Investment

Computer hackers targeted JPMorgan Chase & Co. and at least four other banks in a coordinated attack on major financial institutions this month, according to a U.S. official.

According to Javelin Strategy & Research’s 2014 Identity Fraud Report, 13.1 million consumers became a victim of identity fraud in 2013—the second highest level on record. This means that 5% of the U.S. population is now being affected by identity fraud every year.

Jamie Topolski, the new director of alternative payment strategies for the Output Solutions division of Fiserv, expects that the U.S. migration to EMV will take as many as 10 years to complete.

Nacha, the electronic payments association, has stepped up scrutiny of the automated clearing house network in an attempt to weed out fraudulent charges.

The U.S. won a Dutch top court ruling allowing it to seek the extradition of a Russian man suspected of helping to lead a ring that hacked 17 companies including Nasdaq OMX Group Inc. and 7-Eleven Inc.

Swisscard AECS AG, the Zurich-based joint venture of Credit Suisse AG and American Express, has implemented Entersekt's 3D secure-based mobile security system, Transakt.

Since Google announced support for host card emulation (HCE) in Android KitKat 4.4 last year, the industry has been divided.

Underwriters Laboratories has been testing physical products for safety for more than 100 years, and the company has joined the payments industry at an opportune time.

United Parcel Service Inc. said a breach of computer security at some of its UPS Store retail outlets may have exposed customers’ personal and payment data this year.

The Backoff malware, which targets point of sale systems and has hit hundreds of businesses, may catalyze adoption of EMV "chip and PIN" cards and two-factor authentication as merchants look for ways to soften the impact of the next attack.