digital payment | Breaking Cybersecurity News | The Hacker News

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...

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...

Vulnerability Management (VM) has long been a cornerstone of organizational cybersecurity. Nearly as old as the discipline of cybersecurity itself, it aims to help organizations identify and address potential security issues before they become serious problems. Yet, in recent years, the limitations of this approach have become increasingly evident.  At its core, Vulnerability Management processes remain essential for identifying and addressing weaknesses. But as time marches on and attack avenues evolve, this approach is beginning to show its age. In a recent report, How to Grow Vulnerability Management into Exposure Management (Gartner, How to Grow Vulnerability Management Into Exposure Management, 8 November 2024, Mitchell Schneider Et Al.), we believe Gartner® addresses this point precisely and demonstrates how organizations can – and must – shift from a vulnerability-centric strategy to a broader Exposure Management (EM) framework. We feel it's more than a worthwhile read an...

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...