Amazon is using several tactics to combat impersonation fraud. The company’s multifaceted approach includes deploying advanced technologies for better account protection, launching educational initiatives to help customers recognize genuine communications, and collaborating with law enforcement to dismantle scam operations, Amazon said in a Tuesday (March 5) blog...
A post on an online forum popular with cybercriminals reportedly claimed that UnitedHealth Group paid $22 million to the Blackcat ransomware group to recover compromised data and systems of its subsidiary, Change Healthcare. In addition, a cryptocurrency tracking firm’s analysis suggests the occurrence of a significant transaction with...
American Express has notified customers of a data breach at a third-party service provider that is used by many merchants. The unnamed service provider “experienced unauthorized access to its system,” and account information of some American Express card members may have been involved, American Express said...
Behavioral fraud and social engineering scams are getting more dangerous for businesses. Despite the increasingly sophisticated weapons fraudsters have on hand to execute their scams, social engineering tactics remain one of their most effective ploys. This, as a study published Thursday (Feb. 29) by researchers at the...
Financial institutions are beset on all sides. The PYMNTS Intelligence report “New Data: FIs Cooling on Open Banking but Still on Course for Real-Time Payments” found that more than a third of FIs think the benefits of open banking outweigh the risks. However, more than...
U.S. health providers are facing financial catastrophe following a week-long cyberattack on Change Healthcare. The ransomware attack has even left some smaller providers running short on cash, Reuters reported Thursday (Feb. 29). Larger hospital chains are blocked from processing payments, with some forced to absorb the upfront costs,...
Is the tide turning in America’s war on money laundering? Writing in the Financial Times Tuesday (Feb. 27), Casey Michel of the Human Rights Foundation argues that the U.S. has made a concerted effort to stop being a “vector” for global money laundering and offshore financing....
Data breaches can have far-reaching impacts on operations, finances and reputations. And the impact and frequency of data breaches are only increasing as bad actors seek out new vulnerabilities in organizational infrastructures, exploiting weaknesses to gain unauthorized access to sensitive data. Just look at the...
Nearly half of financial institution executives are concerned that open banking may not be a positive value proposition — especially in an environment of increasing fraud. Forty-six percent of FIs said the potential for accelerated fraud outweighs any rewards they see in open banking, according...
