PYMNTS

NOVEMBER 17, 2020

The nature of these payments means that, once they have been made, consumers cannot reverse them. They can use fraudulent invoices to scam unsuspecting businesses and consumers or hijack legitimate email correspondence during property transactions to divert funds into the bank accounts of their choosing, for example.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

SEPTEMBER 21, 2018

The 2018 holiday shopping season has already started for people and organizations bent on fraud. This year, fraud will probably bring more account takeovers than last year, according to experts — along with the theft of gift cards, loyalty points and other consumer data ID. Account Takeovers.

Account Takeovers 58

Account Takeovers Fraud Prevention Accounts Bots 58

PYMNTS

NOVEMBER 8, 2019

Fraudsters are wily, striving to stay one step ahead of authentication protocols and other efforts to stop bad actors from compromising consumers’ accounts. Data: 1.4M: Number of fraud reports the FTC received in 2018. 400: Average amount lost by millennial consumers per fraud incident.

Account Takeovers 40

Account Takeovers FTC Compromise Authentication 40

Accertify

AUGUST 16, 2024

Chargebacks are generated when consumers are confused by payments, forget auto-renewals, or suffer genuine fraud in the form of account takeover attacks. The growing threat of chargebacks A chargeback happens when a consumer asks their bank to cancel a payment to a merchant. billion in 2018 to an estimated $1.4

Identity Theft 52

Identity Theft Disputes Account Takeovers Research 52

PYMNTS

MAY 27, 2020

More consumers are turning to the omnichannel offerings of banks and credit unions (CUs) as they follow stay-at-home mandates, and cybercriminals are eager to launch attacks that make use of these channels.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

PYMNTS

OCTOBER 13, 2017

They must still endeavor to keep consumer and cardholder data (and their own corporate data) safe. 138 | Percentage increase in cosmetics account takeover fraud losses in Q2 2017. 87 | Percentage increase in consumer electronics account takeover fraud losses in Q2 2017.

Data Security 41

Data Security Account Takeovers Security Cybersecurity 41

PYMNTS

JANUARY 1, 2019

Gerhard Oosthuizen, CTO of Entersekt , contributed the following piece as part of PYMNTS’ 2018 year-end eBook. As 2018 rolled along, bitcoin dipped. At the close of 2018, a lot of people are hurting, either from climbing in too late or having lost their savings through account takeovers or hacking.

Account Takeovers 67

Account Takeovers Bitcoin Cryptocurrency Payments 67

PYMNTS

JULY 13, 2020

Account takeovers (ATOs) are a growing source of pain for financial institutions (FIs) and their customers, with losses from these attacks rising 164 percent in 2018. This is a serious problem, as ATOs reportedly led to $4 billion worth of losses in 2018. Detecting And Thwarting Attacks.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

PYMNTS

NOVEMBER 9, 2018

In fact, more than one-third of consumers had their PII compromised in the last year, First Data’s 2018 Consumer Cybersecurity Study found. Fraudsters are using this data to pull off card-not-present (CNP) fraud schemes, such as account takeovers.

AI 76

AI Authentication Account Takeovers Cybersecurity 76

PYMNTS

SEPTEMBER 24, 2018

businesses and consumers lost more than $1.4 Fraudsters also use customers’ or executives’ lack of knowledge about security protocols to their advantage, and that’s where account takeovers come in. Account takeovers have skyrocketed in recent months, as a flood of consumer records have hit the dark web.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

PYMNTS

JUNE 11, 2019

With 83 percent of consumers in the U.S. trillion in 2018, or slightly less than the gross domestic product (GDP) of Germany. One of the most insidious forms of fraud is account takeovers (ATOs). owning laptops and 91 percent owning mobile devices, there’s never been greater opportunity for digital fraud.

AI 60

AI Account Takeovers Online and Mobile Banking Authentication 60

PYMNTS

FEBRUARY 14, 2020

One recent report found 93 percent of all mobile transaction attempts were fraudulent in 2019, for example, as consumers’ migration to online and mobile payments continue. The BBB advises consumers not to click on links in suspicious or surprising emails. billion illegitimate transactions over one year on their platforms.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

PYMNTS

OCTOBER 8, 2020

The risk of contracting COVID-19 has made consumers more cautious of dining out, meaning restaurants need to double down on safety and emphasize the benefits of on-premises dining to assuage consumers’ fears. The most popular method of engagement was to look up coupons and deals, cited by 42 percent of consumers.

