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Wirecard employees removed millions in cash using shopping bags

“Wirecard employees hauled millions of euros of cash out of the group’s Munich headquarters in plastic bags over a period of years, according to former employees, suggesting that the payments company was looted even more brazenly than previously known. The once high-flying fintech, which at its peak was worth €24bn, went bust last summer in […]
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Domains

Fake Businesses Are Fooling Real Banks Into Processing Online Drug Purchases

“One website advertised dog products. Another advertised flowers; another, home decorations. All of them were really fronts to process payments for marijuana or designer drugs, prosecutors said. The Justice Department and the Federal Trade Commission have recently brought a string of criminal and civil cases accusing individuals and companies of using legitimate-looking websites to deceive […]
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7-Eleven Japanese Customers Lose $500,000 Due to Mobile App Flaw | ZDNet

“Approximately 900 customers of 7-Eleven Japan have lost a collective of ¥55 million ($510,000) after hackers hijacked their 7pay app accounts and made illegal charges in their names. The incident was caused by an appalling security lapse in the design of the company’s 7pay mobile payment app, which 7-Eleven Japan launched in the country on […]
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Sophisticated email scammers dupe father of two into wiring $123,000 to phony account – putting family out of their home days before Christmas

“Aaron Cole, 30, spoke out in an interview with KGW-TV on Wednesday, detailing the sophisticated plot that defrauded his family after the sale of their home in Oregon City, outside of Portland. Known as ‘spoofing’, the increasingly popular scam uses emails that appear to be from a trusted sender to convey phony bank routing information and dupe individuals […]
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On The Wires

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Payment Fraud Fears Grow; 65% of Consumers More Concerned About Fraud Than Before COVID-19, According to New Marqeta Survey

“As the pandemic drove consumers online en masse to make purchases, consumer anxiety around fraud saw a considerable spike, according to a new survey by Marqeta , the global modern card issuing platform. The company surveyed 2,000 consumers across the United States and United Kingdom about their experiences and attitudes toward payment fraud and how […]
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Risk

JPMorgan Chase Rolls Out New Digital Hub, Tools to Protect Businesses Against Fraud

“Access to reliable online security has never been more critical for businesses today. In fact, 81% of business owners experienced payments fraud last year, according to a recent survey by J.P. Morgan and the Association for Financial Professionals (AFP®). To help businesses protect against potential threats, JPMorgan Chase today introduced Fraud Protection Services, a new digital […]