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Domestic schemes – set for domination?

The launch of RuPay in India and plans for a Russian payment network indicate a resurgence in domestic schemes, but at what cost to the international players? While Europe’s banks and regulators are still mulling over the possibility of a third debit scheme in Europe to rival Visa and MasterCard, India and Russia are getting down to business, albeit for… Continue reading >>

Mobile malware report reveals that more apps are spying on us

Alcatel-Lucent has released new report on malware and mobile malware showing that security threats to mobile and residential devices jumped sharply during the first half of 2014, putting device owners at increased risk of being spied on, having personal information stolen, or experiencing ‘bill shock’ as result of pirated data usage. Figures for the first half of 2014 from Alcatel-Lucent’s Kindsight… 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 >>

Hackers attack on European Central Bank

It seems that no organisation, large or small is safe. The European Central Bank (ECB) has been hacked, with attackers stealing email addresses and contact data from the organisation’s public website. In a statement, the bank said that no internal systems or market sensitive data were compromised. “The database serves parts of the ECB website that gather registrations for events… Continue reading >>

PSD2: A ‘bull by the horns’ approach to open access

As the European Commission moves closer towards its ambitions of creating a single European payments market, one proposal put forward in Article 58 of the upcoming Payment Services Directive (PSD2) could have a far-reaching effect on the way payments are transacted across the 28-member bloc. The article includes a provision to regulate third party (so-called “third party payment service providers”)… Continue reading >>

Visa Europe to use biometrics for payment authentication

In a recent blog post, Jonathan Vaux, director of new payment propositions at Visa Europe  attributes the increase in the popularity of card-on-file payment to the growing use of biometrics for payment authentication. Vaux writes in response to what he views as a recent spike in the number of announcements from major players in the technology sector relating to plans to open up access,… Continue reading >>

UK authorities hit Shylock malware

A cybersecurity threat known as Shylock has been disrupted thanks to an international operation, the UK’s National Crime Agency (NCA) is reporting. Shylock was said to have been installed on more than 30,000 machines worldwide, but mostly targeted bank accounts of people living in the UK. As ever, the NCA urged the public to make sure their security software was… Continue reading >>

Russia rolls over in deal with Visa and MasterCard

Visa and MasterCard have reached a compromise agreement with Russian officials that would allow the global card payment companies to continue operating in the country. “MasterCard and Visa will continue business in Russia,” said Andrew Torre, Visa’s general director for Russia. Russia’s finance minister, Anton Siluanov, said both Visa and MasterCard are ready to create their own Russia-based payment operators, which will take… Continue reading >>

Amex Trial begins on 7th July

On July 7, Judge Nicholas Garaufis of the U.S. District Court for the Easter District of New York will begin hearing arguments in the case, which the Department of Justice (DOJ) filed in October 2010. The trial is expected to last up to 10 weeks, with a ruling expected early next year. In its case, the DOJ is challenging Amex rules… Continue reading >>