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Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

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Many Not Ready for GDPR Requirements Including 72 Hour Breach Notification

The European Union’s General Data Protection Regulation (GDPR) goes into effect May 25th and will apply to any collecting and storing information on EU consumers, with fines for non-compliance as high as €20 million or 4 percent of annual revenue. Despite the hefty potential penalties, just 52 percent of organizations said they will be GDPR compliant by the May deadline in a recent survey.

Replacing the EU Data Protection Directive, GDPR brings several new requirements and challenges for organizations that use data to track online behavior or market goods or services to consumers in the EU, regardless of where the organization is based.  Comprised of 91 articles, GDPR has been a challenge for many organizations who must adjust their data collection policies and disclosures.

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NYPD Trials New Skimming Detection Device “Skim Reaper”

A computer science professor and two graduate students invented a device used to check ATMs and card readers to detect the presence of a skimming device. Dubbed the Skim Reaper, the New York Police Department has been using a handful of these devices since February to combat card skimming.

Card skimming at ATMs, gas pumps and other locations is a major source of the compromised payment card information used to commit fraud today. Card skimmers install an additional piece of hardware known as a read head to copy a payment card’s data, but a new device was designed to detect their presence, while providing an alert to the ATM user that a card skimmer may be installed.

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Capital One Acquires ATO Alert Company Confyrm

Capital One, one the largest card issuers in the United States, has acquired Confyrm, a technology startup focused on reducing account takeover by use of shared signals across different types of partners. For example, when a user account resets their password at a financial institution, the FI is warned that the email address associated with their account recently had a password change as well.

Confyrm was co-founded by three individuals in 2013, including CEO Andrew Nash who was previously Director of Identity Services at Google, Senior Director of Consumer Identity at PayPal and Director of Technologies at RSA. Beyond acquiring Confyrm’s partner platform and technology, Capital One also gains deep identity management and technology experience with Nash, who will join Capital One as VP of Consumer Identity Services.

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FTC Chair Nominee and New Federal Reserve Chairman Each Mention Data Breaches as a Critical Concern

As the FTC considers and confirms nominees to fill vacant commission seats, those interviewed speak to the still growing threat of data breaches and say this is a top priority for the government agency. Meanwhile, the House Financial Services Committee asks new Fed Chairman Jerome Powell what approach he will take to secure data, following more than 50 data breaches involving the Federal Reserve in the last seven years.

In a Senate confirmation hearing with Joseph Simmons, one of three people recently nominated to chair the Federal Trade Commission (FTC), the anti-trust lawyer spoke to the threat of data breaches that has continued to increase. “They’re becoming much more significant, much more frequent, and I think that’s a real serious concern for us and I think we need to pay much more attention to it,” he said.

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Putting the Use of Apple Pay and Mobile Payments in Perspective

Although the number of Apple Pay users worldwide more than doubled in 2017, this represents just 16 percent of iPhone owners that have activated Apple Pay, leaving opportunity for rivals like Samsung Pay and Alphabet, who is re-branding Android Pay to Google Pay, to catch up.

Apple is the leader when it comes to NFC mobile wallets today but overall usage of these mobile payment methods is still far from mainstream adoption. Although relatively new (Apple Pay launched in October 2014) and continuing to grow rapidly, increasing to 127 million Apple Pay users from 62 million in 2016, use of Apple Pay or any mobile wallet at the physical point-of-sale still pales in comparison to the use of credit cards. Estimates of Apple Pay users come from private equity firm Loup Ventures’ annual analysis of Apple Pay adoption.

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About Social Engineering: A Case Study and How it Relates to Spear Phishing

This guest blog post from a Certified eCommerce Fraud Professional discusses a case study involving a social engineering attack against an airline, as well as discusses methods for deception and intrusion with spear phishing attacks related to social engineering and fraudsters ultimately attempting to reverse engineer an organization’s risk management policies and practices.

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Thanksgiving, Black Friday and Cyber Monday all Set New Record Highs

Desktop and mobile eCommerce sales reached a combined $14.5 billion across Thanksgiving, Black Friday and Cyber Monday, while CNP channel sales on each day increased by at least 17 percent year-over-year. The nearly $6.6 billion in eCommerce sales on Cyber Monday set a new record for the largest online shopping day in North America, as Cyber Monday marked the fifth consecutive day with over $1 billion in online sales.

Online and mobile eCommerce sales on Thanksgiving Day increased more than 18 percent to $2.87 billion this year. Digital commerce sales exceeded $5 billion on Black Friday and reached $6.59 billion on Cyber Monday, each increases of about 17 percent from last year.

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