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Samsung Galaxy S5 fingerprint sensor and PayPal app hacked

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Researcher from Security Research Labs have managed to bypass Samsung Galaxy S5 fingerprint authentication, less than a week after the device’s official release, the ethical hackers also hacked the PayPal app. The researchers from Security Research Labs (SRLabs) re-used a fingerprint mould from their exploitation of the Apple iPhone 5S from last year, requiring “no additional effort whatsoever”. The fake print was based on… Continue reading >>

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AFP payments fraud and control survey

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Despite a slight decrease in corporate payments fraud and a heightened interest in security risks, 2013 saw an increase in fraud specific to credit and debit cards as criminals and their schemes became more sophisticated, according to the 2014 AFP Payments Fraud and Control Survey released by the Association for Financial Professionals (AFP). “Criminals will try to stay a step… Continue reading >>

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US banks are warned about new ATM hack

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US regulators have warned its banks to protect their ATM’s and card authorisation systems from a fresh wave of cyber-attacks that seek to ATM hack a control weaknesses to spew out millions of dollars in fraudulent withdrawals. Sounding alarm over an especially sinister new wave of cybercrime, regulators are warning bankers that hackers have succeeded in changing the controls on… Continue reading >>

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Steep rise in detected and prevented fraud attempts for financial services

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Experian has revealed a significant rise in detected and prevented fraud attempts in H2 2013 as financial services providers push forward in the fight against credit application fraud. According to Experian’s latest Fraud Index, the overall level of detected and prevented fraud attempts rose by 18% in 2013 across all credit products. In 2013, an average of 21 in every… Continue reading >>

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86% of customers shun brands following a data breach

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New research commissioned by Semafone has revealed that the overwhelming majority of people would not do business with a company that had failed to protect its customers’ card data in the event of a data breach. In the survey, conducted by OnePoll, 86.55% of 2,000 respondents stated that they were “not at all likely” or “not very likely” to do business… Continue reading >>

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Trustwave accused in Target data breach suit

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Trustwave, the PCI security vendor, has been accused of failing to detect vulnerabilities in Target’s handling of credit card data ahead of last year’s data breach, according to a law suit filed by Trustmark National Bank of New York and Green Bank of Houston. The suit, filed in Chicago’s US District Court, is the latest in an avalanche of claims being… Continue reading >>

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EMV in the US… too little, too late?

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The Target, Neiman Marcus, Michael’s Stores breach trifecta may have finally galvanized the US card payment industry to consider strongly EMV in the US. Too bad consumers are poised to change the game. I and many others cheered the recent news that MasterCard and Visa are finally launching a “cross-industry effort to accelerate payment security.” The group will focus on Europay, MasterCard, and Visa (EMV)… Continue reading >>

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UK fraud increases

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New figures released on UK fraud by Financial Fraud Action UK (FFA UK) show that levels of card and online banking fraud rose during 2013. Improved fraud detection and prevention systems used by banks and established internet retailers continue to have a positive impact, but intelligence suggests that criminals are now targeting individual consumers and small businesses – driving the… Continue reading >>

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Mobile Payments and Fraud survey

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While the mobile channel grows in importance and revenue for merchants, so does their fear of fraudulent attacks and the realization that combating that risk requires specialized tools. Those are some of the key findings from the 2nd Annual Mobile Payments and Fraud Survey. The 2014 Survey, conducted by Kount, The Fraud Practice and CardNotPresent.com, is the biggest survey ever undertaken focused… Continue reading >>

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50% of one-time passwords fail to arrive

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New global research by the Ponemon Institute, sponsored by mobile interaction service provider tyntec, has revealed that on average almost 50% of one-time passwords (OTPs) fail to arrive due to invalid mobile numbers provided by end-users. For the report titled ‘Unlocking the Security Potential: The Key to Effective Two-Factor Authentication’ the Ponemon Institute surveyed more than 1,800 IT and IT security practitioners around… Continue reading >>

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