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W3C launches web payments initiative and reduce fraud

The World Wide Web Consortium (W3C) says it will begin a new initiative to integrate payments seamlessly into the Open Web Platform and help tackle fraud. W3C calls upon all industry stakeholders - banks, credit card companies, governments, mobile network operators, payment solution providers, technology companies, retailers and content creators - to join the new Web Payments Interest Group and leverage the unique ability of the Web… Continue reading >>

Tyupkin malware used to steal millions from ATM’s

Kaspersky Lab says that it has discovered Criminals are using the Tyupkin malware to clean out cash machines around the world, stealing millions of dollars. After a forensic investigation conducted at the request of an unknown financial institution, Interpol is now working with countries to investigate the software, which has been spotted in Europe, Latin America and Asia. The attack… Continue reading >>

JP Morgan denies second cyber hacking reports

Having strongly denied a second round of cyber hacking as reported in the New York Times, the embattled bank has released figures on the breach. On Thursday, citing “several people” with knowledge of an investigation, the New York Times reported that hackers with links to Italy or southern Europe had breached bank servers. However JPMorgan spokeswoman Patricia Wexler has told Reuters: “The… Continue reading >>

MasterCard Launch SafetyNet to protect against cyber hacking of banks and processors

MasterCard has launched  SafetyNet, a global tool designed to reduce the risk of cyber hacking of banks and processors. SafetyNet is designed to use the power of MasterCard’s global network, to identify potential attacks before they start and in some cases before the bank or processor is even aware. Leveraging a multi-layer defence it works to ensure partners stay one step ahead… Continue reading >>

UK fraud losses on payment cards on the rise

According to figures released by Financial Fraud Action UK (FFA UK) card fraud and remote banking fraud increased during the first six months of 2014. The intelligence behind the figures reinforces recent trends, which have seen the growth of deception crimes seeking to persuade consumers to part with their personal and financial information, as well as criminals’ use of computer… Continue reading >>

Malware everywhere

The threat of malware is growing faster and faster and creating more and more issues across numerous industries – including the payments industry. Malware exploit kits are simple to use, meaning attackers of any skill level can use them. These kits also are easy to buy and are quite affordable – often comparable or less expensive than items and services… Continue reading >>

Mobile devices increasing opportunity for payment fraud

As more consumers and employees use their smartphones and tablets, the risk of payment fraud stemming from those devices increase for small- and medium-sized businesses, warns a new report from Javelin Strategy & Research. The report offers a wide-ranging view of fraud threats faced not only by businesses but also financial institutions, which are advised not to include links in… Continue reading >>

US chip and PIN migration worth the effort and cost

The rollout of chip and PIN credit cards could cost $8.6 billion or more. Some experts say it’s not worth it – that the technology is already obsolete, and that better, less expensive options are on the way. Others say it will be years before those options are mainstream, and the time to reduce fraud is long overdue. Relief is… Continue reading >>

Is tokenization the future of payment fraud prevention?

According to a new report by the Federal Reserve Bank of Boston, tokenization is set to form a major change in the battle against payment fraud. Payment tokenization, as described by the MPIW (Mobile Payments Industry Workgroup), is the process of randomly generating a substitute value to replace sensitive information. This system has been used in financial transactions to mask credit and debit… Continue reading >>

FS-ISAC and DTCC announce Soltra to improve global cyber security capabilities

The Financial Services Information Sharing and Analysis Center (FS-ISAC), an organization focused on sharing critical cyber security threat information worldwide, and The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, have announced the formation of a strategic joint venture to develop and market automation solutions that advance cyber security capabilities and the… Continue reading >>