FBI: Internet fraud losses more than doubled in 2009
NetworkWorld.com The top five categories of complaints include non-delivered merchandise and/or payment; identity theft; credit card fraud, auction fraud, and computer fraud
Why the Future of Payments Innovation is in the Cloud
Why is the payments industry now so focused on the notion of cloud computing? In his latest blog series on Invisible Engines, industry expert David S. Evans examines what "payments in the cloud" is and how it will change the industry's ecosystem. Read more | See the entire Briefing Room
Why is the payments industry now so focused on the notion of cloud computing? In his latest blog series on Invisible Engines, industry expert David S. Evans examines what "payments in the cloud" is and how it will change the industry's ecosystem. Read more | See the entire Briefing Room
Big Merchants Pay $225,000 on Average for PCI Audits, Study Says
Getting an annual assessment to determine their compliance with the Payment Card Industry data-security standard costs big merchants an average of $225,000, but some pay $500,000 or more and... http://www.digitaltransactions.net/newsstory.cfm?newsid=2470
Getting an annual assessment to determine their compliance with the Payment Card Industry data-security standard costs big merchants an average of $225,000, but some pay $500,000 or more and... http://www.digitaltransactions.net/newsstory.cfm?newsid=2470
No substitute for safe computer habits
Seattle Times As for incoming calls not showing up in your call log or being identified by Caller ID, I'd suggest contacting your telephone service provider
Seattle Times As for incoming calls not showing up in your call log or being identified by Caller ID, I'd suggest contacting your telephone service provider
Online fraud levels increase as positive signs are seen over card fraud
SC Magazine UK A decline in the amount of card fraud is a positive, but UK cardholders should remain vigilant. Figures released by the UK Cards Association showed that
SC Magazine UK A decline in the amount of card fraud is a positive, but UK cardholders should remain vigilant. Figures released by the UK Cards Association showed that
ABI: RFID Market To $5.4 Billion This Year, $8.3 Billion By 2014
Although true item-level RFID is still years away, ABI Research is still confident that RFID sales will hit $5.4 billion this year. And it projects that number will reach $8.3 billion by 2014. The tagged segments expected to lead the way include real-time location systems, baggage handling, animal ID and a smidgen of item-level use in high-end fashion and other similar high-priced retail offerings. Read more.
Although true item-level RFID is still years away, ABI Research is still confident that RFID sales will hit $5.4 billion this year. And it projects that number will reach $8.3 billion by 2014. The tagged segments expected to lead the way include real-time location systems, baggage handling, animal ID and a smidgen of item-level use in high-end fashion and other similar high-priced retail offerings. Read more.
MasterCard's Momentum in Emerging Markets Makes Innovation Move
Gary Flood has been at MasterCard for 24 years and is currently the President of Global Products and Solutions. With new and exciting innovations emerging everyday, Flood sees both technology and consumers driving solutions that will shape the future of the payments industry. What's next with MasterCard? Listen to the interview
Gary Flood has been at MasterCard for 24 years and is currently the President of Global Products and Solutions. With new and exciting innovations emerging everyday, Flood sees both technology and consumers driving solutions that will shape the future of the payments industry. What's next with MasterCard? Listen to the interview
First Data CEO Capellas steps down as firm narrows Q4 losses
Finextra Meanwhile, the e-payments processor has narrowed its fourth quarter net losses on higher revenues and lower charges. Capellas was installed as CEO in 2007
Finextra Meanwhile, the e-payments processor has narrowed its fourth quarter net losses on higher revenues and lower charges. Capellas was installed as CEO in 2007
Banking fraudsters 'switch to raiding online accounts'
BBC News One factor in this drop has been the introduction of online payment tools, such as MasterCard Secure Code and Verified by Visa, which ask the card owner to
BBC News One factor in this drop has been the introduction of online payment tools, such as MasterCard Secure Code and Verified by Visa, which ask the card owner to
U.S. online retail sales will grow by 11% in 2010 and by an average of 10% per year through 2014, Forrester Research predicts. By 2014, the web will directly account for 8% of U.S. retail sales and influence 53% of consumer purchases.
BANKS FAILING TO PROTECT SMALL BUSINESSES FROM CYBER CRIME WAVE
The US banking industry is failing to protect its small business customers from a destructive epidemic of cyberfraud that is sweeping the nation, according to research by Guardian Analytics and Ponemon Institute More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21169
B of A helps you avoid the $38 coffee
Marketplace (blog) A chip and pin debit console. (Christopher Furlong/Getty Images) Steve Chiotakis: Maybe this has happened to you: You buy a $3.00 coffee, put it on a debit
CITI EXPOSES 600,000 SOCIAL SECURITY NUMBERS
US banking giant Citi has been forced to apologise to around 600,000 customers after sending them year-end tax statements through the post with social security numbers printed on the outside of the envelopes. More on this story: http://www.finextra.com/news/fullstory.aspx?newsitemid=21170
O'Brien: How dot-com start-ups have changed 10 years later
San Jose Mercury News They're led by longtime angel investor Ron Conway, who has invested in more than 500 startups, including Google, PayPal, and Zappos
Payments in the Cloud
Why is the payments industry now so focused on the notion of cloud computing and "payments in the cloud?" What is it and how does it change the industry's ecosystem? Our latest Briefing Room covers the topic with articles, interviews, webcasts, data points and more to keep you "in the know." Get debriefed!
