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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 >>

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 >>