PYMNTS

MARCH 20, 2020

Many are turning to artificial intelligence (AI), machine learning (ML) and other advanced learning solutions to prevent and detect breaches before they can cause large-scale problems, but bad actors are using the same set of tools to sidestep authentication processes or impersonate legitimate customers.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

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

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

AUGUST 7, 2020

The research also noted a 40 percent increase compared to February in the number of blocked attempts to guide users to phishing websites for one of the most-visited gaming platforms. . Other bad actors rely on phishing, in which potential victims receive links that direct them to fake login pages and ask them to input their account details.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

PYMNTS

JUNE 29, 2020

It has been steadily gaining popularity in recent years, with more than 10,000 financial institutions (FIs) around the world practicing open banking and 87 percent of the world’s nations having open banking protocols in place as of 2019. billion such attacks between December 2017 and November 2019, 16.55 There were 85.42

MFA 96

MFA Risk Security API 96

PYMNTS

JANUARY 27, 2020

Researchers warned that the rise of faster payments — which gives banks a much shorter window in which to identify and mediate fraud — is placing new pressure on financial institutions to embrace more identity authentication technologies. million, thanks to a phishing scam. The losses for one Texas school district totaled to $2.3

Business Email Compromise 71

Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

OCTOBER 9, 2020

state employment programs to phishing scams with bad actors claiming to represent retailers — such as luxury brand Vince Camuto in one recent email scam — to good old-fashioned identity theft. One 2019 report found that there are approximately 2.2 One study on six countries, including Canada, the U.K. The Future of Email Verification.

Verification 83

Verification Consumer Online and Mobile Banking Scams 83

PYMNTS

JUNE 4, 2020

Emsisoft’s latest data states there were 89 universities, colleges and other school districts impacted by ransomware in 2019, with possibly up to 1,233 individual schools affected in total, Cointelegraph reported. He told Cointelgraph that these kinds of attacks are costly and enormously disruptive.

Bitcoin 61

Bitcoin Ransomware Scams Phishing 61

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. More than $1.2 Facing Fraud. Cybercriminals often have a wide range of attacks at their disposal — not all of which are new. Low-Friction KYC.

Crime 77

Crime Cryptocurrency Law Enforcement Verification 77

PYMNTS

NOVEMBER 17, 2020

Fraudsters utilizing these schemes rely on tactics such as phishing and impersonation scams to trick customers and businesses into sending payments or payment details, and their use of real-time rails can enable them to make off with the funds before customers catch on.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

MARCH 25, 2020

Casualties of these breaches in the first half of 2019 alone include 4.1 billion personal records exposed in a variety of ways: 52 percent through hacking; 33 percent via phishing; and 32 percent through social engineering, with many involving more than one method. billion last year. About the Tracker.

Bots 59

Bots Cybersecurity Phishing Fraud Prevention 59

PYMNTS

NOVEMBER 22, 2019

In the Steam case and elsewhere, the methods used to gain access have likely been the same: stealing passwords through phishing and even malware. The goal for the bad guys is to monetize the trading and funding, either by draining bank accounts or by selling the assets that have been compromised. The tools are there, but mindset matters.

Credential 70

Credential Cybersecurity Push-to-Card Financial Crimes 70

PYMNTS

JUNE 9, 2020

Increasingly, that work is being performed by dynamic global identity verification platforms that use strong consumer authentication (SCA) and/or multi-factor authentication (MFA) to harden the onboarding process against an army of cyberthieves exploiting pandemic disorder. percent ‘less likely to be compromised.’

AML 52

AML MFA Authentication Verification 52

PYMNTS

JULY 15, 2020

This seismic shift is, in turn, making it more important than ever for providers to examine the use of digital identity authentication technologies.”. As things like “deep fakes” get real and digital onboarding replaces face-to-face document presentation and authentication post-pandemic, KYP tech is fast becoming indispensable.

Data Breach 58

Data Breach CCPA Social Security Breach 58

PYMNTS

APRIL 16, 2020

Businesses must carefully monitor their payments and issue clear guidance to staff to help them avoid falling victim to tricks such as phishing attacks. A 2019 survey found 90 percent of companies reporting that their AP departments experienced more fraud than any other part of their operations. Only 54 percent of surveyed U.S.

Cross-Border 52

Cross-Border Multifactor Authentication Security Automation 52

PYMNTS

FEBRUARY 27, 2020

billion , and phishing attacks now comprise 30 percent of all fraud attempts. 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. Nonprofits and charities can also fall victim to fraud.

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

FEBRUARY 19, 2020

In they went, stealing details of 30 million cards before the malware was discovered in December of 2019. Amazon is at the center of two recent incidents, one that exposed the personal info of almost 1,600 Ring door camera users, and another where phishing emails bearing a very convincing Amazon logo resulted in theft. card number.

Law Enforcement 52

Law Enforcement Fraud Detection Bots Phishing 52

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. Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Reported losses in 2020 exceeded $4.2

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

MAY 6, 2020

Banks are used to innovating their fraud approaches annually to respond to bad actors using new tactics or upgraded tools, with one report finding that financial institutions (FIs) and businesses saw 30 distinct fraud attacks every hour in 2019, for example. percent of their revenues on average, according to a 2019 survey. and the U.S.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

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. In 2021, airlines lost over €6.5billion to fraud, amounting to 1.5

Payments 59

Payments On-Demand Volume Account Takeovers 59

PYMNTS

JULY 21, 2020

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. Researchers in 2019 discovered an unsecured database containing more than 267 million records about Facebook users, including their full names and phone numbers.

P2P 60

P2P Scams Security Account Takeovers 60

FICO

AUGUST 26, 2021

In August 2019 The Federal Reserve Board announced that the Federal Reserve banks were developing a real-time payments rail: FedNow. As a result, banks can confidently support all digital banking interactions across authentication, payments, and account maintenance while exceeding customer expectations. P2P real-time transactions.

Real Time Payments 52

Real Time Payments Zelle Federal Reserve FedNow 52

Nanonets

MAY 31, 2023

Phishing Attacks: Fraudsters send deceptive emails or messages, often mimicking reputable organizations, to trick employees or customers into revealing their payment details. In 2021, a staggering 323,972 internet users worldwide became victims of phishing attacks, indicating that half of the cybercrime victims fell prey to this method.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

FICO

JANUARY 19, 2022

Machine learning models provide the analytic horsepower to assess all purchases/transactions in real-time, correlate that data with the ID proofing , authentication and customer behavior data. This includes phishing of personal and account-level information as well as compromising the PAN / CVV for use in a fast-following fraud attack.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

CB Insights

JULY 23, 2020

Biometrics — which measure a person’s physical characteristics, such as fingerprints or voice patterns — are often more secure than other authentication options, more convenient for customers, and more cost-effective for businesses. For employees, safety measures have clearly become table stakes.

Posting 101

Posting Cybersecurity Returns Online and Mobile Banking 101

PYMNTS

AUGUST 20, 2020

online customers have been targeted by COVID-19-related fraud, with phishing scams emerging as the top way these bad actors are attempting to gain access to their victims’ personal data. are still debating how these rules should be designed to authenticate both customers and digital payments. and the U.S. —

Online and Mobile Banking 115

Online and Mobile Banking Privacy Regulations Identity Theft 115