“If the fraudsters find a hole, they’re going to run a bunch of transactions through it,” Ingo Money CEO Drew Edwards remarked to Karen Webster. Right now, financial services are vulnerable to all sorts of fraud because technology, wielded by criminals, allows them to hide...
The Nordic countries have been spearheading digital payment innovation for decades and the adoption of electronic identity (eID) documents is no different. However, ensuring the market for eID services is open while maintaining privacy and security for end-users can be a difficult undertaking. To meet...
Samsung was the victim of a cybersecurity breach in late July, which saw United States customers’ personal information exposed. Customers’ names, contact information, demographic details, dates of birth and product registration information were compromised, Reuters reported. Social Security numbers and credit card numbers were not...
The British government reportedly expects that 3.3 billion pounds (about $3.8 billion) of the “bounce-back” loans it made to small- to medium-sized businesses (SMBs) in response to the pandemic will be ultimately found to have been fraudulent. According to a Friday (Sept. 2) report by...
The Secret Service has reportedly recovered $286 million in COVID-19 relief funds that had been obtained illegally by people using fake identities. According to a Friday (Aug. 26) Wall Street Journal report, the money seized was taken from conspirators using fake or stolen credentials to...
The federal government’s plan to forgive some student loans isn’t up and running yet, but it’s certainly been getting a lot of coverage in the news. And, as is often the case with high-profile news involving money, that means scammers are already trying to take...
Amanda Mickleburgh, product director for fraud at ACI Worldwide, tells PYMNTS that fraud orchestration can be a key line of defense as merchants (and fraudsters) adapt to the continuing shift to eCommerce channels and more frequent “peak” selling seasons.
People subject to sanctions are reportedly using cryptocurrency services to evade the sanctions, and this could put crypto firms and those transacting in crypto at risk of fines or criminal prosecution. This should serve as a “red flag” for firms to implement proper due diligence...
Payments fraud is not just a matter of end user vulnerability — the unwitting consumer who clicks on a link or the authorized push payment that disappears into the proverbial ether after a fraudster impersonates a family member or friend via text message. Payments fraud...
