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IndustryUpdate

ANNOUNCEMENTS Shazam network and First Data's Star Network. The
coalition marks the first time financial services compa-
nies have joined retailers' efforts to improve payments
Ant Financial fundraising for globalization security, the NRF said.

Ant Small and Micro Financial Services Group Co., N.Y. SHIELD Act gains support
Ltd. (Ant Financial) entered into definitive agreements
with investors for its Series C equity financing totaling New York State Attorney General Barbara D. Underwood
approximately $14 billion. Funds raised will be used said major business and consumer organizations
to accelerate Alipay's globalization plans and invest endorsed the Stop Hacks and Improve Electronic Data
in developing technology to further enhance the com- Security Act (SHIELD Act), S6933-A and A8884A, the
pany's ability to deliver inclusive financial services Attorney General's legislation to close major gaps in
to unbanked and underbanked consumers and small New York's data security laws. Under the SHIELD Act,
enterprises globally, the company stated, adding the companies would have a legal responsibility to adopt
capital will also be used to cultivate high-tech talent in "reasonable" administrative, technical and physical safe-
emerging markets. guards for sensitive data; the bill also would expand the
types of data that trigger reporting requirements. The
Buyatab honored at Technology Impact Awards AARP, Partnership for New York City and Consumers
Digital gifting company Buyatab Online Inc. won the Union expressed strong support for the bill, Underwood
Growth Company of the Year Award at the 25th Annual reported. She also released the Small Business Guide to
BC Technology Impact Awards, hosted by the British Cybersecurity in New York State, which offers tips on how
Columbia Technology Industry Association. Buyatab's to protect sensitive data and what to do in the event of
solution allows merchants to boost their digital and a data breach.
physical gift card business by leveraging the rapid Visa outage in Europe could raise trust issues
growth of social media and mobile device usage, the
company stated. "The tremendous business growth Visa Europe experienced a system shut down during
we have enjoyed is the result of our team's hard work, peak business hours on June 1, interrupting service
ambition and passion to innovate and to support our at POSs and various ATMs in Britain, Ireland and
merchant clients," Buyatab CEO Matias Marquez added. other European countries. Visa determined the disrup-
tion was due to a hardware failure within one of its
ETA accepting nominations for its Hall of Fame European systems and not any unauthorized access

The Electronic Transactions Association is accepting or cyberattack. By evening, the system had been fully
nominations for its inaugural class of ETA Hall of Fame restored. Some industry observers noted that failures on
inductees. The ETA stated the criteria includes: recogni- a massive scale such as this one could hinder progress
tion within the industry as a founder, pioneer, visionary toward a cashless future, where 100 percent reliability
or icon; enduring legacy and impact of contributions to is expected.
the industry for a minimum of 10 years; active industry Fraudster Wray off to prison
engagement and indisputable service as an ambassador
of the industry; and established record of innovation U.S. District Judge John A. Houston sentenced Daniel
within payments technology. The class will be honored Stephen Wray ‒ the leader of a credit card fraud ring
at the Strategic Leadership Forum coming up Oct. 2 to that stole account information from dozens of San
4, 2018. Submit nominations here: www.electran.org/eta- Diego residents and used it to purchase over $70,000 of
events/2018-hall-of-fame/. merchandise at area retailers ‒ to 51 months in prison.
Wray was also ordered to pay $76,489.35 in restitution.
Retailers, ATM networks team for security Investigators believe many of the victims' identities and

The National Retail Federation, other retail groups and credit card numbers were stolen after Wray and his co-
two major ATM networks formed the Secure Payments conspirators installed a skimmer at a La Jolla, Calif. gas
Partnership to improve the security of the U.S. elec- station.
tronic payments system ‒ ranging from credit and debit
cards to emerging technology. "The U.S. payments RESEARCH
infrastructure should be the strongest, most innova-
tive and most secure in the world, but we won't get Digital River finds tech driving digital B2B
there unless we change the way we make security deci-
sions," stated NRF Senior Vice President and General Commerce-as-a-service provider Digital River Inc.
Counsel Stephanie Martz. Initial members include the released a new study conducted by Forrester Consulting
NRF, Food Marketing Institute, National Association titled Nurture Channel Partner Loyalty to Succeed in the
of Convenience Stores, National Grocers Association, Digital Age. Areas discussed in the report include why

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