Card blocking, consumer alerts are keys to fraud prevention


Financial organizations are on high alert regarding payments fraud in the wake of recent high profile customer data breaches. Although overall payments fraud has decreased, attacks targeting debit and credit cards continue to rise. The majority of financial service companies...


Bankers on the frontlines of cyber defense

Today, firewalls, encryption, antivirus software and cloud providers are just as important to a bank’s security as armed guards, security cameras and steel vaults.

Staying ahead of ATM skimmers

ATM security is like an ongoing race between the good guys and bad guys. As soon as the industry develops a technological advantage to defeat one method of ATM skimming, it seems criminals find another way to steal card data....

7 steps to minimizing data breach fallout, part 2

In my previous post, I shared four of the seven steps financial institutions can take to prepare for and respond to a data breach affecting their cardholders. Here are the remaining three: Core maintenance.

Is the US ATM industry making too big a fuss about EMV?

A UK commentator says it's time for the US to get with the program and get on with EMV migration.

Next wave of card fraud prevention solutions needed

Two separate studies into card fraud, published in recent weeks, highlight the same problem: Following several years of decline, card fraud levels are once again on the increase. The European Central Bank has just released its latest card fraud report,...

Data breach legislation: As states step up, will the Fed follow?

A data breach notification bill, H.B. 224, was recently introduced in the New Mexico legislature.

Report says Target knew about the data breach, but did nothing

The retailer had a working anti-malware system in place before the breach, but it was ignored.

3 irrefutable reasons why ISOs must up their game against fraud

Heartland, Target, Neiman Marcus; Congressional hearings, NRF vs. banks; liability shift deadlines, PCI, processing AIDs – it's enough to make your head spin.

Lessons from the FTC's lawsuit against HTC

"Data security is a big area for the FTC," said Malini Mithal, assistant director of the Bureau of Consumer Protection at the FTC. "We have brought nearly 50 cases here, including dozens alleging violations of GLB rules." (From Mithal's keynote address at the ATM & Mobile Executive Summit)

XP in the crosshairs: ATM protection in a post-support world

Webinar homes in on the benefits of one option for operators who aim to secure their XP-driven ATMs by April 8.

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Coming our way: A new kind of ATM skimmer

In the synopsis of its latest report, the European ATM Security Team referred to a "new mini skimmer" found in Europe for the first time. Although the device has only been reported by one country so far, it's just a...

Europol takes action against Shylock banking malware

The seizure of servers and domains used by the account-emptying Trojan left it substantially disabled, but not quite dead: It still poses a threat to customers of FIs in the UK, the US and other nations.

Diebold, Wincor partner to launch global ATM security association

The association will share information to aid in the rapid implementation of countermeasures to ATM security threats. Membership is open to institutional operators, ATM manufacturers and suppliers.

EAST reports first 'jackpotting' incidents in latest ATM fraud update

Four countries reported ATM malware incidents related to cash-out or 'jackpotting' — an alarming fraud variant that's new to Western Europe. The European ATM Security Team has published its second European Fraud Update for 2014, based on country crime updates...

Study: Card fraud victimizes one in four consumers worldwide

According to a fraud study of more than 6,100 consumers across 20 countries, one in four consumers has been the victim of card fraud within the last five years. The study, conducted by ACI Worldwide and Aite Group, also indicated...

Study: 61 percent of data theft victims subsequently experience fraud

The great majority of fraud victims said current data protection requirements are "insufficient" and that government should be doing more. In a new survey of identity fraud victims, 61 percent of respondents reported that breached information was used to commit...

'Luuuk' bank fraud nets $680K in one week via ATM cash-out

As EMV makes card skimming less profitable in Europe, criminals are finding new ways to access accounts. But they're still cashing out their stolen proceeds at ATMs. Kaspersky Lab experts have discovered evidence of a targeted attack against the clients of a large European bank.

UK tipsters offered up to $42K for ATM crime-related information

LINK Interchange Network and the independent charity Crimestoppers have teamed up in an effort to stop crime at ATMs in the U.K. The effort includes rewards to the public of as much as 25,000 pounds ($42,006) for information about ATM...

In Macao, a disturbing new method of ATM skimming

Last week, authorities in the Chinese territory of Macau arrested a pair of Ukrainians who are alleged to have stolen around $100,000 from seven ATMs. The arrest in itself is not out of the ordinary, but, according to Krebs on...

Aussie police chief blames tap-and-go for 5% increase in crime

They might be convenient, but do we really want NFC-enabled “tap-and-go” ATMs? Police chief commissioner Ken Lay of Victoria State, Australia, thinks tap-and-go is a pretty bad idea overall. Lay blamed tap-and-go for much of a 5 percent increase in...

MasterCard beefs up card protection for consumers, small businesses

MasterCard this week announced that all of its credit, debit, prepaid and small business cards issued in the U.S. will now be covered by Identity Theft Resolution assistance.

Europol operation crushes Bulgarian ATM skimming network

Bulgarian and French authorities this week brought down a “significant” Bulgarian organized crime network suspected of electronic payment and document fraud, including ATM card skimming, currency counterfeiting and drug trafficking. “Operation Echo” resulted in 11 arrests and 29 house searches...

Qatar Islamic Bank, NCR team up to fight fraud

Qatar Islamic Bank, the largest Shari'a-compliant bank in Qatar, is adding new anti-skimming solutions to its ATMs and bolstering IT security to defend against growing fraud threats. QIB and NCR Corp. have signed a strategic agreement for the implementation of...

More than half of phishing attacks target financial services

The Anti-Phishing Work Group has released its study of phishing attacks in the second half of 2013. The group found that of all phishing efforts, nearly one-third (32.9 percent) were directed at banks and another 17.5 targeted money-transfer services. "Phishing"...

FFIEC warns about Heartbleed; Codenomicon explains how to stop it

No sooner had "XP Armageddon" come (and gone, anti-climactically) than a new calamity with much greater potential to wreak financial havoc took over the headlines. It even had a more interesting name — Heartbleed. According to Codenomicon, the Finnish security...

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