nbsp;

Risk & Fraud

Britain’s Digital Payments Have Gotten Too Fast

November 6 2019

• in
• Faster payments
• Push payment fraud

“Unlike debit and credit card networks, which have certain types of fraud protection , consumers have had little recourse from scams involving bank-to-bank transactions. More than £600 million ($772 million) was stolen through scams, including unauthorized card fraud, in Britain during the first six-months of the year, according to trade association UK Finance .”

On The Web

nbsp;

Risk & Fraud

How Cash-Out Attacks Are Becoming the Next Big Worry for ATM Operators

October 31 2019

• in
• ATM fraud

“Payments executives are starting to go public with concerns about a growing type of ATM fraud call the cash-out attack. Unlike the well-known, single-machine attack known as jackpotting , cash-out frauds allow criminals to gain access to multiple machines simultaneously at the network level. They then employ accomplices to visit these machines to draw out […]

nbsp;

Risk & Fraud

Facebook Agrees to Pay UK Data Watchdog’s Cambridge Analytica Fine but Settles Without Admitting Liability

October 30 2019

“Facebook has reached a settlement with the U.K.’s data protection watchdog, the ICO, agreeing to pay in full a £500,000 (~$643K) fine following the latter’s investigating into the Cambridge Analytica data misuse scandal. As part of the arrangement, Facebook has agreed to drop its legal appeal against the penalty. But under the terms of the […]

nbsp;

Risk & Fraud

American Cancer Society’s Online Store Infected With Credit Card Stealing Malware

October 28 2019

• in
• Card fraud

“The American Cancer Society’s online store has become the latest victim of credit card-stealing malware. Security researcher Willem de Groot found the malware on the organization’s store website, buried in obfuscated code designed to look like legitimate analytics code. The code was designed to scrape credit card payments from the page, like similar attacks targeting […]

nbsp;

Risk & Fraud

NCR Barred Mint, QuickBooks From Banking Platform During Account Takeover Storm — Krebs on Security

November 4 2019

“Banking industry giant NCR Corp. [ NYSE: NCR ] late last month took the unusual step of temporarily blocking third-party financial data aggregators Mint and QuickBooks Online from accessing Digital Insight, an online banking platform used by hundreds of financial institutions. That ban, which came in response to a series of bank account takeovers in which cybercriminals used aggregation sites to surveil […]

nbsp;

Regulation

UK Lawmakers Want Bank Payments ‘Speed Bump’ to Stop Scammers | The Chronicle Herald

November 5 2019

• in
• Push payment fraud

“A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday. Parliament’s Treasury Select Committee said fraudsters stole over 600 million pounds ($777 million) from consumers in the first half of 2019 and regulators must crack down harder […]

nbsp;

Risk & Fraud

The Big Bitcoin Heist

November 6 2019

“But the true value of the computers was far greater. If the thieves knew how to operate them, the machines could be used to mine Bitcoins—an operation that would churn out a continuous stream of virtual money for the burglars, all of it encrypted and completely untraceable. The criminals weren’t robbing banks, or even Fort […]

nbsp;

Risk & Fraud

Facebook Sues Israel’s NSO Group Over Alleged WhatsApp Attack

November 6 2019

“In the suit, Facebook, which owns WhatsApp, filed Tuesday in federal court in California, the company says that NSO Group’s software was behind a sophisticated campaign to hack the phones and messages of journalists, human-rights advocates and other targets chosen by its clients, which include foreign governments.”

nbsp;

Risk & Fraud

Pay.UK Knocks Back Faster Payments Fees to Cover APP Fraud

November 15 2019

• in
• Push payment fraud

“Proposals by seven UK banks to levy a per transaction fee for for certain Faster Payment transactions as a means to provide a long-term, sustainable funding arrangement for the reimbursement of APP scam victims, have been knocked back by governing body Pay.UK following an industry-wide consultation.”

nbsp;

Risk & Fraud

Fraudsters Prep for Holiday Shopping Season With Increase in ATO Attacks

November 14 2019

“Arkose Labs, in their newly released third-quarter fraud report, observed a 30 percent increase in account takeover attacks in the retail industry compared to the previous quarter. Arkose officials said 81 percent of all retail attacks were fraudulent payments transactions, with fraudsters targeting this sector to monetize the identity and payment credentials that have been […]