Push payments fraud in the U.K. increased in volume last year, while declining in value. That’s according to a report issued Thursday (Aug. 1) by the country’s Payment Systems Regulator (PSR), showing that authorized push payments (APP) fraud reached nearly £341 million ($433 million) last...
In internet lingo, the abbreviation IRL means “in real life.” But for the now defunct social media platform IRL, reality and the picture the company painted for its investors were allegedly two very different things. That’s according to charges filed this week by the Securities and Exchange Commission (SEC) against...
Fraudsters are drawn to compromised digital ecosystem like ants to a picnic. Bad news for companies creates opportunities for criminals — with disruptions like the recent CrowdStrike and Microsoft outage offering a perfect cocktail of urgency, uncertainty and money movement for scammers and fraudsters to exploit....
Amid a worldwide data breach surge, France is dealing with an older-school type of cyberattack. As Bloomberg News reported Monday (July 29), vandals have cut several fiber optic cables carrying broadband service across the country, now four days into hosting the Olympic Games. According to...
The United Kingdom’s National Crime Agency (NCA) and seven U.K. banks are working together to identify and take action against organized crime. In this public-private partnership, the banks are providing the NCA with account data that indicates potential criminality, and investigators from both the NCA...
The Security Summit has issued a stern warning to tax professionals, urging them to heighten their awareness of indicators of identity theft as part of the ongoing “Protect Your Clients; Protect Yourself,” initiative. The IRS and its coalition of partners emphasized the shifting strategies of...
Mastercard has unveiled a new approach to identify compromised payment cards, leveraging a combination of generative artificial intelligence and graph technology. The company reports that this method has doubled its detection rate for compromised cards before they can be used fraudulently. The new technique could...
Revolut has reportedly denied thousands of British customers reimbursement requests after they were defrauded. This has led many of these consumers to seek help from the U.K.’s Financial Ombudsman Service (FOS), Bloomberg News reported Saturday (July 20). The report cited data from the FOS showing...
The right customer data, in the right hands, can have a transformative impact on businesses. But in the wrong hands, the same sensitive information can be leveraged by bad actors and cybercriminals with catastrophic and increasingly costly outcomes. “If you think about what bad guys...
