30 October 2014
“As the U.S. finally moves toward EMV implementation, fraudsters are devoting more energy to exploiting holes in the smart chip transaction process. And it seems that they have found a few.
A report by Krebs on Security said that at least three U.S. banks have been hit recently with fraudulent EMV transactions. All of the charges passed through the Visa and MasterCard networks as EMV transactions. However, the banks involved had not even begun to issue chip cards yet, the report said. One bank managed to reject some $80,000 in charges, but its processor accepted $40,000 when the bank’s systems were offline.”
29 October 2014
“Former Vice President of Hyosung Cho Hyeon-mun, the second son of Hyosung Group Chairman Cho Seok-rae, reported his brother Cho Hyeon-joon to the Seoul District Prosecutors’ Office on charges of embezzling billions won of company money and causing damage to the company.
Prior to the accusation, former Vice President Cho had also implicated Choi Hyeon-tae, CEO of real estate management company Trinity Asset Management, which is an affiliate of Hyosung, and Shindongjin Co., Ltd last July.”
28 October 2014
“A woman seemed to experience a brain snap after she couldn’t get any cash out of the ATM prompting her to tear apart the machine with her own hands.
The lady created quite a scene in a shopping mall in Dongguan in the Chinese province of Guangdong when she astoundingly dismantled the machine within a matter of minutes.
The extreme behaviour drew an intrigued crowd of shoppers to gather around and watch the strange event unfold while taking photos on their phones.”
27 October 2014
“ATMs are an important component of the move to EMV chip payment technology in the U.S.
In the past, ATM owners in general didn’t have much incentive to move to chip technology for fraud prevention. ATMs’ always-online authorization, coupled with the use of a PIN, and relatively stronger security, have historically resulted in lower levels of fraud compared to the retail point of sale.”
24 October 2014
“To help speed the adoption of EMV cards in the wake of recent payment card breaches at retailers, President Obama has signed an executive order directing government agencies to shift to the use of chip-and-PIN cards for use by staff as well as in consumer benefits programs, including Social Security.
At an appearance Oct. 17 at the federal Consumer Financial Protection Bureau, Obama also announced that the White House will host later this year a cybersecurity and consumer protection summit, bringing together cabinet members and key stakeholders in the consumer financial sector to share best practices, promote adherence to stronger security standards, and discuss next generation technologies.”