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Ever since its launch, proponents of Apple Inc.’s Apple Pay mobile-payments service have touted the wallet’s high-tech security features, including tokenization of card credentials, a secure element in the phone locking down those credentials, and fingerprint authentication. But now, only four months after that much-heralded launch, banks that support Apple …
Read More »Reduction in ID-Fraud Losses Surpasses Decrease in Fraud Victims, Study Finds
Some 12.7 million Americans fell victim to identity fraud last year, a big number but down 3% from 13.1 million in 2013, according to Javelin Strategy and Research’s latest annual ID-fraud study. Even better, estimated fraud losses fell 11% to $16 billion from $18 billion in 2013. While those decreases …
Read More »With EMV’s Rise, Debit Card Fraud on Canada’s Interac Network Falls to a New Low
Counterfeit fraud on Canada’s Interac debit cards fell 45% to a record low in 2014, and 80% of the fraud happened outside of Canada, according to new figures from Toronto-based Interac Association. The five-year slide in skimming-related fraud coincides with the rise of EMV smart cards in Canada as well …
Read More »Gemalto Says Spy Operation ‘Probably Happened,’ but Downplays Its Effect
By Digital Transactions News Staff The big SIM and EMV chip manufacturer Gemalto NV on Wednesday acknowledged that an alleged operation by U.S. and British electronic spy agencies targeting the company “probably happened,” but the Amsterdam-based firm downplayed its impact. The alleged operation in 2010 and 2011 by the United …
Read More »Did Spies Secretly Steal Chip Producer Gemalto’s Electronic Keys?
By Digital Transactions News Staff Gemalto NV, one of the largest manufacturers of SIM cards for mobile phones and a key vendor for U.S. payment card producers as the nation converts to the EMV chip card standard, suddenly has found itself in the middle of a spy scandal involving the …
Read More »Already on the Way Out, SSL Data Security Could Get the Boot From the PCI Council
The PCI Security Standards Council issued a bulletin Friday saying that no version of the Secure Socket Layers (SSL) protocol for protecting Internet communications meets its definition of strong cryptography. Accordingly, the Council said it will soon revise versions 3.0 of its main Payment Card Security data-security standard and the …
Read More »Retailers Rank Security As Top Concern, While More Than One-Third Plan to Add NFC
Payments security is the top concern of retailers in 2015, finds a Boston Retail Partners report. This comes as retailers contend with increased scrutiny of their data-protection practices and a sweeping transformation of the U.S. payment card system. In the survey of more than 500 retailers, 63% cited payment security …
Read More »A New Study Says More Than 30% of Big Merchants Are Not PCI-Compliant
Fudging the numbers about their merchants’ compliance with the Payment Card Industry data-security standard (PCI) may be a common practice by merchant acquirers if findings from a new study about payment card data security are to be believed. The study by the Merchant Acquirers’ Committee, an association of more than …
Read More »EMVCo Aims for a ‘Smoother Experience’ in Revised Spec for Online Payment Security
With the Europay-MasterCard-Visa (EMV) chip card movement well under way in the U.S. market, a key standards body is training its sights on a technology many believe could combat the fraud EMV is expected to drive to the Web. By the end of this year, EMVCo plans to have a …
Read More »As M-Commerce Increases, So Too Does Fraud, But Disproportionately: Study
As mobile commerce becomes ever more important to merchants, so too does the number of mobile payments made via apps and Web sites viewed on smart phones and tablets. Along with this growth, however, is a disproportionate increase in fraud as a percent of m-commerce revenue, finds the “2014 LexisNexis …
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