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. FIs can struggle to detect such attacks because fraudsters provide the authentication details necessary to access the accounts.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

PYMNTS

NOVEMBER 17, 2020

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. London-based financial services trade association UK Finance found that there were 34,129 cases of APP fraud in the U.K.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

AUGUST 7, 2019

At this point in 2019, we’ve all dealt with some flavor of two-factor authentication that uses SMS one-time passcodes. It is perhaps easy to beat up on SMS-based authentication for how relatively easy it is to overcome — but it is perhaps a bit unreasonable to expect it to act as an authentication method.

Authentication 44

Authentication Consumer Authentication Consumer Ubiquitous 44

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. Australia reported a 5 percent drop in online fraud from 2018 to 2019, for example, with losses decreasing from the $479 million reported for 2017 to 2018 to $455 million.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. billion in 2019, a 15 percent increase over 2018. Fraudsters are teaming up to rip off FIs, forming elaborate rings that work cooperatively on account takeovers and phishing attempts.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

AUGUST 7, 2020

The following Deep Dive examines how fraudsters’ schemes target gamers as well as how data breaches enable bad actors to commit account takeover (ATO) fraud. Eighty-eight percent of surveyed managers expect the health crisis to increase the threat of financial fraud in regulated industries, including online gambling. .

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

FICO

DECEMBER 13, 2022

Tue, 07/02/2019 - 02:45. FICO’s 2022 Fraud and Customer Experience survey uncovered important insights about what FIs’ customers value most, particularly when opening new financial accounts or applying for loans. However, this aversion to badly thought-out identity checks extends to use of existing accounts. FICO Admin.

Security 52

Security Account Takeovers Authentication Payee 52

PYMNTS

JANUARY 24, 2020

trillion online in 2019 — an approximately 18 percent year-over-year increase in worldwide sales. . Merchants can better trust transactions made with cards issued by firms with strong authentication approaches, for example. . Security’s New Face. Securing transactions requires robust measures by everyone involved, Fox said.

Issuers 61

Issuers Card Issuer Authentication Processors 61

PYMNTS

JANUARY 16, 2020

billion and $42 billion to fraudsters in 2019, according to some reports. Biometric authentication solutions provider BehavioSec is among those innovating its products for more protection, announcing upgrades to its behavioral biometrics platform surrounding customer authentication and other verification safeguards.

AI 53

AI Identity Theft Authentication Verification 53

PYMNTS

OCTOBER 3, 2019

According to LexisNexis Risk Solutions’ 2019 Small and Mid-Sized Business Lending Fraud Survey , FIs are losing a significant portion of their revenues to small business loan fraud — and those losses are hitting smaller institutions, credit unions and online lenders harder than big banks.

Small Business 63

Small Business Credit Union Mitigation Account Takeovers 63

Seon

JUNE 15, 2023

According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. A BEC attack is when a fraudster gains unauthorized access to a business’s account. The most damaging form of BEC is account takeover (ATO) attacks.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

DECEMBER 21, 2018

Fraudsters can commit account takeover fraud, where they call into a call center, verify themselves and then change the account information to suit their needs. Or they can use that data to create a synthetic identity and obtain entirely new accounts to use. And there is more than one way for that information to be used.

EMV 74

EMV Push-to-Card Fraud Prevention Rules 74

PYMNTS

FEBRUARY 27, 2020

Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 million in 2019. The fraudsters spoofed its service providers’ email contacts, and charged the charity for nonexistent services rendered, bypassing its two-factor authentication protocols.

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

JULY 21, 2020

This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). This problem is widespread, as 53 percent of respondents in a 2019 survey said they had used P2P apps to send money to unknown sellers on bidding platforms like eBay. Fraudulent Sellers.

P2P 60

P2P Scams Security Account Takeovers 60

PYMNTS

JULY 12, 2019

percent CAGR between 2019 and 2024. Call centers have been using AI to meet this demand, obtain better customer insights, while strengthening their authentication methods and fraud protection strategies. According to the study, predicted losses due to account takeovers at call centers are set to reach $775 million by 2020.

