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NewsBriefs

This article contains excerpts from news stories recently posted under bearing its logo. In a statement released on Aug. 12, the
Breaking Industry News on our homepage. For links to these and other payments giant said mag stripes will "start to disappear
full news stories, please visit www.greensheet.com/breakingnews.php. in 2024," and, hopefully, be completely out of the picture
by 2033. Beginning in 2027, U.S. banks will no longer be
required to issue Mastercard-branded cards with mag
stripes. Prepaid debit cards issued in the United States
and Canada will be exempt from the change, the company
stated.

"The merchant community looks forward to a day when
requirements to support the magnetic stripe and the
burden to protect data merchants really don't need are
eliminated," John Drechny, CEO of the Merchant Advisory
Group, said of the news. "We'd like to see others in the
industry move in this direction." Magnetic stripes were a
Hackers exploit Accenture vulnerability breakthrough technology back in the mid-20th century.
IBM came up with the idea of coding information onto
Analysts are discussing a ransomware attack on Accenture, cards using magnetic tape, a technique already used for
a consulting and professional services firm with 569,000 audio recordings and computer disk storage.
employees and $44.33 billion in annual revenues in 2020.
Disclosed Aug. 11, 2021, in a tweet by VX Underground, Payments industry celebrates 2021 Inc. 5000
the attack was allegedly carried out by Lockbit 2.0, a Payments industry enterprises are included in this year's
group that exploited a known vulnerability within the 2021 Inc. 5000—Inc.'s annual homage to fast-growing,
company's network, according to sources familiar with the privately held U.S. companies. The honorees, disclosed
investigation.
Aug. 17, 2021, are especially impressive because they found
a way to grow and scale their companies during a global
"Accenture has 2,500 compromised computers of pandemic, noted Scott Omelianuk, editor in chief at Inc.
employees and partners," Hudson Rock researchers said "Building one of the fastest-growing companies in America
in an Aug. 11, 2021, statement, claiming threat actors had in any year is a remarkable achievement," Omelianuk said.
infected employee computers with malware that helped "Building one in the crisis we've lived through is just plain
them eventually gain access to the company's network.
amazing. This kind of accomplishment comes with hard
work, smart pivots, great leadership and the help of a
The group threatened to release stolen data unless paid whole lot of people."
an exorbitant fee, according to sources familiar with
the investigation. Accenture confirmed the attack in an Inc. measured qualifying companies' percentage of
Aug. 11 statement, but noted it had little impact and that revenue growth between 2017 and 2020. Those with
the company had fully restored its network. "Through annual revenues of at least $100,000 in 2017 and $2 million
our security controls and protocols, we identified in 2020 were evaluated by growth rate to determine
irregular activity in one of our environments," Accenture rankings, Omelianuk noted, adding that there was one tie
representatives stated. "We immediately contained the this year. The Green Sheet Inc.'s newswire has been abuzz
matter and isolated the affected servers."
with press releases from payments businesses included in
Mastercard saying 'bye' to mag stripes the 2021 rankings. VizyPay, an Iowa-based ISO ranked 45
on the list, credited its success to "constant innovation and
Magnetic stripe credit and debit cards are a 20th century development of proprietary technology and programs to
innovation displaced by more modern, and safer ways better support its customers."
to transact. That's the message from Mastercard, which
disclosed plans to sunset use of mag stripes on cards 2020 debit volumes surpassed credit for first time

U.S. debit card usage didn't escape the deleterious effects
of the pandemic last year. That didn't stop debit card usage
A Also find us on lso find us on FFacebook, acebook, from achieving some noteworthy results, however. While
L LinkedIn & inkedIn & TTwitter for the witter for the the number of debit card transactions fell in 2020, total
debit spend increased as cardholders made fewer, but
most up-to-date stories, t up-to-date stories, larger purchases, according to the 2021 Debit Issuer Study
mos
conducted by Oliver Wyman and published by PULSE.
c
can’t miss events and newest an’t miss events and newest
industry announcements.ustry announcements.
ind In-store spending shrank while debit for online purchases
exploded, and when debit cards were used at the
physical POS, it was often a contactless transaction. CNP
10

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