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Retail Crime Survey: Retailers failing to protect themselves against fraud and cybercrime

According to the Retail Crime Survey, UK retailers have said that fraud increased by 12% year-on-year in 2013-14 and accounted for 37% of the total cost of crime during the period. The level of cyber attacks suffered by the vast majority of retail businesses either increased or remained unchanged in 2013-14, with most companies surveyed for the British Retail Consortium… Continue reading >>

UK reports digital payments acceleration

Total spending on Visa cards in the UK has surpassed £600 billion for the first time reports Visa Europe. The results provide strong evidence of the UK’s transition to a digital payments economy and a sign of the most exciting period for payments since the invention of the debit card. Annual point-of-sale spend on Visa cards in the UK grew 9.2%… Continue reading >>

Smart terminals still represent big opportunity for criminals

As the industry continues its trend toward smart terminals with integrated software for payments and other services, criminals are likewise stepping up their efforts to secure a new treasure chest of data at the point of sale. Even though payments services have made unprecedented technical advances the past few years, criminals love security gaps that can arise with new technology, making it… Continue reading >>

50% of US retailers not prepared for EMV migration deadline

With only nine months until the EMV migration deadline, retail and technology professionals are still unprepared, according to a recent survey by ACI Worldwide. The survey of 200 retail industry professionals was conducted in January 2015 at the National Retail Federation’s 104th Annual Convention and Expo, “The Big Show,” in New York. Principle findings of the survey included: EMV Readiness…. Continue reading >>

Starbucks drops Square and deepens app strategy

Starbucks has launched its mobile payment app in Germany and France to enable its customers to make payments using a mobile version of their Starbucks card. The app is the same one which operates in the US and UK and it works in the same way globally. The company also announced quietly before Christmas that it and Square are going their… Continue reading >>

Microsoft deploy PayPal mobile payments

PayPal has joined forces with Microsoft to bring its PayPal Here hardware card readers to Windows devices, as well as develop EMV-compliant readers. The collaboration is aimed at small and midsize businesses (SMBs) and merchants looking to enahnce their in-store experiences with mobile devices. The card reader will become available later in 2015 for several Microsoft devices, including the Surface… Continue reading >>

Multiple payment options critical to merchants

A lack of payment options are forcing customers to abandon their baskets and merchants to miss out on sales. Online retailers are dramatically losing out on sales by failing to address customers’ preferred payment methods. According to research[i] by international electronic payment specialists, The PPRO Group, 68% of UK consumers have abandoned an online retail site due to the payment process. Over… Continue reading >>

Thieves hit ATMs with Black Box attack

According to the KrebsOnSecurity blog, ATM skimming attacks have focused on innovative fraud devices made to attach to the outside of compromised ATMs via a black box attack. Security experts are now warning about the emergence of a new class of skimming scams aimed at draining ATM cash deposits via a novel and complex attack. At issue is a form of… 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 >>

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 >>