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MT940 is a specific SWIFT message type used by the SWIFT network to send and receive end-of-day bank account statements. [1]Message Type 940 is the SWIFT standard (Banking Communication Standard) for the electronic transmission of account statement data.
From late November to early December 2021, [1] numerous accountholders of BDO Unibank (Banco de Oro; BDO) lost their money through unauthorized bank transfers.The funds were noted to have been transferred to multiple Unionbank accounts under the name of a certain "Mark Nagoyo".
In 2015 and 2016, a series of cyberattacks using the SWIFT banking network were reported, resulting in the successful theft of millions of dollars. [1] [2] The attacks were perpetrated by a hacker group known as APT 38 [3] whose tactics, techniques and procedure overlap with the infamous Lazarus Group who are believed to be behind the Sony attacks.
A fake automated teller slot used for "skimming". Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. [1] The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal.
In 1992, the requirement to file suspicious activity reports (as well as the accompanying implied gag order) in the United States was added by Section 1517(b) of the Annunzio-Wylie Anti-Money Laundering Act (part of the Housing and Community Development Act of 1992, Pub. L. 102–550, 106 Stat. 3762, 4060).
A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. [1] Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the ...
In a credit card or debit card account, a dispute is a situation in which a customer questions the validity of a transaction that was registered to the account.. Customers dispute charges for a variety of reasons, including unauthorized charges, excessive charges, failure by the merchant to deliver merchandise, defective merchandise, dissatisfaction with the product(s) or service(s) received ...
In October 2016, EMVCo published the specification for 3-D Secure 2.0; it is designed to be less intrusive than the first version of the specification, allowing more contextual data to be sent to the customer's card issuer (including mailing addresses and transaction history) to verify and assess the risk of the transaction.