Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. But to beat highly organized fraudsters at their own game, financial institutions (FIs) must band together to build an ironclad defense, says Chris Tremont,...
The Federal Trade Commission (FTC) testified before the Senate Commerce Subcommittee on Manufacturing, Trade and Consumer Protection on Tuesday (July 21), detailing its efforts to combat coronavirus-related fraud, including sending warning letters and trying to educate customers on how to spot a scam, according to...
Wirecard AG, the German payments company fighting for survival, has hired a forensic team to investigate the accounting scandal that led to its insolvency, sources told Reuters. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
Cybercrime is a constant concern for banks, credit unions and other financial institutions (FIs), with more than 25 percent of all malware attacks targeting the financial industry specifically. Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased...
Some recently unemployed Americans who have attempted to file for jobless benefits are encountering a nasty shock: They’ve been robbed by canaries. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional...
Fraudsters aren’t usually static. They’re often dynamic when on the hunt for new weaknesses to exploit, new targets to go after and new ways to get into systems where they aren’t supposed to be. And while COVID-19 has accelerated fraud, it’s been more about increasing...
Plaid is facing a lawsuit which alleges that it has violated users’ privacy and used customers’ private data in inappropriate manners for years, affecting over 200 million individual accounts, according to a court filing with the northern district of California. Get the Full Story Complete...
Wirecard AG’s accounting firm said an independent report failed to account for half of the German payment company’s revenue and all its operating profit, the Financial Times (FT) reported. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access...
Twitter has provided a glimpse into its investigation of last week’s security breach, the worst in its 14-year history, as hackers commandeered more than 100 high-profile accounts. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
