On The Web

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Risk & Fraud

The Wild Inner Workings Of A Billion-Dollar Hacking Group

August 2 2018

• in
• Card fraud

“The Fin7 hacking group has leeched, by at least one estimate, well over a billion dollars from companies around the world. In the United States alone, Fin7 has stolen more than 15 million credit card numbers from over 3,600 business locations. On Wednesday, the Justice Department revealed that it had arrested three alleged members of the group—and even more […]

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Risk & Fraud

With Synthetic ID Fraud Losses Soaring, Complications Beset a Search for Solutions

May 9 2018

• in
• Card fraud
• Identity theft

“Cyberthieves can use the payment credentials they steal to charge products to the people who are the legitimate owners of that data. That’s bad enough. But increasingly, these fraudsters are using the information they glean from data breaches to invent fresh identities, sometimes out of whole cloth, leaving credit card issuers, banks, and other lenders […]

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Risk & Fraud

Secret Service Warns of Chip Card Scheme

April 6 2018

• in
• Card fraud

“The U.S. Secret Service is warning financial institutions about a new scam involving the temporary theft of chip-based debit cards issued to large corporations. In this scheme, the fraudsters intercept new debit cards in the mail and replace the chips on the cards with chips from old cards. When the unsuspecting business receives and activates the modified […]

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Risk & Fraud

From Spear Phishing to POS Malware, a Security Expert Lays Out His Six Most Worrisome Threats

August 10 2018

• in
• Card fraud
• Payments fraud

“Malicious attacks on payments systems come in a bewildering array of shapes and sizes, making it a nettlesome problem figuring out which types of attack require the most defensive resources. Yet, the stakes could be highest in the United States, where the average cost per breach, at $225, is one of the highest in the […]

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Risk & Fraud

Credit card skimmers now need to fear the Reaper

August 16 2018

• in
• Card fraud

“At the USENIX Security Symposium here today, University of Florida researcher Nolen Scaife presented the results of a research project he undertook with Christian Peeters and Patrick Traynor to effectively detect some types of “skimmers”—maliciously placed devices designed to surreptitiously capture the magnetic stripe data and PIN codes of debit and credit cards as they are inserted into automated teller […]

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Risk & Fraud

Fallback Fraud Falls as Card Issuers Ramp Up Their Monitoring

November 12 2018

• in
• Card fraud

“Fallback fraud is an activity that typically comes and goes fairly quickly after a nation converts to EMV chip card payments, but it has stuck around longer than usual in the United States, ACG said. But issuers are getting smarter about identifying and thwarting it, according to Goldman. “They’re looking at dollar amounts, they’re looking at velocity […]

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Risk & Fraud

Why aren’t chip credit cards stopping “card present” fraud in the US?

November 15 2018

• in
• Card fraud
• EMV

“While nearly everyone in the US has had their old magnetic stripe cards replaced with new cards that have a chip, it’s not uncommon to try to pay for something at a brick-and-mortar store with a chip card, only to be asked to swipe the magnetic stripe on the back. That puts a customer at […]

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Risk & Fraud

British Airways site had credit card skimming code injected

September 11 2018

• in
• Card fraud

“The 22 lines of code are targeted to export the data entered in the BA website’s payment form to the malicious server when the “submit” button was clicked by a customer, with the data being sent as a JSON object. As a result, the transaction would go through for the customer without any errors, while […]

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Risk & Fraud

Riskified tackles credit card fraud

August 27 2018

• in
• Card fraud

“Riskified founders CEO Eido Gal and CTO Assaf Feldman told “Globes” that in a world in which the scale of credit card fraud is growing at a dizzying pace, e-commerce websites are often forced to reject credit cards because of the slightest suspicion, even if the customer is as pure as the driven snow. They […]

On The Wires

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Risk & Fraud

Fiserv Introduces Innovation in Early Breach Detection with Rippleshot Partnership

May 7 2018

• in
• Card fraud

“Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today it has partnered with Rippleshot, a fraud analytics firm, to offer Card Risk Office℠ Fraud Warning, an early breach detection solution that allows financial institutions to identify potential fraud events 30-60 days prior to network alerts.”