On The Web

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Risk

Dark Web Credit Card Fraud Less Pervasive But Still an Ongoing Problem

August 2 2022

• in
• Payments fraud

“Stolen credit card data is always a hot item for sale on the Dark Web, particularly if the package includes not just the card number but the expiration date and CVV code. To crack down on fraud, card vendors have long since turned away from stripe-only cards to those with embedded security chips that not only […]

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Risk

Decentralized ID Offers a Human Approach to Identity in Cyberspace

June 3 2022

• in
• Identity theft
• Identity verification

“The nature of the digital world is that organizations, people, software, and devices are connected. This is what enables digital experiences, from business analytics to gaming and shopping.    But with millions of digital interactions happening every second, we’ve reached a scale that is difficult to comprehend, with almost limitless interdependencies. This creates an ever-expanding […]

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Risk

Four Ways Merchants Can Protect Against Account Takeover

May 2 2022

• in
• Account takeover

“Account takeover (ATO) is the process by which criminals use a variety of methods, including purchasing stolen information from the dark web, social engineering, phishing, password cracking or credential stuffing to take ownership of online accounts that do not belong to them for a variety of nefarious purposes.  Unfortunately, this attack method has seen an […]

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Companies

Apple Pay Upgrading Fraud Prevention Features Based on Device, Location, and More

April 22 2022

• in
• Card fraud

“If you checked your Wallet app today, you might have noticed that it features a notification badge there – this is because Apple Pay is upgrading fraud prevention features for some cards. Here’s what we know so far about this function.   As noticed by Twitter users and 9to5Mac staff, some cards are showing a notification […]

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Global

Euro Notches Biggest Drop as Global Payment Currency Since 2011

April 21 2022

• in
• Europe

“The euro is being used less often as a global payment currency, posting its biggest percentage-point drop in more than a decade in March, as inflation and the war in Ukraine weigh on its appeal for transactions.  Meanwhile, the U.S. dollar remained in the top spot for a 10th consecutive month, and has dominated global […]

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Risk

TSB warns impersonation fraud has surged by 300% – signs to look out for

April 20 2022

• in
• Bank fraud

“Impersonation fraud is an attack in which a criminal impersonates a company, business, organisation or individual as a key component, and reported cases have soared by 300% since 2019. Retail banking company, TSB , has warned people to be on the alert for scammers as cases of impersonation fraud soar. TSB said the average victim […]

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Risk

How Walmart Thwarted $4 Million in Elder Gift Card Scams

April 5 2022

“Technology developed by Walmart helped the retail giant identify and freeze nearly $4 million in gift cards that had been bought by thousands of primarily elderly victims at the direction of con artists who duped them, according to court records and the company. The U.S. Department of Justice, after being notified by Walmart, recently seized […]

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Companies

Block Says Ex-Worker Downloaded Cash App Customer Data – Law360

April 5 2022

• in
• Square

“Financial technology giant Block Inc. disclosed in a securities filing Monday that a former employee downloaded brokerage account information from its subsidiary Cash App without permission, saying it had notified 8.2 million customers about the security incident. Block said the information included names, brokerage account numbers — which are associated with a user’s stock activity […]

On The Wires

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Risk

NatWest Group Partners With Bottomline to Reduce Payment Fraud

April 5 2022

• in
• Authorized push payment fraud (APP)

“Bottomline (NASDAQ:EPAY), a leading provider of financial technology that makes business payments simple, smart and secure, today announced the NatWest Group has adopted Bottomline’s Confirmation of Payee (CoP) solution to service their Agency Institutions in the fight against authorised push payment fraud (APP) across the UK.”

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Reports

Government-coordinated Action Needed As Fraud Losses Rise by 30 Per Cent | UK Finance

April 4 2022

“UK Finance today releases its latest fraud report covering the first half of 2021. This report shows the scale of fraud taking place as well as demonstrating how criminals have shifted their focus to exploit weaknesses outside the banking system.”