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Cyber Risks · Krebs on Security

Visa Warns of Fraud Attack from Criminal Group

Summary: Visa alerted banks, card issuers and processors this week that a third-party source reported an organized criminal group plans a large batch settlement fraud scheme through a merchant account at an Eastern European bank, possibly over a weekend. Visa said it immediately began monitoring large settlement activity for Eastern European banks, had seen no abnormal activity to date, and suspects the scheme may be tied to a consortium of online merchants shut down at acquirers across many geographies.

What's compelling: Visa's own alert rests on limited information from a single third-party source, and the recommended response - daily monitoring of large or unusual settlement activity, especially over weekends and long holidays - is work banks are expected to be doing already. The scheme targets high-risk merchant categories such as internet gaming, adult sites, rogue anti-virus sales and online pharmacies, where fraudulent card-not-present charges would land.

Read the original at Krebs on Security ↗

Topics
Data Breaches
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