Forget everything you knew about fraud and fraudsters. Financial institutions must grapple with the dual challenge of countering increasingly sophisticated fraud attacks as fraudsters harness artificial intelligence and machine learning technologies. The flip side is ensuring that the customer experience is seamless through the entire...
Telegram’s founder has reportedly been arrested in France as part of a cybersecurity investigation. Pavel Durov, the Russian-born billionaire behind the popular messaging app, was detained at Le Bourget airport outside Paris and taken into custody shortly after landing on a private jet late Saturday...
Returns fraud and policy abuse have surged to unprecedented levels, with U.S. merchants losing an estimated $101 billion in 2023 due to these issues. In an interview with PYMNTS, Hannah Bravo, CEO of Loop, offers a detailed analysis of these growing challenges and how businesses...
Practice makes perfect, as the adage goes, even when you’re practicing failure. That’s a rough approximation of how Amazon Web Services practices operational resilience. Other companies may try and even succeed at proactively stopping business disruption. At AWS, practicing disruption is part of the culture....
McDonald’s reportedly suffered a hack of its Instagram account Wednesday (Aug. 21), with the hackers claiming they used the fast-food giant’s account to promote a fake cryptocurrency that they dubbed “GRIMACE” and pocket $700,000 from the scam. The hackers’ posts were later deleted, the New...
Banks, FinTechs and payments companies in the United Kingdom are reportedly struggling with the country’s new fraud rules. The entities have until Oct. 7 to comply with new regulations requiring them to reimburse victims of payments fraud, Bloomberg reported (Aug. 21). However, many companies aren’t...
As payment fraud continues to become more sophisticated, many payments companies advocate for a return to fundamental security practices while using new technologies to protect their clients. For example, Mike Rivers, chief technology officer at open payments platform Spreedly, emphasized the importance of a multilayered...
In periods of softening consumer spend, businesses are increasingly turning to the vast B2B marketplace to boost their bottom-line. They aren’t alone. Criminals have taken notice of the multi-trillion-dollar B2B landscape, too. A recent report shows that cyber criminals are increasingly targeting businesses, not individuals,...
Earlier this year, hackers stole the data of 2.9 billion people from a broker. Now, that breach threatens to usher in a wave of identity fraud and other crimes, Teresa Murray, consumer watchdog director for the U.S. Public Interest Research Group, said in a recent...
