digital payment | Breaking Cybersecurity News | The Hacker News

India's central bank, the Reserve Bank of India (RBI), said it's introducing an exclusive "bank.in" internet domain for banks in the country to combat digital financial fraud. "This initiative aims to reduce cyber security threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services," the RBI said in a statement issued today. To that end, the Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive registrar. Registrations for the domains are expected to start from April 2025. The RBI also said it plans to roll out a separate exclusive domain "fin.in" for other non-bank entities in the financial sector. As part of broader efforts to enhance trust in online payments, the RBI said it's also debuting what's called Additional Factor of Authentication ( AFA ) for cross-border card-not-present ( CNP ) online t...

Four U.S. nationals have been charged for participating in an illicit scheme that earned them more than $80 million via cryptocurrency investment scams. The defendants – Lu Zhang, 36, of Alhambra, California; Justin Walker, 31, of Cypress, California; Joseph Wong, 32, Rosemead, California; and Hailong Zhu, 40, Naperville, Illinois – have been charged with conspiracy to commit money laundering, concealment money laundering, and international money laundering. The U.S. Department of Justice (DoJ), which announced the arrests of both Zhang and Walker in connection with the fraudulent operation, said the quartet opened shell companies and bank accounts to carry out  pig butchering scams , transferring the ill-gotten funds to domestic and international financial entities. If convicted, Zhang and Walker face a maximum penalty of 20 years in prison. Their alleged co-conspirators remain at large. "The overall fraud scheme in the related pig-butchering syndicate involved at least 284...

In cybersecurity, confidence is a double-edged sword. Organizations often operate under a false sense of security , believing that patched vulnerabilities, up-to-date tools, polished dashboards, and glowing risk scores guarantee safety. The reality is a bit of a different story. In the real world, checking the right boxes doesn't equal being secure. As Sun Tzu warned, "Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat." Two and a half millennia later, the concept still holds: your organization's cybersecurity defenses must be strategically validated under real-world conditions to ensure your business's very survival. Today, more than ever, you need Adversarial Exposure Validation (AEV) , the essential strategy that's still missing from most security frameworks. The Danger of False Confidence Conventional wisdom suggests that if you've patched known bugs, deployed a stack of well-regarded security tools, and passed the nec...

Global e-commerce business PayPal has disclosed a data breach that may have compromised personally identifiable information for roughly 1.6 million customers at a payment processing company PayPal acquired earlier this year. PayPal Holdings Inc. said Friday that a review of its recently acquired company TIO Networks showed evidence of unauthorized access to the company's network, including some confidential parts where the personal information of TIO's customers and customers of TIO billers stored. Acquired by PayPal for US$233 Million in July 2017, TIO Network is a cloud-based multi-channel bill payment processor and receivables management provider that serves the largest telecom, wireless, cable and utility bill issuers in North America. PayPal did not clear when or how the data breach incident took place, neither it revealed details about the types of information being stolen by the hackers, but the company did confirm that its platform and systems were not affecte...

After the lack of supply of cash in India following its Prime Minister step to remove high-denomination banknotes from circulation in November 2016, the country is moving a step closer towards becoming a cashless economy with the launch of Unified Payment Interface ( UPI ). Unified Payment Interface ( UPI ) allows all bank account holders to pay money from their smartphones, both online and offline, without the need to enter credit card details, IFSC code, or net banking userID/passwords. All the users need to do is create a Virtual Payment Address (VPA) of their choice, which will act as their financial address, and link it to their bank account. Now in an effort to boost the adoption of Unified Payments Interface (UPI) as a tool for digital transactions, Indian Government has recently launched a new app called, the Bharat Interface for Money ( BHIM ) app . This new digital payments app, which is believed to be a game-changer for cashless payments in India, is currently av...