extranet log inCredit Cards May Pull Back $2 Trillion in Lending
The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending.
Source: CNBC
Visa Sets Global PCI DSS Deadlines
Visa has announced global mandates for compliance with the Payment Card Industry Data Security Standard (PCI DSS) - saying it is "creating a consistent framework for compliance among merchants, service providers and their agents."
MasterCard Worldwide Expands PCI Merchant Education Program
MasterCard extends popular program, adding three new seminars to build merchants’ knowledge on data security standards.
MasterCard Worldwide today announced the availability of three new seminars designed to help merchants protect payment card data and reduce the likelihood of reputational risk and the incidence of fraud.
The new seminars are titled "Data Encryption: Understanding Encryption and PCI DSS," "Network Segmentation," and "Maximize Internal Preparations for PCI DSS." The seminars expand MasterCard's PCI Merchant Education Program, an initiative offered to acquiring bank customers to provide practical assistance in educating merchants and encouraging broader adoption of the Payment Card Industry Data Security Standard (PCI DSS). More...
Source: MasterCard
Dynamic Credit Card hopes to transform the plastic you carry
Pittsburgh entrepreneur Jeff Mullen has created a sophisticated credit card that may forever change the technology behind the thin pieces of plastic you carry.
Dynamics LLC, a startup emerging from Project Olympus, is positioning itself to be the next-generation payment solution for a $4 trillion domestic industry that has suffered massive losses due to credit card fraud. Mullen estimates that $25 billion is lost annually by card companies through fraudulent card purchases and theft. More...
Full presentation here.
Source: POPcityMedia
What makes a cyber criminal?
Cyber crime - internet banking and credit card fraud - is now the fastest growing sector of global organised crime, increasing at a rate of about 40% per year.
With Brazil thought to have by far the largest number of cyber criminals, Misha Glenny, reporting for the BBC World Service's How Crime Took On The World, went to meet some of those trying to profit from the $100bn (£51bn) industry.
Source: www.crime-research.org
Next Version of PCI DSS Set for October
The PCI Security Standards Council says it will launch the next version of the Payments Card Industry Data Security Standard (PCI DSS) in October 2008.
Source: PCI Security Standards Council.
European Consumers Turn From Cash To Prepaid For Financial Control
Nearly three quarters of European consumers (71%) appreciate the financial control a prepaid payment card offers, when presented with the potential benefits compared to cash and cheques, and recognise that it would stop them from overspending, according to new independent research commissioned by MasterCard.
Source: MasterCard
Phishers take aim at MasterCard SecureCode
Security experts are warning of a new phishing scam in which fraudsters are targeting MasterCard customers with false promises of discounts on future purchases.
Source: Finextra
European Banks Plan Alternative to Visa, MasterCard
Major French and German banks are studying the feasibility of a pan-European card system to rival Visa and MasterCard, according to the French Banking Federation (FBF).
Source: ePaynews.com
Card fraud threatens development of European payments network
Credit and debit card fraud continues to undermine consumer confidence and threatens to hinder the development of a cross-border payments network in Europe, according to a European Commission (EC) report.
Source: ePaynews.com
European ATM Skimming Fraud Jumps 43%
In 2007, ATM fraud losses rose by 43 percent in Europe to €439.01 million (US$683.7 million) from €306.48 million in 2006, reports EAST (the European ATM Security Team). Most of the losses in 2006 and 2007 were due to card-skimming at ATMs, the non-profit organization says.
Source: ePaynews.com
Brits risk card fraud with slack security
Around half of Brits are leaving themselves wide open to credit card and bank account fraud due to slack security practices, according to a survey conducted by UK consumer association Which? Money.
Which? says about half of the 4,119 people surveyed admit to using the same PIN number for more than one card. This contrasts with research from price comparison Web site Moneysupermarket last month which found that only a quarter of cardholders use the same PIN number for all their credit and debit cards. More...
Source: Finextra.com
1 million euro stolen in bank card fraud
Around one million euro has been stolen from 300 bank accounts in one of the largest incidents of bank card fraud ever in Ireland.
It is understood bank cards were cloned at points of sale in shops and restaurants around Dublin in the last few weeks. More...
