Skip to content

  • Faster Payments Comes of Age

    Thursday, May 27, 2010

    Today marks the second anniversary of the Faster Payments Service that has helped reduce UK payment processing time from three working days to near real time.

  • Grafting SEPA Onto Legacy Payments An Ongoing Challenge

    Monday, May 24, 2010

    We’re expecting the agenda at the upcoming EBAday event this week to again be dominated by SEPA. The challenges banks face integrating SEPA with their domestic payments infrastructures, migrating from legacy payments, and ultimately turning the SEPA vision into reality will be top priorities.

  • The Stark Reality Behind Phishing

    Monday, May 17, 2010

    If ever there was doubt about the organised nature of fraud and financial crime, the recent report by the Anti Phishing Working Group says that, of the phishing attacks that took place globally in the latter half of 2009, 66 percent were from one group. It has long been known in the anti-fraud community that these groups operate in a highly organised and structured manner – I have even heard of organisational charts being compared, side by side, between a well known fraud operation and a bank: the structures were almost identical position by position from the CEO down to the call center reps. Hopefully these types of reports will make law enforcement wake up to the fact that we aren’t facing a few rogue teens and drug addicts trying to scrape together some cash; these gangs operate very efficiently and often funnel money towards other, more serious pastimes, like terrorism, drugs and weapons. Being able to arrest and convict fraudsters of more than “slap-on-the-wrist” crimes is key to stemming the tide of illicit funding that comes from the various criminal enterprises. It’s time people wakeup to the fact that there are serious linkages between all levels of organised crime and start treating them, and their intent, as a single entity.

  • SEPA Procrastination

    Thursday, May 13, 2010

    As we approach the mid point of the year, it’s obvious that, despite the many and varied calls for an end date for the use of legacy payment instruments, procrastination is the order of the day, and the European payments industry stumbles on towards some indeterminate SEPA goal.

  • Don't Underestimate the Online Fraudster

    Wednesday, May 05, 2010

    From the beginning, banks have protected their online banking businesses with basic authentication methods that required users to log-in with a username / ID number and a password to verify their identity. However, fraudsters quickly started to evade these early online fraud prevention methods by obtaining users’ passwords using social engineering techniques, keyloggers, or any number of other tools.

  • Staying One Step Ahead of the Cyber Criminals

    Tuesday, April 20, 2010

    The latest Symantec report suggests that the number of worldwide malware samples increased by an astonishing 71% in 2009 compared to the previous year. According to the report, this increase stems from the growing popularity of easy to use toolkits that novice cyber criminals are using to turn out their own malware. In our experience, banks and their customers are one of the key targets for this new breed of criminal. While customers need to be more aware of online security risks, banks are also doing their bit to protect their customers. The challenge for banks, however, is to remain one step ahead of the criminals.

  • Lack of Respect for Payments Business Exposed by SEPA

    Wednesday, April 14, 2010

    It is axiomatic that banks have traditionally had problems in measuring their payments business and the value it brings to their bottom line. Are payments just a means to securing a corporate’s DDA or current account? Are they merely an adjunct to credit relationships? Or do they in fact have an intrinsic value which could do far more than adding a marginal improvement to the bottom line?

  • Threat To Online Banking Security

    Wednesday, March 31, 2010

    According to this month’s figures released by the UK Cards Association, the number of "phishing" attacks on consumers rose by 16% in 2009 and the total amount of online banking losses saw a 14% rise on the previous year. These stats are worrying for consumers and banks alike – increasingly fraudsters are using Trojans that can infect a user’s PC, and then launch man-in-the-browser attacks that can get around the strongest user authentication measures. The consumer may not even be aware that the funds have been moved from their account as the Trojan can alter the page being displayed.

  • Life is Strange and so is SEPA

    Friday, March 26, 2010

    As we dally in Europe with double-dip recession or recovery, and the Greek financial woes, life is indeed strange at the moment. And so is our attitude towards SEPA.

  • Day Three at the International Payments Summit

    Thursday, March 11, 2010

    This year’s International Payments Summit had a clear theme running through the various debates and discussions around the event: how regulation is stifling progress….but mainly for the banks.

GET THE LATEST PAYMENTS NEWS
     DELIVERED TO YOUR INBOX