Formica AI & FinTech Journal

Black Friday: Malwarebytes Warns of Credit Card Skimming Surge

Credit card skimming, particularly the Kritec campaign, has surged ahead of the holiday shopping season. Kritec, attributed to the Magecart hacking cluster, involves injecting malicious JavaScript code into legitimate websites, particularly those using the Magento e-commerce platform. This code hides within the Google Tag Manager script, making it hard to detect. When a customer enters their credit card information, Kritec steals it and sends it to a remote server controlled by the attackers. The campaign, which peaked in April and then surged in October, is known for customizing its skimmer for each victim site with convincing templates in multiple languages, making it difficult for online shoppers to realize that their credit card information has been stolen. The infrastructure is located on the IT WEB LTD network in the British Virgin Islands.

Cashfree Payments Launches KYC Link

Cashfree Payments has introduced KYC Link, a no-code verification service aimed at streamlining digital identity verification for Indian businesses, particularly MSMEs and emerging sectors. The product allows merchants to send verification links via SMS, email, or WhatsApp, offering a fast and secure experience. It incorporates existing verification services offered by Cashfree Payments, including UPI, PAN, Aadhaar, and bank account verification. Additionally, the solution enables businesses to generate personalized KYC verification links, with the option to include a business logo and color scheme for an optimized brand experience. This launch follows Cashfree Payments' recent collaborations, including providing cross-border payments to Indian exporters and introducing the One Escrow platform to ensure trust and transparency in financial dealings.

Taulia, Mastercard Launch Virtual Card Solution

Taulia and Mastercard have partnered to launch Taulia Virtual Cards, a working capital management solution that offers businesses enhanced cash flow management and reduced payment uncertainties. The solution utilizes Mastercard's virtual cards and allows Taulia customers to leverage their existing issuer relationships, including major banks like Degussa Bank and HSBC. The "bring your own bank" feature facilitates the deployment of virtual cards through Taulia, enriching the benefits offered by their own banks while embracing the efficiency of virtual card payments. The solution aims to streamline payment-related tasks for corporates, providing a seamless integration across major enterprise resource planning (ERP) platforms, including SAP S/4HANA.