Payments News

On The Web

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Risk

Nasdaq Makes Push Into Anti-Money Laundering Tech with New AI-Based System

“Exchange group Nasdaq said on Wednesday that it is launching AI technology to help retail and commercial banks automate anti-money laundering (AML)investigations, as it expands into the financial crime software market. The company hopes the system can make it quicker and cheaper for banks and other financial institutions to sift through the deluge of alerts […]
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Risk

Money-Launderers Use Chinese Online Shopping Sites to Funnel Cash Offshore

“Money launderers have used some of China’s leading online shopping sites to transfer billions of dollars to offshore gambling sites, police raids have revealed.  People wishing to evade China’s strict capital controls, for example to gamble on offshore websites, have been placing fake orders on the shopping sites, including on Pinduoduo, China’s second-largest platform by […]
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Risk

Warner Music Discloses Months-Long Web Skimming Incident

“Music recording powerhouse Warner Music Group has disclosed today a security incident that involved some of the company’s online stores. Called “web skimming” or “magecart,” this type of attack happens when hackers take control over a website and insert malicious code that logs customer details entered inside payment forms.”
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Companies

PayPal has a fraud problem

“At first glance, the email looks like a textbook phishing attempt. Subject line: “Invoice from Help those affected by the California Wildfires. Body text: “‘Help those affected by the California Wildfires’ sent you an invoice for $35.00 USD.” A button in the email reads “View and Pay Invoice.” Who in their right mind would click that?”
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Risk

DDoS extortionists target NZX, Braintree, and other financial services

“For the past weeks, a criminal gang has launched DDoS attacks against some of the world’s biggest financial service providers and demanded Bitcoin payments as extortion fees to stop their attacks. Just this week, the group has attacked YesBank India, Worldpay , PayPal , Braintree , and Venmo , a source involved in the DDoS […]
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Risk

Tens of suspects arrested for cashing-out Santander ATMs using software glitch

“Based on information ZDNet received from a Santander spokesperson, sources in the threat intelligence community, and details released by police departments in the affected towns, criminal gangs appear to have found a bug in the software of Santander ATMs. The bug allowed members of criminal groups to use fake debit cards or valid preloaded debit cards to […]
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Regulation

Banking Regulator Fines Capital One $80 Million Over 2019 Hack

“A top banking regulator has fined Capital One Financial Corp. $80 million over a 2019 hack that compromised the personal information of about 106 million card customers and applicants. The Office of the Comptroller of the Currency said the bank failed “to establish effective risk assessment processes“ before transferring information-technology operations to the public cloud […]
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Risk

U.S. Coronavirus Fraud Losses Near $100 Million As COVID Scams Double

“U.S. losses from coronavirus-related fraud and identity theft have reached nearly $100 million since the pandemic emerged in March, while complaints of COVID-19 scams have at least doubled in most states, a consumer protection group said on Tuesday. A report from the group, based on government data, highlighted the vast scope of a fast-growing criminal […]

On The Wires

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Global

UK Banks Outperform Rest of Europe in Reducing Card Fraud

“UK banks achieved the biggest reduction in card fraud losses last year among 18 countries across Europe, according to the updated FICO European Fraud Map. More than half of the countries saw increases in card fraud losses in 2019 according to the report, based on data from Euromonitor International and UK Finance.”
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Risk

Nine Charged with $24 Million COVID-Relief Fraud Scheme

“The owner of a Florida talent management company and four others were charged in complaints unsealed yesterday for their alleged participation in a scheme to file fraudulent loan applications seeking more than $24 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic […]