FICO

JULY 23, 2019

Here, I will broaden the focus to include account takeover fraud. As CSPs have looked to introduce additional controls and checks at the front-end onboarding process, fraudsters have moved to account takeover. In my next post I’ll look at analytics that can help CSPs manage subscription fraud and account takeover fraud.

Account Takeovers 40

Account Takeovers Accounts Credential Rules 40

FICO

JULY 23, 2019

Here, I will broaden the focus to include account takeover fraud. As CSPs have looked to introduce additional controls and checks at the front-end onboarding process, fraudsters have moved to account takeover. In my next post I’ll look at analytics that can help CSPs manage subscription fraud and account takeover fraud.

Account Takeovers 40

Account Takeovers Accounts Credential Rules 40

PYMNTS

FEBRUARY 26, 2020

Their research found that nearly half of surveyed restaurants’ online and mobile ordering solutions require only usernames and passwords to log in — a known security weakness given that customers often use the same passwords for multiple accounts. Mexican QSR Chipotle is another mobile order-ahead player leveraging AI for security.

Credential 56

Credential AI Fraud Detection Account Takeovers 56

Fi911

JULY 8, 2024

Fraudsters exploit vulnerabilities in online payment systems and often use stolen credit card information or create fake accounts to make unauthorized purchases. Furthermore, the growing sophistication of fraud techniques, including synthetic identity fraud and account takeovers, exacerbates the challenge.

Account Takeovers 87

Account Takeovers Fraud Detection Phishing Fraud Prevention 87

Fintech Finance

MAY 22, 2024

A key component of this growth in attacks was fraudsters’ focus on account takeover of ecommerce accounts, with the attack rate at login reaching 3.3% (an increase of 119% YOY). The volume of human-initiated attacks surged 80% YOY, resulting in an attack rate of 2.8% (up by 59% YOY).

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Account Takeovers Risk Bots Scams 52

Finovate

JUNE 10, 2024

The capital will be used to expand the company’s solutions to help businesses investigate and defend themselves against cybercrime in general and account takeover fraud in specific. SpyCloud specializes in helping firms combat account takeover. Foremost among these strategies is better password hygiene.

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Account Takeovers Credential Cybersecurity Breach 59

Fi911

JANUARY 18, 2024

They subsequently gain control over existing accounts, or establish new ones without the victim’s awareness. These accounts frequently pertain to credit cards and serve as a means to make unauthorized purchases A criminal might use stolen personal information to open a bank account, for example.

Account Takeovers 85

Account Takeovers MFA Fraud Detection Credit Cards 85

PYMNTS

FEBRUARY 24, 2020

The mobile order-ahead market continues to expand its footprint, growing by 23 percent over the past four years and now accounting for more than 3.1 Deep Dive: How AI Helps QSRs Stop ATOs And Credential Stuffing. billion restaurant visits and $26.8 billion in sales. Mobile Order-Ahead Developments. The Starbucks app also hit 18.9

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Account Takeovers Credential AI Fraud Prevention 85

The Paypers

SEPTEMBER 19, 2018

(The Paypers) Justin Lie , CashShield : On top of account takeovers, another popular form of fraud attacks on accounts involves the creation of multiple new accounts using stolen genuine user credentials

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Account Takeovers Accounts Credential 48

PYMNTS

MARCH 14, 2020

“The goal of the attack is generally to steal credit card information, guess shopping cart tokens to take over the shopping session, or exfiltrate consumer account PII (personally identifiable information) that can be used to perpetrate other fraud.”. percent of all eCommerce fraud , is still account takeover.

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Account Takeovers Credential Automation Bots 92

The Fintech Times

DECEMBER 18, 2023

“A similarly damaging trend is account takeovers (ATOs) where a bad actor gains access and takes over an online account using stolen or hacked credentials. We’ve always seen RDC attacks, but they’ve popped up more regularly this year and I suspect it’s just the tip of the iceberg.

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Cybersecurity Ransomware RDC Credential 139

Payments Source

NOVEMBER 19, 2017

Widespread data breaches have sparked a rise in account-takeover fraud using stolen consumer credentials, prompting merchants to crack down on suspicious purchases. But too many legitimate customers are getting caught in the process.

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Account Takeovers Data Breach Credential Breach 61

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. Understanding ATOs.

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Credential Bots Authentication Online and Mobile Banking 58

Clearly Payments

JULY 16, 2024

In 2023, CNP fraud accounted for 81% of all fraud losses in the retail sector, amounting to over $4.5 According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% Insider fraud accounts for 15% of fraud losses in the financial sector, with an average loss of $200,000 per incident.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

SEPTEMBER 24, 2019

One of the biggest problems, Blanco said, is account takeover. . Account takeover, which involves the targeting of financial institution customer accounts to gain unauthorized access to funds, is an extremely common cybercrime affecting U.S. financial institutions,” he said.

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Fincen Account Takeovers Identity Theft Financial Crimes 71

Innovative Payments Association

JUNE 26, 2024

Just a few days ago I learned that my mother was the victim of bank account fraud. The phony test transactions were successful and could have led to larger transactions that would have siphoned money out of her account. Lastly, she has taken steps to open new accounts. However, my retired senior citizen mother noticed.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

APRIL 2, 2020

The trouble, Kount ’s Chief Customer Experience Officer Rich Stuppy told PYMNTS in a recent conversation, lies in discerning a good customer from the fraudster who has stolen their payment credential, lifted their identity or taken over their account. But you keep asking me anyway,’” said Stuppy.

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Account Takeovers Credential Accounts Bots 61

PYMNTS

DECEMBER 2, 2019

Even more damaging, they can break into shoppers’ accounts and steal card numbers, rewards, digital currency and personal data. If individuals are reusing passwords across multiple sites, they are most susceptible to an account takeover attack and illicit transactions within their account,” Beckner told NBC.

