Second Menu

NEWS

Retailers hit hard by data breach expenses

Target has so far booked $162 million in expenses related to the data breach it suffered in late 2013 which saw thieves steal the card details of tens of millions of customers. Reporting its full year financial results, the retailer says that it incurred breach-related expenses of $191 million in 2014, which was partially offset by the recognition of a… Continue reading >>

US EMV payments: PIN or signature?

There are lots of ongoing discussions around EMV payments in the US; PIN versus signature, contactless, mobile payments (firmly back on the table after the introduction of Apple Pay), tokenization, as well as transit payments, to name a few. The one going on the longest has to be the back and forth between the payment systems and US issuers on… Continue reading >>

American Express loses antitrust lawsuit – appeal imminent

The longtime chief executive of American Express,Kenneth Chenault, refused for years to settle an antitrust case with the US government, vowing to fight even as the company’s top rivals cut deals. This long term strategy has now proven ill advised as the company has lost its anti trust lawsuit. On Thursday, a US District Court judge sided with the Justice Department,… Continue reading >>

Cyber risk top CEOs’ list of threats to banking

A PwC survey of 175 CEOs of Banking & Capital Markets (BCM) organisations across 54 countries shows 92% are optimistic about their growth prospects over the next three years, despite growing concerns over global economic growth, with only 43% expecting global economic growth to improve over the next 12 months, down from 56% in 2014. Findings from the report Achieving… Continue reading >>

25% of phishing attacks in 2014 targeted financial data

The Kaspersky Lab study ‘Financial Cyber Threats in 2014’ reports that 28.8% of phishing attacks in 2014 were intended to steal financial data from users. While carrying out their scams, cyber criminals have shifted their focus from bank brands to payment systems and online shopping sites. Cybercriminals used the names of well-known banks in 16.3% of attacks; in 2013, the… Continue reading >>

EMV cards are no panacea for credit card security

Whilst the EMV (Europay, MasterCard and Visa) bashing in the US continues to gather pace, US banks, credit card companies and retailers continue to invest heavily in the technology widely used in Europe. EMV cards provide greater security than the magnetic stripe cards currently in use in US market by including a computer chip embedded in the card and requiring a PIN supplied by… Continue reading >>

Most valuable bank brands

The Brand Finance Banking 500, conducted by leading brand valuation and strategy consultancy Brand Finance, and published in the February edition of The Banker, is a league table of the world’s bank brands, ranked by their brand value. The UK’s bank brands collectively lost 3% of their value this year. NatWest, RBS and Nationwide all saw their brand values fall…. Continue reading >>

UK banking body moves to regulate bitcoin

During 2014 we saw several occasions of significant political figures from the UK having a bitcoin friendly stance – is this all set to change in 2015. UK Shadow Minister Chi Onwurah and Chancellor of the Exchequer, George Osborne both showed their appreciation towards the potential of bitcoin. Osborne in specific commissioned the Treasury to produce a programme of work on cryptocurrencies. It looked like UK politics were… Continue reading >>

Target fails to get lawsuit overturned

US retailer Target has failed to overturn the lawsuit brought against them by financial institutions over losses associated with last year’s data breach after a US judge has given  the go-ahead to proceed with the case. Target had tried to get the suit dismissed but US District Judge Paul Magnuson ruled that three of the four claims made by the five plaintiff banks… Continue reading >>

EPC updates the SEPA Credit Transfer and SEPA Direct Debit rulebooks

The European Payments Council (EPC), representing the European banking industry in relation to payments, has published updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0 and associated implementation guidelines will take effect on 22 November 2015. In… Continue reading >>