CBA builds location tracking security into mobile banking app

CBA app wants your location, biometrics in name of security — CIO Australia — “If we see a transaction coming out of Hong Kong but we know from a customer’s phone they’re in Melbourne or Sydney: straight away that gives us an opportunity to spot a discrepancy and block it straight away… If we’re not sure we’ll pop into the app with a question in real time and we ask the customer to help us, and they can swipe or click to say yep I’m comfortable with this or no this is something I don’t recognise.”


Researchers showcase method for bypassing contactless card limit

Hack breaks your Visa card’s contactless limit for big frauds — Forbes — “To carry out their hack, the researchers used a specialised piece of hardware to intercept and insert messages in the communications between the card and the reader. For instance, they could tell the card that verification — like a PIN — wasn’t needed, even though the requested amount was more than £30. They then told the terminal that verification has already been made by another means.”


East reports on Apple Pay fraud in Europe

East publishes European fraud update — European Association for Secure Transactions — “Two countries reported mobile wallet fraud in relation to Apple Pay. One reported that mobile wallets are fast becoming the new money mules — fraudsters are enrolling cards that are not yet associated with a specific wallet. Another country reported that fraudsters are obtaining security codes through phishing, with which they can then install a mobile banking app on their own smartphone, using the victim’s data.”


Federal Reserve reports on synthetic identity payments fraud

Federal Reserve System white paper examines the effects of synthetic identity payments fraud — FedPayments Improvement — “A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) with fictional information (which can include a made-up name, address or date of birth)… Over time, fraudsters build up the creditworthiness of the synthetic identity, then ‘bust out’ by purchasing high-value goods and services on credit and disappearing.”



UK banks to refund victims of push payments fraud

Scam victims to be refunded by banks — BBC — “Previously, banks only tended to reimburse people if there was an obvious fault in the way the payment was handled by the bank. Some £354m (US$446m) was lost in this fraud to individuals and businesses last year, but only £83m (US$105m) was refunded… Now anyone who has taken reasonable care, or has any element of vulnerability, is much more likely to receive a refund of the lost money.”



Dubai carrier looks to passive biometrics for payments security

Mastercard and du partner to usher in a new era of payments experiences and security across the Middle East and Africa — Mastercard — “NuDetect uses machine learning to analyse ‘passive biometrics’ like how a person types, holds their phone, moves their mouse or where they use their phone, to anticipate and prevent fraudulent card-not-present transactions, which includes ecommerce payments. The process to verify the user occurs without introducing any friction or interruption in the transaction.”





UK police report increase in contactless card fraud

Surge in contactless card fraud — stealing £1.8m in 10 months — Evening Standard — “Action Fraud, the national reporting centre for fraud and cybercrime, said that in 10 months last year there were 2,739 reports of contactless fraud, totalling almost £1.8m (US$2.3m) — up from 1,440 cases worth £711,000 (US$909,000) in the same period in 2017… Average losses investigated by detectives were between £90 (US$115) and £652 (US$833) but the largest single contactless case reached £400,000 (US$511,000), stemming from multiple purchases.”


Barclays lets customers use their mobile banking app to restrict the type of stores their card can be used in

The Barclays mobile banking app lets customers select categories to

Barclays bank account holders in the UK can now use a new feature in their mobile banking app to stop their card from being used to make purchases in one or more of five categories of retailer — grocery stores and supermarkets; restaurants, takeaways, pubs and bars; petrol stations; gambling sites and betting shops; premium rate websites and phone lines... More







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