Second Menu

NEWS

86% of fraud in chargebacks

Global Risk Technologies (GRT) recently examined friendly fraud, and found approximately 86% of chargebacks are fraudulent, and many consumers bypass merchants to directly file complaints with card-issuing banks. GRT CIO Monica Eaton-Cardone describes the practice as a learned behaviour, and says most consumers do not intentionally attempt to get something for free the first time they initiate a dispute with… Continue reading >>

Card fraud increases as stolen cards used once every 20 seconds

British businesses were hit by card fraud once every 20 seconds in March, with Worldpay warning that small businesses are likely to have been hackers’ biggest targets. Worldpay saw over 133,000 fraudulent transactions worth £10 million reported in March alone, leaving businesses out of pocket as fraudsters purchased goods and services using stolen card details. Over 67% of all fraudulent… Continue reading >>

Cybercrime bigger than drug trade

In an extraordinary presentation at a TechUK event Adrian Leppard, the City of London police commissioner attacked the big banks by saying that cybercrime may now be bigger than the drug trade, and the police do not have enough resources to tackle it. Leppard claimed that 80% of cybercrimes go unreported and of the 20% which do, only one in five receive… Continue reading >>

Card Fraud Report 2015 – now available

Card Fraud is the driver of major industry initiatives such as EMV implementation to combat the use of lost, stolen and counterfeit cards, while 3D-Secure authentication protects against the fraudulent use of stolen card details online. But what is the scale of card fraud losses in selected European countries, Canada and the USA and how does it vary between markets? In… Continue reading >>

Online fraud – an unrelenting, unforgiving battleground…

The recent release of the annual UK fraud figures describes an interesting picture of some successes and some areas for continued concern and renewed action. First, the headline successes. Fraud conducted in the face-to-face retail environment continues to show a healthy decline trend (down 14% on the previous year) with card ID theft (down 19%) and cheques (down 35% off… Continue reading >>

PayPal fined £5.2m over failure to block malicious users

In an embarrassing moment, PayPal has been forced to pay a £5.2 million ($7.7 million) settlement over alleged sanctions violations including allegations that it processed payments for a man involved in the black market for nuclear weapons technology. PayPal, which is owned by eBay, is alleged to have facilitated thousands of pounds worth of transactions involving goods and services going to… Continue reading >>

Payment Systems Regulator begins £75 trillion UK payment industry oversight

On April 1st,, in what will be a landmark date for UK financial regulation, The Payment Systems Regulator (PSR), the new economic regulator for payment systems, has confirmed how it will regulate the industry. It has also published a policy work programme setting out priorities for the year ahead. The PSR’s aim is to make payment systems work well for the people… Continue reading >>

Target settles data breach for $10 Million

Target is said to be preparing to settle a class-action suit over its 2013 data breach by paying $10 million to set up a fund for breach victims, who will each qualify to receive up to $10,000 in compensation. Criminals compromised as many as 40 million accounts that affected as many as 110 million people. Among the information stolen was… Continue reading >>

MTN Uganda clarifies mobile money fraud rumours

MTN Uganda has been forced to call a press conference, with high-ranking executives from both MTN and Stanbic. Stanbic bank’s Managing Director, Patrick Mweheire, opened by explaining that the briefing was being held at Stanbic to show more significance to the fact that MTN does not create – or keep – any of the money from the MTN Mobile Money division after rumours… Continue reading >>

Relentless rise of ID fraud

Experian has revealed that fraud detection rates have increased during the past year*, with around 50 frauds now being detected per 10,000 cases during Q4 2014 – compared to 40 frauds detected per 10,000 cases in Q4 2013. Experian’s annual fraud report also reveals a marked shift in the level of third-party or identity theft – when a victim’s identity is stolen… Continue reading >>