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World Retail Banking Report 2015

The latest World Retail Banking Report 2015 produced by Capgemini and Efma looks like  bad news for traditional banks. For the second straight year, banks have not been able to improve positive customer experiences. “With non-bank competitors now proliferating and aggressively providing banking services that are often seen as more agile, intuitive and digitally savvy, banks are now at real… Continue reading >>

25% jump in cross border fraud on UK debit cards

The percentage of fraudulent transactions occurring outside the UK in 2014 on UK debit cards rose 25% in a massive sample of cards studied by analytic software firm FICO. Cross border fraud transactions accounted for nearly a third (31%) of all fraudulent transactions on 52 million active UK debit cards studied, up from 23% in 2013. cross border transactions overall nearly… Continue reading >>

RBS to boost IT spend after latest failure

Royal Bank of Scotland (RBS) is pledging to invest another £150 million a year to improve the strength of its IT systems, following the latest breakdown which saw 600,000 transactions vanish from customer accounts. The breakdown involved an overnight processing failure which affected salary, benefit and bill payments and other debit and credit transactions in customer accounts. RBS is planning… Continue reading >>

Top 8 future cyber security threats to the financial services sector

Financial services providers must better prepare for the threat that new technologies pose to their cyber security strategies or risk damaging customer and investor confidence. Cyber-crime within the financial services industry has reached unprecedented *levels and currently costs the global economy £266 billion each year. As companies increasingly adapt to emerging technologies, such as digital wallet service Apple Pay and… Continue reading >>

Criminals receive 1,425% ROI from Cybercrime

Trustwave has released the 2015 Trustwave Global Security Report which reveals the top cybercrime, data breach and security threat trends from 2014. The report discloses how much criminals can profit from malware attacks, which data they target, how they get inside, how long it takes for businesses to detect and contain data breaches, what types of businesses criminals are targeting and where the… Continue reading >>

Banks rethink business models as PSD2 comes into effect

According to the PSD2 and XS2A – regulation or opportunity report, Europe’s banks are engaged in a do-or-die effort to prepare for the 2016 introduction of new payments regulations that are expected to usher in a wave of fresh competition and innovation across the sector. The revised Payment Services Directive (PSD2) is being introduced by the European Commission to further open the markets… Continue reading >>

Cyber security is the EU’s digital frontier

Cyber security is a precondition to promoting innovation also in the area of payments. The European Union Agency for Network and Information Security (ENISA) is a centre of expertise for cyber security in Europe. ENISA supports the European Union (EU) and the Member States in enhancing and strengthening their capability and preparedness to prevent, detect and respond to network and… Continue reading >>

US readiness for EMV at a low point

With a crucial deadline looming in 2015, the US payments industry will have only partially converted to the Europay-MasterCard-Visa (EMV) chip card standard by the end of that year. Indeed, it will likely take years to equip small merchants especially to accept EMV, according to a report released by Javelin Strategy & Research Card issuers will lag significantly as well…. Continue reading >>

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 >>

Can you turn regulatory and payment scheme compliance into a competitive advantage?

Regulatory compliance has long been viewed as a mandatory component and a ‘cost’ of doing business as a financial services provider, whether you are an issuer, programme manager or payment services provider. However, the regulatory landscape has evolved and while compliance remains a primary focus, there is now an opportunity to gain a larger foothold in the payments value chain and… Continue reading >>