Tag Archives: ATMs

Cyber security firm Foregenix scoops Queen’s Award for Enterprise

A cyber security firm has picked up the Queen’s Award for Enterprise. Foregenix, which celebrates its 10th Anniversary this month, received the award for its work in international trade and is believed to be the first cyber security consultancy with a determined focus on protecting the payment and finance industries to pick up the accolade.

Headquartered in the UK, Foregenix has generated around 60% of its revenue from international sales over the past four years, helped by new offices in Boston servicing North America, Frankfurt, Europe, Sydney, Australasia and São Paulo, Brazil and a new base in Singapore in 2019.

Foregenix offers a range of services including managed detection and response, digital forensics, compliance and risk. It’s one of the leading certification companies for payment systems on PCI point-to-point encryption and an authority on ATM ‘cash-out’ attacks.

The Queen’s Award for Enterprise follows on from recognition by The Sunday Times as one of the Top 100 SME exporters in 2017 and 2018.

ForegenixPaulHumpageAndrewHenwoodBenjaminHosack

Left to Right: Paul Humpage, Andrew Henwood and Benjamin Hosack of Foregenix

The Queen’s Awards have recognised the achievements of British businesses since 1965. Around 200 businesses receive the accolade each year.

Co-founder and CTO Andrew Bontoft commented: “It’s testimony to the brilliant work and dedication of our global team that we’ve received this prestigious award. We’re very proud of what the team has achieved and grateful for the recognition this award signifies. We would also like to thank our clients and suppliers for helping us to achieve this honour.”

CEO Andrew Henwood added: “Foregenix aims to protect businesses and organisations from criminals who attempt to endanger people’s livelihoods and futures for their own enrichment. It’s a cause that resonates with our customers. We offer them practical advice and solutions for baked-in security and real risk reduction.”

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March Networks introduces “world’s first” self-contained HDR surveillance camera for banking ATMs

Intelligent IP video solutions developer March Networks has introduced the MegaPX ATM camera. The MegaPX is believed to be the security sector’s first self-contained, covert IP camera with High Dynamic Range (HDR) image clarity.

Purpose-built for easy installation in leading ATMs, the camera captures highly-detailed video in all lighting conditions, enabling banking investigators and the police to clearly identify faces and other distinguishing features.

The new models are ONVIF Profile S compliant and can be deployed seamlessly to provide the high quality ATM video evidence many financial institutions are seeking to fill a gap in their complete banking surveillance solution.

March Networks' Mega PXATM camera

March Networks’ MegaPX ATM camera

“While ATM-related fraud incidents fell last year, related losses and losses through both skimming and ATM physical attacks have increased in Europe* so banking organisations are relying more heavily than ever on IP video technologies that can provide clear video evidence to accelerate investigations,” explained Net Payne, chief marketing officer at March Networks. “This new camera offers financial institutions a way of capturing better video at ATMs and advances an area of the banking surveillance ecosystem which, until now, has not kept pace with technology improvements.”

The MegaPX ATM camera combines HDR and “exceptional” low-light performance to capture clear video in high contrast lighting, such as the direct sunlight and near-dark conditions that ATM’s can be located in at different times of the day.

Available with a 2.8 mm standard lens or 3.7 mm pinhole lens, the camera’s wide field of view records ATM users from the waist up rather than just capturing faces to provide more comprehensive video evidence. In addition, an innovative feature auto-corrects images recorded behind the tinted glass enclosures present in many of today’s ATMs.

Distinct from other covert cameras with separate sensor units, the MegaPX ATM models combine all components in a single housing measuring just 2.2 x 2.3 x 2.7 inches (5.6 x 5.8 x 7 cm). This self-contained design speeds installation and eliminates typical cable wear and tear.

To prevent the cameras from shifting – a common issue caused by ATM doors being slammed during the daily cash vaulting process – the MegaPX ATM solution offers a choice of two mounting brackets that lock firmly into place. The robust locking mechanism ensures that the camera’s desired field of view is maintained and that images are not cut off or lost altogether.

Importantly, this feature saves financial institutions and their systems integrators valuable time and expense by eliminating continual service calls for onsite camera adjustments.

Making service calls even faster and more convenient, each MegaPX ATM camera is supplied with a unique QR code that technicians can scan with their mobile device using March Networks’ free GURU Smartphone Application. GURU automates typically time-consuming tasks such as determining a camera’s serial number, verifying its warranty status and completing online return forms.

The app also connects systems integrators with ‘How To’-style video tutorials, product manuals and convenient troubleshooting tools to help them work more efficiently and resolve camera issues onsite.

*Further information on the new MegaPX ATM cameras is available online at: www.marchnetworks.com.

*Source: EAST, European ATM Crime Report, April 2015

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Customers urged to be vigilant as card fraudsters increase scam attacks

New figures released by Financial Fraud Action UK show that card and remote banking fraud increased during the first six months of 2014. The intelligence behind the figures reinforces recent trends, which have seen the growth of deception crimes seeking to persuade consumers to part with their personal and financial information, as well as criminals’ use of computer viruses. As a result, customers are being warned to remain vigilant and aware of the key warning signs of scams.

Fraud losses on UK cards totalled £247.6 million between January and June 2014, an increase of 15% from £216.1 million during the same period in 2013. Fraud as a proportion of card purchases has remained flat at 7.4 pence for every £100 spent, the same proportion as the industry reported at the end of 2013.

