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InterContinental confirms malware based payment card breach at 1200 hotels
In December 2016, KrebsOnSecurity broke the news that fraud teams at a number of banks were seeing a pattern suggesting a widespread, malware based, payment card breach across some 5,000 hotels worldwide owned by InterContinental Hotels Group (IHG). In February, IHG acknowledged a breach but said it appeared to involve only a dozen properties. Now, IHG has released data showing [...]
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Swift introduces fraud tool but comes under pressure from hacking group NSA claims
Swift has revealed a service designed to help banks spot fraudulent messages and avoid a repeat of the now infamous Bangladesh Bank hack. Customers are able to integrate the service directly into their Swift messaging flows, making it easier to detect unusual patterns, screening the messages according to their own chosen risk and compliance policies. Launched as [...]
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ACH volume grows to more than 25 billion payments and $43 trillion
Following four consecutive quarters of more than 5 billion electronic payments in each quarter – a first for the ACH Network – overall volume in 2016 amounted to 25.6 billion transactions,[1] according to new statistics released by NACHA — The Electronic Payments Association. This represents an increase of 5.3% over 2015 volume, and is the [...]
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Hong Kong Central Bank set to trial digital currency due for launch in 2017
Hong Kong’s central bank, the Hong Kong Monetary Authority is reported to be developing a prototype digital currency. The disclosure came in a Hong Kong legislative document published by the Legislative Council Panel on Financial Affair this week and dated 18th April. According to the note, the Hong Kong Monetary Authority (HKMA), which acts as the region’s central [...]
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Disappearing payments: How to navigate the future
The future of payments won’t be about payments, it’ll be about data. Specifically the contextual data that travels with payment, rather than the payment message itself. Payment will cease to be the most visible part. In time it may even disappear. We examine how disappearing payments will create a long-tail of disruption for consumers, merchants, [...]
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