With the adoption of the EMV standard for payment cards, the associated card fraud has increasingly gone down. This has resulted in cyber criminals shifting focus to other forms of fraud such as gift card fraud and fraud related to online retail purchases which are processed as Card Not Present (CNP) transactions....
Department store chains Saks Fifth Avenue, Saks Off Fifth and Lord & Taylor have suffered a data breach that apparently exposed details on 5 million payment cards. Cybersecurity firm Gemini Advisory says the JokerStash syndicate - aka Carbanak gang - is selling the stolen card data.
Police have charged 20 Romanian and Italian nationals with running spear-phishing attacks that stole more than $1 million from online bank customers. Phishing remains a favored criminal technique for harvesting account credentials and cryptocurrency, as well as corporate secrets.
Security experts analyze the potential impact of recently announced changes to the PCI Security Standards Council's Qualified Integrators and Resellers Program that are designed to help smaller merchants prevent breaches.
States will not have the full range of much-needed cybersecurity practices and equipment in place for this year's U.S. midterm elections. But efforts underway might deliver many much-needed improvements in time for the 2020 elections, Homeland Security Secretary Kirstjen Nielsen tells a Senate committee.
Security hygiene can be poor, and criminals know it. Fraudulent activity costs are in the billions worldwide across industries, and over 16 million consumers in the US were victims of identity theft or fraud in the past year. Learning to onboard new data at the speed of the business will ensure your fraud team can...
A new standard from the PCI Data Security Standards Council could help ease the way for smaller merchants worldwide, especially in developing nations, to move to cashless payments using a variety of devices, says Troy Leach, CTO for the council, who spoke last week at a conference in South Africa.
Al Pascual of Javelin Strategy and Research discusses a new report that shows that while crypto wallets may be considered to be at the sharp end of payments innovation, the security vulnerabilities they face are much the same as those that already exist in digital banking and payments.
Developing nations that are moving to digital payments, especially for the unbanked, need to keep in mind security lessons already learned in other markets, including Europe, says Steve Marshall, founder at Risk-X, a U.K.-based audit and risk assessment consulting firm.
Digital channels have become a high-risk environment due to data breaches, phishing, malware, and social engineering attacks. Banks need to better serve their customers by overcoming these security concerns - especially in mobile.
To understand current trends in online and mobile banking fraud, the tools being...
The PCI Security Standards Council is offering 40 percent lower fees for participating organizations in nations with lower-income economies. "We want to encourage countries in Africa and South Asia to get engaged with us," Jeremy King, international director at PCI SSC, tells ISMG in an exclusive interview.
Maintaining strong payments security practices is a continuously moving target given the ever-evolving payments ecosystem and dynamic nature of the threat environment. The commitment to improve security is a priority throughout the payments industry as evidenced by the ongoing collaboration across these issues. This...
As banking institutions of all sizes maximize their digital channels, there is growing tension between the need to prevent fraud and the desire to maintain a frictionless customer experience. IBM Trusteer's Valerie Bradford discusses how to defuse this tension.
Leading the latest edition of the ISMG Security Report: The Department of Justice indicts Russians for allegedly running an industrialized troll factory designed to influence U.S. politics. Also, a feature in Australia's new real-time payment system could be abused by identity thieves.
Australia's real-time payments platform, which launched last week, includes a feature designed to reduce fraud and erroneous payments. Ironically, the feature may also expose users to social engineering attacks.
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