Chalk Q1 up for the good guys – finally. According to the Global Fraud Index™, a PYMNTS and Signifyd collaboration, fraud is dropping – down 34.7 percent from Q1 2016 to Q1 2017. But, of course, the battle is far from over. Despite the decline, eCommerce merchants are still estimated to lose $48.2 billion in sales to fraud in 2017. For all of the details, including sector analysis and a U.S. deep dive, check out the Index. 2,500 data points can’t be wrong.
While retailers of late have worked hard to broaden the range of experiences they offer, there are some things that no reasonable person would expect merchants to do.
Woulda, Coulda, Shoulda. In the aftermath of WannaCry, enterprises of all sizes are taking another look at their cybersecurity safeguards. We asked counterterrorism and cybersecurity expert, Richard Clarke, what those in the digital commerce world should do to keep banks, networks and merchants from falling prey to future cyberattacks. Clarke said, first: learn from mistakes. Then, regulate. Here’s why.
Close to half of companies in the U.S. that use an Internet of Things network have reported being hit by a security breach.
Russian cybercriminals pulled off a small mobile banking heist on their own countrymen with malware for Android mobile devices.
The Federal Trade Commission (FTC) announced in a press release that it is mailing additional refund checks totaling $1.9 million to people who bought Pure Health or Genesis Today green coffee bean extract supplements from retailers such as Walmart.
To help grow its engineering and fraud teams and build out its machine learning Guaranteed Fraud Protection enterprise offering, solutions provider Signifyd obtained its Series C round of $56 million in funding.
Cybercrime isn’t a threat, according to MoneyGram’s Wayne McGurk; it’s a series of constantly evolving threats that’s grown 10-fold over the last five years. In this week’s Topic TBD conversation, McGurk talks to Karen Webster about the firm’s proactive approach to keeping data secure as a “clicks-and-mortar” player that operates in more than 200 countries.
Shadow Brokers, the notorious group behind the WannaCry is offering a unique subscription to 0-day bugs. To subscribe, hackers must pay 100 ZEC ($21,000).
A lot can change in 20 years — consider how far digital payments have come, for instance. Paysafe CEO Joel Leonoff told Karen Webster about breaking into online payments when the web was the Wild, Wild West and how the players in the space have had to adapt as doing business online has evolved — and the risk profiles of those doing business there have evolved, too.
Kmart has been having a rough time. Over the years, the retailer has seen its ups and downs, and late last year we reported the big box retailer closed 68 of its stores across the U.S.