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

For years, securing a company's systems was synonymous with securing its "perimeter." There was what was safe "inside" and the unsafe outside world. We built sturdy firewalls and deployed sophisticated detection systems, confident that keeping the barbarians outside the walls kept our data and systems safe. The problem is that we no longer operate within the confines of physical on-prem installations and controlled networks. Data and applications now reside in distributed cloud environments and data centers, accessed by users and devices connecting from anywhere on the planet. The walls have crumbled, and the perimeter has dissolved, opening the door to a new battlefield: identity . Identity is at the center of what the industry has praised as the new gold standard of enterprise security: "zero trust." In this paradigm, explicit trust becomes mandatory for any interactions between systems, and no implicit trust shall subsist. Every access request, regardless of its origin,

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