Transaction Fraud Systems and Analysis

A community for discussion of Transaction Fraud systems and anlaytical techniques for bank card and financial services organisations.

Retired Member 

Important Announcement of Iris Scanning Security in the UAE

This kind of news actually make the Central Bank of UAE and authorities in the UAE truly 'seem' uninformed. Anyone in the payment security business (fraudsters as well) know that this will not solve the ATM fraud problem. IRIS scanning is a costly solution as it is quite expensive to equip ATM machines with this capability. But what makes it a non-...

04 December 2008 /security

Retired Member 

Good job but it does not stop here...

"According to press reports, the investigation began in March after Brussels-based e-payments outfit Atos Worldwide told authorities that cash withdrawals were being made overseas using cards copied from a Belgian cash distributing machine." Investigations got started because of cards copied from a Belgian cash distributing machine. As th...

21 November 2008 /security

Elton Cane Digital product delivery at News Corp Australia

Looking at the president's bank account 'for fun'

French police have arrested six people in their investigation into the high-profile fraud attack on President Sarkozy, but believe they are only minor figures in a wider plot. What's more interesting is the internal bank investigation at the SocGen branch where he holds his account. Apparently more than 150 staff members have consulted the account,...

31 October 2008 /security /regulation

Retired Member 

Phishers take AIM

https://www.finextra.com/fullstory.asp?id=18325 Banks should offer solutions that consumers would readily take up because the solution solves the problem and because they feel secure and confident about the solution.

22 September 2008 /security

Retired Member 

Irish cards blocked after data theft

Well, the intention is good but these card numbers need not necessarily have to be stolen to be used. The luhn-digit algorithm check is easy enough to use to be able to come up with valid card numbers. Most carders actually have a list of at least the first 4 digits of each Issuing Bank. Most times, they even have the range of card numbers of high-...

08 August 2008 /security

Retired Member 

US, UK, EU Target Global Payments

The news that "the Bank for International Settlement (BIS) has issued a consultative document seeking feedback on ways to address... ...the lack of transparency in payment messages used for cross-border cover payments." cannot come as a surprise to anyone involved in the implementation of AML systems. This inherent weakness has long been...

21 July 2008 /payments /wholesale

Uri Rivner CEO and Co-Founder at Refine Intelligence

Limbo Dancing in the House of Lords

The UK's House of Lords is calling on the government to make banks legally responsible for losses incurred by customers through electronic fraud (https://www.finextra.com/fullstory.asp?id=18699). That's because today's banking code leaves responsibility on consumers. In practice the banks do not typically use the code to that effect, and refund fr...

09 July 2008 /security