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Global ATM fraud survey

ATMIA has  published its 2014 global ATM fraud survey. Respondents from 42 countries, across all major regions, took part in the survey, up from a geographical spread in the 2013 survey of 20 countries. “In an era of globalized crime, vigilance remains the watchword for ATM security and industry in general,” commented Mike Lee, the association’s CEO. “Increased attacks from… Continue reading >>

Anti-fraud technology keeping UK card fraud losses at bay

FICO says that card-not-present (CNP) fraud accounted for three-quarters of card fraud cases and fraud losses in the UK from 2012-2014, based on the payment cards in the FICO Falcon Fraud Consortium for Europe. Despite the dominance of CNP fraud, UK issuers have used anti-fraud technology to keep loss rates below their 2008 level. CNP fraud targets transactions made online or over the phone,… Continue reading >>

EMV chip transaction figures published by EMVCo

Official figures released by the global technical body EMVCo show that nearly 30% of all card-present transactions conducted globally between July 2013 and June 2014 used EMV chip technology. The data represents all EMV chip card-present transactions – both contact and contactless – as processed by EMVCo’s members, American Express, Discover, JCB, MasterCard, UnionPay and Visa. To qualify as an… Continue reading >>

Banks accused of failing to report true scale of cybercrime

Treasury Committee chairman Andrew Tyrie is to question banks over allegations that they may be under-reporting instances of cybercrime and bank fraud because they don’t want to frighten people. Tyrie made his comments following a Treasury Select Committee hearing into cybercrime and fraud held as part of its inquiry into the ‘Treatment of Financial Services Consumers’ – reports Finextra. The… Continue reading >>

PCI SSC warning: European online transactions under cyber attack

European merchants need to pay more attention to securing electronic payments, warns the Payment Card Industry Security Standards Council (PCI SSC), in a stark warning over cyber attack. This was one of the key messages at the recent Annual European Community Meeting in Berlin, Germany of the PCI SSC, which administers the industry’s data security standard (PCI DSS). “Cyber criminals have intensified… Continue reading >>

President Obama to speed US EMV adoption

In a bid to speed up US EMV adoption in the wake of recent payment card breaches at retailers, President Obama has signed an executive order directing government agencies to shift to the use of chip-and-PIN cards for use by staff as well as in consumer benefits programs, including Social Security. At an appearance Oct. 17 at the federal Consumer Financial Protection… Continue reading >>

60% of Android attacks use financial malware

According to the results of the “Mobile Cyber Threats” survey issued by Kaspersky Lab and INTERPOL, malicious, financial malware, programs targeting Android-based devices in order to steal money were used in 60% of attempted attacks registered by Kaspersky Lab between August 2013 and July 2014. Cybercriminals frequently targeted Android users in Russia, but also in Ukraine, Spain,United Kingdom, Vietnam, Malaysia, Germany, India and France. In… Continue reading >>

UK number one target for cyber attacks in Europe

The UK spends more on cyber defence than any other European state, and rightly so. New statistics have emerged showing that the UK suffered significantly more cyber attacks over the first half of 2014 than any other state across Europe, the Middle Eastern or Africa (EMEA). A report from US company FireEye said that the UK sustained 17% of all… Continue reading >>

W3C launches web payments initiative and reduce fraud

The World Wide Web Consortium (W3C) says it will begin a new initiative to integrate payments seamlessly into the Open Web Platform and help tackle fraud. W3C calls upon all industry stakeholders – banks, credit card companies, governments, mobile network operators, payment solution providers, technology companies, retailers and content creators – to join the new Web Payments Interest Group and leverage the unique ability of the Web… Continue reading >>