This Week in Credit Card News: May 28 – June 3
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New welcome bonuses for Southwest credit cards; Visa and American Express boost anti-fraud protections; Apple Card suffers outage on Wednesday; New EMVCo guidelines aim to make contactless payments smoother.
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New Welcome Bonuses for Southwest Credit Cards (Expired)
- The following three Southwest credit cards are offering a new welcome bonus: 65,000 bonus points for spending $2,000 in the first 3 months.
- These offers are available for a limited time only; select a card above to see its current welcome bonus.
Visa and American Express Boost Anti-Fraud Protections
- Visa and American Express have announced (separately) that they are improving their fraud detection and prevention services.
- Visa has invested in LoginID, a biometric authentication startup. LoginID allows companies to set up biometric authentication, like facial recognition, for online payment systems and apps.
- American Express is partnering with three anti-fraud platforms: Microsoft, Accertify, and Riskified. Amex will be linking its own fraud prevention service, Enhanced Authorization, with these companies, to give merchants better tools for detecting online point-of-sale fraud.
- Learn how to deal with fraud and identity theft when it comes to credit cards.
- Sources: American Banker, Finextra
Apple Card Suffers 6-Hour Outage On Wednesday Morning (June 2)
- Cardholders of the Apple Card found themselves unable to use their cards or see card activity on Wednesday morning.
- According to Apple’s System Status page the day after, the outage lasted from 9:17 a.m. to 3:19 p.m. EST, and: “All users were affected … Users may not have been able to manage their Apple Card, make payments, and may not have seen recent transactions.”
- The outage may be an unfortunate consequence of Apple’s tech-forward credit card ethos. The Apple Card is managed primarily through the Apple Wallet app.
- Source: The Verge
New Guidelines Aim to Make Contactless Payments Quicker and Easier
- EMVCo, an organization that designs standards for EMV chip card technology, has announced new guidelines for contactless payment terminals.
- The new guidelines specify the addition of “IQ demodulation requirements.” These requirements will allow greater transaction speed and more flexibility in where the payment device can be positioned.
- These guidelines are a response to an increase in contactless payments, especially via smartphones and wearables. They should speed up the payment process, especially for high-throughput areas like turnstiles for mass transit.
- Source: EMVCo
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