PYMNTS

JULY 31, 2020

According to computer security firm McAfee, criminals have been using RagnarLocker since late 2019. “RagnarLocker is a simple ransomware, much like others that exist in the criminal market. “Time will tell if RagnarLocker becomes a serious threat or disappears against a backdrop of other ransomware with more resources.

Bitcoin 105

Bitcoin Ransomware Compromise FBI 105

Fintech News

FEBRUARY 21, 2024

The report by Chainalysis provides a deep dive into these changes, highlighting the decline in certain types of crypto crimes and the persistence, if not growth, of others, such as ransomware and darknet markets. In 2023, ransomware payments peaked, breaking past the US$1 billion (SG$1.35 billion) threshold for the first time.

Crime 107

Crime Ransomware Scams Stablecoins 107

PYMNTS

OCTOBER 5, 2020

81 percent is the share of business owners who experienced payments fraud in 2019, according to a JPMorgan Chase announcement , citing a recent poll by the Association for Financial Professionals (AFP) and J.P. Over one-third of the ransomware strain’s victims have been estimated to have made a ransom payment.

Ransomware 54

Ransomware AFP Breach Payments 54

Fintech News

APRIL 1, 2024

Investment fraud in the US, Source: Internet Crime Report 2023, US Federal Bureau of Investigation, Mar 2024 2023 was also a prolific year for crypto ransomware, which surpassed the US$1 billion mark for the time last year, data from blockchain intelligence startup Chainalysis show. Ransomware payments using cryptocurrencies reached US$1.1

Ransomware 117

Ransomware Payments Bitcoin Scams 117

PYMNTS

JANUARY 27, 2020

BEC is not the only cyberattack causing corporate losses, however, as ransomware threats continue to ramp up as well. In Q4 2019, 104 percent more ransomware payouts were made than in Q3 , with the average payment during Q4 hitting $84,116, according to Coveware’s Q4 Ransomware Marketplace Report.

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

JUNE 4, 2020

universities have been the victims of ransomware attacks in the past week, according to Cointelegraph. The information comes from a ransomware gang, boasting that they successfully attacked the University of California San Francisco on June 3, the most recent attack.

Bitcoin 61

Bitcoin Ransomware Scams Phishing 61

PYMNTS

FEBRUARY 12, 2020

According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. billion (or slightly over half) of all losses tracked in 2019. There were almost 24,000 complaints in 2019 and, according to the FBI, each successful attack costs roughly $75,000.

Business Email Compromise 101

Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

NOVEMBER 2, 2020

The SEC has issued warnings in the past few months on ransomware, which involves attacks on broker dealers, investment advisors and investment companies, along with attacks on service providers that affect companies under the purview of the SEC. Clayton recommended that companies and individuals each perform digital hygiene, CNBC reported.

Cybersecurity 84

Cybersecurity Credential Compromise Ransomware 84

PYMNTS

JUNE 25, 2020

Digital fraud and cybercrime are constant worries for financial institutions (FIs) of all sizes, with these businesses seeing an average of 30 cyberattacks per hour in 2019 for a total annual cost of $1.45 million such attacks aimed at APIs between December 2017 and November 2019. trillion in stolen funds.

Financial Crimes 91

Financial Crimes MFA Federal Trade Commission Crime 91

PYMNTS

JANUARY 30, 2020

Bitcoin has also been a crucial part of the recent increase in ransomware cyberattacks. Dark web” drug sales are notably high, increasing 60 percent and totaling $601 million from January to March 2019, according to Chainanalysis, a blockchain analysis firm and government advisor.

Bitcoin 61

Bitcoin Ransomware Money Laundering Cryptocurrency 61

FICO

JANUARY 30, 2019

Money Laundering Techniques: 5 Reasons Why Compliance is More Important Than Ever in 2019. In 2019, criminals are pioneering new ways to leverage technologies for their illegal activities. 2) eKYC: In 2019, Asian countries are already very advanced in mobile and digital payments.

AML 45

AML Money Laundering Financial Crimes Compliance 45

PYMNTS

JANUARY 9, 2020

Lenders including Barclays, HSBC, Royal Bank of Scotland and Virgin Money had to stop foreign currency services after exchange provider Travelex was hit by a ransomware gang, according to reports on Thursday (Jan. Travelex said it had contained the ransomware and investigations show that customer data was not compromised.

