Payments News

On The Web

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Risk & Fraud

Payfone Partners With TransUnion to Identify Bank Customers

“Consumer credit reporting agency TransUnion has been named as the primary data provider for Payfone , which provides mobile and digital identity authentication solutions to top U.S. financial institutions. The partnership will enable Payfone to use TransUnion’s algorithms to strengthen the accuracy of its fraud detection capabilities”
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Risk & Fraud

Lawmakers Prod FCC to Act on SIM Swapping — Krebs on Security

“Crooks have stolen tens of millions of dollars and other valuable commodities from thousands of consumers via “SIM swapping,” a particularly invasive form of fraud that involves tricking a target’s mobile carrier into transferring someone’s wireless service to a device they control. But the U.S. Federal Communications Commission (FCC), the entity responsible for overseeing wireless industry practices, […]
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Risk & Fraud

As Ransomware Spreads, Ransoms Balloon And Attacks Grow More Sophisticated

“The criminals behind ransomware attacks are becoming dramatically bolder. The average payment demanded in fourth-quarter attacks reached $84,116, more than double the average sum in the third quarter, according to the latest data from Coveware Inc., a Westport, Conn.-based cybersecurity firm that tracks data from cases it has handled. Worse yet, that average ransom has […]
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Risk & Fraud

Ransomware Attacks Grow, Crippling Cities and Businesses

“New Orleans’s city government crippled. A maritime cargo facility temporarily closed. Hospitals forced to turn away patients. Small businesses shuttered. The cause in each of these incidents: ransomware attacks. In recent years, hackers have taken to locking down entire computer networks and demanding payments to let users back into their systems.”
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Risk & Fraud

Travelex Puts Money Transfer Systems Online After Cyberattack

“Travelex has said that its international money transfer service in the UK is fully operational as the firm seeks to recover from a damaging cyberattack . A majority of Travelex services are still down The attack, which occurred on New Year’s Eve 2019 , forced the foreign exchange company to shut down its websites and […]
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Risk & Fraud

British Court Freezes $860,000 in Bitcoin Linked to Ransomware Payout

“The victim of the ransomware attack had paid $950,000 in bitcoin to the perpetrator through an insurance company, according to a filing published last week by the England and Wales High Court (Commercial Court) and first reported by New Money Review . While some of the bitcoin was converted into fiat currency, the remainder appears […]

On The Wires

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Risk & Fraud

Chinese Military Personnel Charged with Computer Fraud, Economic Espionage and Wire Fraud for Hacking into Credit Reporting Agency Equifax

““This was a deliberate and sweeping intrusion into the private information of the American people,” said Attorney General William P. Barr, who made the announcement. “Today, we hold PLA hackers accountable for their criminal actions, and we remind the Chinese government that we have the capability to remove the Internet’s cloak of anonymity and find the hackers that nation repeatedly deploys against us. Unfortunately, […]