Fraud cases across three prefectures involving Apple Pay exploit loophole: Sources — The Mainichi — “Multiple fraud cases involving stolen credit card information via Apple’s iPhone payment system ‘Apple Pay’ occurred across Osaka, Kyoto and Saitama prefectures in late March this year, investigative sources have revealed… Apple Japan said it had confirmed the Saitama cases, and a source disclosed that after the incidents occurred, Apple reportedly gathered credit card issuing companies together and warned them to exercise caution.”
Fraud
New Texas law allows merchants to decline card purchases without ID
New Texas law allows merchants to decline card purchases without ID — The Texas Tribune — “A law that takes effect in January will allow Texas merchants to ask for photo identification for credit and debit card purchases — and turn down transactions if a buyer won’t show it… Payments made using a mobile wallet are exempt from the photo ID measure.”
Wirecard explains how the IoT and AI will transform the future of payments
“When it comes to payments and the IoT, we are witnessing a lot of activity and potential within this space,” Jörn Leogrande, executive vice president of mobile services at Wirecard, explains in an in-depth article now available to download from the NFC World Knowledge Centre... More
Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud
Leumi Card to use Feedzai’s artificial intelligence platform to fight fraud — Feedzai — “‘Fraud mitigation tools have not kept pace with today’s mobile-enabled, always-connected consumers,’ said Gilead Kehat EVP human resources and staff of Leumi Card, ‘Feedzai’s agile machine learning platform helps predict and prevent fraud before it impacts our customers.’”
Retailers to lose $71 billion in card-not-present fraud over the next five years
Retailers to lose $71 billion in card-not-present fraud over the next five years — Juniper Research — “The research predicted that three key battlegrounds would emerge in the fight against fraud in 2018. It cited machine learning as a key tool in identifying genuine users, while the shift to mobile ecommerce would rely on 3DS 2.0 and biometrics.”
US consumers turn to digital payments for online purchases
More than 70% of online shoppers across the US have used digital payment services including mobile wallets, one-click checkout buttons and peer-to-peer (P2P) payment apps, research released by American Express reveals, with 41% “always or sometimes” choosing to use digital solutions when they pay... More
Nets rolls out preventative fraud service to protect online consumers across the Nordics
Nets rolls out preventative fraud service to protect online consumers across the Nordics — Nets — “The service is designed to mitigate two high growth instances of online fraud: ‘too good to be true’ clickbait offers and unsolicited direct debits, and works by continuously analysing data collected from card disputes to proactively identify and block transaction requests between consumers and fraudulent merchants.”
Dubai to pilot biometric border system based on digital passports
Passengers travelling to Dubai will soon begin piloting a biometric border system that makes use of blockchain technology and lets them walk straight to baggage reclaim through a short tunnel which conducts a three dimensional scan of their face and instantly checks them into the country using an entirely digital version of their passport... More
More than half of global card-present payments used EMV standard in 2016
More than half of all card-present transactions conducted globally (52.4%) between January and December 2016 used the EMV chip card standard, up from 35.8% for the same period in 2015, standards body EMVCo has revealed... More
Visa upgrades Verified by Visa technology to enhance security and simplify online payments
Visa upgrades Verified by Visa technology to enhance security and simplify online payments — Visa — “The upgrade will deliver rich data to financial institutions and merchants to better authenticate consumers and reduce fraud on transactions made via a mobile or desktop browser, app, or connected device… Current Visa rules for merchant-attempted transactions using 3-D Secure will extend to the updated version beginning April 2019.”
Samsung says iris scanner hack could “only have been made under a rare combination of circumstances”
Samsung has responded to the group of hackers from the Chaos Computer Club (CCC) who managed to defeat the iris recognition system on the Samsung Galaxy S8 and S8+ smartphones, saying that the hackers’ claims could “only have been made under a rare combination of circumstances”. More
One in four banks find it difficult to verify the identity of online banking customers
One in four banks find it difficult to verify the identity of online banking customers — Kaspersky Lab — “According to the research, in 2016, 30% of banks have had security incidents affecting banking services delivered via the internet — with phishing against customers, and using customer credentials for fraudulent activities, as the top contributing factor leading to the attacks.”
UK consumers want at least three security steps to secure bank accounts
Six in ten UK consumers (60%) think that having fewer than three security steps including passwords, card readers or letters from a memorable word is “insufficient” to secure their bank account, research released by Equifax and YouGov reveals... More
UK consumers show concerns over new payment methods
Almost four in five UK consumers (77%) have concerns about using new payment methods, research released by law firm Paul Hastings reveals, with risk of fraud cited as the main reason by 59%, followed by data security incidents (49%) and risk of theft (45%)... More
Visa and American Express to strengthen security for stolen contactless cards
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
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
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
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... More
White paper explores how dedicated Android NFC devices can be used to improve the delivery of financial services in emerging markets
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
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... More