NatWest, a U.K. state-backed bank, must pay 265 million pounds (about $350 million) after pleading guilty to failing to prevent money laundering, Reuters reported. The fine was laid down Monday (Dec. 13). NatWest didn’t prevent as much as 400 million pounds’ (about $528.5 million) worth...
The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) is warning of a vulnerability affecting products containing the log4j software library, according to a CISA press release. The vulnerability is already being exploited, and vendors should patch the products using this software and...
Drivers for ridesharing and food delivery companies have been among those who have been victimized during a nationwide surge in the number of carjackings and other violent crimes, The Wall Street Journal (WSJ) reported Saturday (Dec. 11). In Minneapolis, for example, 11% of the carjackings...
Fraudsters-turned-bank-employees are suspected of infiltrating U.K. financial institutions (FIs) and committing crimes, The Telegraph reported. Over 2,000 employees on a shared fraud database since 2016 were flagged by High Street banks, mortgage brokers and insurance companies, according to the report, citing figures from the fraud...
Payment fraud is always evolving. What is considered a fraudulent attack today might not have even been possible 5 or 10 years ago. Headed into a new year, Versapay Chief Risk Officer Chris Wassenaar told PYMNTS that with payments becoming increasingly digital, new fraud challenges will...
BitMart has suffered a hack that lost it $196 million in a number of cryptocurrencies, a report says. The hack was first reported on Saturday night (Dec. 4), when security analysis firm PeckShield showed that a BitMart address was showing large outflows of entire token...
Citing the rise in crime, Brazilian lawmakers are mulling the possible halt of the Pix instant payments system, ZDNet reported. The São Paulo Legislative Assembly is considering a bill that, if enacted, would bar banks and payment institutions from processing payments via Pix until the...
Digital fraud in the U.K. is increasing at an alarming rate. A recent report by UK Finance showed that authorized push payment (APP) fraud losses increased by 71% in the first half of 2021, pushing for an extra layer of security to ensure that payments...
The pivot toward work-from-home environments has opened up new vulnerabilities that allow fraudsters to target B2B payments. Nithai Barzam, chief operating officer of nsKnox, a cyber FinTech focused on fraud prevention and B2B payment security, told PYMNTS in an interview that cyber threats have become...
