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In the most recent News Briefs The Green Sheet June edition, a mass attack on routers left hundreds of thousands small business owners at risk, a settlement was reached with Visa and Mastercard after years of negotiations and NFC payments sees a year over year increase in support. Let’s take a look at some of the top news lines from June’s issue of The Green Sheet.
Small Business owners at risk after a global attack on routers
The FBI has asked small business owners to reboot routers after discovering VPNFilter malware that exploits data transitioning through impacted devices. FBI officials commented “The malware targets routers produced by several manufacturers and network-attached storage devices by at least one manufacturer. The initial infection vector for this malware is currently unknown.” It is estimated that hundreds of thousands networked routers have been compromised.
New Mexico settles for $3.4 million with Visa and Mastercard
Visa and Mastercard have negotiated a settlement with New Mexico. This negotiation stems from a 2014 allegation that the two major card networks were charging excessive interchange fees in violation of state law. Although neither company admitted to any liability or wrongdoing, New Mexico received a $3.4 million settlement. Visa and Mastercard both agreed to pay for the cost of an educational consumer finance campaign that will be launched by the state attorney general’s office.
Paysafe comes to the Google Play Store
Paysafe, a prepaid card from the Paysafe Group, will now be accepted in the Google Play Store. Following the company’s successful pilot program in Poland, the Paysafe card will be rolled out in Europe. Based on company research on consumer trends, they expect the card to appeal to the underbanked and to privacy conscious consumers. Paysafe hopes consumers will view transacting with the paysafe card in the Google Play Store as a safer alternative to traditional methods.
Mobile wallet giants lose steam
Merchants that accept Apple Pay and Google Pay have decreased over 10 percent, according to the annual Mobile Payments & Fraud Survey. Maintaining ease of use for consumers and the ability to detect fraudulent transactions were among the two largest challenges reported. The decrease in Apple Pay/Google Pay acceptance has not stopped the overall increase of NFC payment and mobile wallet support. A 29 percent to 37 percent year over year NFC support was reported by those surveyed.
Visa outage leaving industry observers doubtful
A massive Visa Europe outage during peak hours raised concerns over progress towards a cashless future. Visa assured users the system shut down was not due to a cyber-attack but a hardware failure. Industry experts questioned the outage and what it meant for progress towards a cashless future, where 100 percent reliability is expected at all times.