Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Payments

The Future of Transactions: Understanding Secure Subscription Payment Systems

In the age of digital commerce, subscription payment systems have gained significant traction, marking a shift in how businesses manage transactions. These systems not only provide convenience but are also pivotal in ensuring secure, seamless payments. This guide takes an in-depth look into secure subscription payment systems, focusing on their benefits, the technology behind their security, the rise of subscription models, and their role in the future of transactions.
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INETCO's Ali Solehdin Talks EBT Fraud Prevention and AI with The Center Square

Scott McClallen – Staff Reporter – The Center Square (The Center Square) – Nationwide, electronic benefits transfer fraud is estimated to cost taxpayers up to $4.7 billion annually, according to the Government Accountability Office. In 2022, the Supplemental Nutrition Assistance Program distributed over $113.7 billion to nearly 22 million households. The federal government entrusts states to reduce fraud in safety net programs. In March, the U.S.

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How to Keep Customers Happy by Reducing False Declines

For many financial institutions and retail businesses, there is a need to balance the risks associated with payment fraud and advanced persistent threats against the economic imperative to provide excellent customer experiences in a competitive market. When good users are mistakenly flagged as fraudsters and can’t access payment services, customers get angry and brands lose revenue. These false declines result in lost customers, damaged reputation and lower revenue.

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FTC accuses payments firm of knowingly assisting tech support scammers

Multinational payment processing firm Nexway has been rapped across the knuckles by the US authorities, who claim that the firm knowingly processed fraudulent credit card payments on behalf of tech support scammers. A Federal Trade Commission (FTC) complaint argues that Nexway and its subsidiaries broke the law by helping scammers cheat money from unsuspecting consumers.

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Safeguarding the Most Vulnerable in Society from EBT Fraud

Back in 1939, Henry Wallace, the American Secretary of Agriculture, created the Food Stamp Program. It was designed to supply surplus agricultural commodities to American families in need during the Great Depression. People who received public assistance could get stamps that were then used to purchase food. The program underwent several iterations in the 1960s, ’70s, and ’80s until finally, in 1984, the first Electronic Benefits Transfer (EBT) system was introduced.

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What to Expect for Payment Network Fraud in 2023

In our last blog, we looked at 2022’s most prominent global payment fraud trends, including application fraud and synthetic identities, bot-driven DDoS attacks, brute force BIN attacks, and authorized push payment fraud. We also discussed the convergence of cybercrime and payment fraud as cybercriminals constantly look for new ways to exploit payment networks by distracting infosec teams with cyberattacks while they launch fraud attacks.

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Solving Cross-Border Payment Challenges: New Players, New Risks, and New Technology

Over the last few years, rapid digital payment adoption and technology development have played an essential role in making international money transfers cheaper, faster, and easier than they were decades ago. The volume of cross-border transactions is now expected to grow to $39.9 trillion by 2026, as these payments are essential in the interconnected economy.

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DDoS Attacks in the Financial Industry: How to Protect Your Infrastructure and Payments

While Distributed Denial of Service (DDoS) attacks have been around for over a decade, they still continue to evolve and escalate, particularly during 2022. The tense geopolitical situation caused by the Russian invasion of Ukraine has affected the nature and intensity of these types of attacks, making states official participants in the DDoS mitigation market.

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Protecting Healthcare Payments from Cyber Attacks: Tools and Strategies

In April 2022, a medical billing company based in New York became the victim of a serious ransomware attack. Bad actors stole personal and financial data of patients from 26 healthcare institutions who were the company’s clients. The billing company had to notify almost 1 million individuals that their data had been stolen. Over the last few years, organizations and fintechs that process payments for healthcare providers have become a hot target for cyber attacks.