A cybersecurity expert has been sentenced to prison for helping criminals scam his clients. Angelo Martino, 41, who had served as a ransomware negotiator for the company Digital Mint, was sentenced to 70 months in federal prison last week, according to an announcement from the...
Payments used to be judged by whether they moved money quickly. Now they are judged by how well they make decisions before, during and after a transaction. The PYMNTS Intelligence report “Where Payment Decisions Happen: How Issuer Data Is Powering the Next Era of Commerce,” a...
Life comes at you fast, and so does money. That’s creating a growing problem for banks and their fraud, financial crime and cybersecurity defense perimeters. Two years ago, “bank-grade security” sounded like a fixed standard. It suggested encryption, compliance rigor, multifactor authentication, fraud monitoring, data...
Banking regulators are warning that frontier AI models could threaten the financial system. The European Systemic Risk Board (ESRB) and Bank of England (BOE) both issued reports Tuesday (July 7) on the risks of these artificial intelligence (AI) models to financial institutions’ cyber defenses. “Frontier AI...
Every artificial intelligence (AI) platform that stores a payment method and adds a gifting feature has created a new monetization surface for account takeover fraud. Claude users are discovering gift subscriptions they never bought showing up as charges on their credit cards, The Guardian reported...
LexisNexis Risk Solutions and Promon are working together to help organizations protect their mobile apps from fraud. The companies’ new alliance brings together LexisNexis ThreatMetrix digital identity, device and behavioral intelligence; Promon Shield in-app protection; and Promon Insight trusted telemetry, they said in a Wednesday...
Sen. Mark Warner, D-Va., vice chair of the Senate Select Committee on Intelligence, has called on the Department of Homeland Security (DHS) and the Department of Justice (DOJ) to look into a recently revealed breach of a DHS information-sharing network. That network, the Homeland Security Information Network (HSIN), is used by federal,...
Visa debuted a solution designed to help financial institutions spot cyberthreats and prevent fraud, according to a Thursday (July 2) press release. The Visa Threat Intelligence Platform (VTIP) employs the same cybersecurity capabilities Visa uses to protect its network, the release said. “Fraud is widely...
Fraud used to sit in the back office. Now it has a front-row seat in the issuer growth strategy. Every blocked purchase, failed dispute or scam that slips through can weaken the cardholder relationship. That makes fraud prevention more than a risk-control function. It’s now...