The U.S. government shutdown has reportedly weakened the nation’s cyberdefenses. Cyberattacks on government employees have almost doubled since the shutdown began at the start of the month, the cybersecurity-focused website Dark Reading reported Friday (Oct. 24). With key agencies in limbo, workers furloughed and threat...
Artificial intelligence (AI) is reportedly helping employees scam their bosses with phony expenses receipts. The rise of new image generation models from companies like Google and OpenAI have led to a wave of AI-generated receipts submitted in-house, the Financial Times (FT) reported Sunday (Oct. 26),...
Authorized push payment (APP) fraud drove an increase in losses to payment fraud and scams in the first half of the year in the United Kingdom. Losses from APP rose 12% year over year to reach 257.5 million pounds (about $342.5 million) during that period,...
Stablecoins are arguably giving cryptocurrency mainstream legitimacy. This is the case at least in the U.S., where during the Federal Reserve’s Payments Innovation Conference Tuesday (Oct. 21), Fed Governor Christopher Waller advanced the notion of a “skinny” or “streamlined” master account, a form of access...
In an era where artificial intelligence-driven bots and digital agents are rewriting the rules of commerce, many companies still believe their identity verification systems are “good enough.” They aren’t. According to new PYMNTS Intelligence research in collaboration with Trulioo, inadequate digital identity systems are quietly...
New York’s financial watchdog has issued new guidance on cybersecurity risks connected to third-party service providers. The guidance, announced Tuesday (Oct. 21) by the New York State Department of Financial Services (DFS), comes as organizations become increasingly dependent on such providers, and cyberattacks involving third-party...
Gift cards are reportedly central to billion-dollar Chinese organized crime operations. As Bloomberg News reported Saturday (Oct. 18), investigators for the Department of Homeland Security (DHS) say these groups have established a money laundering network that uses U.S. retailers, mobile wallets and cryptocurrency to steal...
Payment service providers and online platforms have roles to play in combating romance fraud, the United Kingdom’s Financial Conduct Authority said Friday (Oct. 17). The regulator released a romance fraud review that is based on its review of six firms, including retail banks and payment...
Fraud prevention has long been a defensive strategy for card issuers, but top-performing issuers are treating it as an offensive one. They’re using tokenization and EMV chips not just to guard against threats, but to lock in long-term customer loyalty. The PYMNTS Intelligence report “The...