California-based oil company TRC Operating Co., Inc. has reached a settlement with United Security Bank for reimbursement funds stolen during a 2011 cyberheist on the company’s accounts. According to Internet security blogger Brian Krebs, TRC faced a five day hijacker-attack on its corporate accounts that lasted...
Bancorp Bank’s recent FDIC consent-decree agreement has hobbled the nation’s top prepaid issuer and will likely open the prepaid market to others. But the FDIC’s actions aren’t limited to prepaid card issuers, as Discover can attest which was the target of FDIC’s probe into potential...
Digital Citizens Alliance, an internet safety research group, announced earlier this week that it had found dozens of videos on YouTube of individuals selling stolen credit card data. Bloomberg cited research from the organization’s 13-page report, which said that a search for how to get...
A new form of a mobile Trojan virus appears to target online banking, and it potentially could place multiple banks’ customers at risk. More than 100 million Americans use mobile banking. Kaspersky Lab says is has detected the malicious software, called Svpeng, operating in the...
Mobile banking is now under the CFPB’s spotlight in order to assure that access to mobile financial services is being applied equally in all sectors of the population. Independent of that action, a House committee has introduced several bills that would limit the CFPB’s powers...
By the time the card networks’ EMV liability-shift deadline takes effect in October next year, potentially far less than half of the nation’s cards and payment terminals will comply. Legislation and various controversial issues, such as whether to support PINs or signatures for authentication or...
Like all processors, MasterCard sees revenue opportunities from the growing use of payment card tokenization and other fraud-prevention measures. Later this year, for example, the network expects to launch its Digital Enablement System, which would support the tokenization of clients’ card data. But MasterCard expects...
Host Card Emulation (HCE) has been hailed as the cloud-based fix for what ails secure mobile payments. But while HCE solves one problem, it still lives in the cloud. Suppose cloud connectivity were unavailable or lost? In a recent podcast interview, PYMNTS spoke with Shaunt...
Two Dubai residents claim that not only did they experience credit card fraud, but that their cards were used to make unauthorized payments to the Abu Dhabi Police. Khal Ali Nazar was one of the alleged victims, and explained to XPRESSthat he received a call...