Why is the payments industry now so focused on the notion of cloud computing and "payments in the cloud?" What is it and how does it change the industry's ecosystem? Our latest Briefing Room covers the topic with articles, interviews, webcasts, data points and more to keep you "in the know." Get debriefed!
Customers rely less on credit cards when buying online
WalletPop (blog) Overall, debit cards were the second most popular method of online payment. "One of the major factors is the control of spending and convenience of purchase
WalletPop (blog) Overall, debit cards were the second most popular method of online payment. "One of the major factors is the control of spending and convenience of purchase
Cyberattacks raise e-banking security fears
Computerworld ... accounts show that many banks, especially small community banks, have still not deployed such controls, said Avivah Litan, a Gartner Inc. analyst.
Computerworld ... accounts show that many banks, especially small community banks, have still not deployed such controls, said Avivah Litan, a Gartner Inc. analyst.
Merchant Risk Council's Annual Merchant Fraud Survey
The Merchant Risk Council (MRC), a merchant-led trade association focused on electronic commerce risk and payment strategies, has announced the results of its Annual Merchant Fraud Survey, sponsored by CyberSource Corporation. According to the MRC, "this year’s survey again confirms that MRC Platinum Members are best in class at reducing revenue losses due to cyber theft, while also leading the way in reviewer productivity for both domestic and international orders."
Key Survey Findings:
- MRC Platinum Members reported an average of just 0.9% of their total revenue lost to online fraud, compared to 1.2% for the overall sample, and 1.1% for other large non-member merchants with greater than $25 million in online sales
- MRC Platinum Members rejected just 6% of international orders compared to 8% for the overall sample, and 7% for other large non-member merchants
- MRC Platinum Members reported a fraudulent international order rate of just 1.4%, compared to 2.0% for the overall sample
- MRC Platinum Members had a 88% higher review order productivity level compared to other large non-member merchants, and were more than twice as productive as the overall sample
The survey also revealed that MRC Platinum Members use an average of 7.9 automated fraud screening detection tools. This compares to just 4.7 tools utilized by the overall sample and 6.0 tools used by other large non-member merchants.
“Cyber thieves are increasing their sophistication and determination in searching for merchant vulnerabilities,” said MRC Executive Director Tom Donlea. “The MRC provides a growing range of e-Commerce and multi-channel retailers the platform and tools to combine forces and strengthen each of their defenses. These survey results continue to validate our collaborative efforts in both fighting fraud and increasing merchant profitability.”
Full survey results will be presented by CyberSource during the Platinum Meeting portion of the Merchant Risk Council’s SOLD OUT Annual e-Commerce Payments and Risk Conference March 16–18, 2010 at the Wynn Las Vegas. The 2010 conference will be uniting over 700 representatives from the world’s top online and multi-channel merchants, credit card brands, card issuers, payment processors, risk management providers, law enforcement agencies and various consultants and educators from around the world – all with the mission of making e-Commerce safer and more efficient for both merchants and consumers.
About the Survey
The MRC Platinum Fraud Survey was included as part of the 11th Annual CyberSource Fraud Survey, sponsored by CyberSource Corporation and conducted by Mindwave Research. The survey was fielded September 10 through October 7, 2009 and yielded over 350 qualified and complete responses, of which 81 were MRC Platinum merchants. The sample was drawn from a database of companies involved in electronic commerce activities. Incentive to respondents included a summary of the research.
About the Merchant Risk Council
The Merchant Risk Council (MRC) leads industry networking, education, benchmarking and advocacy programs to make electronic commerce more efficient, safe and profitable.
Today, with the power of its member-base, the MRC is the leading trade association for managing payments, preventing online fraud and promoting secure e-Commerce. The MRC is dedicated to working with e-Commerce and multi-channel merchants, payment processors, credit card issuers, credit card companies, alternative payment providers, risk management experts, and law enforcement to make the Internet a safer and more profitable place to do business.
The MRC Board of Directors and Advisors includes: Accertify, Apple, Chase Paymentech, CyberSource Corporation, Dell Inc., Discover Network, Expedia Inc., Gap Inc. Direct, GlobalCollect, Linden Lab, Microsoft, Neiman Marcus, PayPal, Trustwave, Visa Inc. and Wal-Mart.
