Payments News

On The Web

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Risk

Voice Phishing Scams Are Getting More Clever

“Most of us have been trained to be wary of clicking on links and attachments that arrive in emails unexpected, but it’s easy to forget scam artists are constantly dreaming up innovations that put a new shine on old-fashioned telephone-based phishing scams. Think you’re too smart to fall for one? Think again: Even technology experts […]
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Scammers steal £500m from UK bank customers in six months

“Criminals stole more than £500 million from UK bank account holders in the first half of 2018, according to industry figures. Bank trade group UK Finance says that £145 million of the losses were down to authorised push payment (APP) scams, where crooks trick victims into sending money to another account. The remaining £358 million was lost […]
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UK government and banks plan anti-fraud initiative

“According to the Daily Telegraph, ministers have become increasingly concerned about the impact of fraud in recent months, with attacks on more than 1,300 TSB customers after the bank’s IT meltdown in April. The bank’s chief executive Paul Pester stepped down earlier this month.”
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Securing Omnichannel Experiences from Cross-Channel Fraud

“With cross-channel fraud, a fraudster steals personal information about a user from one channel, and then uses that information to commit fraud in another. Here’s an example. Fraudsters frequently use social engineering scams to trick a user into granting access to an online account, like a banking account. Once in, the fraudster has easy access to […]
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Risk

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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Risk

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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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 […]