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MASTERCARD MasterCard is a technology company in the global payments industry, operating the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.
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According to Giga Groups Edmund Ha, iPINs program is so far the easiest and fastest payment solution to hit the web.
The "faster payments" system – transferring money instantly – opened up a gold mine for fraudsters.
It might sound strange for a computer security expert to bemoan faster payments.
Much of the immediate problem, she said, could be fixed by working on things like getting faster payments on its sales.
Lax security checks in the past, plus the introduction of faster payments, have enabled fraudsters to move stolen money within seconds of receiving it.
It's good to see plans to bring cheques into the modern age with digital imaging and faster payments, alongside continued use the more traditional paper cheques.
He said the new policy of fewer deductions should streamline the accounting process and result in faster payments of royalties to artists.
Scammers have pretended to be bank staff, police and from firms such as TalkTalk, and persuaded consumers to send money to their bank accounts, aided by the faster payments system and previously lax account opening requirements at banks.
A former construction official for the Port Authority pleaded guilty yesterday in federal court to taking bribes in return for arranging faster payments from the authority to an environmental-testing contractor.
It just got a restricted banking licence, putting it on the path to opening up a full current account service in early 2017 (as well as granting it deposit protection, faster payments and direct debits).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com