Morning Brief 7.7.20: North Korea-linked hackers target stores, cards

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The information you need to start your day, from PaymentsSource and around the web:

Cyber war

Hackers believed to be connected to North Korea are stealing credit card data during e-commerce purchases and other online payments.

The cybercriminals have links to Hidden Cobra, North Korea's state-sponsored group, and have been targeting merchant websites since at least May 2019, according to Newsweek. The attackers injected code into checkout pages, called a magecart attack, and this code intercepted payments information.

Fashion chain Claire's and businesses including Paper Source and Focus Camera are among the victims, the magazine reports. North Korean sources are also believed to be behind a string of earlier attacks on ATMs and the Swift network.

EMV bus

Calgary's transit system has launched a mobile ticketing platform that supports mobile ticket purchases and contactless EMV, which enables account-based ticketing.

Account-based ticketing is key to transit upgrades, since it allows open loop payment systems as a replacement for stored-value transit cards. It also makes it easier to remotely deploy new boarding and ticketing technology.

Called My Fare, the Calgary app is available through the App Store and Google Play, and uses Masabi's transit platform.

Insurance plan

Paytm and its CEO have agreed to acquire Raheja QBE for about $76 million in an effort to gain a foothold in India's insurance industry.

Vijay Shekhar Sharma, Paytm's co-founder and CEO, will have a majority stake in Raheja through QorQL Pvt.Ltd., with Paytm owning the rest, reports TechCrunch.

Most of India's population is uninsured, and Paytm hopes to use its scale as one of the country's largest payment firms to quickly build a market for the product.

From the Web

Square Stock Surges as Virus Fuels Digital Payments
THE WALL STREET JOURNAL | Mon July 6, 2020
Square Inc.’s stock has jumped 15% over the past week to close at a record on Monday, as the coronavirus pandemic has prompted consumers sheltering at home to make greater use of the payments company’s tools.

Buy now, pay whenever? Lockdown lift for online shopping loans
REUTERS | Mon July 6, 2020
These buy-now-pay-later (BNPL) firms have benefited from a shift to online shopping during the coronavirus crisis in countries including the United States, where state aid has also boosted retail sales.

Payfazz gets $53 million to give more Indonesians access to financial services
TECHCRUNCH | Mon July 6, 2020
Payfazz announced today that it has raised a $53 million Series B led by B Capital and Insignia Ventures Partners.

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