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Visa Europe to use biometrics for payment authentication

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In a recent blog post, Jonathan Vaux, director of new payment propositions at Visa Europe  attributes the increase in the popularity of card-on-file payment to the growing use of biometrics for payment authentication. Vaux writes in response to what he views as a recent spike in the number of announcements from major players in the technology sector relating to plans to open up access,… Continue reading >>

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ACI Worldwide acquires anti-fraud specialist ReD

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Global payment solution vendor ACI Worldwide is to acquire UK-based payment fraud prevention outfit Retail Decisions (ReD) for $205 million in cash. ReD’s suite of products includes solutions for merchants and payment service providers, issuers and acquirers, processors and switch networks. According to ACI Worldwide, the ReD acquisition is another step forward in capitalising on the growth in online and… Continue reading >>

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TSYS teams up with Threatmetrix to tackle fraud prevention

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TSYS’s ProPay is partnering with ThreatMetrix to provide an advanced fraud prevention system that accurately differentiates real customers from cyber-criminals. The companies are collaborating on TSYS Guardian CyberShield, a cloud-based, real- time identity verification tool that recognizes returning customers while at the same time protects log-in authentication and payment authorization. “We’re pleased to begin offering our customers more sophisticated fraud prevention… Continue reading >>

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UK authorities hit Shylock malware

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A cybersecurity threat known as Shylock has been disrupted thanks to an international operation, the UK’s National Crime Agency (NCA) is reporting. Shylock was said to have been installed on more than 30,000 machines worldwide, but mostly targeted bank accounts of people living in the UK. As ever, the NCA urged the public to make sure their security software was… Continue reading >>

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Barclays to roll out of voice biometrics to 12m customers

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Barclays plans to expand its use of voice biometrics to streamline authentication when clients call the bank, but the technology is still not widely trusted or understood. Barclays has been using voice authentication technology for high-end clients since late 2012 and plans to roll out to 12 million retail customers this year – writes Steve Cook, Director of Business Development at… Continue reading >>

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Visa Europe sees end of payment cards

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Visa Europe is predicting an end to plastic payment cards as changing consumer preferences and new technologies take hold. The network is looking at how to overhaul security standards and protect transactions in the omni-channel digital age. Peter Bailey, an executive director at Visa Europe, says in a blog post on the network’s website that with EMV now being rolled… Continue reading >>

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Diebold and Wincor Nixdorf create ATM security association

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ATM manufacturers Diebold and Wincor Nixdorf have decided to put competitive differences aside in order to form an ATM security association. The two have come together as criminals renew their focus on the ATM channel through activities such as skimming and hacking. Diebold and Wincor Nixdorf are urging banks, other manufacturers and IT vendors to join with them to improve… Continue reading >>

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Android malware hits South Korean mobile banking customers

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Android malware, a malicious software that can imitate legitimate online banking applications is hitting customers in South Korea, with thousands of devices infected in the last week, according to a Chinese mobile security company. Cheetah Mobile, formerly known as Kingsoft Internet Security Software, wrote that the banking malware masquerades as a popular game or tool on third-party Android application markets. Google checks… Continue reading >>

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Vishing attacks hits £21 million in 2014

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Since the beginning of 2014, some of the UK’s main high street banks have reported losses of over £21 million from vishing attacks, where consumers are tricked into handing over personal financial information. The fresh data equates to over 2000 vishing attacks resulting in an average loss of over £10,000 per victim. It coincides with the launch of a new… Continue reading >>

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Global: 1 in 4 consumers victimised by card fraud

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A global fraud study of more than 6,100 consumers across 20 countries revealed that one in four consumers is a victim of card fraud in the last five years. The study, conducted by ACI Worldwide and Aite Group, also highlighted that 23% of consumers changed financial institutions due to dissatisfaction after experiencing fraud. Card fraud is comprised of unauthorised activity… Continue reading >>

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