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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 >>

World Payments Report 2014

Non-cash payments volumes are expected to grow 9.4% to reach 366 billion transactions in 20131, fueled by strong growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%[1]). With the continued acceleration of electronic and mobile payments growth and ongoing regulatory pressures, the payments industry is seeking to find new and innovative ways to… Continue reading >>

EBA warns of IT risk

The European Banking Authority (EBA) and other EU supervisory authorities have warned banks to reinforce IT controls and audits on third-party technology providers with relation to operational and IT risk. The Joint Committee of the European Supervisory Authorities (ESAs) says that concerns over the persistence, intensity and sophistication of information technology-related operational risks and cyber risks at financial institutions have increased since its last biannual… Continue reading >>

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 >>