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Cyber security: breach, breach, breach

In the past 24 hours there have been three more cyber security incidents in the industry, highlighting once again the dangers of complacency in the industry. Here is a blow by blow account: FXCM – Online foreign exchange trading firm FXCM announced it has been the victim of a cyber security attack that exposed access to sensitive customer information and led to unauthorised… Continue reading >>

US EMV migration will take years

Its October the 1st. The deadline for US merchants to accept secure chip-enabled credit and debit cards,the US EMV migration, may take years for the conversion to be fully implemented. “Realistically, we should expect the adoption of chip cards in the US to take a few years,” says Gartner analyst Avivah Litan.  Banks are issuing chip cards to millions of customers… Continue reading >>

Cybersecurity experts say mobile payments data breaches to grow

A survey of more than 900 cybersecurity experts shows that an overwhelming majority (87%) expect to see an increase in mobile payment data breaches over the next 12 months, yet 42% of respondents have used this payment method in 2015. The 2015 Mobile Payment Security Study from global cybersecurity association ISACA suggests that people who use mobile payments are unlikely… Continue reading >>

Did Australian banks unlawfully blacklist Bitcoin?

Australia’s competition watchdog is set to investigate the country’s biggest banks for shutting down the accounts of Bitcoin traders. The ACCC confirmed the investigation to Queensland Nationals Senator Matthew Canavan, who sent a letter to the chairman of the Australian Competition and Consumer Commission Rodd Sims urging him to launch a formal investigation. “It appears to me to be an… Continue reading >>

UK is number 1 target for global cybercrime

Cybercriminals are attacking the UK more than any other country making it the number 1 target for global cybercrime. One of the most interesting cybercrime trends in Q2 was the UK’s emergence as the preferred destination for attackers across the world; with Nigeria, Germany, US and Mexico leading the way in attacking the UK. The UK also features as the second highest… Continue reading >>

How ready are US merchants for EMV?

The Strawhecker Group (TSG) released survey results that illustrate only 27% of US merchants will be EMV-ready by the October 1st liability shift. This represents a sizable decline from 34% estimated in March. By December 2015, 44% of US merchants are expected to adopt EMV, however EMV-readiness will not reach a threshold of least 90% until 2017 – more than… Continue reading >>

US banks certified for class action over Target data breach

The class action against Target brought by several banks over the retailer’s massive data breach in 2013 has been certified by a US judge. District Judge Paul Magnuson said the banks could pursue their claims together over the breach, which compromised at least 40 million credit cards during the holiday season. In a statement, Charles Zimmerman, one of the lead lawyers representing the banks,… Continue reading >>

Russian group accused of hacking satellites

I will admit that this article is not exactly about payments…however, the ramifications of the report will have significant baring on our industry if correct. One of the world’s most sophisticated hacking groups, linked to the Russian government, has been accused of hijacking vulnerable commercial satellite communications, using hidden receiving stations in Africa and the Middle East to mask attacks… Continue reading >>

Cyber crime a major risk to business

According to a new report, businesses must prepare for a new generation of cyber crime, moving beyond the established threats of data breaches, privacy issues and reputational damage to operational damage, business interruption and even potentially catastrophic losses. “As recently as 15 years ago, cyber attacks were fairly rudimentary and typically the work of hacktivists, but with increasing interconnectivity, globalisation… Continue reading >>

Real-time cross-border payments – ISO 20022

Real-time cross-border payments might soon be a reality, thanks to the efforts of a new payments industry group. But is there a business case for adopting the ISO 20022 standard? With multiple countries implementing real-time payments initiatives around the globe, interoperability between systems is key. Therefore, the ISO Real Time Payments Group (RTPG), a collection of payments experts brought together… Continue reading >>