Ransomware 52

Ransomware Returns Encryption Compromise 52

PYMNTS

MARCH 7, 2019

CipherTrace CEO David Jevans testified in a February 2019 forfeiture hearing that involved a defendant, Matthew Phan, who illegally purchased a handgun and trafficked drugs using bitcoin on two dark web sites. PwC has found proof that Iranian nationals linked to the SamSam ransomware were using the WEX exchange to launder their funds.

Bitcoin 59

Bitcoin Ransomware Law Enforcement Blockchain 59

The Paypers

NOVEMBER 15, 2018

(The Paypers) Cybercriminals have been turning their attention to targeted ransomware attacks that are premeditated and reaping millions of dollars in ransom, according to Sophos 2019 Threat Report.

Ransomware 28

Ransomware 28

PYMNTS

DECEMBER 16, 2019

83 percent of businesses made a cross-border payment in 2019 , new research from Tipalti conducted by Levvel Research found. 60 percent more ransomware attacks were recorded this year , new data from Kaspersky Labs found. 60 percent more ransomware attacks were recorded this year , new data from Kaspersky Labs found.

Ransomware 59

Ransomware Cross-Border Cross-Border Payments Payroll 59

PYMNTS

FEBRUARY 24, 2020

41 percent more ransomware attacks were initiated last year , the New York Times reported, citing data from Emsisoft, with 205,280 businesses losing access to their data as a result. Analysis of BEC complaints filed in 2019 found that BEC scams accounted for nearly half of the $3.5

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65

PYMNTS

DECEMBER 7, 2018

Not to ruin your holiday spirit, but let’s start this story with the cold and brutal truth: One of the largest risks that payments and commerce operators face in 2019 is being called to account by government officials, regulators or media about a failure to secure their organizations from cyberattacks.

Cybersecurity 96

Cybersecurity Payments Privacy Breach 96

PYMNTS

JANUARY 23, 2020

billion in losses due to cryptocurrency-related fraud in the third quarter of 2019 alone. Among the most troubling examples of this is in the case of ransomware, in which cyberattackers require ransom to be paid in a digital currency. ” Recent analysis from CipherTrace calculated $4.4 In total, fraudsters stole $15.5

Ransomware 58

Ransomware Cryptocurrency Small Business Risk 58

PYMNTS

MARCH 9, 2020

The FBI has once again sounded the alarm on the proliferation of digital fraud like ransomware and the business email compromise (BEC) scam, releasing new stats on the financial damage such criminal activity has caused in the U.S. billion in 2019. in recent years.

Business Email Compromise 56

Business Email Compromise FBI Email Compromise Scams 56

PYMNTS

JANUARY 23, 2020

billion consumer accounts fell victim to data breaches during the first half of 2019 — to the tune of $4 million in lost revenue per breach. Phishing attempts increased approximately 65 percent in 2019, and cost businesses more than $12 billion in stolen funds, victim payouts and opportunity costs. percent in 2019 to $3.92

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

FEBRUARY 11, 2020

New data was released this week with an urgent, albeit not necessarily unexpected, message: ransomware and other phishing attacks continue to dramatically spike, with more frequent and more expensive attacks hitting businesses and government entities of all sizes. The New York Times reported Sunday (Feb.

Phishing 58

Phishing PayPal Ransomware Cybersecurity 58

PYMNTS

FEBRUARY 3, 2020

By comparison, 2019 saw 9,200 stores closed as brands like Payless ShoeSource, Fred’s, Gymboree, Charlotte Russe, Family Dollar, Forever 21 , Charming Charlie, Sears, Kmart, A.C. Dark web drug sales were up 60 percent, hitting $601 million from January to March 2019, according to blockchain analysis firm and government advisor Chainalysis.

Bitcoin 52

Bitcoin Ransomware SARS Crime 52

PYMNTS

APRIL 29, 2019

With first-quarter earnings reports rolling out, it’s time to take a look at the state of small businesses and how they fared for the first three months of 2019. SMBs carried the brunt of that surge in cyberthreats, with consumer-targeting malware dropping by 40 percent, but business-targeting ransomware attacks spiked by 195 percent.

