Rippleshot Blog

EMV Chip Migration — U.S. Merchants a Day Late and a Dollar Short?

Posted by Kaleigh Simmons on 22, Mar, 17

The U.S. Payments Forum announced in its 2017 Winter Market Snapshot that there has been steady progress in the U.S. migration to chip payments, with 9 out of 10 Americans commonly using chip cards at the approximately one-third of U.S. merchant locations enabled to accept chip payments. "Steady progress" is one way to look at it. Another way is that the deadline for POS terminals to become EMV compliant was October 1, 2015 — well over a year ago — and the findings tell us only one-third of merchant locations have made the switch so far.

So what's slowing them down and how can it be fixed? Let's take a look.

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Topics: EMV, Fraud

The Future of the CFPB

Posted by Kaleigh Simmons on 16, Mar, 17

The future of the Consumer Financial Protection Bureau (CFPB) has been under the spotlight lately as Congress and lawmakers put plans in place to potentially close the consumer watchdog agency.

Let’s back up... while we're sure most banks and credit unions are familiar with the Consumer Financial Protection Bureau (CFPB), many others aren't - and they're not alone. In a survey by, 81% of consumers polled did not know what it is,  which is a problem considering that the CFPB’s sole purpose is to protect consumers.

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Topics: Regulation, CFPB

Do as I Say, Not as I Do

Posted by Kaleigh Simmons on 9, Mar, 17

Did you know that 64% – that’s right, a majority – of Americans have been directly affected by a data breach? Not surprisingly, those experiences have led a growing number of Americans to lose faith in the strength of the cybersecurity protocols major corporations and government agencies currently have in place. It has not, however, led many Americans to incorporate cybersecurity best practices into their own digital day-to-day.

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Topics: Cybersecurity

Bank Customer Churn After Fraud

Posted by Kaleigh Simmons on 2, Mar, 17

In a recent post, we looked at who is primarily at fault when it comes to a data breach – customers or financial institutions? As we found out, the majority of respondents reported they think the responsibility of protecting and securing customer data lies with the companies – not themselves.

If consumers are blaming organizations for breaches, what are the repercussions for financial institutions? A new report by Carnegie Mellon looks at the correlation between the impact of a fraud incident and customer loyalty and what is at stake when it comes to a data breach.

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Topics: Fraud

The People’s Case of Debit vs. Credit vs. Cash

Posted by Kaleigh Simmons on 23, Feb, 17

The New Normal

You walk into a grocery store, pick up the few things you’re missing for tonight’s dinner and head to checkout. The cashier rings up your groceries and you reach for your wallet…will you take out a debit card, a credit card or cold, hard cash?

If you’re like a growing number of Americans, you probably find yourself reaching for that debit card more and more often.

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Topics: Payments

Target Still a Target

Posted by Kaleigh Simmons on 16, Feb, 17

Last week, the Eighth Circuit Court of Appeals reversed the approval regarding the settlement class in a consumer class action arising from Target Corporation’s 2013 data breach.

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Topics: Compromises, Lawsuits

The Scoop on Faster Payments

Posted by Kaleigh Simmons on 9, Feb, 17

By definition, “instant payments” refers to guaranteed year-round payment processing where transactions are processed in a matter of seconds. For banks, implementing an instant payment system has become a top priority in order to meet customers’ expectations, increase convenience, and to keep up with emerging financial technology platforms. Modern customers increasingly want financial services that can keep up with the quick pace of their life.

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Topics: Payments


Posted by Kaleigh Simmons on 2, Feb, 17

The Identity Theft Resource Center (ITRC) and CyberScout issued a new report stating that the number of U.S. data breaches reached an all-time high last year, totaling 1,093. This is a 40% increase from 2015 – quite a substantial increase indicating that rising concerns around cybercrime isn’t just hype, it’s a growing epidemic across not only the U.S but also across the globe.

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Topics: Data Breach Statistics, Fraud, Cybersecurity

Who is Responsible for a Data Breach?

Posted by Kaleigh Simmons on 26, Jan, 17

Cybersecurity is clearly a hot topic of discussion as cyberattacks grow in scale and continue to impact all industries. While it is safe to say that most individuals, financial institutions, business organizations, etc., are all hyperaware of the growing online security threats, a new report from Gemalto indicates that consumers hold organizations - not themselves - chiefly accountable for protecting their personal data, and thus are primarily at fault when it comes to data breaches.

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Topics: Cybersecurity

How Worried Should We Be About ACH Fraud?

Posted by Kaleigh Simmons on 19, Jan, 17

Just a few short months ago, NACHA put in motion a multi-year multi-phase plan to make ACH payments settle in the same day they’re originated. This past September, ACH credits were first made available for same day settlement, with the receiving depository financial institution (RDFI) making the funds available by the end of their processing day. In phases two and three of this rollout, debits will also be settled same day, and funds made available at 5:00pm local time for the RDFI. It goes without saying that as the time available to settle payments decreases, the opportunity for fraud increases, but it’s also important to understand what exactly “same day” means, what opportunities for fraud detection are available, and what the landscape for ACH fraud looks like moving forward.

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Topics: Fraud, ACH