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PayPal fined £5.2m over failure to block malicious users

In an embarrassing moment, PayPal has been forced to pay a £5.2 million ($7.7 million) settlement over alleged sanctions violations including allegations that it processed payments for a man involved in the black market for nuclear weapons technology. PayPal, which is owned by eBay, is alleged to have facilitated thousands of pounds worth of transactions involving goods and services going to… Continue reading >>

Middle edge men most likely fraud victims

Recorded fraud victims increased by 25% last year, according to the latest report from the UK fraud prevention service, Cifas, published today. In total there were 276,993 frauds recorded in 2014, compared to 221,075 in 2013. The single biggest threat continues to be identity fraud – 41% of all frauds recorded in 2014 fall into this category. Identity fraud is… Continue reading >>

Digital tipping point: Banks must focus on innovation to harness opportunities

A major new report sets out key recommendations for the banking industry and urges regulators to give consumers certainty that their money is equally well-protected wherever they choose to bank. Banks must concentrate on harnessing a range of digital technologies or risk losing customers to a new wave of competitors, according to a new report by the British Bankers Association… Continue reading >>

Card Fraud Report – 2015

Card Fraud is the driver of major industry initiatives such as EMV implementation to combat the use of lost, stolen and counterfeit cards, while 3D-Secure authentication protects against the fraudulent use of stolen card details online. But what is the scale of card fraud losses in selected European countries, Canada and the USA and how does it vary between markets? In… Continue reading >>

Target settles data breach for $10 Million

Target is said to be preparing to settle a class-action suit over its 2013 data breach by paying $10 million to set up a fund for breach victims, who will each qualify to receive up to $10,000 in compensation. Criminals compromised as many as 40 million accounts that affected as many as 110 million people. Among the information stolen was… Continue reading >>

MTN Uganda clarifies mobile money fraud rumours

MTN Uganda has been forced to call a press conference, with high-ranking executives from both MTN and Stanbic. Stanbic bank’s Managing Director, Patrick Mweheire, opened by explaining that the briefing was being held at Stanbic to show more significance to the fact that MTN does not create – or keep – any of the money from the MTN Mobile Money division after rumours… Continue reading >>

Alibaba unveils facial recognition payment tech

Chinese e-commerce player Alibaba is developing facial recognition technology enabling mobile shoppers to replace their passwords with photos of their faces. According to Alibaba chairman Jack Ma, such biometric technology will replace the use of passwords when buying online. The technology will work by users scanning their faces with their phone handset’s camera in order to confirm a purchase. The… Continue reading >>

Changing fraud trends – and how to stay ahead of them

The recent Card Fraud Report from Payments Cards & Mobile and Alaric, an NCR business, highlights the way that card fraud is always changing. In this webinar, David Divitt from Alaric will highlight some of the key findings from the report, and give examples how financial intuitions around the world are winning the battle against fraudsters. David will also discuss… Continue reading >>

Relentless rise of ID fraud

Experian has revealed that fraud detection rates have increased during the past year*, with around 50 frauds now being detected per 10,000 cases during Q4 2014 – compared to 40 frauds detected per 10,000 cases in Q4 2013. Experian’s annual fraud report also reveals a marked shift in the level of third-party or identity theft – when a victim’s identity is stolen… Continue reading >>

80% of global merchantsfail PCI DDS compliance test

Four out of five global retailers and other merchants failed interim tests to determine whether they are in compliance with payment card data security standards (PCI DSS), putting them at increased risk of cyber attacks, according to a new report by Verizon Communications Inc. Businesses must be vigilant in maintaining security to remain compliant with the Payment Card Industry Data… Continue reading >>