New PYMNTS data shows that businesses’ accounts receivable operations have been underfunded for fraud prevention. Compared to their accounts payable counterparts, the investment deficit has created a gap — and risk — that needs to be closed. This, according to findings in “The Overlooked Importance...
A hacker siphoned customer data from T-Mobile for more than a month. In that time, the bad actor obtained data about 37 million customers, the firm reported in a Thursday (Jan. 19) filing with the Securities and Exchange Commission (SEC). T-Mobile discovered Jan. 5 that...
The fast food company Yum! Brands has announced a major cybersecurity breach in the U.K. In a Wednesday (Jan. 18) statement, the firm, which operates KFC, Pizza Hut and Taco Bell, said that a ransomware attack had affected some of its systems in the country,...
ShipManager servers fell victim to a ransomware attack on Jan. 7. DNV, the Oslo-based company that operates the fleet management platform, announced the cybersecurity breach on Wednesday (Jan. 18), saying that the attack affected about 70 customers operating around 1,000 vessels. The company said it...
“It’s always a cat and mouse game between the fraudsters and the ones that are trying to stop them,” nsKnox Chief Operating Officer Nithai Barzam told PYMNTS. The conversation with PYMNTS came against a backdrop in which nsKnox said Wednesday (Jan. 18) that it has...
Cryptocurrency exchanges Binance and Huobi have recovered some of the funds stolen in last year’s hack of Harmony. “We detected Harmony One hacker fund movement,” Binance CEO Changpeng Zhao wrote in a Sunday (Jan. 15) tweet. We detected Harmony One hacker fund movement. They previously...
The FCA has fined Al Rayan and Guaranty Trust banks over anti-money laundering (AML) failures. In the first penalty, announced by the U.K.’s Financial Conduct Authority on Tuesday (Jan. 10), Guaranty Trust Bank (GTB), a multinational banking group headquartered in Lagos, Nigeria, has been fined £7,671,800 ($9.3...
Germany’s Federal Financial Supervisory Authority (BaFin) has warned consumers about “Godfather” malware attacks. On Monday (Jan. 9), the regulator said that around 400 banking and crypto apps had already been affected by the malware. Once it has infected a device, Godfather then displays fake banking...
Money mobility ended 2022 as a serious problem for FinTechs and enters 2023 needing attention. The FinTech Fraud Ripple Effect, a PYMNTS and Ingo Money collaboration, found that the average FinTech firm in the U.S. loses 1.7% of its total revenue to fraud each year,...
