Researchers find avenues for fraud in Square
News from CNET:

Zac Franken, director at Aperture Labs, holds up the Square device for processing credit cards with a mobile device. His company has just discovered two ways to steal credit card data using Square.

(Credit: Seth Rosenblatt/CNET)

LAS VEGAS–Researchers at the Black Hat security conference today revealed two ways the Square payment system, which turns any iPhone, iPad or Android into a point-of-sale credit card processor, could be used for fraud.

Adam Laurie and Zac Franken, directors of Aperture Labs, discovered that they can transfer money from a stolen card into their bank account associated with Square without having to swipe a …………… continues on CNET
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Fraudsters swipe your card details to get at your cash
News from Independent Online:

Illustration: Colin Daniel

Bank card fraud overall is decreasing, but you still need to be on the alert because the incidence of card skimming and “card-not-present” fraud continues to increase, the South African Banking Risk Information Centre (Sabric) says.

Bongani Diako, the spokesman for Sabric, says overall card fraud, including the use of stolen cards and false card applications, has declined over the past three years.

The banking industry’s losses due to the fraudulent use of lost and stolen cards fell from R92.9 million in 2009 to R37.2 million last year – a drop of 60 percent.

The main risk areas for card fraud currently appear to be card skimming, card-not-present fraud and lost or stolen cards. This pertains to all cards, including debit cards, cheque cards and credit cards.

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