$750 Billion in Illicit Funds: New Report Exposes Scale of Financial Crime in Europe
A new report from Nasdaq Verafin, Financial Crime Insights: Europe, highlights the staggering scale of financial crime across the continent. Drawing from the 2024 Global Financial Crime Report and industry surveys, the study reveals that an estimated $750 billion in illicit funds flowed through Europe’s financial system—2.3% of the region’s GDP.
JPMorgan Dominates the Quantum Banking Race
JPMorgan Chase is leading the charge in quantum computing among global banks, significantly outpacing competitors in hiring, research, and investment, according to a report by benchmarking platform Evident.
Visa’s Anti-Scam Unit Blocks $350M in Fraud Attempts
Visa's newly established scam disruption unit, part of its Payment Ecosystem Risk and Control (PERC) division, prevented over $350 million in attempted fraud in 2024.
Americans Lost Over $12.5 Billion to Fraud in 2024
Fraud losses in the U.S. soared to $12.5 billion in 2024, marking a 25% increase from the previous year, according to Federal Trade Commission data.
Hackers Exploit Google Tag Manager to Steal Credit Card Data
Hackers are using Google Tag Manager (GTM) to inject malware into Magento-based eCommerce websites, enabling them to steal credit card numbers during customer checkout.
PayPal Settles $2M Cybersecurity Case Over Data Breach
PayPal has agreed to pay $2 million to settle charges by the New York State Department of Financial Services (NYDFS) over cybersecurity lapses that exposed customers’ Social Security numbers.
CFPB Seeks to Strengthen Consumer Protections in Digital Payments
The Consumer Financial Protection Bureau (CFPB) is exploring how existing privacy and consumer protection laws can be applied to emerging digital payment systems offered by Big Tech, stablecoins, and other cryptocurrencies.
PCI DSS 4.0.1 Highlights Phishing-Resistant MFA for Enhanced Security
The latest update to PCI DSS, version 4.0.1, introduces a critical focus on phishing-resistant authentication factors to combat evolving cyber threats. Yew Kuann Cheng, regional vice president for the Asia Pacific at the PCI Security Standards Council, emphasizes that businesses leveraging advanced anti-phishing technologies can more efficiently meet multi-factor authentication (MFA) requirements.
