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New POS malware family named Punkey

In conjunction with a US Secret Service investigation, Trustwave SpiderLabs researchers have unearthed a new family of POS malware. POS malware is a sinister and often difficult-to-detect threat that preys on retailers running Windows-based payment terminals. This menace has been around for many years, but has now become the preferred fraud method by which cyber criminals fleece retailers of huge amounts of payment… Continue reading >>

Consumers want part in protecting their payment cards from fraud

A survey conducted in the US, Canada and the UK by FICO shows that fraud is top-of-mind for consumers in the wake of high-profile data breaches. Respondents’ primary concern about payment fraud wasn’t financial loss, it was the time required to fix the problems created by fraud. This was the top concern for 68% of respondents in the US, 60% in… Continue reading >>

AmEx Lab testing facial recognition technology

According to a WSJ blog, American Express is experimenting with facial recognition and wearable technology that could turn into new capabilities for some of its mobile apps, including products aimed at customers traditionally underserved by financial services companies. To boost business growth, the company wants to use emerging technologies to appeal to consumers in new segments, such as heavy mobile… Continue reading >>

86% of fraud in chargebacks

Global Risk Technologies (GRT) recently examined friendly fraud, and found approximately 86% of chargebacks are fraudulent, and many consumers bypass merchants to directly file complaints with card-issuing banks. GRT CIO Monica Eaton-Cardone describes the practice as a learned behaviour, and says most consumers do not intentionally attempt to get something for free the first time they initiate a dispute with… Continue reading >>

Card fraud increases as stolen cards used once every 20 seconds

British businesses were hit by card fraud once every 20 seconds in March, with Worldpay warning that small businesses are likely to have been hackers’ biggest targets. Worldpay saw over 133,000 fraudulent transactions worth £10 million reported in March alone, leaving businesses out of pocket as fraudsters purchased goods and services using stolen card details. Over 67% of all fraudulent… Continue reading >>

Cybercrime bigger than drug trade

In an extraordinary presentation at a TechUK event Adrian Leppard, the City of London police commissioner attacked the big banks by saying that cybercrime may now be bigger than the drug trade, and the police do not have enough resources to tackle it. Leppard claimed that 80% of cybercrimes go unreported and of the 20% which do, only one in five receive… Continue reading >>

Card Fraud Report 2015 – now available

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 >>

European ATM crime incidents fall 26%

In a European ATM Crime Report covering the full year 2014 EAST (European ATM Security Team) has reported that ATM related fraud incidents fell 26% when compared to 2013, although related losses were up 13%. EAST reported a 26% decrease in ATM related fraud attacks, down from 21,346 in 2013 to 15,702 in 2014. This fall was mainly driven by… Continue reading >>

Internet spending is one-third of UK card expenditure value

New figures published by the UK Cards Association show that 30% of the value of all spending on cards in January was via the internet, with £15.4 billion of the £46.5 billion total spent in this way. The number of online card transactions comprised 12.3% of total card purchases which equates to 118 million of all 1,054 million card payments…. Continue reading >>

Intel and Ingenico team up for Internet of Things

Ingenico Group and Intel Corporation have announced a collaboration to combine Intel technology and Ingenico Group secure payment acceptance for the Internet of Things. The companies will jointly develop a mobile tablet that supports EMV1 and NFC payment functionalities, a standard required by banks to help prevent credit card fraud. Under the collaboration, Intel Data Protection Technology for Transactions will… Continue reading >>