Data Breach Ripples: Week of February 20

Posted by Zach Walker on Feb 20, 2015 1:10:00 PM
Find me on:


In this week's issue: a recent Kaspersky Lab report indicates that a group of hackers may have stolen upwards of $1 billion from banks across the globe, the costs of fraud have spiked costing retailers $32 billion in 2014, Samsung is poised to introduce its new Apple Pay competitor, and in the latest Rippleshot blog post we take a look at 10 data breach statistics that you need to know.

Group Of Hackers Steal As Much as $1 Billion Via Malware 

On Monday, cyber security firm Kaspersky Lab released a report stating that the company has seen evidence of nearly $300 million in theft involving banks across the globe, with the belief that amount could triple when the dust settles. While none of the banks involved have been identified, officials at the F.B.I. and the White House have been briefed on Kaspersky Lab’s findings.

As more information becomes available, we will continue to follow this story on our blog and Twitter account.

Fraud Spike Costs U.S. Retailers $32 Billion in 2014

Following what many have called the “year of the data breach, ” fraud costs have risen, having a lasting effect on the entire payments industry. In LexisNexis’ 2014 True Cost of Fraud Study, retailers in the United States faced over $32 billion in fraud costs over the past year. While fraudulent payments account for only 0.68 percent of retail revenue, up from 0.51 percent 2013, fraud costs have increased by 38 percent when compared to 2013.

To learn more about these fraud trends, you can download the LexisNexis study here.

Samsung Buys LoopPay, All But Confirming New Apple Pay Rival 

While Apple Pay continues to grow both its user base and group of supporting financial institutions, Samsung is one step closer to implementing its own mobile payment platform. LoopPay, a mobile payments startup recently announced that it has agreed to be acquired by Samsung, indicating that a new Apple Pay competitor is in the pipeline.

According to Samsung, LoopPay could potentially work with nearly 90 percent of existing POS terminals, which Samsung hopes will help speed up the platform’s adoption rate.

Rippleshot Content: 10 Data Breach Statistics That Should Have Your Attention

A survey conducted by Honeywell found that 93 percent of consumers were concerned about the security of their credit and debit card information, edging out health concerns and concerns regarding retirement savings. In our latest blog post, we take a look 10 data breach statistics that you need to know about. If you found our Slideshare presentation to be useful, you can download and share it here.

Thanks for reading this week’s newsletter. If you missed the last Data Breach Ripples email or want to share these with friends or colleagues, click HERE





Topics: Data Breach Ripples