The Nilson Report

THE CURRENT ISSUE: Issue 1063 | May 2015


Today's Download: The Current Issue
FEATURED COMPANIES

Companies featured in The Current Issue include:

Headlines from The Current Issue

Latin America General Purpose Cards

U.S. Card Spending at Merchants

Kaspersky Mobile Payment Fraud Protection

HPS/Gemalto Token Partners

Fastacash Social Network Money Transfers

Apple Watch NFC Payments

Kabbage Adds MasterCard Debit Card

Investments & Acquisitions - April 2015

Visa Europe Expands P2P Money Transfers

Charts in this Issue

Purchase Volume in Latin America

Investments & Acquisitions - April 2015

Purchase Transactions on Cards Issued in Latin America 2014 vs. 2019

Latin America General Purpose Cards 2014 vs. 2013

Purchases at Merchants on U.S. General Purpose Cards

Purchase Volume at Merchants Using General Purpose Credit, Debit, and Prepaid Cards Issued in the U.S.

Purchase Transactions on Cards Issued in Latin America 2014 vs. 2019

Visa, MasterCard, American Express, and Diners Club cards issued in the Latin America and Caribbean region generated 15.55 billion purchases at merchants in 2014.

1. Visa
9.97 Billion
2. MasterCard
5.11 Billion
3. American Express
0.40 Billion
4. Diners Club
0.08 Billion

Full access to the Purchase Transactions on Cards Issued in Latin America 2014 vs. 2019 results is available when you subscribe to The Nilson Report.

POSTED MAY 19, 2015 | PRINT

KASPERSKY MOBILE PAYMENT FRAUD PROTECTION

Because of a reluctance to rely on consumers to download security protection to their computers, browser-based ecommerce fraud fighting has been reactive — layers of authentication systems on the front end of a transaction in combination with back-end systems that gather and analyze data after an online sale has been completed. These legacy systems provide limited protection against fraud enabled by malware or stolen identification credentials, particularly when transactions are initiated by a mobile device. 

The move to protect mobile payments can be more proactive because most mobile commerce will be done within an application, not through a mobile Web browser. The fraud protection division of Kaspersky offers Kaspersky Fraud Prevention Mobile SDK, software tools that secure transactions from mobile devices using Android, iOS, and Windows operating systems. The software development kit (SDK) is integrated directly into an issuer’s or merchant’s native application. 

Kaspersky software can help protect the initial entry of payment card details to a mobile device and validate the person making a payment. The SDK can determine if a device is clean from man-in-the-middle and eavesdropping malware and also detect if malicious software has already been placed on a device by fraudsters. 

Once Kaspersky tools reside in a consumer’s device, they identify and assess the existing risk from suspicious applications or outdated firmware, protect the device by quarantining malicious files and preventing new malware from being installed, secure the communication between the device and a card issuer or merchant, guard sensitive data stored in the operating system, protect incoming SMS text messages from being intercepted by fraud or attack, and defend applications from attempts at being modified.

Malware can perform key logging, which enables fraudsters to steal a consumer’s payment card account number. Other types of malware capture a mobile device’s screen or impose an overlay on the screen or inject commands from the Web. They take command of the mobile device to communicate directly with fraudsters, allowing them to, among other things, see all security questions posed by an issuer. 

Kaspersky Fraud Prevention Mobile SDK blocks the malware from taking actions, which ensures that the mobile device is conducting a session only between the consumer and an issuer or merchant. Because the SDK is embedded in mobile apps published by issuers and merchants, not downloaded, there is no additional step required of consumers. Communication related to security occurs between the app and the developer using automated verification of digital certificate authenticity without consumer involvement. Security within an app can actually reduce the need for extra layers of authentication such as a PIN. Adding mobile fraud protection to legacy systems reduces the number of false positive fraud alerts that issuers and merchants need to address, allowing the legacy systems to function more efficiently.

The Kaspersky Fraud Prevention Mobile SDK is integrated into the Kaspersky Security Network, which is part of Kaspersky Lab, provider of endpoint protection solutions to more than 400 million users in almost 200 countries and territories.

Ross Hogan is Global Head of Fraud Prevention at Kaspersky Lab in Woburn, Massachusetts, 

(781) 503-1800, ross.hogan@kaspersky.com

www.kaspersky.com.