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Visa Warns of Fraud Attack from Criminal Group

By Vigilize | Monday, May 10, 2010 - Leave a Comment

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, according to an article posted on Krebs On Security.

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.” … 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. … “[H]igh-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.


For the full article posted on Krebs On Security: Visa Warns of Fraud Attack from Criminal Group


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