formats

FTC Chair Nominee and New Federal Reserve Chairman Each Mention Data Breaches as a Critical Concern

As the FTC considers and confirms nominees to fill vacant commission seats, those interviewed speak to the still growing threat of data breaches and say this is a top priority for the government agency. Meanwhile, the House Financial Services Committee asks new Fed Chairman Jerome Powell what approach he will take to secure data, following more than 50 data breaches involving the Federal Reserve in the last seven years.

In a Senate confirmation hearing with Joseph Simmons, one of three people recently nominated to chair the Federal Trade Commission (FTC), the anti-trust lawyer spoke to the threat of data breaches that has continued to increase. “They’re becoming much more significant, much more frequent, and I think that’s a real serious concern for us and I think we need to pay much more attention to it,” he said.

Read More

 
Comments Off on FTC Chair Nominee and New Federal Reserve Chairman Each Mention Data Breaches as a Critical Concern.
formats

Putting the Use of Apple Pay and Mobile Payments in Perspective

Although the number of Apple Pay users worldwide more than doubled in 2017, this represents just 16 percent of iPhone owners that have activated Apple Pay, leaving opportunity for rivals like Samsung Pay and Alphabet, who is re-branding Android Pay to Google Pay, to catch up.

Apple is the leader when it comes to NFC mobile wallets today but overall usage of these mobile payment methods is still far from mainstream adoption. Although relatively new (Apple Pay launched in October 2014) and continuing to grow rapidly, increasing to 127 million Apple Pay users from 62 million in 2016, use of Apple Pay or any mobile wallet at the physical point-of-sale still pales in comparison to the use of credit cards. Estimates of Apple Pay users come from private equity firm Loup Ventures’ annual analysis of Apple Pay adoption.

Read More

 
Comments Off on Putting the Use of Apple Pay and Mobile Payments in Perspective.
formats

About Social Engineering: A Case Study and How it Relates to Spear Phishing

This guest blog post from a Certified eCommerce Fraud Professional discusses a case study involving a social engineering attack against an airline, as well as discusses methods for deception and intrusion with spear phishing attacks related to social engineering and fraudsters ultimately attempting to reverse engineer an organization’s risk management policies and practices.

Read More

 
Comments Off on About Social Engineering: A Case Study and How it Relates to Spear Phishing.
formats

Thanksgiving, Black Friday and Cyber Monday all Set New Record Highs

Desktop and mobile eCommerce sales reached a combined $14.5 billion across Thanksgiving, Black Friday and Cyber Monday, while CNP channel sales on each day increased by at least 17 percent year-over-year. The nearly $6.6 billion in eCommerce sales on Cyber Monday set a new record for the largest online shopping day in North America, as Cyber Monday marked the fifth consecutive day with over $1 billion in online sales.

Online and mobile eCommerce sales on Thanksgiving Day increased more than 18 percent to $2.87 billion this year. Digital commerce sales exceeded $5 billion on Black Friday and reached $6.59 billion on Cyber Monday, each increases of about 17 percent from last year.

Read More

 
Comments Off on Thanksgiving, Black Friday and Cyber Monday all Set New Record Highs.
formats

Alibaba Exceeds $25 Billion in Purchase Volume on Single’s Day with 90 Percent of Revenue Made in Mobile Channel

Alibaba shattered previous sales records on Single’s Day in China, the largest global online shopping day of the year, reaching $25.3 billion in purchase volume across their Taobao and TMall platforms on November 11, 2017. Alibaba’s sales on this one day exceed the total volume of online sales in the United States from Thanksgiving through Cyber Monday, underscoring the size and significance of the Chinese eCommerce market.

Alibaba enjoyed $17.8 billion GMV on Single’s Day in 2016, previously the largest online shopping day of all time. On Single’s Day 2017, sales across Alibaba’s platforms increased by nearly 40 percent to $25.3 billion. Alibaba also reported that 90 percent of the gross merchandise volume came from mobile transactions.

