News Roundup 2/19: 3 Stories That Caught Our Eye
By Sarah Beldo /
19 Feb 2016
MasterCard invests in behavioral analytics
Fraud false positives are painful – for merchants, shoppers, and card issuers. That’s why MasterCard has rolled out a new offering called MasterCard IQ that uses behavioral analytics to get better insights about shoppers…and, hopefully, reduces the number of legitimate shoppers whose cards are incorrectly declined.
MasterCard’s Ajay Bhalla told CNNMoney that the update is “revolutionary,” explaining that “Now the card-issuing bank will have all these new pieces of information they never got before to make an intelligent decision.” According to CNNMoney, MasterCard has teamed up with 3,000 retailers and a telecom company to gather data on consumers’ shopping habits. The numbers will be crunched to produce a “reliability score” for each shopper. But the company was also careful to emphasize that none of the data can be reverse-engineered to identify individuals.
Stolen credit card info sold in plain sight
Are hackers moving from the dark web to the “in plain daylight” web? According to PYMTS.com, an investigation by the UK-based The Times found that stolen info from 1 million debit and credit cards has been on sale on a regular ol’ website called Bestvalid.cc.
Not only does the site operate out in the open, it also seems to be set up like a typical e-commerce site, with customer support and even refunds offered, the investigation found. This latest story just confirms what many security and fraud experts have been saying: data breaches are the new norm, and – whether we like it or not – our personal information is probably already on sale somewhere.
Instagram finally offers two-factor authentication
Instagram is notorious for many things: selfies, photos of fancy coffee, self-made celebrities… and some less savory stuff: the proliferation of fake accounts, and how commonly accounts are hacked. That’s why it’s welcome news that the social networking site is finally introducing two-factor authentication as a security measure.
Wired reports that the option is still being rolled out, so you might not see it for a little while yet. And, of course, this doesn’t do anything to address the fake accounts…for that, we’d suggest a little thing called machine learning to help weed them out.