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Apple Pay experiencing high fraud exposure

Apple Pay has gained momentum quickly, in typical Apple fashion, with 2,000 financial institutions committed to support it, millions of cardholders actively enrolled, and two-thirds of all contactless transactions in December 2014 coming from Apple Pay devices. But Apple Pay is not without growing pains, including higher-than-expected fraud rates in certain cases. As a result, some participants are learning hard… Continue reading >>

EMV Liability Shift – 212 Days to Go

October 2015 marks a major milestone in the US payment industry’s migration to EMV as the liability shift comes into effect. After the liability shift, the party on a card transaction—the issuer, acquirer, or merchant—who does not support EMV assumes the liability for counterfeit card transactions and, in some cases, for lost and stolen card transactions. According to a survey… Continue reading >>

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 >>