According to the New York Times, USD45m has been stolen from ATMs around the world in a matter of hours by a group of worldwide hackers. Individuals filled their bags with piles of cash from various ATM locations in Japan, Russia, Romania, Egypt, Columbia, UK, Sri Lanka, Canada and many other countries.
Hackers broke into online databases stealing financial information from various prepaid bank accounts in the Middle East. In two separate attacks, over 36,000 transactions were carried out. Moreover, makeshift magnetic swipe cards carrying bank information were used to carry out one of the largest recorded heists in history. Account information was stored on old plastic cards, hotel keys, expired key cards or credit cards.
Information from accounts belonging to Rakbank in the UAE and Bank of Muscat in Oman was also stolen.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.