Cards

Mastercard said Wednesday that it expects to be able to discover that your credit or debit card number has been compromised well before it ends up in the hands of a cybercriminal. In its latest software update rolling out this week, Mastercard is integrating artificial intelligence into its fraud-prediction technology that it expects will be able to see patterns in stolen cards faster and allow banks to replace them before they are used by criminals. Generative AI is going to allow to figure out where did you perhaps get your credentials compromised, how do we identify how it possibly happened, and how do we very quickly remedy that situation not only for you, but the other customers who don't know they are compromised yet, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard, in an interview. Mastercard, which is based in Purchase, New York, says with this new update it can use other patterns or contextual information, such as geography, time a

But overall credit card spending saw a sequential drop in February due to considerable decline in point of sale and e-commerce payments

One gamechanger could be increasing penetration of RuPay cards, which run on the UPI platform

Rescuers plan to provide board games and playing cards to the 41 workers trapped inside the Silkyara tunnel for 12 days as the operation to evacuate them continues to get disrupted by multiple delays, an official said on Thursday. Late on Thursday, boring through the rubble of the collapsed tunnel was put on hold again, apparently after cracks appeared in the platform on which the drilling machine rests. Dr Rohit Gondwal, one of the psychiatrists at the rescue site, told PTI, "We are planning to provide ludo and chess boards and playing cards to help them (trapped labourers) relieve stress. The operation is getting delayed and it appears that it will take some more time." He said all 41 workers are fine but need to stay healthy and mentally fit. "They told us that they play 'chor-police', do yoga and exercise daily to de-stress," Gondwal said. Speaking on the mental health of the trapped workers, another medical expert said their morale needs to stay high and they must remain ...

Scale-based approach to enforcement, key mgmt personnel on the radar

The card also offers 1-year Club Mariott membership as a welcome gift

RBI move aimed end exclusive tie-up with card networks

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It was observed that arrangements between card networks and card issuers (banks and non-banks) were not conducive to the availability of choice for customers, the RBI added

Roughly 350 million tokens have been created so far, Rabi Sankar said in the post-monetary policy press conference.

About 35 crore cards have been tokenised and the system is ready for the new norms which set in from October 1, the Reserve Bank said on Friday. There are a few laggards in the system who have not complied with the mandate because of their unwillingness, Deputy Governor T Rabi Sankar said, expecting them to comply soon. The RBI is making tokenisation of cards mandatory from October 1 onwards in order to improve customer safety. Tokenisation entails replacing credit and debit card details with an alternate code called the token to improve security. The RBI has been repeatedly extending the deadline for its adoption. "...the system is ready. Roughly 35 crore tokens have already been created," Sankar said, when asked if there will be another extension of the deadline. He said about 40 per cent of the overall transactions in September were on tokens and the value transacted was Rs 63 crore. As per official data, the total number of debit and credit cards in the system stands at over 1

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

The company has tokenized 52.3 million cards across VISA, Mastercard and RuPay in its effort to make card transactions safer and drive convenience for consumers.

Besides the merchandise, Archies is also seeking to shift focus online with its e-commerce platform

The landmark has been achieved in line with RBI's guidelines focusing on security and enhanced checkout experience, said Visa

The RBI had directed the merchants to implement its tokenisation norms by June 30, 2022. The central bank has twice extended the deadline of its implementation in the past.

Merchants and other entities that have stored card details of customers will have to purge the data and apply tokenisation

Digital financial services firm One97 Communication Limited, has tokenised 28 million cards across Visa, Mastercard and RuPay, expects to purge saved card data by June 30, the company said

Service announced in line with central bank's new data security guidelines coming into effect from January 1

New pay-later cards are making their way into people's wallets, who don't even have a credit history. Let us find out why these pay-later cards are catching up and what is luring people towards them