A Japanese ATM cash-out scheme that stole $19 million from South Africa's Standard Bank in less than three hours illustrates why devising better ways to mitigate the risks posed by such schemes must be a priority for financial institutions in markets - including the U.S. - that still rely on mag stripe debit cards.
Another series of SWIFT-enabled hack attacks against a bank has come to light, following the theft of $81 million from the central bank of Bangladesh and SWIFT warning that other banks are also being targeted.
Despite continued efforts to shore up security to protect payment card data and other financial information, the U.S. financial services and retail sectors had more data breaches in 2015 than any other business sectors worldwide, according to Verizon's latest Data Breach Investigations report.
Visa's new plan to help merchants speed checkout times for EMV chip payments sounds good, in theory. But in reality, it isn't likely to have much immediate impact on either speeding EMV adoption or enhancing the user experience.
In a video interview, Dave Matthews of the National Restaurant Association, which represents more than 500,000 restaurants throughout the country, explains why the group is questioning whether EMV is really ready for "prime time."
Will the Fed support the use of cryptocurrency and related blockchain technology to help push the movement to faster payments? Experts at ISMG's Fraud and Data Breach Prevention Summit in San Francisco last week considered the possibilities.
In a lawsuit, two small merchants say they, and many other retailers, are unfairly being forced to pay fraud-related expenses as a result of the EMV liability shift even though they converted to EMV technology by the card brands' deadline. Fraud prevention experts analyze the implications of the case.
Blockchain technology used by bitcoin and other cryptocurrencies offers opportunities for enhanced authentication and ID management, as well as cross-border money remittances, says Ben Knieff of the consultancy Aite. But he contends it's not clear that the technology could play a role in faster payments.
To boost security and eliminate the need for passwords, MasterCard plans to later this year roll out a facial biometrics app for authentication of online purchases. But some experts warn that biometrics technology is not fool-proof and should only be deployed as part of a layered authentication approach.
As recent history dictates, the migration to EMV chip-enabled cards has resulted in a massive surge in card-not-present (CNP) fraud. Converging pressures, including the U.S. EMV migration, rapidly growing e-commerce transaction volumes, and data breaches, is likely to lead to a painfully sharp rise in CNP fraud....
BankInfoSecurity announces its fourth annual list of top influencers, recognizing leaders who are playing significant roles in shaping the way banking institutions and financial services companies approach information security.
With NACHA's recent announcement on the implementation of same-day ACH (Automated Clearing House) payments to start in September 2016, banks need to be prepared as the impact on treasury and fraud personnel at a bank will be significant. This will result in lesser time to review and approve suspicious...
Four years after European criminals exploited EMV implementation vulnerabilities to steal an estimated $650,000, security experts say not all banks have adopted full fixes. But the payment card industry contends related mitigations are in place and working.
The top video interviews of the past year featured, among others: Bob Carr of Heartland Payments, Eduardo Perez of Visa and cybersecurity attorney Joseph Burton. Check out their thought-provoking insights.
Global Payments Inc. plans to buy its smaller rival, Heartland Payment Systems Inc., for $4.3 billion. Both payment transaction processors have suffered massive data breaches, and industry observers are weighing in on whether the merged companies will successfully build a strong culture of security.