Data security

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.

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.

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.

Even before the COVID-19 pandemic forced retailers and consumers alike to consider the benefits of shopping via a mobile app, providers of shopping and loyalty apps were seeking partnerships with security vendors to deploy fraud prevention technology.

By implementing email protections and patches, the bank was able to protect mobile payments, ATMs, and digital banking, says Red Canary's Tony Lambert.

This information can be used to access bank accounts and combined with other information on the dark web to access social media profiles, email accounts and more, says Jumio's Robert Prigge.

Businesses must take steps to manage Shadow Code data breach risk by applying timely security patches and upgrading vulnerable open source libraries and third-party plugins, says PermiterX's Ameet Naik.