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A community for discussion of Transaction Fraud systems and anlaytical techniques for bank card and financial services organisations.
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"Chase Card Services, the credit card division of JP Morgan Chase & Co. [NYSE:JPM], announced that it recently received a patent from the United States Patent Office for its breakthrough fraud prevention technology, First Watch Intelligence." I just checked out Chase Patent US 7,480,631. Considering BILSKI's case that was discussed...
25 February 2009 /security
Elton Cane Digital product delivery at News Corp Australia
We were contacted recently by Alain Job, who filed a lawsuit last year against Halifax over an alleged fraud instance on his EMV chip card, for which the bank is holding him responsible. Our news story here, and good analysis by Finextra Community members here. Alain says the case is due to be heard in April this year and wanted to answer some of t...
12 February 2009 /security
The Interchange Fee is part of the Merchant Service Charge (MSC) paid by a card acceptor (merchant) to a card issuer. Some reports state that the Interchange Fee can be 66% - 80% of the MSC and that Interchange Fees in the UK average around .79% of the transaction value, 1.35% for Belgium, 1.75% for U.S., 2% for Canada, 0.45% for Australia,
08 February 2009 /security
"An attorney in Atlanta has filed a class-action lawsuit against RBS WorldPay for allegedly failing to protect personal information." This problem can be eliminated altogether by allowing cardholders to turn on and off their cards. Many issuing banks have realized this. See https://www.finextra.com/fullstory.asp?id=19597, Handelsbanken pu...
04 February 2009 /security
:-) Getting warmer... Using VBV is very much like locking your front door but leaving your windows open. I have said this in 2001 to a VISA security executive : "VBV or 3DSecure's weakness is that it requires ALL online merchants to participate in order for it to work". The solution is quite simple. This really isn't brain surgery. VIS...
17 December 2008 /security
Toys R US' comments made me laugh. If police found that the skimming device was used to save PIN and card numbers (meaning that Toys R Us accepts pin authenticated card transactions), then why would Toys R US comment that it wants to see CHIP and PIN introduced in Sweden? So that there will be more standalone terminals requiring PIN and deliver mo...
16 December 2008 /security
This kind of news actually make the Central Bank of UAE and authorities in the UAE truly 'seem' uninformed. Anyone in the payment security business (fraudsters as well) know that this will not solve the ATM fraud problem. IRIS scanning is a costly solution as it is quite expensive to equip ATM machines with this capability. But what makes it a non-...
04 December 2008 /security
"According to press reports, the investigation began in March after Brussels-based e-payments outfit Atos Worldwide told authorities that cash withdrawals were being made overseas using cards copied from a Belgian cash distributing machine." Investigations got started because of cards copied from a Belgian cash distributing machine. As th...
21 November 2008 /security
French police have arrested six people in their investigation into the high-profile fraud attack on President Sarkozy, but believe they are only minor figures in a wider plot. What's more interesting is the internal bank investigation at the SocGen branch where he holds his account. Apparently more than 150 staff members have consulted the account,...
31 October 2008 /security /regulation
https://www.finextra.com/fullstory.asp?id=18325 Banks should offer solutions that consumers would readily take up because the solution solves the problem and because they feel secure and confident about the solution.
22 September 2008 /security
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