Security News > 2023 > September > Latest fraud schemes targeting the payments ecosystem
Threat actors continued to exploit technical misconfigurations through various fraud schemes, according to a new report from Visa.
While the global fraud rate trended lower than normal expected fraud levels during the report's time period, Visa shared that it helped to proactively block $30 billion in those time periods.
Threat actors were successful in conducting targeted and sophisticated fraud schemes impacting specific institutions, technology, and processes.
Online merchants were responsible for 58% of total fraud and breach investigations, while brick and mortar merchants made up 20%, and ransomware/fraud scheme made up 7%. Notable surge in retail-specific schemes.
Flash-fraud scams: Flash fraud merchants, also known as bust-out schemes, which is when threat actors establish a legitimate merchant and process a small number of legitimate payments to establish credibility, are also on the rise.
"The same way criminals take advantage of technology advances, so does Visa, and the $30 billion of fraud prevented in the last six months alone is a great testament to that."
News URL
https://www.helpnetsecurity.com/2023/09/13/payment-data-compromise/