Posted on 16th Jan 2013 by Jack Jania
Card fraud costs people in the European Union around €1.5 billion a year, according to European law enforcement agency, Europol. The criminal market is dominated by “well-structured and globally active organized crime groups (OCGs)” perpetrating illegal transactions. This may understandably worry some of our European-based readers, yet the report also finds that “the majority of illegal [...]
Posted on 9th Jul 2012 by Jack Jania
It didn’t take a crystal ball to see the evitable: with the rest of the world migrated to more secure EMV chip technology, fraudsters would move on and seek out the weakest link to carry out banking crimes. This weak link would be, of course, the United States – the country still using antiquated magnetic [...]
Posted on 2nd Jul 2012 by Jack Jania
As you may remember, in 2005 U.S. card issuers launched contactless card technology that lets you pay at the point-of-sale with only a wave of your card. Fast and easy, yes, but the cards never really took off to widespread adoption. I’m still a big proponent of contactless technology, and the speed and convenience it [...]
Posted on 17th Apr 2012 by Jack Jania
It used to be that the stereotypical U.S. tourist was the one wearing the white sneakers, shorts, and a fanny pack. Oh, and don’t forget the giant camera. Today, you can recognize them in other parts of the world as the folks trying to pay with the antiquated magnetic stripe cards instead of the more [...]
Posted on 3rd Apr 2012 by Jack Jania
In what is undoubtedly one of the biggest stories to hit the payments industry so far this year, Global Payments has confirmed that it was the victim of a data breach in January and February which compromised the security of millions of credit card details. As reported by Brian Krebs on Friday, the breach affects [...]
Posted on 21st Oct 2011 by Jack Jania
Recent Nilson Report fraud numbers show that the United States accounts for 47 percent of global fraud, even though it generates only 27 percent of the total volume of purchase transactions. Alarming, right? Still, I haven’t seen very much media coverage of this news. What has generated a lot of coverage recently is the “Biggest ID [...]
Posted on 4th Oct 2011 by Jack Jania
Remember a few weeks ago when I applauded Visa for announcing plans to accelerate the migration to EMV chip technology and the adoption of mobile payments? Since then, I have been struck by a few stories in the news that really drive home what this migration will mean for the United States. First, this story [...]
Posted on 16th Aug 2011 by Jack Jania
You might recall my blog last month, “When in Rome, Have Your Card Declined,” when I lamented about the United States not following the rest of the world with EMV payment technology. Well, it looks like that is about to change. Last week, Visa announced plans to accelerate the migration to EMV chip technology and the adoption of mobile payments.
Posted on 21st Jul 2011 by Jack Jania
For years, analysts and banking experts have been predicting that countries that move to EMV would likely see a decrease in card fraud; as a result, card fraud would migrate to areas that still maintain mag stripe technology.
Posted on 13th Jul 2011 by Jack Jania
They say “when in Rome, do as the Romans do,” but on my last trip to Rome, that wasn’t so easy. I was in Rome, but unlike the citizens, I could not get cash out of an ATM because my magnetic stripe card wasn’t accepted. Some of the walk-up street access ATMs would only accept EMV chip credit and debit cards.