ProPay Denies Breach...

The FBI continues to investigate an international fraud scheme that has affected hundreds of small business accounts...ACH, Banking Account Fraud SchemeProPay, Inc. has recently become aware of what appears to be a very large and widespread international fraud scheme involving unauthorized electronic checks (ACH). The scheme has affected millions of people including, unfortunately, a small number of individuals who may be or have been ProPay...
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Posted by John B. Frank Saturday, January 31, 2009 0 comments

Dismissal of AmEx Lawsuit Reversed

2nd Circuit Reverses Dismissal of American Express Class Action Lawsuit - MSNBC Wire Services - msnbc.comST. PAUL, Minn., Jan. 30, 2009 (GLOBE NEWSWIRE) -- The United States Second Circuit Court of Appeals today reversed the dismissal of a massive antitrust class action brought by merchants against the American Express Company ("Am Ex"). The case alleges that American Express in 1999 began a massive effort to take a share of the standard...
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Posted by John B. Frank 0 comments

Gemalto Chippin' In with Venezuelan Bank Card Leaders

Gemalto teams with Venezuelan bank card market leaders to accelerate EMV migrationDigital security provider Gemalto is teaming up with Corporación Cardtech, Venezuela’s largest supplier of magnetic stripe bank cards, and Newtech Solutions, a consulting and technical support organization that specializes in EMV to help banks in Venezuela move to the new, smart credit card that will better protect their customers from fraud and identity theft. ...
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Posted by John B. Frank Friday, January 30, 2009 0 comments

Did Heartland CEO Make Insider Trades?

In an article written by Anthony M. Freed, which I read yesterday, and was picked up this morning by Seeking Alpha,  he questions the timing of CEO Robert Carr's stock trades and whether or not they had anything to do with insider knowledge of the breach.  Makes for interesting reading and thought I'd share his conjectures with you.  Did Heartland CEO Make Insider Trades? : Information Security ResourcesBy Anthony M. Freed,...
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Posted by John B. Frank 0 comments

Hundreds Hit in Debit Scam

London Free Press - News- Debit scam victims now in the 'hundreds'Police now confirm there are “hundreds” of victims in a debit card scam in Stratford.Although police said every financial institution was hit, they’ve confirmed there were more than 350 victims at just two banks. “We’re just starting to extrapolate the data, but it’s obviously in the hundreds,” said Det. Inspector Sam Theocharis.   Asked how much money the culprits...
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Posted by John B. Frank 0 comments

What the Heartland Breach Means to Banks

 Heartland Breach: What it Means to Banking Institutions. An Interview with James Van Dyke, Founder/President, Javelin Strategy & ResearchBank Info Security- The Heartland Payment Systems data breach – it’s the first major security incident of 2009. But how big is it really?  What are the key takeaways for banking institutions left explaining this breach to their customers?In an exclusive interview, James Van Dyke, Founder...
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Posted by John B. Frank 0 comments

HomeATM Meets PCI 2.0 Requirements

Witham Labs Provides A=OK, Certification Next StepAbove photo courtesy of HomeATM CEO, Ken Mages I am pleased to report that since October 2008, HomeATM's personal card swiping device has undergone the scrutiny and rigors of PCI 2.0 testing at  Witham Labs, and that as of today, 1/29, our SafeTPIN device has either met or exceeded  the PCI 2.0 requirements "for a PIN Entry Device for online PINs".Congratulations are in order for...
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Posted by John B. Frank Thursday, January 29, 2009 0 comments

Is Google Checking Out Austraila?

Is Google Going Down...Under?  The Herald Sun says it very well may be, mate.  How do you want to pay? Google? | Herald SunGOOGLE Australia is considering a plan to take on payments giants such as Visa, Mastercard and B-Pay in the booming online payments market. The move comes as the search giant secured a financial services license from local regulators.The Australian Securities and Investments Commission recently issued Google...
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Posted by John B. Frank 0 comments

Malware = $1 Trillion Problem

Malware Increased  by 400% in '08 DAVOS, Switzerland (Reuters) - Businesses risk losing over $1 trillion from loss or theft of data and other cybercrime, according to a study released on Thursday by security technology firm McAfee Inc.The California-based company launched the survey after detecting a rapid acceleration of malicious software, or "malware," last year, CEO David DeWalt told Reuters. Malware increased by 400 percent in...
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Posted by John B. Frank 0 comments

Heartland Sniffer Found in Unallocated Portion of Disk Drive

StorefrontBacktalk: Heartland Sniffer Hid In Unallocated Portion Of DiskEvan Schuman, who first reported that the Secret Service has identified the person(s) responsible for the Heartland attack, writes more about the attack in his publication, StoreFront Backtalk.  He says that the sniffer malware used in the Heartland attack was cloaked in an unallocated portion of Heartland's server, which is a well-known tactic.  What's unique...
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Posted by John B. Frank Wednesday, January 28, 2009 0 comments

Banks Not HPY with Heartland

It appears some financial institutions aren't very HPY with Heartland Payment Systems... The Washington Credit Union League (WCUL) in Federal Way, Washington is seeking to revive legislation that would mandate specific data protection controls on all merchants and third parties, such as Heartland.  The bill (HB 1149) received its first hearing last Thursday in the Washington State House Committee on Financial Institutions and Insurance,...
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Posted by John B. Frank 0 comments

Class-Action Suit Against Heartland

In an article titled, "Banks, credit unions scramble in wake of Heartland breach," Jaikumar Vijayan writes for Computer World that several banks have begun reporting fraud and have been forced to issue replacement cards.  In addition, the first class-action lawsuit has been filed on behalf of a woman in Woodbury,MN.I would think this may just be the "tip of the iceberg" when it comes to lawsuits, as numerous credit unions and small...
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Posted by John B. Frank 0 comments

One in Four Brits Hit w/Card Fraud

The Press Association, is reporting that: "One in four Briton's are a victim of card fraud."  According to their story, "1 in 4 Britons have been the victim of credit or debit card fraud."  Research has shown that:Around 26% of people have now had their card used fraudulently, up from 21% when the same research was carried out 12 months ago, according to life assistance group CPP.  (Editor's Note: Unless they lived in London,...
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Posted by John B. Frank 0 comments

Here to Stay - AltPay

Alternative Payments are on the rise, and they are cutting into the margins of the Dynamic Duo-poly. As credit card use declines, and debit, ACH and Money Transfer options increase, V/MC will take an even bigger hit...especially as the lime leeches from the mortar in the bricks of the house that retail built.This article, about alternative payments, doesn't even touch on PIN Debit for the web. But it's the consumers preferred payment,...
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Posted by John B. Frank Tuesday, January 27, 2009 0 comments

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Kapersky Calls for Mass Adoption of Card Readers

Kapersky Calls for Mass Adoption of Card Readers