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Account Takeovers Accounts Fraud Detection 
The Payments Association
AUGUST 7, 2024
Entersekt was recognised as a Leading Vendor, and highest rated Authentication-Focused Vendor, in the July 2024 Liminal Link Index for Account Takeover (ATO) Prevention in Banking report. According to the report, “These solutions use comprehensive authentication capabilities to prevent unauthorized access to accounts during login.”
Fraud.net
JULY 29, 2024
Learn how Fraud.net's award-winning platform helped a BNPL payment processor reduce account takeovers, first payment defaults, and fraud.
Seon
JANUARY 29, 2024
Having trouble protecting your user accounts? In this guide, we’ll see why accounts are targeted, how fraudsters acquire them, and, of course, which steps you should take to secure them. This is your complete guide to understanding and detecting account takeover (ATO) fraud in your business.
Bank Automation
NOVEMBER 21, 2023
Anti-fraud and anti-money laundering companies are looking to AI to increase the efficiency of their detection models as digital fraud becomes more pervasive.
Fraud.net
DECEMBER 1, 2023
Modern account takeover protection requires implementing machine learning, geolocation, and anomaly detection to spot and prevent ATO fraud.
Fraud.net
MARCH 29, 2024
Discover advanced fraud detection systems used by banks and explore the solutions offered by Fraud.net for proactive fraud prevention.
Fi911
JULY 8, 2024
This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Fraudsters exploit vulnerabilities in online payment systems and often use stolen credit card information or create fake accounts to make unauthorized purchases. How Big of a Problem is eCommerce Fraud?
PYMNTS
MAY 28, 2020
Digital-fraud-protection company Kount said Thursday (May 28) that Mercator Advisory Group has named it the best eCommerce Fraud Detection Solution from among more than 40 products ranked.
The Fintech Times
JUNE 1, 2024
To find out how efforts of pitting AI against AI are taking shape, and how this could evolve in the future, we take a look at some of the latest anti-fraud approaches utilising AI. Kate Frankish, chief business development officer and anti-fraud lead at Pay.UK This would equate to over £112million worth of fraud detected annually.
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The Fintech Times
AUGUST 17, 2024
This includes account openings, logins and transactions. Robert Boxberger, president of Experian’s North American identity and fraud business “Our acquisition of NeuroID highlights our commitment to provide our clients with world-class data, analytics and insights to prevent fraud. “In
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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.
Fintech Finance
OCTOBER 21, 2024
Our solutions can accurately detect suspicious transactions without disrupting customer service,” added Tat Wee Koh, NetGuardians’ APAC Sales Director. PalawanPay and other financial institutions are taking these threats seriously.
PYMNTS
MAY 7, 2018
In its analysis of the Same-Day ACH rollout, NACHA found no evidence that it led to an increase in fraud attempts or successful breaches. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however.
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Seon
SEPTEMBER 11, 2023
As neobanks evolve, the one downside of their innovation is that it opens up many new methods of attack for fraudsters, such as identity theft, fraud rings, and account takeover attacks. We know neobank risk teams must stay aware of evolving threats and take an active approach to closing those routes to fraud.
Fintech Finance
MAY 30, 2024
Mangopay’s Fraud Prevention solution provides a fully integrated and payment processor-agnostic AI-driven cybersecurity solution to guard against an evolving range of threats, including account takeover by both bots and humans, reseller fraud, payment fraud, chargebacks, and return abuse.
The Fintech Times
MARCH 18, 2024
These malicious scammers are growing in number and refining their strategies, employing ever more sophisticated methods, including account takeovers, synthetic identity fraud, and social engineering scams. In the UK alone, fraudsters syphoned off £1.2billion in 2022, with almost 80 per cent of app fraud cases starting online.
The Fintech Times
AUGUST 13, 2024
How do the Latin American AI and anti-fraud sectors compare to that of the rest of the world? While fraudsters attempt to use AI for nefarious purposes, Latin America is firmly embracing the technology to fight back with advanced fraud detection and prevention tools that learn and adapt over time.
