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Consumers Were Much More Likely to Shop with Mobile Devices Online Rather than In-Store This Black Friday

Published on November 29, 2016, by fraudpractice in Industry News, Payments.

Although mobile eCommerce sales accounted for $1.2 billion on each Black Friday and Cyber Monday, consumers shopping in-store were much less likely to pull out their smartphones. According to one payment processor, just 0.6 percent of brick-and-mortar retail transactions in the U.S. on Black Friday were made with a mobile wallet.

According to data from payment processor Cayan, over 90 percent of in-store retail transactions on Black Friday were made with a credit card, while just 0.6 percent used a mobile wallet or mobile payment app. California was the state were consumers were most likely to use a mobile wallet app, which represented 1 percent of brick-and-mortar retail transactions the day after Thanksgiving.

Tags: AndroidPay, ApplePay, ChasePay, ecommerce, mCommerce, mobile, mobile commerce, mobile contactless payments, mobile payments, mobile wallets, NFC, SamsungPay

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Vantiv to Acquire Moneris USA for $425 Million

Published on November 29, 2016, by fraudpractice in Merger & Acquisitions.

Vantiv, one of the largest payment processors in the U.S., will expand their merchant client-base with the acquisition of Moneris USA for $425 million from Moneris Solutions Corporation. This major acquisition comes just over four years after Vantiv acquired Litle & Co. for $361 million.

Working with over 800,000 merchants and 1,400 financial institutions Vantiv is currently the second largest payment processor in the U.S., and seeks to grow further with the acquisition of Moneris Solutions, Inc., the U.S. subsidiary of Moneris Solutions Corporation, a joint venture between BMO Financial Group and Royal Bank Canada.

Tags: acquirer, acquisition, ecommerce, merchant acquirer, merger, payment processing, payments

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The Fraud Practice and CardinalCommerce Launch the 4th Annual Consumer Authentication Survey

Published on October 20, 2016, by fraudpractice in In The Press, Industry News, Press Release.

The Fraud Practice and CardinalCommerce launched of the 4th Annual Consumer Authentication Survey this week, extending an open invitation for all eCommerce and multi-channel merchants, acquirers, card issuers, payment service and fraud solution providers to take the survey and provide feedback that can help shape the industry.

Take the 4th Annual Consumer Authentication Survey today for a chance to win one of five Amazon Echo voice-activated Bluetooth speakers. Prize raffles will be held weekly for the next five weeks with all who completed the survey entered in each weekly drawing.

Take the Survey Now

Read the Full Press Release

Tags: 3-D Secure, 3D Secure, 3DS, American Express SafeKey, authentication, cardholder authentication, consumer authentication, Consumer Authentication Survey, Discover Protect Buy, ecommerce, JCB J-Secure, MasterCard SecureCode, Press Release, Verified by Visa

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PCI Council Joins EMVCo in Support of 3-D Secure 2.0 Protocol

Published on October 10, 2016, by fraudpractice in Industry News.

In the beginning of 2015 EMVCo announced they would be responsible for further developing the 3-Domain Secure 2.0 Specification, taking over for Visa and MasterCard. Now just a few months before the expected release of 3DS 2.0, EMVCo and the Payment Card Industry (PCI) Security Standards Council jointly announced they will be collaborating to support the upcoming launch of the new 2.0 protocol.

After announcing their input and collaboration at a cybersecurity expert community meeting event we know the PCI Security Standards Council (PCI-SSC) will focus on addressing environmental security associated with 3DS 2.0. This will include providing security requirements, testing procedures, reporting templates and assessor training.

Tags: 3-D Secure, 3D Secure, 3DS, 3DS 2.0, American Express, American Express SafeKey, authentication, cardholder authentication, consumer authentication, Discover, Discover Protect Buy, EMV, MasterCard, MasterCard SecureCode, PCI, Verified by Visa, Visa

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MasterCard Launches Identity Check App Supporting ‘Selfie’ Authentication for SecureCode

Published on October 10, 2016, by fraudpractice in Fraud Prevention, Industry News.

MasterCard released their Identity Check app in early October, which is now available in 12 countries across Europe and set to be released globally in 2017. While this app has gotten the most attention for it’s ‘selfie pay’ feature, supporting the use of facial recognition in place of a password, it additionally supports fingerprint biometrics as an authentication option with MasterCard SecureCode.

Following trials in the United States, Canada and the Netherlands, MasterCard has launched their Identity Check app which supports facial recognition and fingerprint biometrics as a means of completing authentication.

Tags: 3-D Secure, 3D Secure, 3DS, authentication, biometrics, cardholder authentication, consumer authentication, facial recognition, fingerprint, MasterCard, MasterCard SecureCode

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As SEC Investigates Yahoo Breach, FTC Reiterates Need for Federal Breach Notification Laws

Published on October 10, 2016, by fraudpractice in Data Breach, Industry News.

Following a data breach involving over 500 million accounts and a delay in notifying the public or impacted parties, the Securities and Exchange Commission (SEC) started an investigation into the Yahoo data breach at the request of a Senator. Later at a Senate Committee meeting the Federal Trade Commission (FTC) cited the Yahoo breach reiterating their support for federal data breach legislation.

