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First Annapolis highlights US EMV push

US consultancy First Annapolis has highlighted how issuers are feeling heightened pressure to migrate card portfolios to EMV as the October 2015 liability shift deadline quickly approaches. After a spate of data breaches at major merchants over the past six months, and the recent resolution of the Durbin-related litigation and announcement of cross-licensing agreements among several debit networks for use… Continue reading >>

US store chain Supervalu hit by network breach

US supermarket chain Supervalu has become the latest large-scale merchant to suffer a breach of its network, compromising customer card data. In a statement, the company says it suffered a “criminal intrusion” into the part of its network that processes payments for some of its 3,320 stores. The breach is said to have occurred between 22 June and July 17… Continue reading >>

ACI Worldwide completes ReD acquisition

ACI Worldwide announced that it has completed the acquisition of Retail Decisions (ReD), a leader in fraud prevention solutions.  Under the terms of the agreement, ACI Worldwide acquired ReD for an all-cash purchase price of $205 million. UK-based ReD is a leading e-commerce and fraud prevention company serving the payments industry. Its suite of solutions helps customers drive up revenues… Continue reading >>

Retail malware: PCI-DSS is part of the problem

When the Payments Card Industry Data Security Program (PCI-DSS) was first introduced in 2004, the move was in response to a series of breaches that demonstrated how exposed credit and debit card information could be at retailers, large and small, that hadn’t properly considered cyber security. The standard, which has been widely criticised as a prescriptive and expensive tick-box exercise,… Continue reading >>

Cyber crime costs UK economy £6.8 billion

The cost of cyber crime to the UK economy amounted to $11.4 billion (£6.8 billion) in 2013, or 0.16% of the country’s GDP, a report from the Centre for Strategic and International Studies (CSIS) shows. The research, sponsored by internet security company McAfee, reveals that the blow cyber crime deals to the global economy costs about $445 billion (£266 billion)… Continue reading >>

IBM uncovers Android banking vulnerability

The message for Android is increasingly bleak in the context of security. After Android malware hits South Korean mobile banking customers and Android cyberattacks on 34 European banks it now appears that business heavy weight IBM has further bad news to add. One-in-ten banking apps are wide open to a malicious drive-by hacking exploit that exposes user credentials when visiting… Continue reading >>

Security fears throttling mobile financial services

A leading digital identity expert has revealed the results of its new research The Rise of the Identity Centric Economy which found that 53% of UK consumers would never use mobile banking services, while many avoid using any mobile financial services at all – including Paypal, money transfer apps and even shopping websites. The survey, by Intercede, of 2,000 UK… Continue reading >>

European card fraud losses hit new high

FICO has published its latest map of card fraud in Europe, showing that card fraud losses in 2013 for the 19 European countries studied reached €1.55 billion. This figure was a new high, and slightly more than the previous peak in 2008, according to data supplied by Euromonitor International. While the UK experienced £450 million in losses, the highest level… Continue reading >>

Backoff! POS malware

The US Department of Homeland Security today issued an advisory alert to businesses concerning the existence of Backoff, a new point-of-sale malware which infiltrates retail computer systems. The alert, issued on Thursday, states that Backoff has been spotted three times in forensic investigations since late 2013 and continues to operate today. The U.S. Computer Emergency Readiness Team said Backoff goes “largely… Continue reading >>

Fraud victims less confident with affected businesses

Around 72% of US consumers affected by fraud have also been victims of data breaches, according to data from the National Consumers League and US research company Javelin Strategy and Research. Research examined the impact of data breaches and identity fraud on consumer victims in four key regions in the US, including the Chicago metropolitan area. Results indicate that US… Continue reading >>