The Nilson Report

THE CURRENT ISSUE: Issue 1053 | Nov 2014


Companies featured in The Current Issue include:

Headlines from The Current Issue

Top Credit Card Issuers Worldwide

Top Maestro Issuers Worldwide

Lease to Own for e-Commerce

Pulse Sues Visa Over Debit Cards

Skrill Progress in the U.S.

Rippleshot Fraud Detection Analytics

Cardlytics Raises $70 Million in Equity Funding

Investments & Acquisitions - October 2014

Spire Payments’ Mobile POS Device

In-Store Merchandise Pickups

In-Location Engagement with NFC/Beacon

Charts in this Issue

Top 20 Issuers of Credit Cards Worldwide - 2013

Markets Shares of Debit Card Transactions in the U.S.

Investments & Acquisitions - October 2014

Largest Maestro Issuers Worldwide - 2013

Largest Credit Card Portfolios Worldwide - 2013

Largest Maestro Issuers Worldwide - 2013

The 100 largest issuers of Maestro debit cards worldwide are ranked on page 10 based on purchase volume at merchants in calendar year 2013.

1. ING - Netherlands
$43.04 Billion
2. Commonwealth Bank - Australia
$31.57 Billion
3. ABN Amro - Netherlands
$25.37 Billion
4. Itau Unibanco - Brazil
$20.96 Billion
5. Banesco Banco Universal - Venezuela
$18.21 Billion

Full access to the Largest Maestro Issuers Worldwide 2013 results is available when you subscribe to The Nilson Report.



Most software that fights payment card fraud focuses on providing risk scores for individual transactions in real time. Rippleshot adds a different layer of fraud protection by examining authorized transactions subsequently disputed by cardholders with the aim of detecting fraud tied to data breaches before networks, issuers, and other entities discover the problem. It claims more than half of fraud losses tied to primary account numbers compromised in data breaches occurred before the breach was discovered. Rippleshot customers were notified about the Home Depot breach before any announcement was made.

Rippleshot uses patent-pending data analytics to sift through disputed credit card transactions on the day they are reported to spot common shopping history. This approach identifies fraud at the chain, store, day, or even individual POS terminal level. 

Rippleshot statistical analytics and machine learning can distinguish between the actual data breach and any nearby stores that get payments from the same cardholders. This lets them provide assessments with significantly fewer false positives.

Once Rippleshot has identified a breach, issuers can choose to proactively reissue any of their compromised cards, usually before those cards come up for sale on websites operated by hackers.

Fraud fighting software that works only at the time of an attempted purchase cannot predict which other cards compromised in the same data breach might be used fraudulently. 

Currently, Rippleshot receives cardholder dispute data on about 10% of all Visa and MasterCard payment card accounts in the U.S. That figure could triple by the end of 2015 following a recently announced partnership with MasterCard, which will work with the company to offer the service to some of its largest U.S. issuers next year. Adding more dispute data to Rippleshot’s analysis will allow the company to more quickly determine that a data breach has occurred. 

In addition, MasterCard holds an option to participate in a Series A funding round Rippleshot expects to complete in the first half of 2015. 

Merchants with greater volumes of card payments are likely to be the source of data breaches. However, Rippleshot says it identifies more than 100 breaches monthly that occur at small to midsized retailers. 

The company’s technology is particularly helpful to smaller card issuers who lack the layers of security deployed by top banks. Primary account numbers from small card issuers typically sell for more on hacker websites because the odds are better that fraudulent transactions will get authorized. 

Rippleshot technology will be deployed in South Africa in 2015. It also expects to see its first sales in Europe next year through partnerships with processors and multi-national issuers.

Canh Tran is CEO at Rippleshot Inc. in Chicago, Illinois, (773) 383-2933,,

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