Visa says it has received reliable intelligence warning that a criminal group will soon attempt to move large amounts of fraudulent payments through an Eastern European merchant account.

"Visa said institutions should start monitoring for large or unusual settlement activity, conduct monitoring daily, especially over weekends and long holidays, and review settlement and chargeback activity for high risk merchants and agents," writes Krebs on Security's Brian Krebs.

"Visa urged institutions and processors that in the event that they detect this type of fraudulent activity, 'immediate action must be taken to investigate, limit the exposure of cardholder data, notify Visa, report investigation findings, and inform your local FBI office or local law enforcement,'" Krebs writes.

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