Losses on remote banking fraud rose to £35.9 million, up 59% from £22.6 million in 2013. Within this total, online banking fraud losses rose to £29.3 million, a growth of 71% from £17.1 million in 2013. Telephone banking fraud rose to £6.6 million, up 20% from £5.5 million. Intelligence suggests criminals are targeting business accounts which typically allow higher value fraudulent transactions.

Losses due to remote card purchases (those made online, over the telephone or by mail order) rose to £174.5 million in the first six months of 2014, up 23% from £142 million in the same period in 2013.

Within this total, the e-commerce fraud loss is estimated to be £110 million, up 23% from an estimated £89.5 million in the first half of 2013. While significant, this rise needs to be viewed in the context of the increase in Internet shopping by British consumers, with spending up from an estimated £40.5 billion in the first half of 2013 to an estimated £47 billion in the same period in 2014 (according to IMRG). Card payments are the main driver of online spending growth as they provide the most effective way to pay online.

Card fraud rises, but as a proportion of spending remains flat at 7.4 pence for every £100 spent during the first half of 2014

Card fraud rises, but as a proportion of spending remains flat at 7.4 pence for every £100 spent during the first half of 2014

Growth of deception crimes

A key driver for the rise in fraud losses has been the growth of deception crimes aimed at individuals and businesses. A combination of Chip and PIN and advanced fraud screening detection processes used by the banks drove a long-term decline in card fraud up to 2012. This is illustrated by the 72% decline in High Street fraud losses between 2004 and 2013. In response, fraudsters are increasingly concentrating their efforts on obtaining personal and financial details from individual customers rather than attacking the security systems used by the banks.

An increasing problem has been criminals telephoning people at home while posing as the bank, police or representatives of other trusted organisations such as Government departments. These cold calls typically involve the fraudster tricking their victim into revealing personal or financial information, such as their four-digit PIN or online banking details, transferring money to another account or accepting a courier into their home to pick up their card.

Once details have been compromised, they are then used to commit fraud through both remote (telephone or online) banking channels and via shopping online.

Commonly, fraudsters target retailers who have not introduced adequate Internet shopping protections. Research conducted by the ICM for Financial Fraud Action UK (FFA UK) showed that a quarter (25%) of customers do not take steps to challenge the identity of a cold caller, with this figure rising to 34% of 18-24 year-olds. To stop these scams, police and fraud experts are highlighting the key warning signs.

Your bank will never:
*Call you and ask for your four-digit PIN or your full online or telephone banking security codes over the phone
*Ask you to withdraw money to hand over to them, or to transfer money to another account (even if they say the account is in your name)
*Come to your home to collect your cash, payment card or cheque book
*Ask you to purchase goods using your card and then hand them over for safe keeping

Intelligence also shows criminals are using computer viruses to steal personal and financial information which is then used to commit fraud. FFA UK strongly endorses last month’s ‘Call to Action’ by the National Crime Agency for consumers to download and update security software. Free software is often available for customers to download from their banks’ website.

Distraction thefts: driver of fraud

Distraction thefts in shops and at ATMs have been identified as a driver of fraud on lost or stolen cards, which has increased by 3% to £29.2 million from £28.2 million in the first half of 2013.

Meanwhile, mail non-receipt fraud has increased by 10% to £5 million, up from £4.6 million, with fraudsters targeting multiple occupancy residences to intercept cards and personal details from post boxes.

Counterfeit card fraud rose by 4% in the first six months of 2014 to £24.2 million, up from £23.3 million in 2013. The key driver for this modest rise is that stolen card details in the UK are being used to create counterfeit cards for use overseas in countries which have not yet implemented Chip and PIN.

Fraud on contactless cards continues to be negligible at £51,000 over the first six months of the year, which is just 0.007% of contactless card spending. Cheque fraud losses fell by 34% to £10.5 million in the first half of 2014, from £15.8 million in January to June 2013. The continued success of improved fraudulent cheque detection methods and enhanced prevention controls is the driver for this long-term decline.

The industry is tackling fraud through enforcement, information sharing, technological advances and awareness campaigns. The industry fully sponsors a specialist police unit, the Dedicated Cheque and Plastic Crime Unit (DCPCU), which identifies and targets the organised criminal gangs responsible for payment fraud. Since its inception in 2002, the DCPCU has achieved an estimated £800,000 per week in savings from reduced fraud.

Through FFA UK, the card and retail banking industry securely shares intelligence on emerging threats and identifies patterns in fraud which protect consumers and strengthen the industry’s defences.

Banks use a range of increasingly sophisticated fraud screening detection tools to prevent fraudulent transactions. FFA UK will shortly be launching a ‘vishing’ awareness initiative aimed at increasing customer vigilance over such scams.

Detective Chief Inspector Perry Stokes, head of the DCPCU, said: “Be very suspicious of phone calls, texts or e-mails which come out of the blue asking for personal or financial details, regardless of who the person on the other end of the line claims to represent. Be aware of the warning signs. Your bank will never ask you for your four-digit PIN, to transfer or withdraw money or to give your card to a courier. We’re asking members of the public to pass this information on to any family and friends who may be unaware, and echo recent calls made by the Commissioner of the City of London Police for a national awareness-raising campaign led by Government.”

View the full 2014 half year fraud figures

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