Galileo Financial Technologies Chief Product Officer David Feuer told PYMNTS that there has been no shortage of money spent in the continuing, and perhaps eternal, battle against hackers, cybercriminals and online thieves. “The investment in anti-fraud technologies has been a focal point across the industry,...
Fraud related to COVID-19 relief programs continues to occur “at a concerning scale.” Andrea Gacki, director of the Financial Crimes Enforcement Network (FinCEN), said this in a Thursday (Nov. 22) press release announcing the issuance of an alert to financial institutions on fraud schemes related...
False declines are a significant yet often overlooked issue that impacts both businesses and consumers. Picture this: You attempt to make a purchase, only to face rejection, not because of insufficient funds or fraudulent activity, but due to a false decline. These instances, where legitimate...
Samsung has reportedly disclosed a year-long breach of its systems, which resulted in unauthorized access to the personal data of customers who made purchases at its U.K. store. The breach occurred between July 1, 2019, and June 30, 2020, but Samsung only discovered it on...
Prove Identity says Brazilian payment tech company Elo will use its technology to battle fraud. The partnership, announced Thursday, will let Elo leverage Prove’s identity verification solutions to improve its customer experiences while also fighting SIM swap fraud and the rise of “orange accounts” in Brazil. “We are thrilled...
A 19-year-old man from Madison, Wisconsin, has pleaded guilty to conspiracy to commit computer intrusion. Joseph Garrison, along with his co-conspirators, orchestrated a scheme to hack user accounts at a fantasy sports and betting website, the U.S. Attorney’s Office, Southern District of New York said in a...
McLaren Health Care, a healthcare provider based in Michigan, has reported a data breach that compromised the personal and health information of about 2.2 million patients. The hackers accessed a wide range of patient information, including names, dates of birth, Social Security numbers, billing and...
A hacker group says the Industrial and Commercial Bank of China (ICBC) paid a ransom following an attack last week. The bank, which is China’s largest lender, disconnected itself from an electronic settlement platform for the U.S. Treasury securities operated by BNY Mellon after a ransomware attack...
A hacker reportedly stole $27 million in cryptocurrency from a Binance-connected wallet. The stolen tether funds were converted to ether before being transferred to other exchanges and bridges to bitcoin through the THORChain bridge, CoinDesk reported Monday (Nov. 13). The victim’s wallet had received ether...
