Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.
Online sports retailer Sports Warehouse has agreed overhaul its security program and pay a $300,000 fine to New York State after hackers stole 20 years' worth of payment card data and customer information the company was storing in plaintext on its e-commerce server.
An Illinois man pleaded guilty Monday to eight criminal counts stemming from the three years he spent leading a conspiracy to sell stolen financial information on darknet markets. The man, Michael D. Mihalo, 40, founded a darknet carding site known as Skynet Market.
U.S. authorities revealed the Russian man behind a two-decade span of abetting cybercriminals' theft of credit cards, dismantled his online infrastructure and offered a hefty reward for information leading to his arrest. Prosecutors say the man, Denis Kulkov, ran a service now known as Try2Check.
Ukrainian law enforcement busted a transnational group of scammers that used more than 100 phishing websites to defraud Europeans. The scammers embezzled nearly $4.4 million by fooling more than 1,000 victims into handing over payment card details, police said.
EMV chip technology has taken a major bite out of credit card fraud at the point of sale, but card-not-present fraud continues to flourish thanks to an age-old technology - the magnetic stripe, says Mark Solomon, international president, International Association of Financial Crimes Investigators.
Here's further proof many cybercriminals are rampant self-promoters: Credit card market BidenCash, which sells compromised payment card data, dumped 2 million payment cards for free. This shows that competition between carder markets - and increasingly, Telegram-based vendors - is fierce.
A U.S. law enforcement investigation involving multiple countries resulted in the shutdown of an online marketplace selling millions of Social Security numbers, payment cards and other credentials. Prosecutors unsealed a complaint against a Moldovan man fingered as the operator.
Cyber criminals are running scripting attacks on e-commerce sites that attempt to complete small payments by automatically inputting payment card numbers based on the Ally Bank identification number. There are no indications of a data breach at Ally Bank, says a source close to the fraud detection.
As enterprises continue to embrace alternate methods of payment structure, card-not-present, or CNP, fraud will develop into other types of fraud. What will these types be? Experts Dondi Black of TSYS Payment Solutions and Dave Excell of Featurespace - share their views.
The PCI Security Standards Council on Thursday released the Payment Card Industry Data Security Standard version 4.0. The latest version's improvements are intended to counter evolving threats and technologies, and the new version will enable innovative methods to combat new threats.