Payments News

On The Web

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Regulation

New APP Scam Protection Code Comes Into Force

“Driven by the Payment Systems Regulator (PSR) and developed by consumer groups and the industry, the code offers more protection than ever before for those exploited by criminals. APP scams occur when consumers are tricked into making an authorised payment to a fraudster. From now on, participating banks will decide whether to reimburse the victim […]
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Risk & Fraud

Attacks From Rogue Mobile Apps Jump 300%, and CNP Fraud Continues To Boom, RSA Finds

“Fraud attacks involving rogue mobile applications jumped nearly 300% in the first quarter from the preceding quarter, and fraudulent card-not-present transactions rose 17%, fraud-control services provider RSA Security says in a new report. Bedford, Mass.-based RSA says it flagged 41,313 attacks from rogue apps compared with 10,390 in 2018’s fourth quarter. Heidi Bleau, manager at […]
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Risk & Fraud

Deutsche Bank glitch blocked reporting of suspicious transactions

“A software glitch at Deutsche Bank has for almost a decade prevented some potentially suspicious transactions from being flagged to law enforcement authorities, Germany’s biggest bank has discovered. The revelation is a further blow to the reputation of Deutsche, which has paid hundreds of millions of dollars in fines for breaching money laundering and sanction […]
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Risk & Fraud

Checkers/Rally’s Payment Card Breach in 19 States’ Stores

“Checkers Drive-In Restaurants is notifying guests about a data security issue involving malware at certain Checkers and Rally’s locations in 19 states, according to a news release. The brand said that after becoming aware of the issue, data security experts investigated and coordinated with federal law enforcement, while dispatching third-party security experts to contain and […]
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Risk & Fraud

How to Keep Thieves From Stealing Your PIN at the ATM

“Criminals need your card information and PIN, so they install tiny cameras to watch you entering your numbers. “I always tell people: Cover the freaking PIN pad when you enter your PIN,” says Mr. Krebs. “Having your bank-account card or account number exposed kind of sucks, but having the PIN exposed is a lot worse.” […]
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Risk & Fraud

7.7 Million LabCorp Records Stolen in Same Hack Affecting Quest Diagnostics

“LabCorp is the latest laboratory testing giant this week to confirm it’s affected by the same third-party data breach. The Burlington, North Carolina-based medical giant said 7.7 million patients had their personal and financial data stolen by hackers, which hit the payment pages of the American Medical Collection Agency, a third-party vendor that processes payments […]
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Reports

Data Breaches Cost $654 Billion in 2018

“Data from ForgeRock found that cyberattacks to U.S. financial services organizations cost the industry more than $6.2 billion in Q1 2019 alone, up from just $8 million in Q1 2018. Even though investments in information security products and services have been on the rise, with $114 billion invested in 2018, cybercriminals continue to attack organizations […]