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Apple hack

It has emerged that hackers have used a virus to steal Apple account details from 225,000 iPhones in what is thought to be the biggest theft of its kind. The Apple hack has hit 225,000 users from 18 countries including China, France, Russia, Japan, United Kingdom, United States, Canada, Germany, Australia, Israel, Italy, Spain, Singapore, and South Korea. The attack used… Continue reading >>

Retailers extremely focused on payment innovation

Payment innovation in the retail industry is rapidly changing, driven by consumer adoption of mobile smart devices.  Because of recent well-publicized data breaches and payment card fraud, retailers have turned their attention to the dual challenges of data security and fraud prevention, even as they try to keep up with the demands of digitally enabled consumers. Retail Systems Research (RSR) recently released… Continue reading >>

Target breach: MasterCard eyes fresh settlement

Target’s recent settlement with Visa to reimburse card issuers up to a reported $67 million for expenses related to the retailer’s 2013 data breach may pave the way for a similar revised settlement with MasterCard. And it could eventually derail banks’ pending lawsuit against retail giant. In May, banks and credit unions rejected MasterCard’s proposed $19 million settlement with Target on… Continue reading >>

Advanced Payments – Which paths to success?

PCM in partnership with Edgar, Dunn & Co. and American Express unveil the findings of the latest Advanced Payments Survey. The annual Advanced Payments Survey, which this year has been produced by PCM in conjunction with American Express and written by consultancy Edgar, Dunn & Co. (EDC), has become one of the benchmark indicators of where the payment industry is… Continue reading >>

Identity theft and ATM-related fraud top payments security concerns

According to the inaugural MasterCard Safety and Security Index, consumers across Southeast Asia and Greater China cited identity theft and ATM-related fraud as the top two security concerns when it comes to electronic payments. 42% of consumers in Southeast Asia (Indonesia, Malaysia, Philippines, Singapore Thailand, and Vietnam) were most concerned with ATM-related fraud such as a stolen card, card cloning… Continue reading >>

Target agrees $67 million for Visa data breach

Target has reached a $67m agreement with Visa over the massive data breach of customers’ payment data during the 2013 holiday shopping season that raised serious questions about the company’s data security systems. The company said the required number of card issuers had entered into the agreements. It declined to say how much the issuers would be reimbursed. However, a person… Continue reading >>

Are fingerprints the new passwords?

Ever since Apple introduced TouchID for iPhones, more and more smartphones feature fingerprint scanners. And that has some security researchers worried. “If you leak a password, you can just change it; if you leak a fingerprint, it’s lost for your whole life,” FireEye researcher Yulong Zhang said at a presentation at the Black Hat USA conference in Las Vegas last week…. Continue reading >>

CBA error double-charges transactions

Commonwealth Bank of Australia (CBA) has apologised to its customers following a system error that saw customers being double-charged for debit, credit and mobile payments over a six-day period. The revelation comes just one day after the CBA posted a record A$9.14 billion of profits and announced a The foul-up comes as the bank reported A$1.2 billion investment on initiatives… Continue reading >>

Carphone Warehouse: 2.4m bank details hacked in data breach

UK mobile phone retailer Carphone Warehouse has suffered a serious data hacking breach that may have compromised the banking details of 2.4 million customers. The breach was discovered on 5 August at a division of Carphone Warehouse that operates websites for OneStopPhoneShop.com, e2save.com and Mobiles.co.uk and provides a number of services to iD Mobile, TalkTalk Mobile, Talk Mobile, and to… Continue reading >>

Poll: one in ten US consumers have received EMV cards

The US migration to EMV is failing to gain momentum, with just one in 10 people receiving EMV cards, according to a new poll from GfK Public Affairs. Although the US accounted for almost half of all gross fraud losses worldwide on plastic cards in 2014, only about 10% of US consumers have received a new EMV credit or debit… Continue reading >>