On The Web

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Risk

Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says

October 18 2021

• in
• Ransomware

“The volume of suspected ransomware payments flagged by U.S. banks has surged this year, on pace to nearly double last year’s, the Treasury Department said Friday, highlighting the scale of a problem that governments across the world have described as a critical national security threat. Nearly $600 million in transactions were linked to possible ransomware […]

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Risk

Welcome to Britain, the Bank Scam Capital of the World

October 14 2021

“The country’s super-fast payments infrastructure, relatively light policing of fraud-related crime, plus its use of the world’s most widely used language English, also made it an ideal global test bed for scams, the banks and specialists added. A British record of 754 million pounds ($1 billion)was stolen in the first six months of this year, […]

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Risk

Australia Accredits Eftpos As Its First Private Digital Identity Exchange

September 27 2021

• in
• Identity verification

“The Australian government has accredited Eftpos as the first private sector digital identity exchange operator under the country’s Trusted Digital Identity Framework (TDIF), enabling the use of the payments network’s ConnectID solution across a wide range of online transactions that require digital ID verification.”

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Risk

A New Report Shows How the Growth in E-Commerce Is Fueling a Big Rise in CNP Fraud

September 23 2021

“Globally, the average ticket for a fraudulent CNP transaction rose from $126 during 2020’s first quarter to $134 in the first quarter this year. The high-water mark for CNP fraud came during Q4 2020, when the average ticket size totaled $155, suggesting criminals became more aggressive in CNP fraud despite only 10% of transactions being […]

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Risk

Coinbase Slammed for What Users Say Is Terrible Customer Service After Hackers Drain Their Accounts

August 25 2021

• in
• Account takeover
• Cryptocurrency fraud

“Interviews with Coinbase customers around the country and a review of thousands of complaints reveal a pattern of account takeovers, where users see money suddenly vanish from their account, followed by poor customer service from Coinbase that made those users feel left hanging and angry. Making the issue even worse, cryptocurrency transactions cannot be reversed, […]

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Risk

T-Mobile Investigating Claim of Stolen Personal Data for Sale

August 16 2021

• in
• Data breach

“T-Mobile is looking into a post on a forum that claimed to be selling the personal data of more than 100 million people swiped from the mobile carrier’s servers. The data breach included information such as Social Security numbers, phone numbers, names, physical addresses and driver license information, according to Vice , which reported the […]

On The Wires

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Reports

LexisNexis® Risk Solutions Study Reveals Sharp Rise of Financial Crime Compliance Costs, Now Nearly $49.9 Billion Per Year for Financial Institutions in the United States and Canada

September 28 2021

“LexisNexis® Risk Solutions revealed the results of its annual True Cost of Financial Crime Compliance Study for the U.S. and Canada. The total projected cost of financial crime compliance for the region in 2021 is approximately $49.9 billion, up 19% from 2020 and up 58% compared to 2019. The new edition of the survey illustrates the sharp […]

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Risk

INETCO Launches Game-Changing Payment Fraud Solution

September 20 2021

“INETCO BullzAI captures, decodes, correlates and analyzes each payment transaction as well as every one of the message fields  in real-time, from start to finish. Using this data, INETCO BullzAI is able to detect anomalies in a transaction using a card/customer specific machine-learning model paired with behavioral analytics. This enables real-time risk scoring for every […]

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Companies

Adyen Launches Score With GoFundMe — a Machine Learning Tool to Easily Identify Malicious Platform Users

August 31 2021

• in
• Adyen

“Adyen (AMS: ADYEN), the global payments platform of choice for many of the world’s leading companies, today launched Score. The company is first-to-market with a machine learning driven solution on a single platform for signaling irregular activity and monitoring platform compliance. By leveraging data insights analyzing the platform merchant’s data and flagging unusual platform user […]

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Risk

IDology Extends Product Innovation Leadership Position With Advanced Verification Flexibility Capabilities

August 27 2021

“IDology , a GBG Company, today announced ExpectID Flex API, a new product that empowers businesses to verify anyone, anywhere in the customer journey, from pre-verification to post validation using unique, specially curated identity attributes and workflows. ExpectID Flex API’s advanced methodology makes it easier for businesses to utilize the platform’s portfolio of verification methods […]