Rippleshot Blog

The State of Card Fraud  — and the Impact on Financial Institutions

Posted by Anna Lothson on 25, Aug, 17

Financial institutions are continuing down their digitization transformation by investing in innovative technology. The problem? This opens the floodgates for more touch points for hackers to breach. Another problem? Those fraudsters are more sophisticated than ever. Banks are using new tools to fight fraud— machine learning, automation, cloud technology, etc. —  but so are the fraudsters.

It's a bit of a Catch 22 that exists within the card fraud ecosystem.

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Topics: EMV, Fraud

US Payments Forum's "Spring 2017 Market Watch Snapshot" in a Nutshell

Posted by Kaleigh Simmons on 11, May, 17

At the end of April, US Payments Forum released its "Spring 2017 Market Watch Snapshot." The Forum is a cross-industry body created to address issues that require broad cooperation across the payments industry, including the introduction of EMV chip technology and other payment technologies in the U.S. Their report's top three topics of focus included merchant EMV chip adoption, clarifying CNP fraud status, and increasing focus on transit payments.

Here's a peek into US Payment Forum's recently released key insights on the subjects.

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Topics: Industry News, EMV, Payments

Data Breaches Pre- and Post-EMV Chip Compliance Requirements: What We Can Learn from Home Depot, Target, and Wendy's

Posted by Kaleigh Simmons on 20, Apr, 17

Home Depot is still feeling the effects of the fallout from its 2014 data breach. As a reminder, the breach affected more than 50 million cardholders who used payment cards on its self-checkout terminals in U.S. and Canadian stores between April and September 2014. The cyber thief posed as a vendor, using the vendor's username and password to access both payment card data and customer email addresses.

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Topics: EMV, Cybersecurity

EMV Chip Migration — U.S. Merchants a Day Late and a Dollar Short?

Posted by Kaleigh Simmons on 22, Mar, 17

The U.S. Payments Forum announced in its 2017 Winter Market Snapshot that there has been steady progress in the U.S. migration to chip payments, with 9 out of 10 Americans commonly using chip cards at the approximately one-third of U.S. merchant locations enabled to accept chip payments. "Steady progress" is one way to look at it. Another way is that the deadline for POS terminals to become EMV compliant was October 1, 2015 — well over a year ago — and the findings tell us only one-third of merchant locations have made the switch so far.

So what's slowing them down and how can it be fixed? Let's take a look.

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Topics: EMV, Fraud

2016 Reflections and Predictions for 2017

Posted by Canh Tran on 12, Jan, 17

This article was first published in Let's Talk Payments on January 5th.

The year 2016 saw the aftermath of EMV implementation impacting financial institutions, merchants and consumers across the US. Though many expected to see a number of positive benefits from EMV, those benefits didn’t include a reduction in the number of merchant compromises or fraudulent activity.

As 2017 kicks off, we’ve taken a look back at the key trends in the fraud and data breach space over the past year – what we learned and what’s to come in 2017.

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Topics: EMV, Fraud

The Top 11 Stats of 2016

Posted by Sid Khaitan on 11, Nov, 16


It’s safe to say that 2016 has been a year of heightened turmoil for the payments and security industry. With the aftermath of EMV implementation, a sharp rise in data breaches, and unprecedented fraud losses by issuers, we know that this year has kept you busy. The good news is, we’re here to help. In order to save you time, we have compiled a list of key statistics that paint the bigger picture of the industry as a whole. Follow the Rippleshot Team as we take you through the Top 11 Stats of 2016.

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Topics: EMV, Fraud, Cybersecurity, E-Commerce, Friendly Fraud, CFPB, Payments

Key Issues and Challenges for Debit Card Issuers

Posted by Kaleigh Simmons on 23, Aug, 16

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No surprise here. Pulse Network’s 2016 Debit Issuer Study cites an across the board increase in fraud losses for all types of financial institutions from 2014 to 2015. But where’s it all coming from? How will mobile payments impact the debit market? And what sort of growth is expected over the coming years? We cover it all ahead:

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Topics: EMV, Fraud

The Evolution of European Card Fraud

Posted by Sid Khaitan on 16, Aug, 16

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“Those who cannot remember the past are condemned to repeat it”.

This quote couldn’t hold more true when it comes to the EMV liability shift in America. Cybersecurity experts are perplexed regarding the future, scrambling to find clues in order to predict the who, what, when, and why of the EMV roll-out. What they don’t know is that the answers may actually lie within the past, or across the Atlantic Ocean. Most Americans are quick to forget that we were actually one of the latest to adopt the EMV standard, following suit after Africa, the Middle East, Asia, Latin America, and almost all of Europe. So when it comes to painting a picture of the aftermath that will result from widespread adoption of EMV protocols, why don’t we examine our international counterparts more closely? Join us as we discuss European history surrounding EMV adoption, fraud trends that will carry over to America, and the implications of widespread EMV implementation in our latest infographic: The Evolution of European Card Fraud.

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Topics: EMV, Fraud, Cybersecurity, E-Commerce

The “Brief” History of Chip-Card Hacking

Posted by Sid Khaitan on 10, Aug, 16

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Chip-card hacking has most likely been around longer than you think. Commonly known as the EMV standard, which represents the card network consortium of Europay, Mastercard, and Visa, the chip-based card technology has been widely adopted in virtually every global market (except for the U.S. until recently). EMV was born in 1994, when the three international payment systems sought to develop a global chip specification for payment systems, and the first production version was released in 1996. By embedding a secure chip into a plastic payment card, EMV technology enhances the overall security of debit/credit cards, overshadowing the effectiveness of the traditional magnetic stripe-and-swipe. In addition to replacing the outdated signature with a more secure PIN (personal identification number), the chip card utilizes cryptographic processing to create an ID that is unique to every transaction, as opposed to displaying sensitive account and payment information. However, the common misconception is that EMV is the “be all, end all” of payment security- this couldn’t be further from the truth. Find out how chip-card hacking has evolved from a replacement of internal hardware to sophisticated ATM shimming software as the Rippleshot Team explores the history of chip-card hacking.

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Topics: Compromises, EMV, Fraud, Cybersecurity

2016 Trends in Global E-commerce Fraud

Posted by Sid Khaitan on 21, Jul, 16

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By 2019, the global e-commerce market is predicted to be worth US $2.4 Trillion. In short, e-commerce is growing at an unforeseen rate. Unfortunately, it also means that online payment fraud, a notorious companion, will tag along for the ride. In their latest research report, Fraud Trends 2016, WorldPay highlights the key issues at the fore of global risk and fraud prevention, such as perceptions regarding mobile fraud, the use of social media in risk mitigation, and the inability of companies to effectively leverage data.

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Topics: Compromises, EMV, Fraud, E-Commerce