Advertisement

European Card Fraud Losses Highest Ever

Aug. 7, 2014

European Card Fraud Losses Highest EverTotal card-fraud losses in Europe reached an all-time high in 2013 of EUR1.55 billion ($2.07 billion), according to predictive analytics firm FICO. On Monday the company that originated the credit score released its European map of card fraud that showed the biggest jumps in Russia and the U.K. The company said in its analysis that overall losses to card fraud in the U.K. are at the highest since 2008 and, like many other countries that have migrated to chip-and-PIN, card-not-present fraud leads the way.

CNP losses in the U.K. rose from £246 million ($414 million) in 2013 to more than £300 million ($505 million) last year.

"When fraud losses peaked in 2008, UK issuers sharply reduced card fraud through chip and PIN and fraud analytics," said Martin Warwick, a principal fraud consultant at FICO in EMEA. "However, tougher fraud detection policies and thresholds also block more genuine transactions, and now the focus for UK banks and regulators is very much on improving the customer experience."


  • Fifth Third Launches Payments Division - Sept. 29, 2014

    Fifth Third Launches Payments DivisionCincinnati-based regional bank Fifth Third Bank, several years after spinning off its processing arm into the company that would become acquirer Vantiv, has thrown its hat back into the payments ring with the formation of a new Payments and Commerce Solutions division.


Advertisement


  • PayPal Opens Door to Bitcoin for Digital Merchants - Sept. 25, 2014

    PayPal Opens Door to Bitcoin for Digital MerchantsPayPal signed agreements with digital-currency processors BitPay, Coinbase and GoCoin so that PayPal merchants that sell digital goods can accept Bitcoin and process the transactions through one of those providers by integrating to them through the PayPal Payments Hub.

  • Home Depot Confirms Extent of Breach - Sept. 22, 2014
    Home Depot Confirms Extent of BreachOn Thursday, Atlanta-based do-it-yourself hardware chain Home Depot confirmed that the data breach it acknowledged on Sept. 8, which was first reported by security blogger Brian Krebs on Sept. 2, exposed the information of 56 million unique payment cards, officially making it the largest retail card breach ever reported, according to multiple sources.
  • Zooz Customers Tap into China with Alipay - Sept. 18, 2014
    Zooz Customers Tap into China with AlipayZooz, an Israeli payment service provider serving large enterprises, yesterday said it reached an agreement with Chinese online payment method Alipay that will enable its merchant clients to accept payments from Alipay's 300 million account holders.
  • Feedzai Partners with Azul for Faster Decisioning - Sept. 11, 2014

    Feedzai Partners with Azul for Faster DecisioningFeedzai, a Big-Data analytics company that provides antifraud technology, yesterday said it has partnered with Azul Systems to juice up its real-time data analysis enabling the company's solution to take more data into account when deciding if online transactions are fraudulent.

  • MCX Launches Long-Awaited Mobile Payment Pilots - Sept. 4, 2014
    MCX Launches Long-Awaited Mobile Payment Pilots MCX, the merchant-backed mobile payment solution that was announced about two years ago and has been shrouded in secrecy since, yesterday announced its mobile wallet and app would be available in several pilots over the rest of 2014 and roll out nationally in 2015.
  • Jumio, IDology Partner for Simpler ID Verification - Sept. 2, 2014
    Jumio, IDology Partner for Simpler ID VerificationJumio, a Silicon Valley-based online and mobile credentials management company, and identity-verification technology provider IDology, late last week unveiled a partnership that will enable companies to use government-issued photo IDs for verification purposes in card-not-present environments.
  • China Weighs in on N.Y.'s Proposed Bitcoin Regs - Aug. 28, 2014
    China Weighs in on N.Y.’s Proposed Bitcoin RegsCEO's of the three  largest digital-currency exchanges in China sent a joint  letter to Benjamin Lawsky, superintendent of the New York Department of  Financial Services (NYDFS), last week, noting that the outcome of New York's  decision on Bitcoin will serve as a model for "regulators around the world."
  • Oberthur Acquires NagraID - Aug. 21, 2014
    Oberthur Acquires NagraIDFrench smart-card manufacturer Oberthur Technologies on Tuesday announced an acquisition that will enable the company to address card-not-present fraud, which is expected to surge as EMV chip payment cards replace magstripe cards.
  • Rumor: Braintree Exploring Bitcoin - Aug. 18, 2014

    Rumor: Braintree Exploring Bitcoin

    Published reports indicate Braintree, the online and mobile payments provider acquired by eBay last December, is in talks with bitcoin-acceptance providers that would enable the PayPal unit to process bitcoin transactions for its merchants.

  • Canadian Bitcoin Processor Nets $8.5 Million Round - Aug. 11, 2014

    Canadian Bitcoin Processor Nets $8.5 Million RoundVogogo, a Canadian e-commerce processor based in Calgary, said last week it has secured an $8.5 million round of financing that will enable it to expand its recent success in processing bitcoin and other cryptocurrencies in Canada to the U.S. and other countries around the world.

  • Twitter Continues to Test Payments - Aug. 11, 2014
    Twitter Continues to Test PaymentsIt appears Twitter’s plans to implement a payments function are continuing. Reports from multiple users indicate the presence of a “Payments and Shipping” option in the settings of Twitter’s Android mobile app.

Advertisement

 

 

Sign Up Today Free

Receive the twice weekly CNP Report and monthly feature articles providing in-depth examinations of global CNP issues.

Please take a moment and register.
* First Name:

* Last Name:

* Password:

* Confirm Pwd:

* Email:

* Category:

Company:

 
Captcha
Answer:

 

 

CNP Archive

Researching companies or people in the CNP industry? Search our past coverage for targeted news and information.

Search here