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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 >>

Card Fraud Report – 2015

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 >>

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 >>

80% of global merchantsfail PCI DDS compliance test

Four out of five global retailers and other merchants failed interim tests to determine whether they are in compliance with payment card data security standards (PCI DSS), putting them at increased risk of cyber attacks, according to a new report by Verizon Communications Inc. Businesses must be vigilant in maintaining security to remain compliant with the Payment Card Industry Data… Continue reading >>

$16 billion stolen from 12.7 million identity fraud victims in 2014

Javelin Strategy & Research have published its 2015 Identity Fraud Study. 2014 was a mixed year in the fight against identity fraud, with some advances and some setbacks. The study found that fraudsters stole $16 billion from 12.7 million US consumers last year. With a new identity fraud victim every two seconds, there is still significant risk to consumers, particularly students…. Continue reading >>

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 >>