PayPal 67

PayPal Small Business Ransomware Shutdown 67

PYMNTS

APRIL 13, 2020

Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud. Though the figure is high, it’s a decrease from 80 percent in 2018, the AFP noted.

Business Email Compromise 63

Business Email Compromise Email Compromise Scams Law Enforcement 63

PYMNTS

JULY 25, 2019

Globally, it is set to increase 20 percent between 2019 and 2025. Ransomware attacks increased 21 percent from 2017 to 2018, and malicious insider attacks increased 18 percent during that same timeframe. An uptick in fraud also means a growing online fraud prevention market. Humans as Weak Links.

Phishing 69

Phishing Fraud Detection Automation Ransomware 69

PYMNTS

MARCH 3, 2020

million to imaginary lovers in 2019, at an average individual loss of (brace yourself) about $16,000 USD. Phishing attacks and ransomware are also popular, with the former now constituting 30 percent of all fraud attempts and the latter hitting more than 50 municipalities during the first half of 2019.”.

Federal Trade Commission 53

Federal Trade Commission FTC Account Takeovers Ransomware 53

Fintech Finance

MARCH 20, 2024

The company estimated the value of ransomware damages in 2021 at $20 billion — 57 times more than in 2015. Network International adopted the solution in 2023 to increase fraud detection and significantly reduce losses across its acquiring ecosystem. trillion by 2025.

AI 52

AI Fraud Prevention Visa Fraud Detection 52

PYMNTS

NOVEMBER 4, 2019

41,000: the average payout of a ransomware attack , new data from Coverware revealed. consumers in the first half of 2019 , according to new analysis from Parliament’s Treasury Select Committee. Automation, the report found, yields an average of a 58 percent reduction in breach risk for U.S. 777 million was stolen from U.K.

Checks 40

Checks Scams Law Enforcement Ransomware 40

PYMNTS

MAY 2, 2019

Last year saw record levels of venture capital pumped into cybersecurity startups, and researchers at Gartner expect companies to increase cybersecurity spend by 9 percent between 2018 and 2019, reaching $124 billion.

Data Breach 55

Data Breach Third Party Vendors Breach Cybersecurity 55

PYMNTS

MAY 6, 2019

Its “ 2019 Small Business Survey ” found that 46 percent are looking to expand product lines, with 39 percent planning to grow production this year. Fifty-five percent of small business owners said they’d pay to get their data back in the event of a ransomware attack. Forty-three percent plan to seek credit.

Small Business 46

Small Business Ransomware Research Economy 46

PYMNTS

JULY 12, 2019

The latter, which uses artificial intelligence (AI) and machine learning (ML) to detect malware and ransomware and protect users’ digital identities, raised $120 million in a Series D funding round from several venture capital investors, demonstrating the industry’s interest in such offerings. Teething Issues.

Online and Mobile Banking 43

Online and Mobile Banking Governance Government Enrollments 43

FICO

DECEMBER 14, 2021

Only last month, the electronics retail merchant MediaMarkt became the latest victim of a ransomware attack. The total number of users of Open Banking-enabled products is expected to have doubled between 2019 and 2021 to 40 million users , with Europe driving this growth. Abuse of Open Banking.

Scams 52

Scams Data Breach Financial Crimes Breach 52

CB Insights

MARCH 27, 2019

In early 2019, Amazon acquired Eero, which manufactures Wi-Fi networking devices with mesh routers that have a built-in cybersecurity service. It announced a partnership in 2018 with Cisco, Aon, and Allianze to enhance and work in conjunction with their networking, ransomware, and security capabilities.

Cybersecurity 76

Cybersecurity Encryption Data Breach Breach 76

PYMNTS

FEBRUARY 3, 2020

“The city of tomorrow ought to be a community that will never be completed, but will always be introducing and testing and demonstrating new materials and systems,” Page noted at an industry event in 2019. “A New Orleans made the headlines as 2019 drew to a close when a cyberattack shut down all city-owned computers.

Security 94

Security Ransomware Phishing Cybersecurity 94

PYMNTS

JANUARY 31, 2020

According to reports out this week, drug sales on the dark web are up 60 percent and hitting $601 million from January to March 2019, according to blockchain analysis firm and government adviser Chainalysis. Bitcoin has also been pivotal in the rise in ransomware cyberattacks.

Bitcoin 40

Bitcoin PayPal Payments Cross-Border 40