is true, the Home Depot breach could end up being much larger than the now-infamous Target breach.
By John Heggestuen via Business Insider
While many mobile payment apps like Google Wallet have struggled to gain traction with consumers, the Starbucks mobile payments app stands out as a success.
At 6 million average weekly transactions in the U.S., it now accounts for a full 15% of transactions made at the U.S. Starbucks-operated stores.
A new way of accessing bank accounts is being launched which identifies individuals through the unique pattern of veins in their fingers.
Instead of having to use a series of passwords and numbers, users will be able to log on to their accounts by placing one of their fingers into a scanner. The technology is quite distinct from fingerprint recognition.
To begin with, Barclays will offer the service to business customers only. However, “finger vein authentication”, as it is known, is likely to be offered to all customers in the future.
A portable scanner, the size of a tennis ball, is plugged into the computer’s USB port and uses near-infra-red light to check the unique pattern of veins inside the finger. Only a living finger is accepted by the scanner, reducing the risk that fraudsters will use substitutes or copies to break into a bank account.
Banks are casting around for new ways to combat fraud, as users become increasingly fed up with multiple passwords and PINs, or having to use electronic number generators whenever they log on.
By Paul Bywater via Business 2 Community
In 1975, BusinessWeek magazine ran an article about the future of the workplace, predicting that it would become a completely paperless office. George E. Pake was interviewed for the article, and claimed that by 1995, “I’ll be able to call up documents from my files on the screen, or by pressing a button. I can get my mail or any messages. I don’t know how much hard copy [printed paper] I’ll want in this world.”
Pake’s prediction was almost spot on, the only difference being that nearly 20 years after his 1995 deadline, paper is still critical to business activities in many organisations. And just as paper-based processes were identified as a major operational cost in 1975, they still represent a significant overhead for modern manufacturers.
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