Payments News » Risk & Fraud

U.S. and Canadian regulators open probes into cryptocurrency scams

May 21 2018

“The North American Securities Administrators Association announced the wide-ranging series of probes on Monday, dubbed “Operation Crypto-Sweep.” The investigations, some of which have already concluded, are aimed at unregistered securities offerings and initial coin offerings that promise significant returns without informing investors of the risks.”

Domains

De-Risking And Remittances: The Myth Of The “Underlying Transaction” Debunked

June 20 2018

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Remittances

“One recurring concern that some banks and experts express is the lack of visibility to the bank of the underlying transactions. According to this argument, MTOs collect individual remittance transactions from their customers and transfer these in batches through their bank accounts to their agents in the destination country, where the funds are disbursed to […]

Market Reports

IBM Studies Data Breach Impact

July 13 2018

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Data breach

“IBM Security has released a global study examining the full financial impact of a data breach on a company’s bottom line. The study found that hidden costs in data breaches — e.g., lost business, negative impact on reputation and employee time spent on recovery — can be a huge factor. In a “mega breach” of […]

Risk & Fraud

Ticketmaster Discloses Payment Card Data Breach In UK

June 29 2018

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Data breach

“Ticketmaster, a ticket sales and distribution company, has suffered a breach that compromised payment card and personal information of customers who made purchases on its UK website. According to the company, the breach was carried out through malicious software on a customer support product by third-party supplier Inbenta Technologies. The product has now been disabled […]

Risk & Fraud

Macy’s Online Data Breach Exposes Customer Card Data

July 13 2018

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Data breach

“US-based retailer Macy’s has reported an online data breach, which compromised customers’ personal data including credit card information. The incident is found to have occurred between April and June this year. It exposed credit and debit card numbers and expiration dates, names, addresses, phone numbers, email addresses and birthdays of customers who shopped online at […]

Risk & Fraud

Security Firm Sued For Failing To Detect Malware That Caused A 2009 Breach

July 10 2018

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Data breach

“In January 2009, Heartland announced a major security breach of its network, following which an attacker stole details for over 100 million payment cards stored on its systems by over 650 of Heartland’s customers. Following this devastating hack and one of the biggest of the 2000s, Heartland paid over $148 million in settlement fees for various lawsuits, […]

Risk & Fraud

Europol Takes Down E-commerce Fraud Gang

June 20 2018

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Ecommerce fraud

“The suspects arrested during the operation were responsible for more than 20,000 fraudulent transactions with compromised credit cards, with an estimated value exceeding €8 million. The action was coordinated by the European Cybercrime Centre (EC3) from Europol’s headquarters in The Hague. It received the direct assistance from merchants, logistic companies, and banks and payment card […]

Risk & Fraud

ASC X9 Publishes New Report On Card-Not-Present Fraud Mitigation And White Paper On Distributed Ledger/Blockchain Technologies

June 21 2018

“Today the Accredited Standards Committee X9 Inc. (X9) announced the publication of two new documents: Technical Report 48 – “Card-Not-Present (CNP) Fraud Mitigation in the United States: Strategies for Preventing, Detecting, and Responding to a Growing Threat” and a white paper from the X9 Distributed Ledger and Blockchain Technology Study Group. TR 48 summarizes guidelines to […]

Companies

PayPal To Acquire Simility To Expand Global Fraud Prevention And Risk Management Capabilities For Merchants

June 21 2018

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PayPal

“Following the close of the transaction, merchants on the PayPal platform will gain access to best-in-class fraud tools that can be customized to reflect the nuances of their businesses through their existing account management dashboard. These machine learning-powered tools, which dynamically adapt and evolve with each transaction, will enhance payment experiences for merchants and their […]

Risk & Fraud

New Worldpay Solution Aims To Increase Online Payment Approvals

June 21 2018

“AuthMax is a turnkey solution for eCommerce businesses based in the U.S. aiding in securing higher approvals to capture more revenue. AuthMax also adheres to all network compliance rules for CNP merchants and transactions in the U.S. AuthMax is a key element within Worldpay’s overall eCommerce Conversions Optimization Suite, and is part of a broader, […]