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Telegram-Based Market Is Exploiting Gaps in US Tracking of Departed Visa HoldersA Russian darknet marketplace is exploiting a major blind spot for U.S. financial institutions by trafficking in the identities of former legal immigrants. Telegram-based group Karma Fullz has built a profitable criminal enterprise with highly convincing synthetic identities.

The Payments Giant Is Creating Digital Rails for Secure, AI-Driven CommerceVisa is doubling down on both B2C and B2B agentic AI use cases. Early experiments focus on automating repetitive, trust-sensitive financial tasks, but the company is rapidly expanding into more sophisticated scenarios, positioning itself at the center of the next major shift in global payments.

Bank Info Security 1 year, 2 months ago

Hackers Hijack NFC for Instant Payment Fraud

Attack Combines Social Engineering and Card Emulation to Execute Real-Time TheftHackers are using Chinese-speaking Android malware-as-a-service SuperCard X to carry out near-field communication relay attacks, siphoning payment card data and executing live point of sale and ATM transactions. Victims receive spoofed SMS or WhatsApp alerts purporting to originate from their bank.

Krebs on Security 1 year, 3 months ago

China-based SMS Phishing Triad Pivots to Banks

China-based purveyors of SMS phishing kits are enjoying remarkable success converting phished payment card data into mobile wallets from Apple and Google. Until recently, the so-called “Smishing Triad” mainly impersonated toll road operators and shipping companies. But experts say these groups are now directly targeting customers of international financial institutions, while dramatically expanding their cybercrime infrastructure and support staff.

Featurespace's AI Expertise Will Enhance Visa's Fraud, Risk and Payments TechnologyVisa has signed a definitive agreement to acquire AI-driven fraud prevention leader Featurespace. This acquisition will reinforce Visa's fraud detection capabilities, integrating advanced machine learning technology to strengthen financial crime prevention and protect global transactions.

Krebs on Security 1 year, 11 months ago

Cybercrime Rapper Sues Bank over Fraud Investigation

In January, KrebsOnSecurity wrote about rapper Punchmade Dev, whose music videos sing the praises of a cybercrime lifestyle. That story showed how Punchmade's social media profiles promoted Punchmade-themed online stores selling bank account and payment card data. Now the Kentucky native is suing his financial institution after it blocked a $75,000 wire transfer and froze his account, citing an active law enforcement investigation.

Bank Info Security 2 years, 1 month ago

First-Party Fraud's Big Comeback in Banking and Lending

Fraud Experts Share Challenges and Solutions for Managing Customer-Driven LossesBanks lose tens of billions of dollars every year to credit card fraud, bad checks and intentional loan defaults, but the main culprits are not third-party scammers. Most of these crimes are being committed by the bank's customers, making detection and prevention a formidable challenge.

Insurance giant blames Infosys, LockBit claims credit Criminals have probably stolen nearly 30,000 Fidelity Investments Life Insurance customers' personal and financial information — including bank account and routing numbers, credit card numbers and security or access codes — after breaking into Infosys' IT systems in the fall.…

Insurance giant blames Infosys, LockBit claims credit Criminals have probably stolen nearly 30,000 Fidelity Investments Life Insurance customers' personal and financial information — including bank account and routing numbers, credit card numbers and security or access codes — after breaking into Infosys' IT systems in the fall.…

Bank Info Security 2 years, 4 months ago

Banks Use Behavioral Analytics to Tackle First-Party Fraud

BioCatch's Seth Ruden on How Defenders Can Keep Up With Evolving Fraud ScamsFirst-party fraudsters have shifted their focus from credit card fraud to deposit scams. In this evolving threat environment, financial institutions face new challenges from the increased use of synthetic identities and the difficulties in classifying first-party fraud, said BioCatch's Seth Ruden.

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