Consumer 54

Consumer AI Account Takeovers Best Practices 54

FICO

DECEMBER 19, 2022

As customer interactions go completely online, digital identity verification and authentication help — but sophisticated authentication can’t stop all types of fraud. Thu, 08/22/2019 - 12:37. FI can see this and ask whether this odd behavior is authentic, or is indicative of authorized or unauthorized fraud. AND “Why?”.

Assessments 52

Assessments Scams Authentication Authorization 52

PYMNTS

JUNE 12, 2019

Among these new services, the top focus is real-time payments (55 percent), followed by same-day ACH (44 percent) and blockchain-based networks (35 percent), according to Bottomline Technologies’ 2019 B2B Payments Survey.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

FICO

JULY 28, 2021

increase in dollar value over 2019. Additionally, ACH internet transactions rose 15% from 2019 to 2020. In addition, the FICO® Authentication Suite uses behavioral and biometric authentication technologies to confirm customer identities every time they interact with their financial institution.

NACHA 52

NACHA ACH Scams Account Validation 52

The Fintech Times

JANUARY 22, 2024

Tom Randklev, global head of product at payment orchestration company CellPoint Digital Since 2019, online fraud has spiked by more than 52 per cent, with one report indicating that €80billion was lost to online fraud across physical and digital goods and e-ticketing in 2021. per cent of all transactions can be recovered in this way.

Payments 59

Payments On-Demand Volume Account Takeovers 59

PYMNTS

FEBRUARY 25, 2020

Chang’s reported that off-premises dining accounted for 17 percent of its sales during Q3 2019, up from 14 percent the year prior and two to three times dine-in’s growth, with delivery representing 35 percent of these sales. We know how to fix this.’”. These efforts seem to have paid off, too. The Secret Sauce Of Security.

Security 56

Security Push-to-Card Account Takeovers Encryption 56

PYMNTS

JULY 18, 2018

But these warnings are talking on more heft, given that PSD2 came into effect in Europe earlier this year, with a September 2019 deadline looming for payment service providers being able to adhere to regulatory technical standards regarding security and functionality. Call Center Threat.

Fraud Prevention 41

Fraud Prevention Account Takeovers Online and Mobile Banking On-Demand 41

PYMNTS

NOVEMBER 20, 2019

The QSR recently announced on an earnings call that its digital sales for Q3 2019 increased 87.9 percent year over year (YoY), accounting for 18.3 Developments From Around the Mobile Order-Ahead World. Mexican QSR Chipotle is one chain that is seeing dividends from mobile order-ahead. percent of total sales for this period.

Account Takeovers 44

Account Takeovers On-Demand Credit Cards Authentication 44

FICO

AUGUST 26, 2021

The transaction “rails” are in place and ready to process imminently high volumes; the Clearing House’s RTP network , launched in 2017, reaches 60% of US DDA accounts and delivers real-time payments including: B2B real-time transactions. P2P real-time transactions. Request for pay (RfP) . The Federal Reserve is a second key player.

Real Time Payments 52

Real Time Payments Zelle Federal Reserve FedNow 52

The Fintech Times

MAY 22, 2024

The report found that card ID theft increased, with losses up 53 per cent to £79.1million, as many criminals reverted to stealing ID and falsely applying for new credit cards or account takeovers, were they not able to trick someone through APP. This has increased from 59 per cent in 2022.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

Nanonets

MAY 31, 2023

Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. In March 2019, the CEO of a UK energy provider got a call from someone who sounded just like his boss. According to the Federal Trade Commission, USA, over 1.4

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Fintech Labs Insights

AUGUST 22, 2024

iProov: Raised $70M, leading the way in online biometric authentication, securing important European governmental contracts. MiddleEast 2019 (Dubai): Amber: Developing AI-driven tools for energy management, pilot projects show promising energy savings. Horizn: Enhanced training platform with new languages, focusing on European banks.

Online and Mobile Banking 15

Online and Mobile Banking Acquirers Payment APIs and Integration AI 15

PYMNTS

JULY 30, 2020

Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts. There are other types of … behavioral data out there that allow us to really understand and authenticate the real you.”. Pay Me Now Or Pay Me Later.

Law Enforcement 56

Law Enforcement Credit Union Account Takeovers Federal Reserve 56