Recently, Mastercard noted a “sharp increase” in Bank Identification Number (BIN) attacks and they’re not alone. Previously published data indicates that as many as 300 card issuers around the globe are impacted by automated fraud attacks every month and with the advent of Covid-19, there has been a significant resurgence in activity, specifically targeting issuers in Asia Pacific. Last year KB Card, one of the largest credit card companies in South Korea, was targeted with a BIN attack that saw more than 2,000 fraudulent online transactions. These attacks will continue until action is taken, but are we doing enough to…
Author: Alex Robinson, Payments Fraud Market Expert, Featurespace
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