206 Results from 2009, /payments
Retired Member
Chris Skinner pointed me to Verizon's staggering report that there were 285 million records stolen in 2008. 91% of those data breaches were committed by organised criminal groups. It also suggests that PIN algorithms have been defeated. The number of records stolen in 2008 was more than the previous four years in total. At Christmas I pointed out ...
15 April 2009 /security /payments Whatever...
I now look at loyalty programs, discount cards, prepaid cards, and other membership programs as mobile content, very similar to ringtones and games. The same way that people today send a text message with a key word or code to get a ringtone or game sent to their mobile phone, customers can also add loyalty and prepaid card programs to their phone...
14 April 2009 /payments
Recent news on Fed's initiative on cross border payments in US Europe corridor indicates high probablity of a new cross border payment standard, which may not be necessarily the international payment standard as being followed due to following reasons:- 1. European high value payments are highly inclined towards SWIFT standards with stringent europ...
12 April 2009 /payments Innovation in Financial Services
Paul Penrose Head of Research at Finextra
The number of fake pound coins in circulation may be twice Royal Mint estimates, says the BBC. Official figures suggest around 2.5% - or one in 40 - are copies, but coin testing companies say it is one in 20. This would put the number of bogus coins in circulation at 73 million. The Royal Mint is playing down the data, as it doesn't want to underm...
08 April 2009 /payments /retail
AFP has published this year's report on Payment Frauds last week. As always, year after year more corporates have indicated they were victims of payment frauds. From Banker's point of view, this highlights the need to strengthen the service offerings addressing the open risks foreseen by corporates in this domain, parallely to strengthen the opera...
06 April 2009 /payments /regulation Innovation in Financial Services
I have reason to believe there are one or two US retailers with financial services squarely in their sights, and are looking to pull a Tesco in the US. Some retailers might just score a bulls-eye with their recession resistant business model and large store networks. I see there have been some tentative attempts by Carphone et al. Having a few hun...
01 April 2009 /payments /retail Whatever...
David Divitt Senior Fraud Product Manager at VocaLink
Even the most optimistic of pundits aren’t really seeing the light at the end of the tunnel for the credit crunch yet. Organisations around the world have been forced to cut staff, share prices have fallen, and everyone it seems has an opinion on bankers’ bonuses. Banks and their employees, under more scrutiny than ever, are in a very difficult si...
25 March 2009 /security /payments
Sibos will never be the same again. In killing off its Thursday night party, Swift has moved with the prevailing mood music. Lavish, big budget entertainment is off the agenda as the financial services industry adapts to a more austere economic climate. But for many long-time Sibos devotees, the party was as big a draw as the conference agenda. It ...
20 March 2009 /payments /wholesale Finextra@Sibos
The long awaited APACS fraud figures for 2008 show a predictable increase in fraud, pretty much across the board with the main increases in Counterfeit and Card-Not-Present. The APACS response to this is to raise two main points; Firstly, the percentage of fraud against the total turnover has actually remained fairly stable over the years. Secondl
19 March 2009 /payments
This whole PCI DSS compliance thing is beginning to make my head hurt. Here, Visa chief enterprise risk officer Ellen Richey says: "PCI DSS remains an effective security tool when implemented properly - and remains the best defense against the loss of sensitive data. No compromised entity to date has been found to be in compliance with PCI DS...
19 March 2009 /security /payments
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