On The Web

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Risk

Wirecard employees removed millions in cash using shopping bags

April 22 2021

• in
• Payments fraud

“Wirecard employees hauled millions of euros of cash out of the group’s Munich headquarters in plastic bags over a period of years, according to former employees, suggesting that the payments company was looted even more brazenly than previously known. The once high-flying fintech, which at its peak was worth €24bn, went bust last summer in […]

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Risk

WSJ News Exclusive | Ransomware Targeted by New Justice Department Task Force

April 22 2021

• in
• Ransomware

“The Justice Department has formed a task force to curtail the proliferation of ransomware cyberattacks, in a bid to make the popular extortion schemes less lucrative by targeting the entire digital ecosystem that supports them. In an internal memorandum issued this week, Acting Deputy Attorney General John Carlin said ransomware poses not just an economic […]

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Companies

PayPal Rolls Out New Fraud Management Tools for Merchants | ZDNet

April 12 2021

• in
• Ecommerce fraud
• PayPal

“PayPal is launching a new suite of fraud management features for mid-market and enterprise businesses that aims to help combat the rise in online payments fraud brought on by the pandemic… According to PayPal, its new Fraud Protection Advanced service uses device fingerprinting, machine learning and analytics to help businesses identify, investigate, resolve and mitigate […]

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Risk

How Online Scammers Fooled One of Africa’s Biggest Fintech Startups

April 9 2021

• in
• Ecommerce fraud

“In Nigeria, for example, Paystack requires prospective customers to submit the bank verification number (BVN) of any director or trustee, the certificate of registration from the Corporate Affairs Commission, the Nigerian agency responsible for the registration of for-profit and nonprofit organizations, and a corporate bank account. Similar requirements also apply to Ghana and South Africa […]

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Risk

Rabobank and ABN Amro Target Privacy-friendly Data Analysis

April 7 2021

“ABN Amro and Rabobank are working with research outfit TNO to test technology that lets banks share data used for detecting financial crime while still respecting clients’ privacy. The partners are experimenting with ways of monitoring transactions between clients at different banks without sharing the risk scores that they assign their customers.”

On The Wires

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Risk

Payment Fraud Fears Grow; 65% of Consumers More Concerned About Fraud Than Before COVID-19, According to New Marqeta Survey

May 12 2021

• in
• Payments fraud

“As the pandemic drove consumers online en masse to make purchases, consumer anxiety around fraud saw a considerable spike, according to a new survey by Marqeta , the global modern card issuing platform. The company surveyed 2,000 consumers across the United States and United Kingdom about their experiences and attitudes toward payment fraud and how […]

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Risk

Request for Proposal to Find a Service Provider to Establish and Maintain the EPC MISP Instance

April 30 2021

• in
• Malware

“The European Payments Council (EPC), as a scheme manager, endeavours to adequately address fraud risks in the context of its Single Euro Payments Area (SEPA) payment schemes. Therefore, in February 2021, the EPC decided to develop a SEPA-wide “Malware Information Sharing Platform” (“MISP”) instance for real-time fraud information sharing with direct browser access by all […]

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Domains

Forter Partners With Flutterwave to Drive ECommerce Growth Across Africa and Beyond

April 15 2021

• in
• Ecommerce fraud
• Remote Commerce

“Forter , the leader in e-commerce fraud prevention, has announced a partnership with Flutterwave, Africa’s leading payments technology company. The partnership, the first of its kind in Africa, will enable merchants to accurately identify legitimate buyers from fraudsters, resulting in increased transaction approvals and reduced friction in the purchasing experience, all without the fear of […]

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Deals

Signifyd Closes $205M Investment in Commerce Protection

April 15 2021

• in
• Ecommerce fraud
• Remote Commerce

“With the $205 million funding round that Signifyd announced today, the fraud and consumer abuse leader is among the companies that will lead ecommerce into a new era marked by new consumer habits and new requirements for retailers…In the years since, they have consistently extended the sort of guaranteed protection Signifyd provides merchants. The company’s […]

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Risk

Federal Reserve System Announces Industry-Recommended Definition of Synthetic Identity Fraud

April 7 2021

• in
• Synthetic identity

“The Federal Reserve today announced an industry-recommended definition of synthetic identity fraud, which was developed by a focus group of fraud experts in response to a widespread issue: differing definitions in use make it difficult to identify and address this type of fraud…The industry-recommended definition of synthetic identity fraud (SIF) is the use of a […]