Payments News

On The Web

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Security

Thousands of fraudsters are selling via Shopify, analysis finds

“Tens of thousands of sellers are using the ecommerce platform Shopify to scam consumers and sell counterfeit goods, after the company’s rapid growth has left it exposed to fraudsters. According to the ecommerce authentication service FakeSpot, which analysed more than 120,000 Shopify sites, as many as 21 per cent posed a risk to shoppers.”
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Security

Banks See Billion-Dollar Cyber Costs Soaring Even Higher in 2021

“Big banks and other financial firms predict the cost of warding off cyber criminals will keep climbing in 2021 as they work to secure digital financial services popularized by the pandemic. Cybersecurity topped the list of expected budget increases in a survey of technology spending conducted by Deloitte & Touche LLP, with 64% of executives […]
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Security

North Korean hackers ramp up bank heists: U.S. government cyber alert

“North Korean hackers are tapping into banks around the globe to make fraudulent money transfers and cause ATMs to spit out cash, the U.S. government warned on Wednesday. A technical cybersecurity alert jointly written by four different federal agencies, including the Treasury Department and FBI, said there had been a resurgence in financially motivated hacking […]
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Security

Ransomware Hit ATM Giant Diebold Nixdorf

“Diebold Nixdorf, a major provider of automatic teller machines (ATMs) and payment technology to banks and retailers, recently suffered a ransomware attack that disrupted some operations. The company says the hackers never touched its ATMs or customer networks, and that the intrusion only affected its corporate network.”

On The Wires

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Reports

LexisNexis Risk Solutions Cybercrime Report Finds Young Adults and Adults Over 75 Most Vulnerable to Fraud Attacks

“LexisNexis® Risk Solutions released its biannual Cybercrime Report covering July 2020 through December 2020, which details how the evolving threat landscape created new opportunities for cybercriminals around the world, particularly as they targeted new online users. Analysis shows that the under 25 age group is most vulnerable to fraud attacks while the oldest age group is second most […]
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Security

Mastercard Launches AI-Powered Solution To Protect The Digital Ecosystem

“Mastercard today announced Cyber Secure, a first-of-its-kind, AI-powered suite of tools that allows banks to assess cyber risk across their ecosystem and prevent potential breaches. With these capabilities, banks can identify and prioritize threats and vulnerabilities throughout their cyber environment. Additionally, acquiring banks can help merchants understand their own cyber risk, preventing hundreds of millions […]
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Security

Increased Use of Mobile Banking Apps Could Lead to Exploitation

“The FBI advises the public to be cautious when downloading apps on smartphones and tablets, as some could be concealing malicious intent. Cyber actors target banking information using banking trojans, which are malicious programs that disguise themselves as other apps, such as games or tools. When the user launches a legitimate banking app, it triggers […]
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Companies

Mastercard and Enel X to Establish Fintech-Cyber Innovation Lab in Israel

“Mastercard and Enel X are launching a new lab in Israel to advance innovations in financial technology and cybersecurity for the payments and energy ecosystem globally. The lab will partner with start-up companies to test and develop products and solutions, with a particular focus on digital security, fintech platforms, digital authentication and financial inclusion. The lab […]