Cyberattacks on industrial businesses skyrocketed last year amid a rise in criminals selling ransomware services. That’s according to a new report from cybersecurity firm Dragos, which cites political tensions in places like Russia and Ukraine and the growth of ransomware-as-a-service (RaaS) as reasons for the 87% spike in...
The U.K. has been experiencing a widespread payments fraud epidemic in recent years. Authorized push payment (APP) fraud, for example, increased 40% between 2020 and 2021 and amounted to £583 million ($706 million) in losses in 2021, nearly half of the £1.3 billion ($1.57 billion)...
The federal government has reimbursed nearly 40,000 victims of fraud schemes processed by MoneyGram. According to a Friday (Feb. 10) Federal Trade Commission (FTC) news release, the more than $115 million reimbursement stems from a 2018 action by the FTC and the Department of Justice...
The latest generation of malware can automatically cancel biometric security measures. In research seen by PYMNTS, Dutch cybersecurity firm ThreatFabric details how an Android banking Trojan dubbed “SharkBot” can take over a user’s device and cancel the biometric verification pop-up when they attempt to log in...
The U.K.’s payments regulator wants banks to reimburse victims of authorized push payment (APP) fraud. In light of a 40% increase in APP fraud in 2021, regulators in the country have been considering how to grant victims a right to compensation from their bank. Accordingly,...
Switzerland aims to identify and prosecute those behind a 2022 Credit Suisse data leak. Reuters reported Friday (Feb. 3) that the country’s federal prosecutors have launched criminal proceedings and those responsible for the leak have not been identified. The case alleges that banking secrecy laws were violated, Credit Suisse...
The U.K.’s financial regulator sent out over 1,800 alerts last year to protect consumers from financial scams. In a Friday (Feb. 3) press release, the Financial Conduct Authority (FCA) said it required firms to amend or remove 8,582 promotions during 2022, a 14-fold increase from...
Not knowing who’s on the other side of the transaction is expensive. As noted here last month, financial institutions (FIs) were fined nearly $5 billion for anti-money laundering (AML) violations, breaches of sanctions and flaws in know-your-customer (KYC) systems last year. That’s up 50% from 2021. ...
The Federal Reserve’s FedNowsm Service, a new instant payments infrastructure for the nation’s financial institutions (FIs), is expected to catalyze broad access to instant payments for consumers and businesses. When it launches later this year, the 24/7 service will come equipped to support popular use...
