Citi Launches White-Label Remittance Service
Citigroup has launched QuikRemit, a white-label, customizable remittance service covering 90 countries. QuikRemit enables banks, corporations, and money transfer firms to offer their customers and emp...
U.S. Bank Slowdown Prompts Diebold Cuts
Diebold says it will reduce its global workforce by about 5 percent this year, resulting in the loss of 800 jobs. The U.S-based ATM vendor says it has been forced to reduce its forecast for revenue gr...
Absa Overcomes Early Phishing Trip Woes
South Africa's Absa Group was forced to toughen its Internet authentication procedures after it was National Australia Bank Opts Switch in Real-Time
National Australia Bank (NAB) has installed a real-time merchant payments processing switch from Australian EFT software firm Distra. The switch has been in production at NAB, one of Australia's top f...
Swedish Bank Thwarts Hackers
A gang of Swedish hackers was seconds away from completing a digital bank heist last summer when an alert bank employee literally pulled the plug on their scam.
Retail Decisions in Chinese Fraud Prevention Deal
UK payments authentication firm Retail Decisions (ReD) is helping Chinese banks to prevent card fraud in the run up to the 2008 Olympic Games in Beijing. Between 5 and 10 million ticketed spectators f...
Equifax Launches Indian Credit Reference Service
U.S-based credit reference bureau Equifax has signed a preliminary agreement with CRISIL and Tata Capital to develop plans to create a credit information company in India.
Rise Seen in Non-English Phishing Sites
English is still the predominant language for phishing emails worldwide, according to Internet security firm Symantec. However, in December 2007, the number of non-English phishing sites rose by 26.5 ...
French Minister Says SocGen Security Inadequate
A probe into the Société G?n?rale rogue trading scandal by the French government has revealed that the bank was warned last year that its security systems and internal controls were inad...
Massive Credit Card Fraud Spotted in Canada
Two Canadian women have been charged with fraud after Police in Edmonton, Alberta found 30,000 files containing stolen credit card numbers on a home PC.
French Bank Aids Libyan ATM Network
Libya's Sahara Bank is to launch a debit card and a domestic ATM network with help from French bank BNP Paribas. Initially, Sahara Bank will roll out 12 ATMs across its branch network.
Internet Bank Egg Shelves Consumer Cards
Egg, the Internet bank owned by Citigroup, is to withdraw credit cards from 161,000 UK customers following a risk review. The bank has given 7 percent of its UK credit card customers 35 days notice th...
UKÆs HBOS Bank Adopts Fraud Management System
UK bank HBOS is using fraud management software from SAS to protect its debit cardholders against fraud. The U.S.-based software vendor is providing HBOS with its SAS Fraud Management system under a s...
ING, MasterCard Team on NFC Project
Netherlands-based ING is working with MasterCard to develop a near field communications (NFC) based m-payments system which will allow customers to use cellphones to pay for low-value purchases.
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Western Union in Philippines Mobile Money Pilots
Western Union has teamed up with two Philippines telcos in separate mobile fund transfer service pilots. The U.S.-based remittances company says the pilots are being rolled out as part of a program by...
Media E-Fraud Coverage Puts UK Consumers on Alert
A UK survey by e-commerce security firm CyberSource found that British online shoppers are taking notice of stories in the media about online fraud. The survey involved 1,000 UK adults being interview...
Phishers Target Corporate Treasury Accounts
The Anti-Phishing Working Group (APWG) says phishers are increasingly targeting corporate treasury staff in order to raid company bank accounts. The U.S.-based security organization also says that the...
SocGen Says Trader Hacked Systems to Cover Fraud
Soci?t? G?n?rale says the trader allegedly responsible for trading losses of Ç4.9 billion (US$7.2 billion) had hacked into its computer systems. The trader, Jerome Kerviel, allegedly misappropriated o...
U.S. E-Shoppers Turning to Alternative Payments
An independent survey of U.S online shoppers conducted in January 2007 by Edgar, Dunn & Company (EDC) shows that alternative payment methods such as PayPal, Google Checkout and BillMeLater made big ga...
Another U.S. Alternative Payment Service Debuts
A new alternative online payment service has been launched in the U.S by former Visa employees. The company, Noca, is initially focusing on micropayments, although its eventual goal is to facilitate o...