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PCI SSC warning: European online transactions under cyber attack

European merchants need to pay more attention to securing electronic payments, warns the Payment Card Industry Security Standards Council (PCI SSC), in a stark warning over cyber attack. This was one of the key messages at the recent Annual European Community Meeting in Berlin, Germany of the PCI SSC, which administers the industry’s data security standard (PCI DSS). “Cyber criminals have intensified… Continue reading >>

President Obama to speed US EMV adoption

In a bid to speed up US EMV adoption in the wake of recent payment card breaches at retailers, President Obama has signed an executive order directing government agencies to shift to the use of chip-and-PIN cards for use by staff as well as in consumer benefits programs, including Social Security. At an appearance Oct. 17 at the federal Consumer Financial Protection… Continue reading >>

60% of Android attacks use financial malware

According to the results of the “Mobile Cyber Threats” survey issued by Kaspersky Lab and INTERPOL, malicious, financial malware, programs targeting Android-based devices in order to steal money were used in 60% of attempted attacks registered by Kaspersky Lab between August 2013 and July 2014. Cybercriminals frequently targeted Android users in Russia, but also in Ukraine, Spain,United Kingdom, Vietnam, Malaysia, Germany, India and France. In… Continue reading >>

UK number one target for cyber attacks in Europe

The UK spends more on cyber defence than any other European state, and rightly so. New statistics have emerged showing that the UK suffered significantly more cyber attacks over the first half of 2014 than any other state across Europe, the Middle Eastern or Africa (EMEA). A report from US company FireEye said that the UK sustained 17% of all… Continue reading >>

W3C launches web payments initiative and reduce fraud

The World Wide Web Consortium (W3C) says it will begin a new initiative to integrate payments seamlessly into the Open Web Platform and help tackle fraud. W3C calls upon all industry stakeholders – banks, credit card companies, governments, mobile network operators, payment solution providers, technology companies, retailers and content creators – to join the new Web Payments Interest Group and leverage the unique ability of the Web… Continue reading >>

Tyupkin malware used to steal millions from ATM’s

Kaspersky Lab says that it has discovered Criminals are using the Tyupkin malware to clean out cash machines around the world, stealing millions of dollars. After a forensic investigation conducted at the request of an unknown financial institution, Interpol is now working with countries to investigate the software, which has been spotted in Europe, Latin America and Asia. The attack… Continue reading >>

JP Morgan denies second cyber hacking reports

Having strongly denied a second round of cyber hacking as reported in the New York Times, the embattled bank has released figures on the breach. On Thursday, citing “several people” with knowledge of an investigation, the New York Times reported that hackers with links to Italy or southern Europe had breached bank servers. However JPMorgan spokeswoman Patricia Wexler has told Reuters: “The… Continue reading >>

MasterCard Launch SafetyNet to protect against cyber hacking of banks and processors

MasterCard has launched  SafetyNet, a global tool designed to reduce the risk of cyber hacking of banks and processors. SafetyNet is designed to use the power of MasterCard’s global network, to identify potential attacks before they start and in some cases before the bank or processor is even aware. Leveraging a multi-layer defence it works to ensure partners stay one step ahead… Continue reading >>

UK fraud losses on payment cards on the rise

According to figures released by Financial Fraud Action UK (FFA UK) card fraud and remote banking fraud increased during the first six months of 2014. The intelligence behind the figures reinforces recent trends, which have seen the growth of deception crimes seeking to persuade consumers to part with their personal and financial information, as well as criminals’ use of computer… Continue reading >>

Malware everywhere

The threat of malware is growing faster and faster and creating more and more issues across numerous industries – including the payments industry. Malware exploit kits are simple to use, meaning attackers of any skill level can use them. These kits also are easy to buy and are quite affordable – often comparable or less expensive than items and services… Continue reading >>