New Study Reveals Retailers Lagging on EMV Card Technology Transition
Despite a deadline of October 2015, 42 percent of retailers have yet to update payment terminals to be EMV compliant. What’s even more startling is that 43 percent of retailers which suffered some sort of data breach in the past five years have not made the technology transition, according to a new Cardhub study, which notes there are $8 billion fraudulent card purchases each year in the U.S. Financial institutions, notes Cardhub research analyst Alina Comoreanu, have been the most active and progressive in moving to EMV, replacing the traditional magnetic striped card security technology with a card housing a computer chip. “The retailer response, however, has been shockingly muted by comparison,” notes Comoreanu.
Employee Gets 10 Years in Prison for Theft
A former Sea Life Park employee charged with stealing nearly $150,000 while working at the Oahu aquarium has been sentenced to 10 years in prison. Maricris Espiritu was sentenced Wednesday after pleading no contest to first-degree theft. She has also been ordered to pay back what she stole. Prosecutors say Espiritu, who handled the cash register at the park, would pocket the money that guests used to pay for photo packages of themselves swimming with dolphins. The theft occurred between July 2011 and December 2012. Sea Life Park was alerted to the illegal activity after noticing discrepancies in the amounts of cash receipts when Espiritu worked and when she was off. Authorities say she was caught stealing on video surveillance.
NRF Releases 3 New Resources For Data Security
The Association for Retail Technology Standards announced today several new resources to help retailers safeguard their data. ARTS, part of NRF’s Technology Leadership Community is dedicated to helping retailers and solution providers identify, adopt and integrate current and emerging information technology standards. “Protecting customer relationships and important enterprise data is a top priority for retailers,” NRF Vice President of Retail Technology Tom Litchford said. “Data security is everyone’s job and these resources will hopefully enhance collaboration between software developers and security professionals with the goal to improve it.” [NRF.com]
Mastercard users to Authorize Payments Via Heartbeat
Mastercard opened its first innovation hub five years ago to test and roll out new retail technology in partnership with start-ups and retailers. The payments provider now has seven innovation hubs worldwide, from Silicon Valley to Nairobi. In its Dublin office, Mastercard is focusing on developing disruptive technology that retailers and consumers alike can use. From a bracelet that authenticates payments through the wearer’s heartbeat, to virtual reality-enabled gift cards, Mastercard’s range of technology tests are certainly diverse. But there’s one buzzword that is strictly off limits. Chief innovation officer Garry Lyons says: “We have a philosophy at Mastercard that cool doesn’t cut it. “It might be fantastic to pay with Google Glass but our technology needs to be easy to adopt, highly scalable and serve a genuine need for customers and retailers if it’s going to have a future.” Mastercard has identified 12 technology trends which Lyons says will have “a genuine impact on commerce in the next five to 10 years” and is developing technology to serve each of those needs. “We’re not just talking about the future, we’re trying to create it,” declares Lyons. [Retail-Week.com]
Ten New Truths of Retail
Retail isn’t what it used to be. Sure merchants are still about selling products to consumers, but how it’s done is so different that retail is fundamentally a much different industry and profession. Forgive me if I sound like a broken record, but building a store is very different than just a decade ago. There are fundamentals that remain the same, but here are Ten New Truths of Retail that merchants should take to heart. [Forbes.com]
Pawn Shop Owner Sentenced after ORC Conviction
The operator of the now-closed JT’s Buy and Sell shop in downtown Lebanon will serve a minimum of nearly a year in state prison for his involvement in a ring that bought and sold merchandise stolen from area retailers. A judge on Wednesday sentenced Larry A. Jones to 11 months to five years on charges of corrupt organizations, dealing in proceeds of unlawful activities, violating the Pawnbrokers License Act, organized retail theft, receiving stolen property, conspiracy and prohibited offensive weapons. Jones was charged with possession of prohibited offensive weapons for having three sawed-off shotguns. The Lebanon County Drug Task Force filed the charges after a 15-month investigation. The judge also ordered Jones to pay fines totaling $4,500 and restitution of $5,732 to Home Depot and Wal-Mart. [LDnews.com]