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Holiday Season Brings Corporate Payments Fraud Spike

PYMNTS

’Tis the season for corporate fraud? the FBI recently issued a warning for holiday shoppers of a new scam called eSkimming , in which cyber criminals hack into legitimate online retailer websites to steal shoppers’ credit and debit card details. Yet, analysts warn, as cross-border B2B payment volumes rise, so does the risk of fraud.

Fraud 149
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Radius Bank: Virtual Debit, Mobile Tools Help Banks Fight Debit Fraud

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Fraudsters have unfortunately also carefully followed this payment trend, with skimming, prepaid card and ATM fraud all seeing upticks recently — especially in regard to debit transactions. Another study indicated that debit-related fraud is on the rise across the U.S. Around The Next-Gen Debit World. The report noted that U.S.

Fraud 155
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From Russia, With Malware: US Charges Hackers In $100M Bank Fraud

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The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. They are connected with a Russian hacking group known as Evil Corp., which has been known to release malware. Losses from those malware deployments came in at $70 million.

Fraud 131
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From Russia, with Malware: US Charges Hacking Group Evil Corp. In $100M Bank Fraud

PYMNTS

The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. They are connected with a Russian hacking group known as Evil Corp., which has been known to release malware. Losses from those malware deployments came in at $70 million.

Groups 130
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Facial Recognition Can Be Hacked With Internet Images

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Facial recognition is supposed to make computing and banking much more secure, but just like most efforts to fight the bad guys, hackers can apparently infiltrate that, too. The report noted the virtual reality-style face, which is rendered in 3D, gives the motion and depth cues of a real face that security systems are typically looking for.

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Chase Pay Demise And Gut Check On Lending Dominate Week’s News

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Among the stories we ran over the past few days is a deep look at the problems with Chase Pay, new information about AI fighting fraud, new research into the gig economy and subscriber churn, and a feature about the risks of online disaster relief efforts. Visa Debuts AI-Powered Fraud Fighting Tools.

Lending 109
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B2B Startups Welcome Another Unicorn With TripActions Funding

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It was another busy week for B2B FinTech startups, with globally and vertically diverse companies securing new funding for their enterprise-targeting tools. The big news of the week comes from TripActions , a corporate travel solutions provider that secured unicorn status with its latest fundraise (the largest in this week’s breakdown).

Software 158