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BANKS TO FACE FINES TOTALING €4.7 BILLION UNDER GDPR RULES
A report from Consult Hyperion, forecasts that European financial institutions could face fines totalling €4.7 billion in the first three years under the new European general data protection regulation (EU GDPR). This forecast is conservative and excludes compensation claims, costs associated with lost customers, damaged reputations and senior executive resignations. The report, commissioned by AllClear [...]
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GDPR: LESS THAN A YEAR TO GO AND COUNTING
With the 25 May 2018 deadline for the European General Data Protection Regulation (GDPR) looming large, PCM considers the background, content and opportunities of the new regulation. The legal basis for privacy in Europe since the Second World War was enshrined in article 8 of the European Convention on Human Rights (1953). This guarantees the [...]
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STOLEN CREDIT CARD TESTING INCREASES 200 PERCENT IN 2017
Newly released data from Radial’s e-commerce fraud technology lab reveals an alarming statistic for retailers to digest. There has been a 200 percent increase in credit card testing so far in 2017 compared to the same quarter last year. Card testing is a tactic used by fraudsters to make small incremental purchases with stolen credit [...]
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HACKERS EXPLOIT SS7 SECURITY FLAWS TO ACCESS BANK ACCOUNTS
Despite security experts warnings for years about security flaws around the SS7 (Signalling System 7), a protocol used by mobile networks to communicate with each other, hackers have finally accessed a back door and stolen money from German bank accounts. O2-Telefónica in Germany has confirmed to Süddeutsche Zeitung that some of its customers have had [...]
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European regulator plan authentication shake-up
Following the European Banking Authority’s consultation paper on strong customer authentication, the future for operators in Europe looks uncertain. Since the introduction of 3-D Secure for card-based e-commerce payments in 1999, the industry has been moving towards a risk-based authentication approach. Background and step-up authentication, as and when required, has helped the industry strike a [...]
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