European banks temporarily froze PayPal transactions worth billions after fraud system failure triggered widespread suspension of direct debits and delayed payments for online merchants and customers.
A number of German lenders, including Bayerische Landesbank, Hessische Landesbank and DZ-Bank, reportedly halted direct debits linked to the online payment platform after detecting suspicious activity. German newspaper Süddeutsche Zeitung said the total amount involved could exceed €10 billion.
Read more…
Source: TechRadar News
Sign up for the Cyber Security Review Newsletter
The latest cyber security news and insights delivered right to your inbox
Related:
- 50,000 electronic attacks countered daily by UAE Cybersecurity Council
February 17, 2025
Dr. Mohammed Hamad Al Kuwaiti, Chairman of the UAE Cybersecurity Council, stated that the UAE possesses an advanced cybersecurity system capable of predicting and countering most electronic attacks before they occur. He noted that the average daily cyberattacks on key sectors exceeds 50,000, all of which are proactively deterred and mitigated. In statements to the Emirates ...
- US, UK crack down on Russian bulletproof hosting service ZServers for LockBit partnership
February 12, 2025
Russia-based bulletproof hosting services provider (BPH) ZServers has been sanctioned by the United States, Australia, and the United Kingdom for its alleged involvement with the LockBit ransomware group. In a press release, the Australian Federal Police (AFP) said ZServers was providing services to threat actors responsible for the Medibank Private breach that happened in October 2022. ...
- Funksec Ransomware Teams Up with Another Ransomware Group to Double Down on Targets
February 3, 2025
FunkSec is a relatively new but highly active ransomware group that, as of this writing, has targeted several dozen victims across industries like government, banking, communications, and education. In a recent blog post, the group announced a partnership with another ransomware outfit, FSociety, aiming to carry out attacks more efficiently. This week, SonicWall Capture Labs research ...
- Barclays customers continue to experience issues after major IT outage
January 31, 2025
Barclays customers are continuing to experience intermittent errors with payments and transfers after serious IT problems that also affected the bank’s app and online banking. Customers have told the BBC it is preventing them making essential transactions, ranging from buying baby milk to completing a house move. Barclays says cards and cash machines can be used ...
- Coyote Banking Trojan: A Stealthy Attack via LNK Files
January 30, 2025
Over the past month, FortiGuard Labs has identified several similar LNK files containing PowerShell commands designed to execute malicious scripts and connect to remote servers. These files are part of multi-stage operations that ultimately deliver the Coyote Banking Trojan. This malware primarily targets users in Brazil, seeking to harvest sensitive information from over 70 financial applications ...
- DeepSeek has rattled the AI industry. Here’s a quick look at other Chinese AI models
January 28, 2025
The Chinese artificial intelligence firm DeepSeek has rattled markets with claims that its latest AI model, R1, performs on a par with those of OpenAI, despite using less advanced computer chips and consuming less energy. DeepSeek’s emergence has raised concerns that China may have overtaken the U.S. in the artificial intelligence race despite restrictions on its ...