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Fraud

News about Fraud.

One in four US consumers would share DNA with their bank

June 22nd, 2015

One in four US consumers would consider sharing their DNA with their financial institution if it meant it would make authentication easier and their personal information more secure, research from Telstra reveals. “Two thirds of US consumers think that using biometrics — such as voice, fingerprint, iris and facial recognition — would be more secure and help reduce the risks of fraud,” says the Australian telecoms operator’s Rocky Scopelliti.

Visa launches VDEP service to make it easier and cheaper for banks to offer mobile payments

May 29th, 2015

Visa has launched the Visa Digital Enablement Program (VDEP), a new service that builds on the company’s token technology and adds a “turn-key, toll-free commercial framework accessible to more than 14,500 Visa financial institution clients and… More

BPCE to pilot cards with mini-screen security codes

May 21st, 2015

France’s second largest banking group BPCE is to pilot a payment card that replaces the three-figure security code on the back of the card with a mini-screen that displays a code which automatically changes periodically…. More

Postbank begins HCE pilot in Germany with Worldline

May 21st, 2015

Employees of Germany’s Postbank have begun piloting a mobile payment service based on host card emulation (HCE) that makes use of tokenization to allow NFC payments to be made at any Visa payWave terminal. PostBank… More

Starbucks denies mobile payment hack

May 19th, 2015

Starbucks has issued a statement denying its mobile payment app has been hacked, following a report by investigative journalist Bob Sullivan. The article claimed hackers had recently stolen money from several Starbucks customers by gaining access to their credit card information through the coffee chain’s app and using the auto-load function. “Starbucks takes the obligation to protect customers’ information seriously,” the company says. “News reports that the Starbucks mobile app has been hacked are false.”

Apple stores hit hardest by Apple Pay fraudsters

March 9th, 2015

Credit card data stolen in recent data breaches at big retailers has led to a wave of fraudulent Apple Pay transactions, reports the Wall Street Journal. “About 80% of the unauthorized purchases have been for big-ticket items bought with smartphones at Apple’s own stores.”

US identity fraud drops, but breaches scare consumers

March 5th, 2015

The number of victims of identity fraud in the US decreased 3% to 12.7 million in 2014 and total fraud losses declined to US$16 billion — a decrease of 11% from 2013 — a study from Javelin Strategy & Research has found. However, a series of high-profile card data breaches had a great impact on consumer purchasing decisions, with 28% of fraud victims saying they avoided affected merchants after the fraud, say the authors of the 2015 Identity Fraud study.

Apple Pay provisioning fraud hole “has to get plugged now”

March 1st, 2015

“Rampant” fraud levels being experienced by US card issuers that have signed up for Apple Pay need to be addressed with urgency, payments consultant Cherian Abraham has told NFC World, to avoid Apple, the individual… More

Consultant: Apple Pay fraud “rampant”

February 23rd, 2015

Apple Pay fraud levels are now “rampant” with every Apple Pay (AP) issuer having seen “significant” provisioning fraud, payments consultant Cherian Abraham claims in a detailed blog post. The fraud levels being experienced “came as a surprise to all”, he writes. “Tokenization, on-device secure storage and biometrics separately and together are formidable, but the soft underbelly proved to be provisioning of cards into AP.”

Six in ten US terminals to support EMV chip cards by year end

February 19th, 2015

About 59% of US point-of-sale (POS) terminals will be EMV-enabled by the end of this year, research by Aite Group has revealed, with NFC distribution projected to “ramp at the same rate as EMV distribution,”… More

Understanding tokenization and host card emulation webinar: See it now on NFC World

February 18th, 2015

NFC World’s ‘Understanding tokenization and host card emulation’ workshop is now available to view online. 756 people registered to attend the live event, and participants gave the presentation an overall rating of 4.2 out of five…. More

Visa sets out tokenization expansion plans

February 13th, 2015

Visa is to expand its Visa Token Service to more regions, to a range of mobile devices and to online transactions made using its Visa Checkout service in 2015, the payments network has announced, “helping to… More

HyprKey unveils biometric mobile wallet add-on

January 9th, 2015

A US startup is taking pre-orders for a biometrically secured mobile wallet, consisting of a payment app and Bluetooth Low Energy (BLE)-based “bio-sticker” attached to the back of the user’s phone. The system, shown at… More

Korean banks partner with messaging giant for mobile banking service

November 13th, 2014

Korean internet and messaging giant Daum Kakao has launched BankWalletKakao, a mobile wallet service provided in partnership with 16 Korean banks and Korea Financial Telecommunications and Clearing Institute (KFTC). The service leverages instant messaging technology… More

Bell ID offers tokenization management software

October 23rd, 2014

PARTNER NEWS: Payment credential management specialist Bell ID has introduced Tokenization Manager, a software solution that can be used by token requesters such as card issuers to manage payment tokens, by digital wallet providers to… More

Amex commits $10m to EMV upgrades

October 20th, 2014

American Express is to launch a US$10m Small Merchant EMV Assistance Program in February 2015 to drive adoption of EMV. “We know from speaking with our smallest merchants that they are too busy running the day-to-day operations of their businesses to keep up with the constantly changing fraud landscape,” says Amex’s Anré Williams. “We’re launching this program to help educate small merchants about point-of-sale security and offset the cost of upgrading their terminals.”

Federal Reserve gives cautious backing to tokenization

September 24th, 2014

The US Federal Reserve’s Mobile Payments Industry Workgroup (MPIW) has given cautious backing to the potential of tokenization in mobile payments and formed a subgroup dedicated to exploring the impact of the technology in more… More

Barclays to provide corporate customers with finger vein biometric devices

September 5th, 2014

Barclays is to provide its UK corporate banking customers with finger vein biometric authentication devices that will let them “easily access their online bank accounts and authorise payments within seconds, without the need for PIN,… More

US merchant groups call for creation of open tokenization standards

August 1st, 2014

Leading merchant groups in the US have come together to call for the creation of an alternative set of open standards for tokenized payments that would be managed by an independent body such as ISO or ANSI — rather than by the payments industry. More

HID Global aims to cut Medicaid fraud via NFC

July 8th, 2014

HID Global has introduced a care worker tracking service that meets Medicaid Electronic Visitor Verification (EVV) requirements. The service uses NFC tags and NFC phones to provide an “indisputable and auditable” record of visits made… More

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