Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

Security fears raised over London Oyster card

New fears have been raised about the security of London's contactless Oyster travel card after Dutch scientists managed to use a cloned card to travel around on the city's underground for free.

23 June 2008

News/Card fraud

Fraudsters exploiting card verification system

UK fraud protection specialists The 3rd Man says criminals are exploiting a loophole in a payment verification system used by e-retailers in order to steal goods.

12 June 2008

News/Card fraud

Card data stolen in Web site hack

Criminals have hacked the Web site of UK retailer Cotton Traders and stolen the credit card details and addresses of thousands of customers.

10 June 2008

News/Card fraud

Serious Organised Crime Agency warns on cyber gangs

The UK's Serious Organised Crime Agency (Soca) has issued a stark warning about the growing number of international crime gangs that are using the Internet to steal and trade confidential personal data.

09 June 2008

News/Card fraud

Brits risk card fraud with slack security

Around half of Brits are leaving themselves wide open to credit card and bank account fraud due to slack security practices, according to a survey conducted by UK consumer association Which? Money.

21 May 2008

News/Card fraud

Card fraud threatens development of European payments network - EC

Credit and debit card fraud continues to undermine consumer confidence and threatens to hinder the development of a cross-border payments network in Europe, according to a European Commission (EC) report.

28 April 2008

News/Card fraud

Brits struggling with PINs - survey

Around a quarter of cardholders in the UK are putting their money at risk by using the same PIN number for all their credit and debit cards, according to research commissioned by price comparison Web site Moneysupermarket.

22 April 2008

News/Card fraud

ATM skimmer sentenced to five years

A man accused by the FBI of being part of a Toronto-based Romanian organised crime gang has been sentenced to over five years in gaol by a US court for skimming bank account details from cash machines.

18 April 2008

News/Card fraud

Fifth of Americans hit by account hackers

Around 21% of US adults have had their bank account details stolen by online thieves, according to research published by European smart card vendor Gemalto.

09 April 2008

News/Card fraud

Stolen bank details going cheap on the Web

Cyber criminals are selling stolen bank account and credit card details for knock down prices at online supermarkets as part of a thriving and maturing underground economy, according to Internet security outfit Symantec.

08 April 2008

News/Card fraud

TJX settles with MasterCard over security breach

US retailer TJX has agreed to pay up to $24 million in a settlement with MasterCard following the massive security breach at its operations that resulted in the theft of millions of credit and debit card numbers.

03 April 2008

News/Card fraud

Malware used in Hannaford card data theft

A security breach at US grocer Hannaford Bros that compromised around 4.2 million credit and debit card accounts was caused by fraudsters installing malware on servers at all of the retailer's 300 stores.

31 March 2008

News/Card fraud

Computer programmer gaoled for insider ATM fraud scam

A former computer programmer at Alabama-based Compass bank has been sentenced to 42 months in gaol after he stole a hard drive containing around one million customer records and used the data to create counterfeit cards and withdraw money at ATMs.

28 March 2008

News/Card fraud

Security experts uncover online supermarket for stolen cards

A Web site selling stolen credit card data in bulk and offering guarantees and volume discounts to large-scale fraudsters has been uncovered by experts at online security firm Finjan.

27 March 2008

News/Card fraud

Card fraud abroad pushes UK losses up 25%

New figures released by UK payments association Apacs shows that industry losses from plastic card fraud jumped by 25% to £535.2 million last year, driven by a hefty 77% rise in fraud committed on UK cards abroad.

12 March 2008

News/Card fraud

New intelligence unit created to fight banking fraud

A new intelligence division is being established within the Dedicated Cheque and Plastic Crime Unit - which was set up by UK payments association Apacs and the Home Office to fight card crime - that will address all types of banking fraud.

10 March 2008

News/Card fraud

HSBC, Bank of America and Washington Mutual hit most by ID theft - US study

US customers of HSBC, Bank of America and Washington Mutual have been found to suffer the highest rates of identity theft, according to research from the University of California at Berkeley.

29 February 2008

News/Card fraud

PIN devices vulnerable to 'tapping' attacks, researchers warn

Chip and PIN security is under the spotlight again after researchers at Cambridge University demonstrated that unencrypted card details can be stolen by "tapping" PIN entry devices (PEDs).

27 February 2008

News/Card fraud

New fears raised over contactless chip cards

Fresh concerns have been raised over the security of radio frequency identification (RFID) technology used for contactless payments after a hacking demonstration by security expert Adam Laurie at the Black Hat 2008 conference.

26 February 2008

News/Card fraud

US ID theft continues to decline

Direct losses from identity fraud declined for the second year in a row in 2007, according to a fourth annual US study by Javelin Strategy & Research which found that fraudsters are now increasingly switching to offline channels - such as the telephone - to steal confidential personal data.

12 February 2008