Payment Security

The National Cyber Security Centre (NCSC) has defended the UK against more than 600 cyber attacks in the past year – bringing the total number to almost 1,800, new figures show today.
The figures are contained in the NCSC’s third Annual Review, which also sets out the various ways the organisation has been protecting the public. This includes a pioneering operation to stop hundreds of thousands of people losing money to credit card fraud.

The European Banking Authority has pushed back the deadline for the migration to Strong Customer Authentication (SCA) standards to 31 December 2020, giving national authorities a 15-month extension to implement the new rules.

Mastercard has launched a a service, called Threat Scan, to help banks proactively identify potential vulnerabilities in their authorisation systems.

Advances in technology and actionable real-time data are driving businesses to operate faster and smarter. Yet, business payments are often rooted in legacy practices established decades ago. Until now.

According to the Financial Services Information Sharing and Analysis Center (FS-ISAC), attacks on payment systems are the greatest cause of concern for Asian banks.

The latest payment card fraud data has shown a decline in the rate of fraud for the first time since reporting of card fraud commenced in 2006.
Figures released today by the Australian Payments Network (AusPayNet), the payments industry self-regulatory body, show the rate of card fraud for the 12 months to 31 December was 72.8 cents per $1,000 of card spending, down from 75.0c per$1,000 in the previous period.

Visa Inc. (NYSE: V) today announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions prevent an estimated $25 billion in annual fraud—making the global payment ecosystem safer for retailers and consumers.