Payments
Cyber attack on payment systems could cost $3.5 trillion loss to the world
Have you ever contemplated the potential ramifications of a highly sophisticated cyberattack targeting global payment systems? Lloyds of London, a prominent provider of insurance services, has undertaken an analysis that suggests the world could face staggering losses of up to $3.5 trillion in the event of a global payment system outage resulting from a cyberattack. […]
Russia might take help of ransomware payments to fund Ukraine war costs
Russian war has entered its third week and the leader of the nation seems to be in no mood to give up. However, reports are in that Putin is finding it hard to break the resistance of Ukrainians and is falling short of finances, fuel, water and food supplies essential to keep his military units […]
Tax reimbursement for ransomware payments
As many companies are falling prey to Ransomware Attacks in the United States these days, there is a high probability that such payments might earn the victim a tax reimbursement from the Internal Revenue Service (IRS) as per the little-known legal clause. Meaning, those who are bowing down to the demands of hackers by […]
VISA payments to become password free in the next Five years
VISA, an American Multinational Payment services corporation supporting the business of electronic funds transfer has stated that its payments will become password free in next five years- all thanks due to the innovation in authentication and anti-fraud technologies. “As financial institutions are sharing 10 times more data with each other these days, artificial intelligence technology […]
PayPal receives a patent against Ransomware attacks
PayPal, an electronic payment processing company of America has recently been awarded a patent for an application technique that could detect ransomware in the early stages of an attack and mitigate its effects on the entire database. As per the sources who are familiar with the developments, PayPal filed for a patent in Sept’16 which […]
Wegmans sues Invermar for Cyber Attack
Wegmans Food Markets Inc. an American Supermarket Chain headquartered in New York has filed a lawsuit against Chilean Seafood Supplier, Invermar, for allowing hackers to pocket its payments through a cybersecurity flaw. Sources say that the Food retailer has sued the seafood supplier for $900,000 and is interested in adding more to the lawsuit when […]