Read More

 
Comments Off on Alibaba Exceeds $25 Billion in Purchase Volume on Single’s Day with 90 Percent of Revenue Made in Mobile Channel.
formats

Visa Canada Requires CVV on All eCommerce Transactions While Providing Merchants New Liability Shift

Visa Canada published a document titled The Future of Payment Security in Canada, detailing several new requirements related to ensuring security with Visa card transactions, including several new rules and deadlines coming into effect over the next few years. Notably, issuers must eliminate the use of static passwords with Verified by Visa by April 2018, while merchants will be required to collect and provide the CVV2 to issuers but in turn receive a liability shift when issuers approve incorrect CVV numbers.

These new requirements around the CVV2 only apply to eCommerce and phone order merchants, but a separate requirement will apply to mail order merchants. Catalog and mail order merchants are now prohibited from collecting the CVV2 in a written format.

Read More

 
Comments Off on Visa Canada Requires CVV on All eCommerce Transactions While Providing Merchants New Liability Shift.
formats

Uber Sat on Data Breach Affecting 57 Million Users for Over 1 Year

Uber, one of the latest companies to suffer a data breach, is suffering backlash not just for the 57 million user accounts compromised following the breach, but the company’s failure to disclose the breach until more than one year after it occurred. The company is now facing scrutiny from Congress and potential legal repercussions.

The data breach occurred in October, 2016 when two hackers stole data from a third party server. The data included names, phone numbers and email addresses of 57 million riders and drivers, where driver’s license information was compromised for many Uber drivers as well.

Read More

 
Comments Off on Uber Sat on Data Breach Affecting 57 Million Users for Over 1 Year.
formats

Over 700 Million Compromised Email and Password Combinations Used to Send Spam

Lists of email addresses with password and other information used to send phishing emails and spam were hosted on an open server and available to copy or download.  More than one-fourth of the email and password combinations were identified from previous data breaches and this collection of 711 million email address account credentials shows the scale of data breaches and consumers who are ripe for account takeover.

Having access to active or legitimate consumer email accounts for sending spam is a major asset in the fraudster world and black market. Email providers and third-party email security vendors constantly update blacklists of bad servers known for sending spam. Using real email accounts circumvents many of these filters.

Read More

 
Comments Off on Over 700 Million Compromised Email and Password Combinations Used to Send Spam.
formats

Google and Walmart’s New Partnership Will Help Both Battle eCommerce Behemoth Amazon

Google and Walmart announced a partnership that will bring hundreds of thousands of items sold by Walmart onto the Google Express online shopping service so they can also be purchased by voice request using Google Home, much how Amazon Prime members can order with voice commands to Alexa on Amazon’s Echo or Dot.

Walmart will also be integrated with the Google Express Easy Reorder features, which are similar to how Amazon offers the option to Subscribe & Save on many items. For Walmart, this partnership helps them compete with Amazon in the battle for eCommerce retail market share. For Google this partnership is about competing with Amazon both with eCommerce and in the battle for the home.

Read More

 
Comments Off on Google and Walmart’s New Partnership Will Help Both Battle eCommerce Behemoth Amazon.
formats

Apple to Offer Text P2P Transfer and Stored Balance Account with Apple Pay Cash Card

The new Apple iPhone and operating system are set to launch in September and include new features likely to grow adoption of Apple Pay and contactless mobile payments at the physical point-of-sale. Apple Pay is set to rollout in several more countries by year’s end while the newest operating system (iOS 11) will support Apple Pay Cash Card, a stored value account for sending and receiving person-to-person payments as well as making online and contactless payments via Apple Pay.

Apple Pay Cash adds significant new payment options and features for Apple users. First, it supports person-to-person payments directly within iMessage, which has the potential to immediately grab market share from other P2P money transfer services like Venmo/PayPal, Square Cash and Facebook Messenger. Second, the Apple Pay Cash Card, which is a stored value account that essentially serves as a digital prepaid card, has the potential to spur many more consumers using Apple Pay for mobile contactless payments, particularly among underbanked and youth consumer demographics.

Read More

 
Comments Off on Apple to Offer Text P2P Transfer and Stored Balance Account with Apple Pay Cash Card.
© The Fraud Practice LLC 2012