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Identity fraud up by 27% in first quarter of 2015

New data shows that identity fraud was the dominant fraud threat in the first quarter of 2015. 34,151 confirmed instances of identity fraud were recorded in the first quarter of 2015. This represents a 27% increase from the same period of the previous year and accounts for just under a half (47%) of all frauds recorded in the first quarter…. Continue reading >>

BPCE pilots dynamic CVV code for online shopping

France’s Banque Populaire and Caisse d’Epargne (BPCE) are piloting a payment card that replaces the three-figure CVV code on the rear of the card with a small screen display that automatically changes periodically. The cards will be offered to 1,000 customers of the banking group from September 2015. The bank says the technology, developed by Oberthur, will improve security for consumers… Continue reading >>

BancNet selects Gemalto to secure mobile banking

Global digital security specialist Gemalto has been selected by BancNet of the Philippines to secure its mobile banking services. BancNet’s network consists of 116 local and international banks, serving over 40 million cardholders. Gemalto’s Ezio Authentication Server and Mobile token will allow BancNet customers to pay their bills, check account balances, and transfer funds from their accounts with any member… Continue reading >>

Fujitsu iris-recognition technology

Iris-scanning technology promises to kill the password with the launch of a new smartphone that looks into users’ eyes to unlock it. The new smartphone made by Fujitsu and sold by Japan’s largest mobile phone operator, NTT Docomo, uses an infrared LED and a special camera to snap a picture of the iris of a person’s eye. The phone recognises… Continue reading >>

Starbucks mobile app hacked – a “Venti” problem

News has reached us that credit card hackers are targeting Starbucks gift card and mobile payment users and stealing from consumers’ credit cards. This new scam is so ingenious, the cyber criminals don’t even need to know the account number of the card they are hacking. By taking advantage of the Starbucks auto-reload feature, they can steal hundreds of dollars… Continue reading >>

Credit card fraud rising in Germany

New analysis shows that credit card fraud increased last year in Germany. In a sample of 7.5 million active cards issued in Germany, FICO found that losses due to fraud increased by 17% in the year from October 2013 to September 2014, compared to the previous year. This growth outstripped the growth in total card purchases, which rose just 5%. The… Continue reading >>

Payment Card Tokenization

Tokenization is a technology that allows for more secure payments by substituting sensitive consumer account data for a random number that is unique to each transaction – a digital token. This token contains no consumer account data, and instead is simply a map to where the bank has stored a consumer’s data within its own secure systems. Because tokens are… Continue reading >>

Cyber security is the EU’s digital frontier

Cyber security is a precondition to promoting innovation also in the area of payments. The European Union Agency for Network and Information Security (ENISA) is a centre of expertise for cyber security in Europe. ENISA supports the European Union (EU) and the Member States in enhancing and strengthening their capability and preparedness to prevent, detect and respond to network and… Continue reading >>

London identity theft rates three times higher

London is the country’s identity theft capital, with significantly higher rates than anywhere else in the UK. The statistics are based on the number of fraudulent applications across financial products including: current accounts, loans, mortgages, savings accounts, insurance, automotive and credit cards. The 2014 figures, which focus  for the first time on how fraud is concentrated in different parts of… Continue reading >>

Only one in eight Brits will switch to digital-only bank

Digital-only banks will struggle with UK banking customers when they launch this year, with only one in eight (13%) consumers claiming that they plan to switch to an account with a digital-only provider this year. Several providers are set to launch services in the UK this year, including Atom and Starling. Additionally, only 14% say they would trust a digital-only bank more… Continue reading >>