It is a long-established fact that fraudsters follow the path of least resistance. Recent statistics back this up. CardNotPresent points out that according to the Card Fraud Control Benchmark Study from Auriemma Consulting Group, counterfeit card fraud dropped by 18% in the first quarter, largely due to the continuing rollout of EMV which requires multifactor authentication. The [...]
In May, I published an article "Are Americans too dumb for Credit Card PINs?" pointing out the absurdity of U.S. card network rules requiring a merchant to accept a cardholder signature as authentication on an EMV-chip enabled card transaction, rather than requiring the customer to enter a PIN like 80+ other countries. By forcing merchants to [...]
Generally speaking, I'm one of those people that cringes when attention-seekers like Kim Kardashian actually get attention for their antics. But I just couldn't let this one go without comment. She filed litigation against Amazon, MasterCard and Lucova asserting that the use of facial recognition technology to authenticate payments is an infringement on her intellectual property [...]
It's a well-understood phenomenon in the payments space: Fraudsters are opportunists who will adapt their tactics to focus on the most vulnerable parts of the payments ecosystem. Sort of a criminal version of "whack a mole". According to a report by TransUnion, adoption of EMV at the retail point of sale is causing a steep [...]
