Internet payment firm Paycom Billing Services has filed a lawsuit against MasterCard, alleging the credit card issuer committed fraud when processing merchants' online transactions.
A rise in credit card transactions via the Internet, phone and mail-order is prompting card heavyweights to promote tougher security standards for transaction data, according to MasterCard.
Two cards containing microprocessors that generate one-time passwords are being touted to Australian banks as possible replacements for tokens and passwords delivered by SMS and one is already being trialled by Visa.
SMS-based two factor authentication has been touted as a way of improving online banking security but Westpac's head of information security disagrees.
MasterCard International today said it had acted to shut down 13 fraudulent financial Web sites based in Australia under an 11-month campaign that saw around 1,400 terminated globally.
An estimated 27,000 people have been affected by an identity theft ring that was discovered earlier this month, according to Sunbelt Software, the security company that uncovered the operation.
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