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Target CIO talks deep discounts for Cyber Monday

BY Gina Acosta

In a new post on Target's A Bullseye View blog, Target CIO Mike McNamara explains the reasoning behind the retailer's decision to offer an unprecedented Cyber Monday promotion: 15% off site-wide and store-wide from Nov. 27 to Nov. 28.

McNamara says the retailer's move to combine stores and online for a more seamless holiday shopping experience marks a new chapter in Cyber Monday history.

The sitewide, storewide 15 percent discount – which will go live online early Sunday morning, Nov. 27 – will simply be applied at checkout both online and in stores during the two-day sale. No online promo code or in-store coupon will be required. New this year, Target is expanding the 15 percent off discount to include all gaming consoles, iRobot vacuums, KitchenAid appliances and all Apple products – including iPhone and Apple Watch. And, as always, all online orders on Target.com ship for free throughout the holidays.

In addition, guests can visit Target.com/WeeklyAd beginning Sunday, Nov. 27, to view a selection of week-long Cyber Week deals, available only at Target.com from Nov. 27 through Dec. 3. Guests will find discounts on gifting items across electronics, toys, home and more. Top deals include:

  • Samsung 43” Ultra HD TV, $399.99 plus $50 Target GiftCard (Reg. $599.99)
  • Free Xbox Live Gold three-month membership ($24.99 value) with purchase of Xbox One S 500GB console with Battlefield 1 digital download, $249.99 (Reg. $299.99) (console sale price available Nov. 27-28)
  • Free $100 Target GiftCard with purchase of any Swagtron T1/T3 Hoverboard (Reg. $349.99/$449.99)
  • Up to 25 percent off K’NEX, Mega Bloks, Magformers, and select LEGO toys
  • KitchenAid Professional 5-qt. Stand Mixer, $199.99 (Reg. $449.99)
  • iRobot Roomba 880 robotic vacuum, $449.99 (Reg. $599.99)
  • Save $10 when you spend $50 and save $25 when you spend $100 on trees, lights, décor, ornaments and more (offer available in-store and online)

Read more about Target's latest strategy shift by clicking here.

 

 

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Visa Modifies EMV Debit Routing Rules

BY Brian Berk

SAN FRANCISCO — In an effort to help merchants better understand implementation options related to the adoption of Europay, MasterCard and Visa (EMV) chip technology in the U.S., Visa has modified and clarified existing debit network routing rules. These changes come following new guidance issued from the Federal Reserve and address a Federal Trade Commission inquiry.

According to Visa, when its debit cards are presented at the point of sale, routing and processing are enabled by two payment application identifiers (AIDs) on the chip: the U.S. Common Debit AID or the Visa Debit AID. The Common Debit AID can support any of the more than one dozen domestic debit networks that issuers can choose to offer in addition to Visa Debit. This provides merchants with the ability to select the network over which a debit transaction is processed or routed.

Drug store retailers are not required to ask the cardholder to choose the AID or network for processing debit transactions. They can continue to automatically ask, or prompt, a Visa cardholder to enter a PIN on in-person transactions, provided the cardholder can still use their card without a PIN if they prefer.

"RILA applauds the FTC and Federal Reserve for moving to quickly address this latest attempt by Visa to prevent competition in the payments market. Fish instinctively swim, the sun always rises in the East, and without watchful regulators Visa will always use its market power to act in anticompetitive ways,” said Austen Jensen, Vice President of Government Relations at the Retail Industry Leaders Association.

More information from Visa about the changes can be found here.

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Study predicts big fraud increase during holidays

BY Deena M. Amato-McCoy
Cyber-criminals will be up to no good this holiday season, and they are using the Europay, Mastercard, Visa (EMV) shift as their way in. 
 
The EMV mandate may be adding a layer of protection at store-level, however, it is increasing card-not-present (CNP) fraud for digital retailers. In fact, global retailers can expect 12% growth in online fraudulent activity in the upcoming holiday season, compared with the same period last year.
 
These are among the findings of a report by ACI Worldwide. The study was based on information from 125 retailers that have been using ACI services for the last two years, and the “hundreds of millions of transactions” they have processed between Jan. 1-Oct. 31, 2015, and Jan. 1-Oct. 31, 2016. 
 
As EMV protects card transactions at store-level through encryption, fraud-sters are shifting their focus to online sources, CNP fraud attempt rates in the United States are expected to increase by 43%, the study found.
 
“Fraud is increasing at a rate nearly equal to general retail growth globally — and is exponentially increasing in the U.S., due to a seismic shift from in-store to online activity,” said Mike Braatz, chief product officer, ACI Worldwide. “And because fraudulent activity is now considered to be an everyday occur-rence, consumers and merchants must take every precaution as we head into peak holiday shopping season.”
 
In the U.S., attempted fraud average ticket value (ATV), or a retailer’s average size of individual sales by credit card, is expected to decline from $239 to $219, an 8% decrease. Alternative shipping methods, such as buy online/pick-up in-store (BOPIS), low-priced electronics and promotions could be spurring this slight decline, the study reported.
 
However, retailers must stay on their game. The expected peak fraud attempt day will be Christmas Eve, with nearly 2.5% fraud, due to the popularity of gift cards and last-minute shopping via buy online-pick up in-store. However, that doesn’t mean brands are out of the woods on Cyber Monday or Black Friday. Specifically, Cyber Monday will have the highest processing volumes of any day of the year — followed closely by Black Friday, the study said.
 
“Merchants need to understand their peak days and the sales that drive those high velocity times to ensure risk strategies are effective and efficient,” said Braatz. “It’s important to prioritize real-time fraud detection without alienating the consumer experience.”

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