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Bots Account Takeovers Cybersecurity Credential 52

The Paypers

OCTOBER 21, 2020

Bot management solution provider Netacea has been selected by UK-based credit marketplace ClearScore to protect against credential stuffing attacks and account takeovers.

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Bots Account Takeovers Credential Accounts 28

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters equipped with such information could then easily access victims’ online accounts using legitimate credentials and take control of the customers’ funds.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

PYMNTS

NOVEMBER 16, 2020

Ragan noted that advanced technologies like artificial intelligence (AI) and machine learning (ML) can help FIs embed defense mechanisms that glean deeper insights into consumer behavior and recognize anomalous patterns — in the process raising red flags to better prevent unauthorized transactions, identity theft and account takeover.

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Identity Theft Credential Account Takeovers Fraud Prevention 118

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. “Fraudsters know that higher transaction volumes and a demand for fast processing times leave merchants vulnerable to attacks. Behavioral Biometrics Ensure You Are You .

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Volume Transactions Account Takeovers Phishing 72

PYMNTS

DECEMBER 2, 2019

Even more damaging, they can break into shoppers’ accounts and steal card numbers, rewards, digital currency and personal data. If individuals are reusing passwords across multiple sites, they are most susceptible to an account takeover attack and illicit transactions within their account,” Beckner told NBC.

Bots 43

Bots Account Takeovers Cybersecurity Credential 43

PYMNTS

AUGUST 19, 2019

In the latest Mobile Order-Ahead Tracker , PYMNTS explores the latest developments in the world of QSR rewards programs and how credential stuffing and account takeovers are plaguing the industry. The intent wasn’t to access users’ names, emails or other personal information – it was to get into the DD Perks accounts and profit.

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Account Takeovers Data Breach Bots Credential 63

FICO

MARCH 22, 2022

Account takeover fraud (ATO) occurs when an unauthorized person takes control of an account. The fraudster takes steps to actively control the account, for example by applying for a new card or changing the account contact information or password. Source: Cifas Fraudscape 2021. ATO – Old School and High-Tech.

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Account Takeovers Accounts Authentication Data Breach 52

PYMNTS

JANUARY 28, 2021

This new vigilance is the result of rampant cybertheft throughout the pandemic, from brazenly diverting government Paycheck Protection Program loans to the bad businesses of credential theft and account takeovers. Much of this is caused by criminals sensing opportunity. It’s on banks to deter them.

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Federal Trade Commission Scams Account Takeovers Fincen 97

PYMNTS

JULY 1, 2019

Account Takeovers Plague the QSR Industry. Cybercriminals can obtain stolen identities for as little as $4, meaning it’s easier than ever for them to launch account takeover (ATO) attacks. One victim did not even have a Chipotle account, but had used the QSR’s guest checkout option.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

PYMNTS

MAY 28, 2020

Recently, the company debuted Kount Control Account Takeover (ATO) Protection, which the company says is the only technology to provide three layers of protection against bots, credential stuffing and complex ATO attacks.

Fraud Detection 52

Fraud Detection Fraud Prevention Account Takeovers Bots 52

PYMNTS

SEPTEMBER 21, 2018

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. The 2018 holiday shopping season seems likely to feature account takeover as a bigger fraud feature than in years past.

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Account Takeovers Fraud Prevention Accounts Bots 58

PYMNTS

AUGUST 21, 2020

Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. This reduces the success rate of fraudsters asking for money to be transferred to their own accounts by claiming to be somebody else.

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Blocks Identity Theft ATM Online and Mobile Banking 106

PYMNTS

MARCH 29, 2017

XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows. number and types of data breaches associated with any individual customer. and globally.

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Fraud Prevention Account Takeovers Identity Theft Data Breach 40

Braintree

AUGUST 26, 2019

As part of our ongoing mission to keep your data secure, Braintree is pleased to announce that we now support hardware two-factor authentication (H2FA) in the Control Panel, providing a new way for merchants to help keep their accounts secure. When a user activates H2FA, the specific key used is linked to their user account.

Authentication 52

Authentication Phishing Account Takeovers Breach 52

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise. More Vulnerable in AP.

Scams 63

Scams Automation Phishing Email Compromise 63

PYMNTS

FEBRUARY 28, 2017

The platform is designed to help retailers combat an uptick in online retail fraud, caused largely by ineffective or stolen password credentials. Who’s winning the account takeover battle? The company introduced biometric features to their app last year and credited those new features with winning the pair of awards.

Account Takeovers 43

Account Takeovers Online and Mobile Banking Authentication Credential 43

PYMNTS

MAY 16, 2019

Members of the group located in Bulgaria and Ukraine then took control of victims’ online bank accounts and stole money out of their accounts. Reuters reported that 10 of the network’s members have been charged with conspiracy to steal online banking credentials. The scam started in 2016 with an attack in Ukraine.

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Phishing Account Takeovers Credential Encryption 46

PYMNTS

APRIL 18, 2017

On top of the recent issues with hackers stealing account credentials of legitimate but inactive merchants and selling non-existent items, a report from Inc suggests that fraudsters are also making new accounts. Dubbed the “just launched” scam, fraudsters take advantage of naive buyers by creating new fraudulent accounts.

Scams 40

Scams Account Takeovers Credential Data Breach 40

PYMNTS

SEPTEMBER 29, 2016

Ghosemajumder said that credential stuffing attacks are a constant problem for online retailers, as increasingly more advanced hacking methods make it easier to run credential stuffing attacks through a number of different sites on a 24/7 basis.

Credential 69

Credential Online and Mobile Banking Account Takeovers Automation 69