Visa Warns of New Fraud Scheme
Bank Info Security reports on a Visa alert to banks, processors that describes bogus batch settlement. Banking institutions and payments processors are on heightened alert after notification from Visa that a criminal group plans to execute a large, fraudulent batch settlement scheme. Visa does not have any information as to when the fraudulent settlement activity may occur. The criminals claim to have access to a merchant account placed with a bank in Eastern Europe.
