Investment

David Heun, Associate Editor at PaymentsSource, talks to Kevin Gosschalk, CEO and founder of Arkose Labs, about the fraud trends that have emerged over the course of the coronavirus pandemic.

The startup said its Marqeta Tokenization-as-a-Service enables banks or fintechs to instantly add credit, debit or prepaid cards to a digital wallet by directly managing tokens instead of going through a third party.

It’s about time that we stopped ranking personal data theft on perceived severity. Any breach in which personal data is stolen needs to be treated as highly serious and punishable, says Juniper Networks’ Laurence Pitt.

Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle. And the best solution may be rooted in technology, not law enforcement.

As the coronavirus pandemic has driven more people to work from home and shop online, the demands on digital, faster payment systems have been heightened — as have the opportunities for fraudsters to exploit them.

Atlanta-based fintech Greenlight has raised $215 million in a Series C round and announced that it has achieved a valuation of $1.2 billion, giving it unicorn status.

Petal, the credit card aimed at millennials and others with limited credit histories, has raised $55 million in a Series C as main street banks pull back on credit during the COVID-19 crisis.

As many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime.

The conversation around advancing the distribution and use of digital currency gets a boost every time the banking system stubs its toe. And there have been many recent examples of financial system problems to point to.

Netwalker attacks are known to target victims using phishing emails disguised as COVID-19 updates from their organization, taking advantage of the heightened fears and anxieties that come with the current pandemic, says Stealthbits Technologies' Dan Piazza.