Payment terminal maker Hypercom Corp. said today its CEO, William Keiper, is stepping down after two years at the helm and
will resign from the company's board of directors, effective Aug. 15.
Philippe Tartavull, named Hypercom president in
February, added the chief operating officer role to his position effective immediately, according to the company announcement.
Keiper has served as the company's CEO since 2005. Daniel Diethelm, Hypercom chairman, will lead the search for a new CEO.
Until Keiper's successor is named, Diethelm, Tartavull and chief financial officer Thomas Liguori will take over executive responsibilities.
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ATM Group Renews Security Push |
The ATM Industry Association’s
Debit Council says it is renewing its push for better security best
practices at POS terminals, as criminals continue to compromise
cardholder information by targeting out-of-date or improperly
configured POS hardware and software.
According to Fair Isaac, more than
90 percent of card and PIN compromises in 2006 took place either inside
outdated POS terminals or through improperly configured POS software
coupled with poor key management practices.
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Read more...
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Fed Eliminates Another Receipt Requirement |
The Federal Reserve has released a final rule that
eliminates the need to provide consumers with receipts for electronic fund
transfers (EFT) less than $15. This
includes debit card and automated clearinghouse (ACH) transactions.
Under the Electronic Funds Transfer Act and the
implementing regulations known as Reg. E, receipts must be made available at
the time a consumer initiates an EFT.
The new rule modifies that requirement. The change is expected to promote greater adoption of
payment card usage at small dollar applications such as vending machines,
parking meters and public transit systems over the next few years. The regulation will become effective sometime
around August 1.
Additional information
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Visa Requires Level 4 Merchant PCI Compliance Plans by July 31 |
Visa will give aquirers with Level 4 merchants until July 31 to have PCI compliance plans in place. Level 4 merchants handle less than a third of transactions in the Visa system but represent more than 99 percent of the merchants that accept Visa cards. Because the group is so large and relatively less sophisticated, it represents more potential for cardholder data compromises than Level 1, 2, and 3 merchants combined.
The Visa CISP Bulletin—“Level 4 Merchant Compliance Program Requirements”—issued May 14, 2007, provides an outline of what is expected from each acquirer and illustrative guidance on developing a plan. Each compliance plan “must include: (1) a timeline of critical events; (2) a risk-profiling strategy; (3) a merchant education strategy; (4) a compliance strategy; and (5) compliance reporting.”
Many acquires may have already submitted Level 4 compliance plans as part of the PCI Compliance Acceleration Program (CAP); however, those that do not meet the July 31 deadline will be subject to costly risk control measures.
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