UK officials have revealed that fraudsters are cracking card issuers’ two-factor authentication checks by intercepting SMS messages to impersonate account holders.
The National Cyber Security Centre (NCSC), a government organisation that supports the public and private sectors in combating online fraud, warned on Wednesday it had detected a rise in the number of SMS messages sent by banks that are being hijacked by criminals.
One-time passcodes are currently used heavily across the banking sector as a means of verifying customers’ identity when making online card payments.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.