|08 May 2010||#1|
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Visa Warns of Fraud Attack from Criminal Group
Visa is warning financial institutions that it has received reliable intelligence that an organized criminal group plans to attempt to move large amounts of fraudulent payments through a merchant account in Eastern Europe, possibly as soon as this weekend.
In an alert sent to banks, card issuers and processors this week, Visa said it “has received intelligence from a third-party entity indicating that a criminal group has plans to execute “a large batch settlement fraud scheme.”
From the alert:
The criminals claimed to have access to account numbers and the ability to submit a large batch settlement upload to occur over a weekend. Visa does not have any information as to when the fraudulent settlement activity may occur. The criminals claim to have access to a merchant account placed with a bank in Eastern Europe.Visa said institutions should start monitoring for large or unusual settlement activity, conduct monitoring daily, especially over weekends and long holidays, and review settlement and chargeback activity for high risk merchants and agents.
It’s unclear why banks wouldn’t already be looking for for unusual settlement activity and conducting daily monitoring, but there it is. At any rate, “high-risk” merchants generally handle the dicey and vicey types of online commerce, such as Internet gaming, adult Web sites, rogue anti-virus software sales and online pharmacies. Might be a good idea to keep an extra close eye out for these types of unauthorized charges over the next few days.
Visa urged institutions and processors that in the event that they detect this type of fraudulent activity, “immediate action must be taken to investigate, limit the exposure of cardholder data, notify Visa, report investigation findings, and inform your local FBI office or local law enforcement.”
Visa Warns of Fraud Attack from Criminal Group — Krebs on Security
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