36% of Singaporeans Face Card Fraud, New Report Reveals
ACI Worldwide, a Florida-based payment system firm, has released a study which revealed that more than one third of Singaporeans have faced card fraud since 2014. The statistic demonstrates the seriousness of the underlying vulnerabilities discovered in the security systems of credit card operators and credit card networks. Technically, when a credit card purchase is made either online or at a physical location, the private key of the credit card is retrieved by the processing party. That means, the business or person receiving the credit card payment holds the responsibility of storing....
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If that wasn’t enough, more than one in ten consumers admitted they lack the confidence in their financial institution to protect them against fraud. Payment fraud is a matter more consumers should be concerned about. A new report by ACI shows how nearly one in three consumers has dealt with card fraud over the past five years. There are alarming numbers, even though this is another clear example as to why Bitcoin is entirely different in a positive manner. The report published by ACI is not hinting at a positive future for payment card users around the world. Keeping in mind how almost....
The European ATM Security Team released a new European Fraud Update for 2016. As part of this report, an interesting picture is painted as to how ATM fraud is evolving in Europe. A total of 23 European countries are represented in this report, and by the look of things, the fraud rates are not going down by much. Bitcoin remains a viable alternative to traditional finance, as digital currency ATMs are not affected by skimming issues for the time being. ATM Fraud Update Reports Shift In Skimming. One particular trend of notice in this new report by EAST is how twenty countries reported....
Credit cards with EMV Chips are not as secure as it was initially thought to be. Bitcoin continues to be a more secure payments option. The ongoing competition between fiat based electronic payments and digital currency payments doesn’t have a winner yet. The credit and debit card based electronic payments systems score over Bitcoin payments when it comes to number of users and the rate at which transactions are processed. However, Bitcoin continues to lead the way in the security department. Credit Card frauds have hit an all-time high across the world. In last year alone, total damages....
Some serious questions are waiting to be answered when it comes to dealing with online payment fraud. Most of the issues associated with credit card payments stem forth from user data being stolen, and sometimes, that is the end user’s fault.Britain’s most senior police officer feels online fraud victims should not be reimbursed by banks. Sayings like these will eventually push consumers to Bitcoin and alternative forms of finance. “No Need To Refund Online Fraud Victims”. Nothing is more annoying than seeing a credit card statement with charges for items and services the owner did not....
Per a Bloomberg report, executives from Tether Limited, the company behind stablecoin USDT, could face a criminal probe for alleged bank fraud. The investigation is currently ongoing with the U.S. Justice Department and is focused on specific events. According to three anonymous sources cited by Bloomberg, the probe is investigating if Tether Ltd. Held information […]