Innovation 56

Innovation Account Takeovers Fraud Detection Bots 56

PYMNTS

FEBRUARY 22, 2018

Al Pascual, Javelin’s research director and head of fraud and security, expects 2018 to be another record year. Also having a record breaking year — powered by all those stolen social security numbers — was new account fraud, which rocketed up 70 percent in 2017. Account takeover surged 120 percent to hit $5.1

Identity Theft 56

Identity Theft Account Takeovers Push-to-Card Social Security 56

PYMNTS

JUNE 26, 2018

Account takeovers are finding favor among fraudsters. Account takeovers have the double-barreled effect of being easier to complete successfully — for the bad guys — and are harder to head off (by the good guys). These attacks are up 300 percent through the past year, with a financial impact of $5 billion.

Account Takeovers 46

Account Takeovers Faster Payments Breach Credit Cards 46

PYMNTS

MARCH 10, 2020

The conversation came against a backdrop where, at the end of February, Fiserv said that nearly 600 banks and credit unions (CUs) have joined the turnkey service from Zelle to enable person-to-person (P2P) payment capabilities, and that the number of participants accessing the network via Fiserv has increased ten-fold in 2019 from 2018.

P2P 92

P2P Real Time Payments Zelle Credit Union 92

PYMNTS

JANUARY 24, 2019

“The addition of UPS to our roster of investors only strengthens our collaboration around creating innovative products and services for both our consumers and retail partners.” In 2018, ShopRunner members spent over $2 billion in the eCommerce network.

Acquirers 51

Acquirers Account Takeovers Online and Mobile Banking On-Demand 51

PYMNTS

OCTOBER 28, 2019

The solution aims to help businesses revamp their identity management process, temper account seizes, make KYC compliance easier and lower false negatives. million consumers in 2018. In addition, NAF continues to use more sophisticated identity fraud tactics, including synthetic identities and complete impersonations.

Automation 40

Automation Verification Account Takeovers Compliance 40

PYMNTS

OCTOBER 1, 2019

million consumers, delivery workers and merchants. There’s no question that consumers are increasingly using mobile apps to order food. The PYMNTS’ Order To Eat Tracker found that the volume of mobile app orders soared 130 percent from 2016 to 2018, and the overall mobile order market value is set to reach $38 billion by 2020.

Data Breach 57

Data Breach Breach Account Takeovers AI 57

PYMNTS

JUNE 13, 2019

billion digital records in the United States were compromised during the first half of 2018 – 291 records every second – with only six social media breaches accounting for more than half of all at-risk data. Senate introducing legislation in March that prohibits corporations from sharing consumers’ biometric data without their consent.

Security 51

Security Account Takeovers Authentication Blockchain 51

PYMNTS

FEBRUARY 11, 2020

The year-over-year increase in food and beverage industry fraud attacks reported in 2018 was 79 percent. The share of consumers who fear that using mobile ordering apps will lead to payments fraud is 49 percent. A slightly fewer share – 41 percent – are worried that dining apps might cause an account takeover (ATO).

Innovation 57

Innovation Account Takeovers Ubiquitous Technology 57

PYMNTS

AUGUST 10, 2020

Three out of four American consumers are now interacting with gaming platforms, spending up to 14 hours a week on them — up from 12 hours in 2018. In-game theft often isn’t the true target of fraudsters – it’s the access to more lucrative financial information and other such credentials that can be used for account takeovers and worse.

Credential 56

Credential Account Takeovers Authentication Duplicate 56

PYMNTS

SEPTEMBER 5, 2019

Fraud protection has never been taken lightly by call centers, but the need for stricter authentication is reaching new levels in the face of automated bot attacks and near-daily account takeover (ATO) attempts. Consumers often turn to channels like Twitter to express issues they might have with a company.

MFA 46

MFA Multifactor Authentication AI Authentication 46

PYMNTS

SEPTEMBER 7, 2018

Call it the Great Trade-Off, perhaps: Consumers give up data to online merchants and marketers in exchange for free services, targeted offers, discounts and other benefits. However, part of that trade (even if not explicitly stated) is that consumers expect their data to be handled in a manner that protects their privacy and security.

Economy 40

Economy Account Takeovers Authentication Fraud Prevention 40

PYMNTS

NOVEMBER 6, 2019

As fraudsters become increasingly aggressive, new global regulations and solutions are being deployed to keep consumers, merchants and banks safe. Fraud is a massive global problem, and you can bet that right now, fraudsters are thinking up new ways to defraud consumers and businesses. billion, according to the most recent research.