Source: Irish Independent
Number of credit cards in Russia continues to grow
According to the Central Bank annual report the number of credit cards has reached 8.9 million which is 58% increase since 2007. The overall figure of distributed bank cards was 103.5 million, its growth was 1.5 times slower than in the previous year and represents 38,4%. As the Central Bank experts explain, the decrease is the consequence of salary projects. Among other factors they list the availability of distant banking service with help of cards, as well the consumer lending development.
So far the Central Bank has not revealed any particular figures on the credit cards. However the indicators it provided where the same as “Home Credit and Finance Bank” analysts’ estimation, stated in the research about consumer lending in the year 2007. The monetary value of the credit cards’ market is estimated to be 178 billion rubles that is 15% more than in 2006.
Postal distribution is an important factor influencing credit cards’ market growth. However in Russia depends a great deal on the leader’s position. As the researchers of the HCF bank stated, „Russki Standart” has reduced limits significantly and has cut the sales of new cards, which has influenced badly the pace of bank’s card portfolio’s advancement and annual results of the whole segment. Nevertheless, the share of clients, who have never been offered to use a credit card, as well by the competitor bank, has decreased from 30% in 2005 to 20-25% in 2007, as it was estimated in HCF bank.
The number of issued cards is growing each year. „VTB 24” (with 100 000 cards distributed) and „Ursa bank” (estimate of 500 000 distributed cards at the end of the year) has joined the distribution process. From June Sberbank will also start the issuing (this year it is planning to issue 300 000 cards).
SOURCE: Bankir.ru
Verizon Business Releases Trailblazing Data-Breach Study Spanning 500 Forensic Investigations
Nearly nine in 10 corporate data breaches could have been prevented had reasonable security measures been in place, according to a comprehensive report issued today by Verizon Business. The study also provides key recommendations to help businesses protect themselves and urges them to be proactive.
The “2008 Data Breach Investigations Report” spans four years and more than 500 forensic investigations involving 230 million records, and analyzes hundreds of corporate breaches including three of the five largest ones ever reported. This first-of-its-kind study, conducted by Verizon Business Security Solutions investigative experts, also found that 73 percent of breaches resulted from external sources versus 18 percent from insider threats, and most breaches resulted from a combination of events rather than a single hack or intrusion. More....
Source: Verizon Business
MasterCard's Temporary Repeal of Intra-EEA Interchange Fees
MasterCard Europe (MCE) has announced that "as of June 21, 2008 MasterCard is temporarily repealing its current MasterCard and Maestro intra-EEA cross-border consumer card interchange fees in conformity with the European Commission's December 19, 2007 decision.
MCE said it will continue its dialogue with the Commission services about an interchange fee methodology that the Commission services believe is consistent with the decision. MCE also said it will continue to pursue its appeal of the decision to the European Court of First Instance, which it filed on March 1." More...
Source: MasterCard
Line of Credit Linked to U.S. Prepaid Card
Meta Payment Systems (MPS) is offering small loans that are deposited on a prepaid card to the millions of Americans who cannot afford conventional bank loans. The U.S. prepaid card firm originally launched the iAdvance Line of Credit product in February 2008, but is now enhancing it with the help of Fiserv and TransUnion.
Source: ePaynews.com
Security fears raised over London Oyster card
New fears have been raised about the security of London's contactless Oyster travel card after Dutch scientists managed to use a cloned card to travel around on the city's underground for free.
Source: Finextra
Contactless Holds No Allure for Europeans
Europeans have little appetite to use either cards or cellphones to make contactless payments, according to a study by Forrester Research. Of 14,345 European Internet users surveyed by Forrester, only 23 percent said that they were interested in using contactless cards for making purchases in stores.
Source: www.epaynews.com
Fraudsters rigging Chip and PIN terminals to steal data - report
Hundreds of Chip and PIN terminals in shops and supermarkets across Europe have been rigged by criminals and used to steal shoppers' card details, according to US national counter-intelligence executive Joel Brenner.
Source: Finextra
Banks and mobile operators form m-payments association
Seven banks and four mobile operators have formed a not-for-profit association to promote the deployment of an interoperable mobile payment service in France.
Source: Finextra.
Cybercriminals tap $8 billion underground credit line
Criminals who specialise in credit card and bank account theft have ready access to a global underground marketplace with an estimated total fraud value of $8 billion.
Source: Finextra
Can banks stay ahead of the fraud game? /Market commentary by Elliot Castro/
Elliot Castro, independent consultant and former credit card fraudster, was speaking alongside 192 Business Services at a pre-paid card summit in London.
Source: Finextra.