Barclays Hacked by Cyberthieves Using Monzo Account, PISP

PYMNTS reports:

Millions of pounds were swiped from Barclays accounts in a series of coordinated cyberattacks by a fraudster using a Monzo account and a payments initiation service provider (PISP), The Telegraph reported.

PISPs are a newer concept, introduced by the revised European Payment Services Directive (PSD2), and give retail customers the ability to pay companies directly from their bank account instead of using a debit or credit card.

“There is nothing new or different about a fraudster’s approach to these cases that are specific to using a PISP,” a Barclays spokesperson said, per the report. “It is the same type of social engineering to convince victims to share passcodes/Pinsentry codes as is done to defraud customers through traditional channels.

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