U.K. banks will soon have to reimburse customers who fall prey to authorized push payment scams. The U.K.'s Payment Systems Regulator recently released a policy that would split the reimbursement cost between sending and receiving banks and incentivize the industry to invest in fraud prevention.
The U.K. government earlier this month introduced a strategy to reduce fraud and scams called Fraud Strategy: Stopping Scams and Protecting the Public. Ken Palla, retired director of MUFG Bank, said this as an important step to combat authorized scams, which have now eclipsed unauthorized fraud.
Mule accounts have become an increasingly prevalent element of fraudulent schemes, acting as the primary pathway for moving funds from various sources of fraud, such as scams, check fraud, account takeovers, and authorized push payment (APP) fraud, into the accounts of fraudsters themselves. Startlingly, our research...
Researchers found Android malware masquerading as a legitimate application available and downloaded over 620,000 times from the Google Play store. The apps have been active since 2022, posing as legitimate photo-editing apps, camera editors and smartphone wallpaper packs.
Organizations with a security-by-design approach need to go beyond being reactive to a proactive, offensive strategy to strengthen their security posture, says Mrutyunjay Mahapatra, member board of directors and chairman of the audit committee at Reserve Bank Innovation Hub.
What is the role of payment intermediaries when fraud takes place? How much are they working with banks to reduce risks from payment fraud? Anuj Bhansali, head of trust and safety at PhonePe, discusses the payment fraud landscape in India and steps to reduce authorized push payment fraud.
In the latest weekly update, finance security expert Ari Redbord joins ISMG editors to discuss takeaways from the U.S. Treasury's 2023 DeFi Illicit Finance Risk Assessment, the state of blockchain analytics and where it is headed, and traction for FinCEN's Financial Action Task Force Travel Rule.
The Federal Reserve's FedNow Service will launch in July this year. Many banks, including community banks, will be able to leverage FedNow as an instant payment platform. How can these banks prepare for faster payments, and what security controls should they consider adding?
In this 14th edition, M-Trends provides an inside look at the evolving cyber threat landscape drawn from Mandiant incident response investigations and threat intelligence analysis of high-impact attacks and remediations around the globe across the last year.
This report also includes:
Latest Incident Response...
India is leading the digital payments revolution on the world stage with its widely accepted unified payments interface. N. Rajendran, the chief digital officer of the Multi Commodity Exchange of India, who has worked on UPI since its inception, discusses its successful implementation.
The U.S. Consumer Financial Protection Bureau is mulling over whether to reimburse consumers for online scams and fraud, but this regulatory change could lead to an increase in first-party fraud, cautioned Karen Boyer, senior vice president of financial crimes at M&T Bank.
Faster payment technology has been around for years, but fraud continues to dominate the conversation, says Reed Luhtanen of the U.S. Faster Payments Council. Luhtanen says all payment systems have a fraud problem, and firms will be able to curb faster payment fraud with more experience and data.
India and Singapore made it easier and cheaper for their citizens to send and receive money through the integration of UPI and PayNow, but could this move lead to a rise in cross-border online payment scams? Reports of UPI-related fraud surged in India in 2022.
An Android banking Trojan is targeting Brazilian adopters of an instant payment platform known as Pix, marking another foray by the South American country's criminal underground into digital larceny. Brazil has been a hotbed of Trojan activity perpetuated by domestic cybercriminals.
Forter bought a bot detection startup founded by a longtime Check Point Software leader to stop malicious actors from purchasing limited-edition items and collectables. The Immue purchase will prevent malicious bots from flooding e-commerce sites with thousands of transaction attempts per second.
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