Payment fraud is a huge problem for eCommerce and online retail businesses. Even among the world’s biggest companies, there are horror stories about payment security problems like credit card data theft and financial fraud: Cyberthreats like carding attacks are responsible for most modern large-scale data theft. Payment fraud losses cost companies more than $33 billion in 2021 — and this is expected to rise to more than $40 billion by 2027.

A San Francisco-based bank recently disclosed the results of a payment fraud investigation that uncovered ATM skimming attempts at the bank’s terminals across the United States. Fraudsters installed ATM skimming devices in several branches and used them to skim customer account information. The bank was understandably concerned that the stolen data would be used to create fake debit cards and attempt cash withdrawals.

As per the news reports published MTN’s Mobile Money Bank suffers N22B Fraud, Drags 18 Banks to court for recovery The newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) a banking subsidiary of MTN Communications Limited has in less than a month operation suffered a massive fraud worth over N22 billion on its network. The suspicious transfers were due to the fact that the MoMo PSB suffered system exploitation which led to the said debits.

A medical lab scientist landed in Johannesburg on Saturday, February 5th, for his two-week assignment. Soon after landing, family and friends called him to say that some people were calling and texting them, looking for him. Those people were hackers, who had got hold of his contacts. The scientist didn’t pay much attention to it, but two days later he received a message from his telecom company that they had received a SIM card swap request from him, which he, of course, never made.