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Risk & Fraud

Why Rewards for Loyal Spenders Are ‘a Honey Pot for Hackers’

May 13 2019

• in
• Incentives

“The punch cards stuffed in your wallet know next to nothing about you, except maybe how many frozen yogurts you still need to buy to get a free one. But loyalty programs, as they shift from paper and plastic to apps and websites, are increasingly tracking a currency that can be more valuable than how […]

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Risk & Fraud

Hackers Swipe More Than $40 Million of Bitcoin From Cryptocurrency Exchange

May 8 2019

“Binance, one of the world’s largest cryptocurrency exchanges, said hackers stole more than $40 million worth of bitcoin from its platform in what it called a “large scale security breach.” The theft offers another example of the vulnerability facing cryptocurrencies and the venues where investors trade them. Yet the price of bitcoin and other digital […]

On The Web

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Risk & Fraud

Unless You Want Your Payment Card Data Skimmed, Avoid These Commerce Sites

May 9 2019

“he compromises reported by Netlab 360 are part of a rash of infections that came to light starting late last year affecting, among others, sites for British Airways , Newegg , and seven other businesses with more than 500,000 collective visitors per month . In one case, a single site was infected by two skimming […]

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Companies

Amazon Hit by Extensive Fraud With Hackers Siphoning Merchant Funds

May 8 2019

• in
• Amazon

“Amazon.com Inc. said it was hit by an “extensive” fraud, revealing that unidentified hackers were able to siphon funds from merchant accounts over six months last year.    Amazon believes it was the victim of a “serious” online attack by hackers who broke into about 100 seller accounts and funneled cash from loans or sales […]

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Risk & Fraud

A Surprising Jump in ACH Fraud

May 8 2019

• in
• ACH fraud

“Which payment method holds the dubious distinction of racking up the fastest growth in fraud last year? According to the latest annual fraud report from the Association for Financial Professionals, it’s debits and credits on the automated clearing house network. In fact, the ACH was the only payment method examined in the report that registered […]

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Risk & Fraud

What You Need to Know If You E-transfer Money | CBC News

May 13 2019

• in
• Account takeover

“A system to transfer money online — used over a million times a day in Canada — is not as safe as it advertises, says a Royal Bank customer who had $1,734 stolen during an e-transfer. The theft occurred after Anne Hoover of Peterborough, Ont., e-transferred money from her RBC account to her friend Fran Fearnley, only to have a fraudster intercept […]

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Risk & Fraud

Alleged Cybercrime Kingpin Who Tried To Steal $100 Million From 44,000 PCs Charged

May 16 2019

“The GozNym operation was simple but successful: hack into Windows PCs, wait for users to enter banking passwords into their browser and hoover them up. They would then break into users’ bank accounts and attempt to shift funds to their own accounts. They tried to pilfer $100 million in total, but it’s unclear just how […]

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Risk & Fraud

Updates to the Visa Chargeback and Fraud Monitoring Programs

May 16 2019

• in
• Chargebacks

“Since restructuring in 2016, Visa’s chargeback and fraud programs have undergone some changes, and we recently learned that further changes will become effective October 1, 2019. Our goals here are to outline these new changes and to provide a singular resource for all your Visa program-related needs. Please bear in mind that Visa’s chargeback and […]

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Risk & Fraud

Why Rewards for Loyal Spenders Are ‘a Honey Pot for Hackers’

May 13 2019

• in
• Data breach

“The punch cards stuffed in your wallet know next to nothing about you, except maybe how many frozen yogurts you still need to buy to get a free one. But loyalty programs, as they shift from paper and plastic to apps and websites, are increasingly tracking a currency that can be more valuable than how […]

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Risk & Fraud

Understanding Cyber Risk: Lessons From a Recent Fed Workshop   Liberty Street Economics

May 17 2019

“In this blog post, we describe the proceedings of a recent workshop where leading risk managers, academics, and policy makers gathered to discuss proposals for countering cyber risk. This workshop is part of a joint two-phase initiative run by the Federal Reserve Banks of Richmond and New York and the Fed’s Board of Governors to harmonize […]