With the increasing digitization of payments due to the pandemic, it is estimated that over $6 trillion will be exchanged through digital channels by the end of 2021, representing a 40% increase over the past two years. Related news: Report: AI and Transaction Notifications Help...
A new report from the Treasury Department shows that American banks and financial institutions (FIs) recorded close to $600 million in suspected ransomware payments during the first half of 2021, more than the total for all of 2020. As The Wall Street Journal reported on...
The Federal Communications Commission (FCC) is taking action to put a stop to SIM swapping, a form of fraud in which bad actors can take control of peoples’ cellphone accounts by convincing a wireless carrier to transfer the victim’s service from their own phone to...
A Massachusetts man was remanded to federal prison after being charged with fraudulently obtaining Pandemic Paycheck Protection (PPP) loans in the amount of $543,000 and then faking his suicide to evade arrest, according to a statement from the U.S. Department of Justice (DOJ). David Adler...
U.S. Sen. Elizabeth Warren and Rep. Deborah Ross have introduced legislation that gives the Department of Homeland Security more data on ransomware payments. The Ransomware Disclosure Act, introduced Wednesday (Oct. 6), is designed to provide a greater understanding of how cybercriminals operate and give a...
Artificial intelligence (AI) and machine learning (ML) are helping merchants and online platforms get smarter about detecting risk. The bad guys have high tech too. Deepfakes are gaining ground, along with synthetic identities. Major payments players are fighting back with a unity of sophisticated AI,...
The chain of data protection – keeping the most sensitive information out of the hands of hackers and other bad actors – is only as strong as its weakest link. In the age of open banking, where data access can be broad indeed – where...
Millions of pounds were swiped from Barclays accounts in a phishing scam by a fraudster using a Monzo account and a payments initiation service provider (PISP), The Telegraph reported. PISPs are a newer concept, introduced by the revised European Payment Services Directive (PSD2), and give...
A 34-year-old man and a 33-year-old woman, both from California, were arrested in Hawaii for submitting fraudulent COVID-19 test results in an effort to skirt a traveler quarantine requirement that’s aimed at keeping the spread of the coronavirus at bay across the islands, the Associated...
