Prosecutors recommended that twin brothers Muneeb and Sohaib Akhter serve a six-year and a two-year sentence, respectively, after pleading guilty to hacking-related charges. But one of the men received a much lighter sentence.
In the wake of the Oct. 1 EMV fraud liability shift date, U.S. merchants can expect to pay for counterfeit fraud losses previously absorbed by European issuers, says Jeremy King of the PCI Council. Longer-term, he expects European banks will experience more fraud as U.S. POS and card security leapfrogs other markets.
PCI Council General Manager Stephen Orfei says the migration to EMV in the United States will facilitate faster adoption of contactless mobile payments. That's why mobile will be a hot topic at the PCI Council's annual North America Community Meeting this week.
Europe's successful migration to EMV, which began more than a decade ago, employed deadline shifts, education for cardholders and merchants and an approach based on PIN codes. Here are lessons for the in-progress U.S. migration to EMV.
The use of Bitcoin poses big cybersecurity and money-laundering concerns for banks. But the transaction infrastructure used by cryptocurrencies offers many features that banks should put to use, says former FBI Special Agent Vince D'Agostino.
The U.S. migration to EMV chip payment cards, which is progressing slowly, will be overshadowed by EMV-compliant mobile payments, says Gray Taylor of Conexxus, a convenience store and petroleum industry technology association.
A second Russian has pleaded guilty in connection with the largest U.S. hacking scheme, which compromised more than 160 million payment card numbers. But three other alleged conspirators have yet to be arrested.
A Russian hacker who was extradited to the United States earlier this year has admitted his role in the largest hack attack in U.S. history, which resulted in the theft of 160 million payment card numbers. Find out how much time he could spend in prison under his plea agreement.
The U.S. payments infrastructure will come up far short of completing the rollout of EMV technology by the Oct. 1 fraud liability shift date. Experts say high costs, a perceived lack of consumer demand and doubts about EMV's ability to significantly reduce card fraud are to blame.
The gang behind the Carbanak banking malware - tied to $1 billion in fraud - has changed tactics, using upgraded malware via spear-phishing attacks, a security expert warns. Separately, a new banking Trojan called Shifu has been targeting Japanese banking customers.
Although EMV is a far more secure payments technology, it can be exploited for fraud if it's improperly implemented, warns Gartner analyst Avivah Litan. What security lessons must be learned from past EMV deployments?
After Target's $67 million settlement with Visa to reimburse banks for expenses related to the retailer's 2013 breach, MasterCard confirms it is weighing a new deal. Will settlements derail a pending lawsuit against the retail giant?
Visa and Target have reached an agreement that reportedly will reimburse card issuers a total of up to $67 million for fraud losses and expenses tied to the retailer's 2013 breach, which exposed some 40 million payment cards.
Security is a busy sector: Symantec jettisoned Veritas, Zscaler became a "unicorn" after its most recent funding round, and we have other M&A news from Cisco, Fidelity National Information Services and Proofpoint.
In June 2012, restaurant chain Penn Station was among the first retailers hit by a POS breach linked to malware. Here, in an exclusive interview, President Craig Dunaway discusses the lasting impact of the breach.