A dual U.S.-Canadian national has been sentenced to more than 11 years in federal prison for conspiring to launder tens of millions of dollars in wire and bank fraud schemes, according to the U.S. DOJ. Officials say the activity included cash-out scams for North Korean cybercriminals.
Mastercard says that starting in 2024, banks and other institutions that issue its credit and debit cards will no longer need to include a magnetic stripe on the back, and that by 2033, m
agnetic stripes will be extinct. Given magnetic stripes' many security downsides, what's taken so long?
A Ukrainian national who admitted to working as a system administrator and IT manager for the notorious FIN7 cybercriminal gang, which has been involved in the theft of millions of payment cards, has been sentenced to 10 years in federal prison.
Older ATMs across Latin America are being struck by a new version of "jackpotting" malware, which can cause the machines to dispense cash. The malware, called Ploutus, can cause ATMs made by Itautec, a Brazilian company, to discharge up to $1,700.
Point-of-sale device manufacturers Verifone and Ingenico have released fixes for flaws in some of their devices after researchers found the vulnerabilities could have enabled attackers to steal payment card data, clone cards or install malware.
Criminals have been seeking innovative new ways to steal cash from ATMs. In the U.S., there has been a surge in physical attacks, while Europe has seen a sharp increase in "black box" attacks designed to make ATMs dispense cash on demand.
Despite the shift to e-commerce during the pandemic, attacks against POS devices persist. For example, Visa's payment fraud disruption team uncovered recent malware attacks on POS devices used by two North American hospitality companies.
A flaw in how contactless cards from Visa - and potentially other issuers - have implemented the EMV protocol can be abused to bypass PIN verification for high-value transactions, ETH Zurich researchers warn. But Visa says the exploits would be "impractical for fraudsters to employ" in real-world attacks.
Diebold Nixdorf, a major manufacturer of ATMs, has issued an alert about "jackpotting" or "cash-out" attacks that are draining cash from its machines in several European countries. What makes these attacks unusual?
The notorious carder marketplace Joker's Stash is advertising a fresh batch of 400,00 stolen payment cards issued by both South Korea and U.S. banks, warns Group-IB. It says that on average, stolen APAC payment card data sells for five times more than stolen U.S. payment card data.
Faster payments are the new reality in more than 40 countries, and this innovation is benefiting consumers and businesses alike. Criminals are also enjoying the speed and non-refutable nature of these transfers, and in many deployments faster payments quickly translates to faster fraud.
This does not have to be the...
A New York man was sentenced to five years in federal prison Tuesday after pleading guilty to helping a criminal gang steal nearly $400,000 from several banks through a physical ATM skimming scheme that continued for two years.