EMV Technology may not be able to completely protect against credit card fraud

EMV Technology may not be able to completely protect against credit card fraud

A new technology with the name EMV is said make it tougher for thieves to steal data. The EMV chip will be embedded in credit cards. It is said that with the adoption of the EMV technology, a decline will come in credit card fraud rates. But as per a new study by NerdWallet, there are more chances of opposite to take place as criminals will look out for other ways to commit card fraud.

EMV (Europay, MasterCard, and Visa) chip is the small silver or gold chip set in front of the card. There is a difference between EMV chip card and a standard card. In the magnetic stripe cards, static payment data can be transferred from one card to another. But such is not the case with the EMV chip card.

December 2013 Data Breach: Target and MasterCard Settle Lawsuit

December 2013 Data Breach: Target and MasterCard Settle Lawsuit

On Wednesday, Target announced that it has settled a lawsuit against MasterCard involved in December 2013 data breach. Target has agreed to pay $19 million in order to settle the lawsuits.

MasterCard Inc. said that the money will be used by banks and credit unions for operating costs and fraud-related losses on cards that were affected in the incident. It shall however, be noted that the settlement will only take place if at least 90% of eligible accounts are ready for the offer and that too by May 20.

The breach has proved taxing, as it not only had cost the company’s CEO his job, but Target has not been able to overcome ever since. It is considered that in the breach, around 70 million customers were affected and also, potentially 40 million credit cards.

Ajay Banga elected as new chairman of USIBC

Ajay Banga elected as new chairman of USIBCIndian American, Ajay Banga has been selected as the Chairman of the US India Business Council (USIBC), a development that might help boost trade prospects between the two countries at a time when political pressures are making the business difficult.

The USIBC announced on Sunday that it has elected Mr. Banga. as its new chairman. He will replace Harold "Terry" McGraw III, of The McGraw-Hill Companies as the head of the trade body. 50-year-old Mr. Banga has been working as the President and Chief Executive Officer of MasterCard.

Mastercard buys stake in Pune Company

Mastercard buys stake in Pune CompanyOn Thursday, Mr. Ajay Banga, Mastercard’s President issued a statement that Mastercard has bought 12.5 percent stake in Electracard Services (ECS), the Pune-based third party payment services provider.

He has further said that by acquiring stake in ElectraCard Services, they have expanded the MasterCard’s product offering and have enhanced their services across the full spectrum of the value chain.

MasterCard Q1 Profit Beats Expectations

MasterCard Q1 Profit Beats ExpectationsMasterCard Inc has announced that its first-quarter profit climbed up 24%, beating analyst prospects and confirming that customers are spending again.

The world's second-biggest credit card company made $455 million, or $3.46 per share, as against $367 million, or $2.80 a share, in 2009.

Analysts approximately had projected MasterCard to have net income of $3.14 per share.

MasterCard attributed its bettered outcomes to augmented user expending, advanced cross-border volumes, and a pricing growth.

Ajay Banga to head MasterCard

Ajay-BangaThe current President and Chief Operation Officer of MasterCard Inc., Ajay Banga, is about to become the Chief Executive Officer of the consumer-credit related company.

He will be taking up the new post from July 1 and would replace Robert Selander.

Robert had been the CEO for the last 13 years and goes away because of natural retirement.

50-year Banga had joined the company in August last year after giving up his 13 long year job at Citigroup.

He left the bank as a senior manager, with experience of working in various places within US and abroad.

MasterCard profits up 26 per cent despite recession

MasterCard profits up 26 per cent despite recessionNew York  - MasterCard Inc, the world's second-largest credit card network, on Thursday reported a jump in second-quarter profits of 26 per cent.

The increase was attributed to higher fees and the results beat analysts' expectations.

MasterCard's second-quarter income was 349 million dollars, compared with a loss of 747 million dollars a year earlier, the company said in a statement.

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