Card fraud

When a card gets canceled or expires, Visa, Mastercard and other networks send replacement information to merchants. This can be a problem for consumers.

Wars in Ukraine and the Middle East. Fiercely polarized U.S. politics. Rapidly multiplying payments options on social media networks and elsewhere. Those factors and more are making it harder than ever for banks to combat illicit financial transactions.

Nexway, based in France, allegedly processed payments in its own name on behalf of a tech support scam and telemarketing company from 2016 to 2020.

A criminal group called Prilex has stolen millions in a scheme involving fake repair people installing malware on point of sale terminals.

Security is a constantly changing game, with criminals adopting new strategies and the payment industry and other financial institutions deploying increasingly sophisticated techniques to stop them.

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

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.

Fraudsters hit U.S. banks and merchants hardest with bogus credit card applications in April, while most consumers were in full pandemic lockdown, according to new data from Socure.

To ensure safe, secure transactions that are protected against fraud, retailers moving to EMV have been encouraged by their POS partners to replace or upgrade the network infrastructure, says TNS' Brian DuCharme.