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...
LoanDepot said Friday (Feb. 23) that a data breach that impacted the company in January affected 16.9 million customers. In the breach that occurred Jan. 3 through Jan. 5, hackers acquired names or other personal identifiers in combination with Social Security numbers, the financial services...
UnitedHealth Group’s Change Healthcare continues to work to restore systems and resume normal operations after a cyberattack. “The disruption is expected to last at least through the day,” the company said in an update posted Friday (Feb. 23) at 9:54 a.m. Eastern time. “We will...
Federal financial regulators are reportedly investigating allegations made by two whistleblowers regarding Cash App. The whistleblowers claim that the mobile payment platform and the entities providing transaction services to its users did not perform adequate due diligence on customers, potentially opening the door to money...
Jeff Hallenbeck, head of payments at Forter, said tokenization, from the merchant point of view, is moving from being thought of as an operational cost to an opportunity to drive revenues. Tokenization — the act of replacing sensitive data with randomly generated, encrypted surrogate values,...
Properly securing consumer data could be key to maintaining the loyalty of eCommerce merchants’ most engaged customers, according to PYMNTS Intelligence. By the Numbers The PYMNTS Intelligence “2023 Global Digital Shopping Index: U.S. Edition,” which drew from a survey of more than 13,000 consumers and...
In this era of connectivity, where virtual encounters often precede physical ones, online relationships have become a breeding ground for exploitation, with fraudsters capitalizing on the vulnerabilities of hopeful hearts for financial gain. This darker side of romance manifests in the rising tide of online...
