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Retailers hit hard by data breach expenses

Target has so far booked $162 million in expenses related to the data breach it suffered in late 2013 which saw thieves steal the card details of tens of millions of customers. Reporting its full year financial results, the retailer says that it incurred breach-related expenses of $191 million in 2014, which was partially offset by the recognition of a… Continue reading >>

SIM card remains secure

The SIM card is so secure that in the case revealed recently, even intelligence services preferred to steal the key rather than attack the SIM card. The secure authentication of the mobile phone user on the mobile network is the main function of the SIM card. Producers of SIM cards maintain the highest security procedures and processes. The companies are taking the targeted… Continue reading >>

Card fraud at the ATM is serious – time to step up the fight

Representing global losses in excess of a billion Euros, card fraud and associated skimming remains the most prevalent type of ATM crime and a major concern for financial institutions (FI) that are at risk of losing customers’ confidence, due to the constant threat of cardholder identity theft and card losses. Continuously working on new solutions to counter these risks, Diebold… Continue reading >>

Gen Z ready for biometric security

16 to 24 year old consumers in the UK have the greatest appetite for biometric security measures and the greatest need to use them in place of traditional authentication such as passwords. Research from Visa Europe suggests this generation’s approach to existing security options is placing them at greater risk of data or financial compromise. The research reveals that Generation… Continue reading >>

Cyber risk top CEOs’ list of threats to banking

A PwC survey of 175 CEOs of Banking & Capital Markets (BCM) organisations across 54 countries shows 92% are optimistic about their growth prospects over the next three years, despite growing concerns over global economic growth, with only 43% expecting global economic growth to improve over the next 12 months, down from 56% in 2014. Findings from the report Achieving… Continue reading >>

EMVCo plans integration for 3D Secure specification

EMVCo says it plans to improve its 3D Secure online payment solution by facilitating a more seamless transaction flow and integration with online merchants. Introduced in 2001, 3D Secure has fallen short of adoption expectations due to retailer concerns it was difficult to integrate and that authentication took customers away from their websites. The technology requires customers to enter what… Continue reading >>

US EMV POS migration gathers pace

By the end of 2015, approximately 59% of US POS locations will be EMV-enabled, according to a report from payment consultancy Aite Group. Awareness of the migration to EMV among small to mid-size US retailers has increased, with two-thirds of merchants aware of the standard. However, Aite states that a significant awareness gap still needs to be addressed for the… Continue reading >>

Hackers steal $1 billion in global cyber attack

Around $1 billion may have been stolen by hackers from 100 banks worldwide in an unprecedented cyber attack, according to a report by security specialist Kaspersky Lab. The attacks, which took place a two-year timeframe beginning in 2013, are thought to have been perpetrated by a hacker gang with links to Russia, China and Ukraine. According to Kaspersky, at least… Continue reading >>

25% of phishing attacks in 2014 targeted financial data

The Kaspersky Lab study ‘Financial Cyber Threats in 2014’ reports that 28.8% of phishing attacks in 2014 were intended to steal financial data from users. While carrying out their scams, cyber criminals have shifted their focus from bank brands to payment systems and online shopping sites. Cybercriminals used the names of well-known banks in 16.3% of attacks; in 2013, the… Continue reading >>

US consumers lose trust in mobile wallets and apps

According to a new survey in the US, trust is eroding among mobile device users when it comes to making purchases or mobile wallet and app downloads. A survey of 15,000 mobile users in 15 countries found that their trust level is degraded because they believe that payment systems aren’t secure or they don’t trust a service or online merchant. Mobile… Continue reading >>