Fraud and Security

Here are our twenty most recent articles on Fraud and Security.

UK Online Fraud

UK online merchants are bucking the downward business trend and expecting continued growth in 2012 according to the eighth annual UK Online Fraud Report, an independent survey undertaken by CyberSource. Digital goods businesses are growing particularly strongly; those anticipating growth in 2012 are forecasting an average 33% increase in online revenues.

EU data protection overhaul to impose new burdens on banks

Financial services firms and credit card processors will be obliged to report incidents of lost or stolen data within 24 hours of a breach, according to new EU rules set to be introduced Wednesday.

Voice biometrics to play a key role in security in 2012

ValidSoft has partnered with leading research house Opus Research to produce a report titled, Voice Biometrics Authentication Best Practices: Overcoming Obstacles to Adoption. The study, led by Dan Miller, senior analyst at Opus Research, evaluates previous voice biometric projects as well as the current industry landscape in order to identify a number of best practices to rolling out the technology and taking the industry forward.

Experts debate the security of EMV

Some financial industry professionals cite flaws in the EMV payment standard that could complicate its US adoption.

US EMV push won't curb fraud for several years

Experts say that it will take several years before EMV chip-and-PIN technology becomes a significant factor in curtailing card skimming fraud in the US.

Banks backing UK government online identity project

Big banks and card schemes are among a list of 26 companies that are working with the UK government on the creation of a new personal identity system for consumers transacting online.

Criminals ‘reverse-engineering’ ATM software to steal from bank accounts

Sophisticated criminals are using ‘reverse-engineering’ techniques to gain access to individual bank accounts and to banking software systems, giving rise to a threat of widespread theft and fraud.

Criminals ‘reverse-engineering’ ATM software to steal from bank accounts

Identity fraud attempts double in first half of 2011

The latest Fraud Index from Experian, the global information services company, has revealed that identity fraud attempts doubled in the first half of 2011, compared to Q4 in 2010. This pushed up the overall level of application fraud attempted against UK financial services firms for the third successive quarter.

Password protection shattered by cheap GPUs

Hackers are using cheap consumer hardware to crack even the most complex passwords in a matter of seconds, according to tests run by server hosting firm UKFast.

Criminals resort to low-tech scams as online banking and card fraud losses fall

Fraud losses on UK cards and online banking fell during the first half of the year as new initiatives to combat criminal activity saw fraudsters return to low-tech scams involving cheques and socially-engineered telephone deception.

Betfair kept massive card data theft quiet

Betfair failed to inform over two million customers that their card details were stolen in a cyber-attack 18 months ago. The online bookmaker also neglected to mention the breach in its listings prospectus ahead of a floatation in October.

Consumers Like Online Shopping Despite Fraud Concerns

Online shoppers plan to buy more goods online this holiday season, although they are more concerned about online fraud, according to a joint Ponemon Institute/ThreatMetrix survey.

ReD launches fraud alert

Retail Decisions (ReD) has announce its Fraud Alert service, which enables issuers and merchants to easily exchange vital information in the fight against fraud. As the most significant modern advance in fraud detection and prevention in recent years, ReD Fraud Alert has been proven to drastically reduce merchant chargebacks by 43% as well as the risk of consumers falling victim to fraud.

FutureCard achieves SAS security certification

FutureCard says its highly developed card manufacturing and personalization unit in Sharjah, UAE has received Security Accreditation Scheme (SAS) from the GSM Association. This certification authenticates that FutureCard smart card production and personalization processes, as well as its entire site functions meet the GSM Association’s stringent principles for security and data protection programs.

HSBC Merchant Services helps retailers in fight against fraudsters

HSBC Merchant Services LLP, a wholly-owned subsidiary of Global Payments and one of the largest independent payment processors in the UK, has launched a new service to help businesses ensure that their customers’ transactions are secure against fraud.

MNO’s not protecting customers in m-payments

Mobile payments are being touted as the next big thing for consumers but could pose a financial risk when mistakes are made by merchants or if a phone is lost or stolen and used to make fraudulent charges. Consumers Union, the nonprofit publisher of Consumer Reports, is calling on wireless carriers to make sure consumers are protected from mobile payment fraud and mistakes by adopting strong safeguards in customer contracts.

24% of mobile users bank from a phone

With NFC gathering momentum, the use of modern mobile phones to simplify and add convenience to tasks such as banking and shopping is here to stay, says BullGuard. However, with the majority of mobile users still slow to consider security for a handheld, many could be leaving their financial details vulnerable to third party attack.

Fundtech white paper reveals widespread bank cyber crime challenges

Fundtech has released a new white paper investigating the widespread cyber crime challenges faced by banks and how to fight them. The white paper includes insights from fraud and cyber crime experts from the FDIC, FBI, M&T Bank and NICE-Actimize.

Crooks net $13m in ATM heist

Crooks broke into the computer network of FIS earlier this year, upped the limits on pre-paid cards, cloned them and then withdrew $13 million from ATMs around the world, according to security blogger Brian Krebs.

Fraud and Security

UK Online Fraud

EU data protection overhaul to impose new burdens on banks

Voice biometrics to play a key role in security in 2012

Experts debate the security of EMV

US EMV push won't curb fraud for several years

Banks backing UK government online identity project

Criminals ‘reverse-engineering’ ATM software to steal from bank accounts

Criminals ‘reverse-engineering’ ATM software to steal from bank accounts

Identity fraud attempts double in first half of 2011

Password protection shattered by cheap GPUs

Criminals resort to low-tech scams as online banking and card fraud losses fall

Betfair kept massive card data theft quiet

Consumers Like Online Shopping Despite Fraud Concerns

ReD launches fraud alert

FutureCard achieves SAS security certification

HSBC Merchant Services helps retailers in fight against fraudsters

MNO’s not protecting customers in m-payments

24% of mobile users bank from a phone

Fundtech white paper reveals widespread bank cyber crime challenges

Crooks net $13m in ATM heist

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