Today is the Beginning of the End For Magnetic Strips

No more swiping: new credit cards designed to reduce theft


For the black magnetic stripes on the backs of your credit and debit cards, Thursday will mark the beginning of the end — a shift that could be costly for retailers.

Since the beginning of credit cards, merchants were never liable if a thief used a stolen or counterfeit credit card to shop; the bank issuing the card usually made both the customer and the store whole.

But starting Thursday a subtle shift happens. If retailers who don't follow new procedures for credit card security, including the use of new cards that include embedded computer chips, then they will have to pay for what thieves steal.

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What Happened To 2-Factor Authorization?

That big security fix for credit cards won’t stop fraud


Tomorrow is the deadline that Visa and MasterCard have set for banks and retailers across the US to roll out a new system for more secure bank cards with microchips embedded in them.

Over the last few years, card issuers have spent between $200 million and $800 million to distribute new debit and credit cards to accountholders, while large retailers like Target, Home Depot and Walmart have spent more than $8 billion to install new card readers capable of reading the chips.

Despite this effort, retailers say the new system is highly flawed because instead of issuing the so-called chip ‘n’ PIN cards that offer two-factor authentication, banks and other card issuers are distributing chip ‘n’ signature cards, which thieves can easily undermine.

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Is Sabotaging Cybercrime as Easy as 1, 2, 3?


Google’s three tips for sabotaging the cybercrime economy


With hackers and the security research community constantly finding new ways to break every piece of software that touches the Internet, it’s easy to get lost in the endless cycle of hacks and patches and hacks. But one team of Googlers and academic researchers has stepped back from that cycle to take a broader view of the maelstrom of scams, fraud and theft online. The result is a portrait of the digital underworld that goes beyond the traditional idea of corporate security to sketch the entire supply chain of online crime from hacking accounts to cashing out—focusing on where that chain can be weakened or snapped.

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The Catch-22 of The Mobile Checkout Experience

Are frictionless payments an on ramp to fraud?


The latest research shows the growth of eCommerce fraud rising nearly 100 percent, but could misplaced merchant focus be the reason for the spike? Ralph Dangelmaier, CEO of BlueSnap, sat down with MPD CEO Karen Webster to discuss how shifting the conversation with the merchant could hold the key to combating the work of fraudsters.

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Sellers, Beware!

The scary thing you don’t understand about Venmo


Millenials love Venmo, and for good reason. The PayPal-owned app provides a frictionless way for friends to pay one another without ever touching cash. And if one of your pals “forgets” to pay what he owes, you don’t have to resort to the awkward (and old-fashioned) step of asking for the money—the app’s “request” button will do the job for you.

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The Cost of Evading Government Pollution Tests

Putting a price on Volkswagen's emission-fraud mess


An $18 billion liability figure attached itself on Friday to Volkswagen's diesel disaster. Tuesday morning brought news that the German carmaker has set aside $7.3 billion (€6.5 billion) to cover a scandal spreading worldwide. How to make sense of these impressive-sounding numbers? 

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A Day in The Life Of a Cybercriminal

An identity thief explains the art of emptying your bank account


Nightfall in Minsk means Dmitry Naskovets begins working the phone. At 24, Naskovets is tall and skinny, and still looks like the college kid he recently was. He’s in his apartment’s kitchen, in a respectable neighborhood off the second ring road in the capital of Belarus. He starts around 6 p.m. and usually doesn’t quit until three the next morning.

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