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    Fraud

    News about Fraud.

    Visa and American Express to strengthen security for stolen contactless cards

    April 12th, 2017

    Visa is to bring all of its contactless transactions online this year across 10 European countries to give consumers “more control over their accounts” following calls from the UK’s Financial Conduct Authority (FCA) for banks to tighten the processes they undergo when a customer reports a stolen contactless card. American Express is also “reviewing options” to ensure those who cancel their cards are protected against contactless fraud. More

    UK regulator calls for banks to tighten cancellation processes for stolen contactless cards

    March 31st, 2017

    The UK’s Financial Conduct Authority has set out measures it plans to tighten the processes banks undergo when a customer reports a stolen contactless card, which currently allow — in a “limited set of circumstances” — for a stolen card to be misused by fraudsters “several months after it has been cancelled”. More

    NXP adds new NFC chips and sensors to secure the Internet of Things

    March 29th, 2017

    PARTNER NEWS: NXP has unveiled two new NFC chips and a range of NFC offerings designed to “capitalise on the inherent security and interactive capabilities of NFC for advanced product authentication, integrity assurance and enhanced user engagement across consumer manufactured goods, healthcare, retail and other industries”. More

    US Payments Forum offers card-not-present fraud advice

    March 24th, 2017

    The US Payments Forum has published a survey of card-not-present (CNP) fraud worldwide to help the US payments industry assemble “layered, effective and systematic” mitigation strategies. “While many attribute the rise in CNP fraud seen in other countries to the implementation of EMV chip technology, there are other factors such as the rapid growth of online sales and the fact that fraud prevention tools have not been fully adopted and implemented by all stakeholders,” says the trade body’s Randy Vanderhoof.

    White paper explores how dedicated Android NFC devices can be used to improve the delivery of financial services in emerging markets

    March 23rd, 2017

    Secure, affordable and dedicated Android NFC devices issued to local agents, farmers and financial institutions in emerging markets are improving the delivery of a wide range of services including branchless banking, know your customer procedures and food aid distribution, according to a 19-page white paper that is now available to download from the NFC World Knowledge Centre. More

    QR code security under scrutiny in China

    March 21st, 2017

    A recent spate of scams involving QR code mobile payments in China has sparked calls for the authorities to “do more to protect consumers”, according to the South China Morning Post. “By replacing legitimate merchants’ codes with malevolent copies, fraudsters can gain access to consumers’ data and even raid their bank accounts,” the report says. “The proliferation of this type of crime has been made possible by the explosion of mobile payments in China.”

    Paytm adds insurance to mobile wallet

    March 21st, 2017

    Indian mobile wallet provider Paytm has added an insurance feature to its service that covers users for fraudulent transactions of up to Rs 20,000 (US$306) due to loss of device or unauthorised access to the service. “All Paytm users with balance in their wallets would be automatically covered under this scheme at no additional cost and the lost money would be refunded to their Paytm Wallets,” the company writes in a blog post. Indian mobile wallet FreeCharge also added insurance to its service in December 2015.

    Consumers show more trust in mobile wallet security

    February 23rd, 2017

    Global consumers are “more concerned” with protecting their financial and payments information on a computer than protecting the same data in a mobile wallet, ACI Worldwide and Aite Group research reveals, with more than 80% believing their mobile wallet data is secure. 75% of the 6,000 consumers across 20 countries surveyed are “very interested” in receiving a call or SMS to help mitigate fraud.

    Secure element security added to web applications

    January 12th, 2017

    GlobalPlatform has released Web API for Accessing Secure Elements v1.0, a standardised communications interface between web applications and secure elements (SEs) that will enable sensitive data from online applications to be stored and processed in… More

    Barclays to issue cards with dynamic CVV?

    January 9th, 2017

    UK bank Barclays is planning to issue bank cards that replace the three-digit security number on the back of the card with a dynamic CVV code that changes periodically to tackle online purchasing fraud, according to The Telegraph. The cards would also include contactless technology, and either a Wifi aerial or Bluetooth. “Unfortunately, at this stage and due to the nature of the project, we aren’t able to provide further insight in how it might one day look for consumers,” Barclays told NFC World.

    Mastercard blockchain patent applications

    November 30th, 2016

    Mastercard has filed patent applications describing systems and methods for authorising and securing blockchain transactions using existing payment networks. “[The] use of traditional payment networks and payment systems technologies in combination with blockchain currencies may provide consumers and merchants the benefits of the decentralized blockchain, while still maintaining security of account information and provide a strong defense against fraud and theft,” the payments company says.

    Criminals reported to have used NFC mobile phones in Tesco Bank attack

    November 21st, 2016

    UPDATE The criminals behind a Tesco Bank attack used NFC mobile phones to launder money stolen during a theft that saw about 9,000 customers affected by fraudulent transactions worth an estimated £2.5m (US$3.1m), according to… More

    New Zealanders confidence in digital payments on increase

    November 21st, 2016

    Nearly three quarters of New Zealanders (72%) trust that payments made via digital and mobile methods are secure, compared to 51% when digital payment methods first emerged, Visa reveals. Those surveyed also believe scanning their fingerprint to confirm or validate payment is a good security measure to prevent fraud.

    UK bank to extend trial of behavioural biometrics security

    November 18th, 2016

    UK bank Natwest has trialled a behavioural biometrics system designed to offer continuous authentication throughout an online banking session, using more than 500 behaviour patterns to identify users and prevent fraud from unauthorised logins and… More

    Visas, passports and government ID secured using hybrid NFC and hologram tags

    November 9th, 2016

    Government-issued documents such as visas and passports could be secured using a combination of NFC and hologram technology, following the announcement of a partnership between printed electronics specialist Thinfilm and authentication solutions provider Holoptica. The… More

    Half of global banking customers use fintech services, but trust remains low

    November 4th, 2016

    Half of banking customers around the world are using the products or services of at least one fintech firm, according to the first World FinTech Report (WFTR) from Capgemini and LinkedIn, but customer trust in… More

    Italian olive oil brands integrate NFC for authentication and engagement

    November 1st, 2016

    Italian olive oil brands Buonamici, La Ranocchiaia, SPO and Il Cavallino are integrating NFC tags into their product lines to enable authentication and enhance consumer engagement, by delivering product information and other relevant content to… More

    Mahindra Comviva introduces Mobiquity Wallet 2.0

    July 19th, 2016

    PARTNER NEWS: Mobile financial solutions firm Mahindra Comviva has released an updated version of Mobiquity Wallet, a digital wallet platform that launched in March 2014 with support for QR codes, Bluetooth, NFC and host card emulation (HCE). More

    Luxury handbag maker uses NFC tags to counter fraud

    June 28th, 2016

    Owners of a handbag from Maria&Donato’s exclusive collection will soon be able to authenticate their purchase as well as discover information about the brand and buy limited-edition handbags online with a tap of their NFC device. More

    French vineyard to safeguard its entire output with NFC

    June 21st, 2016

    PARTNER NEWS: The Geantet-Pansiot vineyard estate in Burgundy, France is to equip all of its wine bottles with an NFC tag to let its customers authenticate the beverage and receive information about the wine directly on their smartphone. More

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