Romance Scams 41

Romance Scams Account Takeovers Federal Trade Commission Fraud Prevention 41

PYMNTS

JANUARY 24, 2020

Forty-two percent of consumers use them to find coupons, according to recent research , 38 percent to look up menu items and a full one-third say they use their mobile order-ahead apps more often than they did two years ago.

Account Takeovers 56

Account Takeovers Duplicate Data Breach Breach 56

PYMNTS

JUNE 27, 2019

The volume of food and beverage orders placed via mobile apps grew by 130 percent between 2016 and 2018, while 60 percent of U.S. consumers currently order delivery or takeout once a week. This move follows the 2018 launch of the Starbucks Delivers program in the region. Mobile ordering is more popular than ever.

Account Takeovers 48

Account Takeovers Ubiquitous Verification Volume 48

FICO

DECEMBER 7, 2021

Unlike most weight loss gimmicks, I’m pleased to report that my billfold has only been getting slimmer and sleeker since I first talked about the wallet diet in my 2018 predictions blog. It can be hard to stay focused on fraud defenses for consumer card payments, particularly as other transaction types rise. What can banks do?

Scams 52

Scams Account Takeovers P2P Federal Reserve 52

PYMNTS

NOVEMBER 25, 2019

banks are losing more than $31 billion every year to fraud, including account takeover and new account application fraud. LaSala pointed to data from Kaspersky Labs that show the number of mobile banking Trojans increased by 138 percent between 2017 and 2018. By way of one example, U.S.

Account Takeovers 56

Account Takeovers Fraud Detection Encryption Regulations 56

PYMNTS

SEPTEMBER 5, 2019

According to a survey by TRUSTID , this year, 17 percent of call centers plan to replace KBA methods with MFA, double the figure (8 percent) from 2018. A majority (51 percent) of call center leaders cited the phone channel as the primary source of account takeover (ATO) attacks. Call centers are especially vulnerable.

MFA 59

MFA Authentication Multifactor Authentication AI 59

FICO

JANUARY 6, 2020

Consumer Banking Predictions 2019: Four Trends to Watch. For my predictions, I’ll focus on four areas of tactical concern within consumer banking that I feel confident bank executives will make significant progress addressing 2019,” wrote Tim VanTassel , vice president of our credit lifecycle business line. Read the full post.

Posting 52

Posting AI Online and Mobile Banking Real Time Payments 52

PYMNTS

JANUARY 10, 2019

trillion) in 2018 alone, and growing at double digits into the current year. This gives entrée to new markets for an existing installed base of tens of thousands of online merchants globally, with GMV in 2018 in the high single digit of billions. Top markets include Japan, the United States and Korea.

Cross-Border 63

Cross-Border Account Takeovers Regulations Due Diligence 63

PYMNTS

OCTOBER 29, 2018

These pieces of legislation introduced new rules about how companies and entities address issues of accountability, documentation, privacy reviews and design, and also impose high fines for non-compliance. Consumers have already latched on to open banking offerings and applications, using such tools more than 1.2

Security 76

Security Payment APIs and Integration API Authentication 76

PYMNTS

APRIL 30, 2019

The surge in these mobile order-ahead apps is being driven by consumers for the most part. We assessed 77 providers and scored them on their mobile app features as well as consumer adoption. In 2018, 13 percent of all U.S. Fewer than half — 44.5 percent — of QSR customers prefer to order in-person from a cashier.

Account Takeovers 40

Account Takeovers Best Practices Venmo Assessments 40

PYMNTS

JUNE 21, 2019

Consumers’ lives are becoming more digitally focused, which means it’s natural and expected that credit unions (CUs) are feeling the pressure to raise the level of their services across channels. When [we go] a step further, we can use that data in ways that are actionable, and go the extra mile for the consumer,” Stevens said.

Credit Union 65

Credit Union FinTech Online and Mobile Banking ATM 65

PYMNTS

JANUARY 31, 2020

that has garnered particularly strong traction among consumers aged 31 to 38. A 2018 survey found that 40 percent of American financial institution (FI) customers in this age bracket reported debit cards as their go-to payment instruments, while 36 percent favored credit cards. Debit is a core payment method in the U.S.

ATM 59

ATM Debit Card Fraud Detection Credential 59

PYMNTS

NOVEMBER 19, 2019

Financial institutions (FIs) are also fending off fraud from false banking apps, a method that has seen a 63 percen t rise since the last six months of 2018. Banks need to be on the lookout for account takeover fraud as well, which is becoming one of the larger challenges for the financial industry in the fight against cybercriminals.

AI 43

AI Online and Mobile Banking Account Takeovers Innovation 43