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Cyber crime to drastically increase this Christmas

Christmas 2014 looks set to have a large increase in cyber crime with the UK shopper set to spend a record £374.3 million over the festive period with one in four pounds expected to be spent online. It is estimated that online sales will grow by 19.55% to £17.4 billion compared to £14.5 billion in 2013. “Overall Cyber Crime looks… Continue reading >>

Charge Anywhere admits security breach

It has been revealed that for the last five years, hackers have been using a banking malware to siphon unencrypted credit/debit card information from the computer networks of Charge Anywhere, an electronic payment service used by millions of merchants worldwide. Charge Anywhere, an electronic payment service provider to merchant publicly admitted to a security breach that may have compromise the account… Continue reading >>

US banks partners Payfone for mobile authentication

Payfone a mobile authentication startup,  is working with US financial institutions to introduce technology that utilises the same security standards applied by wireless operators to identify their customers as they log-in to m-banking apps. The company has partnered with Early Warning, which is owned by Bank of America, BB&T, Capital One, Chase and Wells Fargo and is also a Payfone… Continue reading >>

Hackers will target Apple Pay and ATMs in 2015

Apple Pay and ATMs are included on Woburn, Mass.-based data-security services provider Kaspersky Lab Inc.’s newly released list of nine security predictions for 2015. The top targets will be banks, which face the threat of direct attacks in which hackers try get into a financial institution’s network. Once in, the cyber-thieves may try to remotely direct ATMs to dispense cash or… Continue reading >>

USA: EMV at the ATM

Vast numbers of hours, experts and resources have been devoted to the implementation of the EMV standard for credit and debit cards in the United States. As the smoke begins to clear, however, a new EMV effort is beginning with a discussion of how to best implement EMV at the ATM. EMV agreements struck between the major card brands and… Continue reading >>

US outlines cyber security steps for securing the payments system

This week, the Merchant Financial Cyber Partnership announced plans to strengthen the security of the payments system and align on cyber security. In a press release, the group announced the issuance of eight next steps for ongoing collaboration by participants in key areas including: Threat Information Sharing 1. Secure an agreement between the Financial Services Information Sharing and Analysis Center (FS-ISAC) and… Continue reading >>

Target fails to get lawsuit overturned

US retailer Target has failed to overturn the lawsuit brought against them by financial institutions over losses associated with last year’s data breach after a US judge has given  the go-ahead to proceed with the case. Target had tried to get the suit dismissed but US District Judge Paul Magnuson ruled that three of the four claims made by the five plaintiff banks… Continue reading >>

Online merchants struggling to cope with the ‘fragmentation of fraud’

More than three-quarters of online merchants (79%) believe the growing proliferation of markets, purchasing channels and payment methods pose a significant challenge for effectively dealing with fraud, according to the Fragmentation of Fraud report. Only one in five (20%) online merchants stated they are very confident about their ability to manage new fraud threats and half (50%) find it difficult… Continue reading >>

Global banks investment in payment technology as top priority

It has been revealed that payment technology is set to be a key area of focus for banks across the globe in 2015 – according to the Ovum ICT Enterprise Insights* program, based on interviews with 6,500 senior IT executives. The shift in payment technology modernisation, brought on by diversification and mobile channels in particular, is a truly global phenomenon. In most instances, less… Continue reading >>

Smartphones key to biometric e-commerce

MasterCard is seeking to partner with Visa to use biometric information to replace passwords for online payments. Existing password-based online security authentication is known as 3D Secure, which the two companies hope to replace with a new, multi-layered approach to authentication. MasterCard’s Bob Reany says this would involve making use of biometric technology such as fingerprint, voice, and facial recognition…. Continue reading >>