Meanwhile as large-scale data breaches continue, so too does identity theft. The FTC received nearly 500,000 identity theft complaints in 2015, a 47 percent increase from the year before.

Tags: data breach, data breach notification, FTC, identity fraud, identity theft, Legislation, PII, SEC, Yahoo

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Loyalty Fraud: Over 3 Billion Accounts and $48 Billion at Stake

Published on August 18, 2016, by fraudpractice in Case Studies, Fraud Prevention.

Whether making fraudulent purchases to accrue loyalty points and rewards, or taking over legitimate customer accounts to steal and spend the loyalty balances they’ve built up, loyalty fraud is damaging with both financial and brand risks. Despite the growth of loyalty-based fraud in recent years, this is still a vulnerability point for many organizations that offer such reward programs. Recent statistics and case studies involving loyalty fraud are discussed in this FraudBlog post.

According to a 2015 survey conducted by Ipsos Public Affairs for Connexions Loyalty, 72 percent of loyalty program managers had experienced fraud related to their programs, while one-in-three said it is a fast growing concern. There is plenty of meat on the bone for fraudsters to go after, as the 2015 COLLOQUY Loyalty Census tallied 3.3 billion loyalty memberships in the United States with points, rewards cash and miles worth an estimated $48 billion.

Tags: account takeover, case study, identity fraud, loyalty, loyalty fraud, loyalty programs

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LinkedIn Files Lawsuit to Battle Profile Scraping Bots

Published on August 18, 2016, by fraudpractice in Industry News.

Citing the Computer Fraud and Abuse Act (CFAA) and Digital Millennium Copyright Act, the professional social network filed suit against 100 individuals for the use of bots that intentionally violate their terms of service and, as LinkedIn claims, multiple state and federal laws. The publicly available court filing document includes some information about how the organization combats bots and profile scraping, as well as some measures the alleged abusers are taking.

Filed in early August, LinkedIn is seeking to identify 100 “Doe Defendants,” or currently unknown parties, that have been using automated software programs to extract or scrape data from LinkedIn pages since December 2015. The case accuses these persons or entities of utilizing a massive botnet to avoid their abuse and bot detection systems, claiming that this activity constitutes “unauthorized access” under the Computer Fraud and Abuse Act (CFAA).

Tags: bot attacks, bots, CFAA, Computer Fraud and Abuse Act, Digital Millennium Copyright Act, LinkedIn, web scraping

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Black Market Prices for Variety of Login Credentials Show that Fraud Goes Well Beyond the Payment Card

Published on August 18, 2016, by fraudpractice in Industry News.

A recent study cataloging prices across English- and Russian-language fraudster forums examined 320 purchases for stolen payment, identity and log-in information earning hackers between $1 million and $2 million, while the fraudsters using this information from less than half of these transactions were able to steal between $1.7 million and $3.4 million.

These estimates came from a study conducted by a criminal justice professor at Michigan State University, analyzing posts from the dark web on ten Russian and three English-language fraudster forums. The report detailed the marketplace nature of these sites, where fraudsters posted dumps for sale and buyers rated sellers on product quality.

Tags: account takeover, ATO, consumer authentication, data breach, identity fraud, identity theft

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Wal-Mart’s $3.3 Billion Acquisition of Jet.com Signifies the Importance of eCommerce

Published on August 18, 2016, by fraudpractice in Merger & Acquisitions.

Already an eCommerce, as well as brick-and-mortar, giant, Wal-Mart upped the ante on their digital commerce bet acquiring an online retailer that focuses on an optimal user experience and offers a different customer base. Many analysts say the Jet.com acquisition was geared at competing with Amazon, although it may just be part of a long-term growth strategy that relies more on eCommerce retail while physical retail sales stay stagnate or decline.

Amazon grossed $88 billion in online sales in 2015, according to Internet Retailer, and has been first place on the Top 500 list for many years. Walmart, however, isn’t too many places behind, coming in at fourth on Internet Retailers list of the 500 largest e-retailers based on U.S. sales. Immediately after Walmart’s $3.3 billion investment in Jet.com was announced, many retail analysts voiced their opinion that this acquisition was made so the nation’s largest brick-and-mortar retailer could keep up with the largest online retailer, Amazon. But there’s more to the story than that.

Tags: acquisition, amazon, ecommerce, merger, Walmart

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Page 5 of 43‹ Previous 1 2 3 456 7 8 9 Next ›Last »

Consumers Were Much More Likely to Shop with Mobile Devices Online Rather than In-Store This Black Friday

Vantiv to Acquire Moneris USA for $425 Million

The Fraud Practice and CardinalCommerce Launch the 4th Annual Consumer Authentication Survey

PCI Council Joins EMVCo in Support of 3-D Secure 2.0 Protocol

MasterCard Launches Identity Check App Supporting ‘Selfie’ Authentication for SecureCode

As SEC Investigates Yahoo Breach, FTC Reiterates Need for Federal Breach Notification Laws

Loyalty Fraud: Over 3 Billion Accounts and $48 Billion at Stake

LinkedIn Files Lawsuit to Battle Profile Scraping Bots

Black Market Prices for Variety of Login Credentials Show that Fraud Goes Well Beyond the Payment Card

Wal-Mart’s $3.3 Billion Acquisition of Jet.com Signifies the Importance of eCommerce

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