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European cross-border and card-not-present fraud on the rise
Card fraud losses across 19 countries in Europe rose an average of 6% in 2014, according to a new report based on data from Euromonitor International. But the low overall rise masks large shifts in so-called “cross-border” fraud, where criminals use data on cards from one country to commit fraudulent transactions in another country. UK card [...]
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Dyre malware reboots for holiday phishing attacks
Shortly after online banking customers in the UK were warned of a major phishing campaign using the notorious Dyre malware designed to steal financial data, the malware has resurfaced in a new iteration for the holiday season. Customers of Barclays, Santander and Lloyds TSB were being targeted by the trojan malware. Nearly 20,000 malicious emails were sent containing infectious .exe files [...]
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Current accounts top target for fraudsters
The humble current account has become the most targeted financial product by fraudsters, due to a loophole in the UK’s seven-day switching service. At least 89 in every 10,000 applications for a current account are made by an imposter, according to Q1 figures released by Experian. Within the first three months of last year, 32% of [...]
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25% jump in cross border fraud on UK debit cards
The percentage of fraudulent transactions occurring outside the UK in 2014 on UK debit cards rose 25% in a massive sample of cards studied by analytic software firm FICO. Cross border fraud transactions accounted for nearly a third (31%) of all fraudulent transactions on 52 million active UK debit cards studied, up from 23% in 2013. [...]
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Banks adopting biometrics against fraud
A new impact report finds that the use of knowledge-based analytics are on a fast decline, while various forms of behavioural analytics continue to see strong growth. The report, “Digital Channel Fraud Mitigation: The Mobile Force Awakens,” details the latest threats to banks and their customers, and looks at the technologies being used by banks. The research, [...]
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