Wirecard staffers reportedly took millions of euros in funds from the firm’s German base in plastic bags during a timeframe that spanned years, the Financial Times reported, citing unnamed sources. Individuals who used to work for Wirecard told authorities investigating the firm that workers took...
A new task force launched by the U.S. Department of Justice (DOJ) is looking to curtail ransomware and other cyberattacks by targeting the underlying digital ecosystem, The Wall Street Journal reported. In ransomware attacks, hackers take down a computer network and demand money to release...
Fraud prevention firm Sift has expanded its Digital Trust & Safety Suite to help businesses fight fraud and abuse, the firm announced on Tuesday (April 20). The digital trust and safety firm has upgraded its Chargeback Management, Security Notifications, Text Clustering and Workflows Replay features...
Faster payments schemes are gaining traction around the globe. Unfortunately, so are the fraudsters. As recent PYMNTS research on the topic shows, some financial institutions (FIs) find it challenging to safeguard their real-time and faster payments systems, leading many to examine their defenses. According to...
Bernie Madoff died last week (April 14) closing a chapter on one part of his historical fraud and massive manipulation of the financial system. As a refresher: The former Nasdaq chairman turned investment fund manager oversaw a Ponzi scheme for more than a decade until...
Established financial services firms have not typically led the charge when it comes to the adoption of new technology. But as they go digital, and as mobile banking becomes more firmly entrenched, banks and financial institutions (FIs) must apply that digital acceleration mindset to their...
It’s not easy to look favorably upon the shipping delays we all endured over the past year. Waiting weeks for things that once showed up on our door in a day or two was one of the early miseries of life on lockdown, and one that...
Cyberattacks are the greatest threat to the world’s financial system, Federal Reserve Chairman Jerome Powell said in an interview with CBS News this week. Speaking to “60 Minutes” on Sunday (April 11), Powell said the risks posed by cybercriminals are greater than the lending and...
PayPal is launching a new fraud protection tool to help merchants combat the growing problem of online fraud. Fraud Protection Advanced is a risk management solution developed specifically to help protect mid-market and enterprise businesses from escalating digital threats and scams, PayPal announced on Monday...
