August 7th, 2014 by Elma Jane
Using Transfer by Facebook, the user can transfer money after logging into their Rakuten Bank account from the Rakuten Bank app, selecting the person they wish to send money to from their list of Facebook friends in the app, and inputting the amount they wish to transfer.The fee-free transfer process can be completed on the app without any of the recipient’s account information and include a 50 character message to accompany the transaction. Money can also be transferred to non-Rakuten Bank account holders, for a fee of Y165. By accessing a URL on Facebook with the transfer notice, the recipient is able to specify a bank account for the money and complete the deposit.
Posted in Financial Services Tagged with: account holders, account information, app, bank account, Bank app, deposit, Facebook, free transfer process, transaction, transfer notice, URL
June 9th, 2014 by Elma Jane
Some American banks and financial institutions, like JPMorgan Chase, American Express and Citi, have already issued credit cards with new security technology. Other banks will do so by the end of the year. Often referred to as E.M.V. (short for Europay, MasterCard and Visa) or chip-and-PIN, these new cards use a combination of an embedded microchip and a personal numeric code to authorize payment transactions. Depending on the card issuer, some cards may have the chip but require just the old-fashioned signature instead of a PIN.
Most traditional credit cards in the United States today use a magnetic strip and a customer signature to seal a deal. The information embedded in the stripe can be easily cloned, however, and signatures can be forged. The chips in the newer E.M.V. cards which encode account information when transferring it to the merchant are harder to duplicate. The PIN must be entered for each charge, which helps make the cards more secure for in-person purchases. The cards are not infallible, though, criminals have still found ways to steal PINs and make fraudulent online purchases.
With new types of credit cards come new payment terminals, and many retailers must upgrade their equipment to make it compatible with E.M.V. cards. Instead of a slot to swipe the strip, the new credit card terminals typically need a chip reader. Most merchants will probably have the new equipment in place by October 2015, when new rules about fraud liability kick in. Under these rules, the bank or the merchant could be held accountable for any fraudulent charges if one of them has not upgraded to the new system. The party with the weaker security measures must pay.
Posted in Best Practices for Merchants, Credit card Processing, Credit Card Reader Terminal, Credit Card Security, EMV EuroPay MasterCard Visa, Visa MasterCard American Express Tagged with: account information, American banks, American Express, card issuer, cards, chip, Chip and PIN, chip reader, Citi, credit card terminals, credit cards, E.M.V., embedded microchip, EuroPay, financial institutions, fraud liability, JPMorgan Chase, magnetic strip, MasterCard, merchant, numeric code, payment terminals, payment transactions, PIN, Security, visa
