4.11.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
NAB tied to corporate fraud investigation
Australian authorities are investigating a former National Australia Bank executive and a third party in a payment fraud investigation.
The Sydney Morning Herald reports detectives raided properties to search for evidence that inflated invoices to an executive events firm called the Human Group were approved, leading to tens of millions of dollars in bad payments.
Police are determining the role of an NAB employee who may have obtained commissions for the bad payments, as well as the potential role of Rosemary Rogers, the former chief-of-staff for NAB chief executive Andrew Thorburn.
Faster payments reach Russia
Digital payments require faster processing, with countries around the world adopting initiatives to allow for settlement inside of a day.
Russia is the latest country, with regulators in Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan holding a meeting to discuss joint projects with the Bank of Russia, including the development of the payment area, messaging, distributed ledgers and open interface options.
ATMs on guard
ATMs are at an increased risk of jackpotting and other attacks, and the European Association for Secure Transactions has detailed the fallout from similar type of attack called a "black box."
EAST, which covers Central and Western Europe, reports there was 192 ATM malware and logistical attacks in 2017, up from 58 in 2016, or a 231% increase. Losses were up to about $1.8 million from about $700,000.
Black box attacks refer to equipment that is used to give commands to the cash dispenser, causing all of the machine's cash to empty.
Crypto mining carries plenty of risks, including an incentive for unauthorized computer use.
The U.K.'s National Cyber Security Centre has warned cryptojacking is becoming a regular occurrence and a threat to U.K. businesses.
Cryptojacking refers to using another person's computer to mine cryptocurrencies. The U.K. center reports 55% of businesses globally have suffered from this type of attack since December, with the only sign to victims being a minor slowdown of their computers.
From the Web
Walmart partners with Postmates to expand online grocery delivery
Fox Business | Tue April 10, 2018 - Walmart announced Tuesday that it has partnered with Postmates to expand its online grocery store orders, with the goal of reaching more than 40% of U.S. households. The new deal will roll out in Charlotte, North Carolina, with plans to expand in other areas across the country in the coming months.
Western Union competitor WorldRemit is targeting its first profit next year
CNBC | Tue April 10, 2018 - Money transfer start-up WorldRemit expects to turn a profit in 2019, its chief executive said Tuesday. Ismail Ahmed told CNBC that, despite the firm's heavy investment in partnerships and user acquisition, he believes it will reach profitability by next year.
Chinese online payments giant could be worth $150 billion
CNN | Wed April 11, 2018 - Jack Ma has already taken public one company worth more than $150 billion. It looks like he's trying to do it again. The Chinese tech tycoon's online payments company, Ant Financial, is preparing to raise billions of dollars from investors that would value the business at $150 billion before an initial public offering, according to multiple reports.
More from PaymentsSource
How Mastercard, IBM plan to reinvent security under GDPR
Mastercard and IBM have founded a company with a very narrow goal: To help organizations scramble their data to thwart hackers and comply with Europe's General Data Protection Regulation.
EMV hasn't ended the ATM skimming threat
Resourceful crooks will relentlessly probe systems, processes, and people until they find a weakness or an opportunity. That weakness is the magnetic strip that still exists on all EMV cards, according to Nathan Horn-Mitchem, senior vice president and chief information security officer at Provident Bank.
Why merchants won't care about the death of card signatures
The card networks recently admitted what consumers have long suspected—card signatures have become worthless for authentication at the point of sale. But that's not the end of this story.
What it means to be the U.K.'s contactless capital
It's no surprise that London topped the chart of "Cashless Capitals" in a recent study, considering its status as a major fintech hub of the U.K. But this wasn't enough to make it the country's contactless capital.