Payments News

On The Web

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Risk & Fraud

As Fraud Attempts Increase, So Do the Costs of Mitigating Them

“More types of retailers and e-commerce merchants are facing more fraud attempts as the number of attacks increased for every merchant type covered in the 2019 True Cost of Fraud report issued Tuesday by LexisNexis Risk Solutions. And with the growth comes an increase in the cost to counter the fraud. Each dollar of fraud […]
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Risk & Fraud

When Card Shops Play Dirty, Consumers Win

“Cybercrime forums have been abuzz this week over news that BriansClub — one of the underground’s largest shops for stolen credit and debit cards — has been hacked, and its inventory of 26 million cards shared with security contacts in the banking industry. Now it appears this brazen heist may have been the result of one of […]
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Risk & Fraud

Cachet Financial Reeling From MyPayrollHR Fraud — Krebs on Security

“When New York-based cloud payroll provider MyPayrollHR unexpectedly shuttered its doors last month and disappeared with $26 million worth of customer payroll deposits , its payment processor Cachet Financial Services ended up funding the bank accounts of MyPayrollHR client company employees anyway, graciously eating a $26 million loss which it is now suing to recover. But on Oct. 23 […]

On The Wires

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Risk & Fraud

Mastercard Launches Threat Scan to Assess Bank Fraud Exposure

“Mastercard today announced Threat Scan, a unique global service that helps banks proactively identify potential vulnerabilities in their authorization systems. The service was showcased this week at the Mastercard Cybersecurity Summit in Croatia. Cyber criminals are relentless in their efforts to exploit weaknesses in authorization systems. According to the Boston Consulting Group , cyberattacks hit […]