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MasterCard and Visa targeted in Target lawsuit

The Target data breach, which compromised the data of 40 million cardholders continues to have ramifications across the industry. Following a class-action lawsuit against Target for the data breach, MasterCard and Visa are now targets of a separate class-action lawsuit related to the breach. In an order dated August 13, the US Judicial Panel on Multidistrict Litigation detailed claims that the… Continue reading >>

UPS becomes latest data breach victim

Package delivery giant UPS has become the latest company to admit that customer payment card details may be at risk after it discovered malware at 51 of its US stores. UPS says that customers who used credit and debit cards at 51 of its 4,470 franchised sites between 20 January and 11 August are at risk. Names, postal and email… Continue reading >>

EyeVerify biometric selfie tech gets backing

A tech company specialising in biometric selfies for use in banking authentication has received $6 million in funding to expand the company’s proposition. EyeVerify’s self-verification technology, Eyeprint ID, enables smartphone users to take photographs of their eyeball. EyeVerify then pattern-matches the blood vessels within the eye to unlock the user’s bank account. EyeVerify has received a second round of Series… Continue reading >>

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 >>