PaymentsNews

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Risk & Fraud

The Wild Inner Workings Of A Billion-Dollar Hacking Group

“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

“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

“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

Credit card skimmers now need to fear the Reaper

“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

“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

British Airways site had credit card skimming code injected

“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

“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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