Payments News » Risk & Fraud

Apple Phone Phishing Scams Getting Better — Krebs on Security

January 4 2019

“A new phone-based phishing scam that spoofs Apple Inc. is likely to fool quite a few people. It starts with an automated call that display’s Apple’s logo, address and real phone number, warning about a data breach at the company. The scary part is that if the recipient is an iPhone user who then requests a call […]

Risk & Fraud

FTC Hearings #9: Data Security

January 3 2019

““There is a cacophony of data security laws in the U.S. We have many different rules, they’re not uniform and do not dovetail nicely with each other and that really makes a hodgepodge, a fragmented approach to data security.””

Risk & Fraud

How To Protect Yourself From SIM SWAP Fraud

January 2 2019

in
SIM Swap

“I have clients who have lost money ranging from Rs 1.25 crore to Rs 30,000 using SIM Exchange or SIM Swap. For your knowledge, none of these clients were computer illiterate. As the name suggests, someone may buy a new SIM from the same network provider and start to operate all your banking transactions. The […]

Reports

Online fraud hits larger e‑retailers harder than smaller ones

January 2 2019

“The cost of fraud for midsized to large merchants at $3.20 for every $1 of fraud is also higher than for smaller merchants that pay $2.32 for every $1 of fraud. Last year the cost of fraud for large merchants was slightly more at $3.37 per dollar of fraud. Smaller merchants paid slightly more for fraud last […]

Risk & Fraud

Marriott Says Hackers Swiped Millions of Passport Numbers

January 4 2019

in
Data breach

“Marriott International Inc. said fewer customers were affected in a massive data breach than initially feared but confirmed that hackers had compromised the passport numbers of millions of people in what security analysts have described as a potential foreign-intelligence gold mine. Marriott, the world’s largest hotel company, disclosed in November that a hack in the reservation database for […]

Risk & Fraud

A New You: Synthetic Identity Fraud

January 8 2019

“The challenge for the payments industry is determining whether an identity is planted or legitimate. For example, parents with excellent credit histories sometimes add their children to their existing credit accounts to give their children the benefit of their positive financial behavior. This action allows the children to kick-start their own credit records. Similarly, a […]

Risk & Fraud

Another huge database exposed millions of call logs and SMS text messages

January 17 2019

in
Data breach

“If you thought you’d heard this story before, you’re not wrong. Back in November, another telecoms company, Voxox, exposed a database containing millions of text messages — including password resets and two-factor codes. This time around, it’s a different company: Voipo, a Lake Forest, Calif. communications provider, exposed tens of gigabytes worth of customer data.”

Risk & Fraud

Secret Service: Theft Rings Turn to Fuze Cards — Krebs on Security

January 10 2019

“An internal memo the U.S. Secret Service shared with financial industry partners states that Secret Service field offices in New York and St. Louis are currently working criminal investigations where Fuze Cards have been used by fraud rings. The memo, a copy of which was obtained by KrebsOnSecurity, states that card theft rings are using Fuze […]

Risk & Fraud

End of subscription traps as Mastercard plans ‘end of free trial’ warnings

January 17 2019

“A ‘subscription trap’ which is causing two million Brits to pay for services they don’t need could soon be brought to an end under a crackdown by one of the world’s biggest payment providers. Mastercard, which provides more than 600 million customers with payment cards worldwide, is launching a new notification service which will warn people signing up for […]

Reports

Global Cross-Channel Payment Fraud Increases 13 Percent During 2018 Peak Holiday Season

January 15 2019

“New benchmark data from ACI Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic payment and banking solutions, revealed a 13 percent increase in fraud attempts in the ‘buy online pickup in-store’ (BOPIS) channel during the 2018 peak holiday season. Based on hundreds of millions of merchant transactions, including some of the world’s leading global retail brands, BOPIS also saw consumer […]