article thumbnail

How a PIN Works on Credit Cards and Debit Cards

Clearly Payments

As a merchant, understanding how a PIN (Personal Identification Number) works with credit and debit card transactions is essential for running a secure and efficient payment process. This guide explains how a PIN functions in credit and debit card payments and its importance for merchants. What is a PIN?

article thumbnail

US Debit Card Usage Soars as Consumers Embrace Convenient Payments

The Fintech Times

US consumers are increasingly turning to debit cards for their everyday transactions, driving a significant surge in the number of transactions and overall spending. The 2024 PULSE Debit Issuer Study reveals that in 2023, the total number of debit cards, transactions and annual spending per active card all saw substantial increases.

article thumbnail

Hacked ATMs Lead to 70% Rise in Debit Card Fraud

FICO

The rest took place at bank ATMs or point-of-sale (POS) devices, such as card payment machines at retailers. The average duration of a compromise continued to fall — on average, an ATM or POS device would be compromised for 11 days, compared to 14 days in 2015. Follow me on Twitter @fraudbird.

ATM 72
article thumbnail

Wells Fargo Seeks Bidders For Private-Label Credit Card Unit

PYMNTS

Wells Fargo & Co is seeking to sell its private-label credit card and point-of-sale (POS) financing unit as part of an ongoing strategic review of its businesses. Credit card fees rose $912 million during the third quarter, up from $797 million in the second quarter. Debit card POS purchase volume hit $102.9

article thumbnail

Deep Dive: Assessing And Tackling Debit Card Fraud

PYMNTS

Fraudsters have grown adept at finding debit cards’ weak points, and merchants are struggling to keep up. Cybercriminals have more opportunities than ever to swipe debit card numbers and PINs from online consumers, and false websites, large-scale data breaches and skimming tools can compromise account information.

article thumbnail

What Is Debit Card Processing & How Does It Work?

Payment Savvy

Debit cards have become an indispensable part of our financial lives, with the majority of American adults, spanning all demographics, now possessing at least one debit card. Every merchant should prioritize taking the time to understand debit card processing to streamline operations and enhance customer satisfaction.

article thumbnail

PULSE Network: Pandemic Creates Tailwinds For Debit Card Spending

PYMNTS

The renewed interest in contactless issuance was driven by a number of factors, noted Sievert, including the expiration of the “first wave” of chip cards, which gave issuers an opportunity to upgrade their cards to contactless. The pandemic has heightened consumers’ expectations around all things contactless, said Sievert.