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Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

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Nearly Nine-in-Ten Organizations Experienced Spear Phishing Attacks While Over Half Fell Victim in 2019

According to a survey of over 600 IT security professionals across seven countries, 88 percent of organizations saw spear phishing attacks, 55 percent fell victim to at least one phishing attack, 86 percent experienced business email compromise attacks and nearly two-thirds experienced a ransomware attack.

The burgeoning issue and financial fallout from spear phishing is evidenced by the sheer number of organizations that experience and fall victim to such attacks. In their 6th annual State of the Phish report, cybersecurity firm ProofPoint surveyed IT security professionals across the US, UK, Germany, France, Spain, Japan and Australia. This survey along with surveys of over 3,500 adults across the same seven countries plus the results of over 50 million simulated phishing emails provided eye-opening results in this multifaceted study. Here’s a quick overview of some of these survey results highlighted in ProofPoint’s State of the Phish 2020 report:

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Visa to Increase Interchange Fees for CNP Transactions this April

After leaving interchange rates mostly unchanged for the past decade, Visa sent a letter to partner banks outlining the coming changes to swipe fees that will roll out in two phases beginning in April then October this year. While high volume supermarkets as well as those with education and real estate merchant category codes (MCCs) will see a decline, eCommerce retailers will see base interchange rates increase from 1.90 to 1.99 percent on standard Visa rewards cards and from 2.5 to 2.6 percent on premium rewards cards for a $100 transaction.

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LexisNexis Makes Two Major Risk & Identity Acquisitions in First Two Months of 2020

LexisNexis prepares to fund two acquisitions totaling $855 million as parent company RELX looks to buy two major names in the identity authentication and risk management space. This includes the acquisition of ID Analytics from NortonLifeLock in January followed by the purchase of email authentication vendor Emailage, announced in mid-February. Both deals are expected to close in the first quarter of this year.

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Cyber Weekend Fraud Declines See 30% Increase Year-Over-Year and 50% Increase Relative to Rest of Year

The number of order attempts declined for suspected fraud increased by nearly 30 percent year-over-year for orders between Thanksgiving and Cyber Monday, according to data from iovation, that also found a fraud decline rate 50 percent higher than the yearly average (15 percent vs. 10 percent). Likewise, a cyber security firm found a 63 percent increase in malware while phishing attacks jumped 51 percent on Black Friday.

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Online Order Returns Spike Post Holidays

Private courier UPS has declared January 2nd National Returns Day, the busiest package return day of the year, and prepared to handle nearly 2 million packages representing returned gifts on this day alone. We take a look at online order return rates and volume while discussing the costs, and even benefits, of reverse logistics operations for eCommerce merchants.

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Winners and Losers in the Largest US Online Holiday Shopping Season Yet

Mobile and eCommerce shopping hit new highs this holiday season as Cyber Monday yet again beat its own record as the largest online shopping day in the U.S. with over $9.4 billion in eCommerce retail sales. This followed a record day for Black Friday which reached $7.4 billion in online sales while U.S. eCommerce volume on each day grew by nearly 20 percent year-over-year. One channel’s gain is another’s loss, however, as total holiday sales had a much more modest 3.4 percent growth. Department stores saw total holiday retail sales fall nearly two percent, despite growth of 7 percent in online sales. The biggest winner was mobile holiday sales, which increased 55 percent on CyberMonday year-over-year.

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Massive Wawa Data Breach Puts Unknown Number of Cards in Hands of Fraudsters

Wawa announced a large-scale malware compromise breaching payment cards processed at the pump or inside between March 4 and December 12, 2019, also admitting that the company “does not have sufficient information to determine” how many payment cards were exposed. The gas station and convenience store has more than 850 locations along the east coast with $10.6 billion in annual revenue.

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Federal Reserve to Launch Real-Time Payments System called FedNow by 2024

The U.S. Central Bank will embark on its biggest investment in payments since becoming an ACH operator more than forty years ago. FedNow will be an interbank real-time gross settlement service (RTGS) with integrated clearing. It will support 24/7 real-time transfers of up to $25,000 between any banks in the U.S. and will be available by 2023 or 2024.

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Klarna Becomes Largest Private FinTech Company in Europe Following $460 Million Funding Round

Klarna, a payment company offering micro credit for online transactions like PayPal Credit, serves consumers and merchants in Europe and the United States while preparing to launch in Australia and New Zealand. They recently announced an equity funding round raising $460 million, valuing the credit terms alternative payment provider at $5.5 billion.

The number of Klarna users in the U.S. is growing by 6 million per year.

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