Deadline approaches for gas stations to upgrade to EMV chip technology

  • The deadline for the switch to EMV is fast approaching on April 1, 2021.
  • The guideline shifts the liability for fraudulent transactions to merchants if they had not upgraded their payment processing devices and the customer paid in-person with an EMV-enabled card (that is, a card with a secure chip).
  • EMV technology has led to an 80 percent decrease in card-present fraud. When the payments industry made the shift to EMV or “chip” credit cards, the security of card-present transactions experienced a boost, leaving fraudsters in the dust. But as a result, fraudsters have moved to other, less secure channels to commit fraud — primarily, online.

Pair sentenced for Robinhood account takeovers that cost company nearly $200,000

  • A federal judge sentenced two people to six months of home detention for taking over user accounts of the investing app Robinhood, a scheme that cost the company around $193,000.
  • Account takeover fraud occurs when a human, bot, or botnet uses stolen or hacked credentials to access legitimate customer accounts. Those accounts can then be used to drain monetary funds or loyalty points, steal customer data, or to purchase goods or services. Learn more about protecting against account takeover.

Missing money? Family says $200 gift card had $0 when they went to use It

  • According to NBC Boston, a teen girl was thrilled when she received a gift card from her grandparents for Christmas, but when she went to use it was shocked to find a fraudster had gotten to the funds first.
  • Card testing occurs when bad actors need to validate stolen or purchased credit card numbers. Once they confirm which credit card numbers are live, they can make larger fraudulent purchases.
  • Any business or merchant that sells digital goods or accepts card-not-present (CNP) transactions may be a target for card testing.

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Are bots breaking your budget & business? The true cost of bad bot traffic

  • According to Security Boulevard, many companies don’t realize how advanced malicious automation has gotten, and they may not even know that they have a bot problem at all.
  • If you’re serving up traffic to bots, you’re spending money on infrastructure, systems, tools, and personnel that you shouldn’t have to.
  • Existing bot protection solutions typically protect the perimeter and identify bots using network characteristics, device characteristics, and behavior characteristics. Kount’s event-based bot protection applies a layered approach to identify and segment bots, examining these characteristics along with past behaviors and identity trust signals to better understand bot behaviors and the identity behind the interaction.
February 22, 2021
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