While sophisticated cyberattacks and high-profile mega-breaches get most of the attention, European fraud experts say less sophisticated attacks are far more common and pose a greater fraud risk. At ISMG's Fraud Summit in London, they called for global collaboration to fight fraud.
U.S. merchants that have not yet completed their migration to EMV should brace for upticks in chargebacks from international card issuers, says Gord Jameison, head of Canadian risk services for Visa, in a video interview.
Target - the nation's second-largest discount retailer and best-known data breach poster child - has begun issuing its house-brand REDcards with chip and PIN. The move comes as the majority of card issuers have opted for chip and signature, which some security experts warn is a weaker choice.
Prosecutors recommended that twin brothers Muneeb and Sohaib Akhter serve a six-year and a two-year sentence, respectively, after pleading guilty to hacking-related charges. But one of the men received a much lighter sentence.
In the wake of the Oct. 1 EMV fraud liability shift date, U.S. merchants can expect to pay for counterfeit fraud losses previously absorbed by European issuers, says Jeremy King of the PCI Council. Longer-term, he expects European banks will experience more fraud as U.S. POS and card security leapfrogs other markets.
Europe's successful migration to EMV, which began more than a decade ago, employed deadline shifts, education for cardholders and merchants and an approach based on PIN codes. Here are lessons for the in-progress U.S. migration to EMV.
The use of Bitcoin poses big cybersecurity and money-laundering concerns for banks. But the transaction infrastructure used by cryptocurrencies offers many features that banks should put to use, says former FBI Special Agent Vince D'Agostino.
A second Russian has pleaded guilty in connection with the largest U.S. hacking scheme, which compromised more than 160 million payment card numbers. But three other alleged conspirators have yet to be arrested.
A Russian hacker who was extradited to the United States earlier this year has admitted his role in the largest hack attack in U.S. history, which resulted in the theft of 160 million payment card numbers. Find out how much time he could spend in prison under his plea agreement.
The U.S. payments infrastructure will come up far short of completing the rollout of EMV technology by the Oct. 1 fraud liability shift date. Experts say high costs, a perceived lack of consumer demand and doubts about EMV's ability to significantly reduce card fraud are to blame.
The gang behind the Carbanak banking malware - tied to $1 billion in fraud - has changed tactics, using upgraded malware via spear-phishing attacks, a security expert warns. Separately, a new banking Trojan called Shifu has been targeting Japanese banking customers.
Policymakers must consider three factors before imposing sanctions in retaliation for state-backed hacks: Confidence in its attribution of responsibility, the impact of the incident and the levers of national power at a state's disposal.
Although EMV is a far more secure payments technology, it can be exploited for fraud if it's improperly implemented, warns Gartner analyst Avivah Litan. What security lessons must be learned from past EMV deployments?
After Target's $67 million settlement with Visa to reimburse banks for expenses related to the retailer's 2013 breach, MasterCard confirms it is weighing a new deal. Will settlements derail a pending lawsuit against the retail giant?
Security is a busy sector: Symantec jettisoned Veritas, Zscaler became a "unicorn" after its most recent funding round, and we have other M&A news from Cisco, Fidelity National Information Services and Proofpoint.