Payments News

On The Web

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Risk & Fraud

Millions of Venmo Transactions Scraped in Warning Over Privacy Settings

June 17 2019

“A computer science student has scraped seven million Venmo transactions to prove that users’ public activity can still be easily obtained, a year after a privacy researcher downloaded hundreds of millions of Venmo transactions in a similar feat. Dan Salmon said he scraped the transactions during a cumulative six months to raise awareness and warn […]
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Risk & Fraud

Nearly a Third of Retailers Say Online Sales Represent the Greatest Increase in Fraud at Their Companies

June 17 2019

“Nearly 50% of retail loss prevention professionals are getting bigger budgets to help quell fraud, according to a report released by the National Retail Federation earlier this month. 44.5% of loss prevention professionals surveyed said their budgets for loss prevention efforts are increasing, and 68.2% say they’ll allocate additional resources to stop fraud, most of […]
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Risk & Fraud

Phishing, Ransomware Are Top Cyberattacks on Financial Services Firms

July 2 2019

“Financial services firms reported 819 cyber incidents to their watchdog, the Financial Conduct Authority (FCA), last year, a huge rise on the 69 incidents reported the year before. Retail banks were responsible for the highest number of reports to the regulator – 486 – followed by wholesale financial markets on 115 reports, and retail investment […]
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Regulation

British Airways Faces Record £183m Fine for Data Breach

July 8 2019

“The airline, owned by IAG, says it is “surprised and disappointed” by the penalty from the Information Commissioner’s Office (ICO). At the time, BA said hackers had carried out a “sophisticated, malicious criminal attack” on its website. The ICO said it was the biggest penalty it had handed out and the first to be made […]
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Risk & Fraud

Bitcoin ATMs Show Gap in EU’s Money Laundering Rules, Police Say

July 11 2019

“A Spanish effort to prosecute a gang that used Bitcoin automated cash machines suspected of being a front for illegal-drug payments has exposed a hole in European anti-money-laundering controls, law-enforcement authorities in the country said.    Rules designed to force money handlers to vet their clients don’t apply to the cash machines’ owners or to […]
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Reports

EAST Publishes European Fraud Update 2-2019

July 16 2019

“Two countries reported mobile wallet fraud in relation to Apple Pay. One reported that mobile wallets are fast becoming the new money mules – fraudsters are enrolling cards that are not yet associated to a specific wallet. Another country reported that fraudsters are obtaining security codes through phishing, with which they can then install a […]

On The Wires

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Risk & Fraud

Visa Prevents Approximately $25 Billion in Fraud Using Artificial Intelligence

June 17 2019

“Visa Inc. (NYSE: V) today announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions prevent an estimated $25 billion in annual fraud—making the global payment ecosystem safer for retailers and consumers.i VAA is a comprehensive risk management tool that monitors and evaluates transaction authorizations on the Visa global payment network, […]