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PYMNTS
JULY 9, 2020
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs.
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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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Clearly Payments
JULY 16, 2024
Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% According to a report by LexisNexis, the retail industry faces the highest fraud attack rate, with an average of 28 successful fraud attempts per month per business. of all reported fraud cases. billion in losses.
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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. Selecting the Target. ML can be divided into two types: supervised and unsupervised.
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Fintech Finance
FEBRUARY 29, 2024
By combining Socure’s accurate and inclusive identity verification and fraud prevention ID+ platform with Trustly’s guaranteed Pay by Bank offering, merchants can onboard users and process payments in one integrated flow. Trustly, with direct banking integrations, provides instant Open Banking payments with transaction guarantees.
Fintech Finance
AUGUST 2, 2024
ComplyTek introduces an advanced transaction screening solution for instant payments , designed to ensure compliance and mitigate fraud within the critical 10-second processing window. Leveraging machine learning and AI, the platform offers comprehensive monitoring and fraud detection capabilities.
PYMNTS
MAY 5, 2020
The good news, Pangretic added, is that consumers and businesses are getting better at detecting fraudsters trying to ply their trade across mobile and online transactions. This can really create a proactive communications strategy to significantly decrease the incidence of successful fraud attempts,” said Pangretic.
PYMNTS
JULY 2, 2020
But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.
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PYMNTS
MARCH 22, 2018
Fraud detection startup Sift Science has raised $53 million in a series D round, bringing its total amount raised to $107 million. Founded in 2011, Sift Science plans to use this latest round of funding to grow its fraud detection and prevention product globally. For example, Palo Alto-based Simility received $17.5
PYMNTS
JUNE 13, 2019
If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. acquire personal data via account takeovers.
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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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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.
PYMNTS
OCTOBER 8, 2020
Research reveals that drive-thru visits increased 26 percent in the second quarter of 2020 and that such visits accounted for 42 percent of all restaurant visits during this time. Customers’ top priority regarding restaurants is their own safety, however.
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PYMNTS
DECEMBER 21, 2020
use smartphone apps for food delivery, with this figure rising even higher when accounting for takeout or curbside pickup,” the Tracker states , adding that by 2023, some 54 million consumers will use MOA apps. million accounts onto the dark web. “More than 46.5 million consumers around the U.S.
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PYMNTS
APRIL 24, 2020
Incidences of account takeover (ATO) were up 347 percent and shipping fraud skyrocketed 391 percent, respectively, from 2018 to 2019, before anyone except virologists had ever heard of COVID-19. Fraud experts are seeing renewed vigor among online crooks as COVID-19 confusion roils markets flooded with bailout dollars.
FICO
FEBRUARY 16, 2022
US customers and their banks are familiar with different types of fraud including card, identity, and payment related frauds. Most respondents in the US reported that they are most worried about card fraud, having their stolen identity used to open an account, and Account Takeover (ATO) fraud.
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FICO
FEBRUARY 16, 2022
US customers and their banks are familiar with different types of fraud including card, identity, and payment related frauds. Most respondents in the US reported that they are most worried about card fraud, having their stolen identity used to open an account, and Account Takeover (ATO) fraud.
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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.
Seon
JULY 10, 2024
Fraud monitoring is a broader term encompassing the overall detection and prevention of fraudulent activities within an organization. These may include various types of fraud, such as identity theft, account takeover, payment fraud and application fraud. Fraud transaction monitoring’s scope is narrow.
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PYMNTS
FEBRUARY 10, 2017
The bigger and more widespread cyber threat, as opposed to shimmers, may actually be the ability for cybercriminals to use or sell stolen data for fraudulent online purchases that are typically made in groups of small purchases as to go undetected by fraud detection systems. has fallen significantly behind the curve.
PYMNTS
JULY 30, 2020
With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts. Check it out.
The Fintech Times
DECEMBER 21, 2023
Despite the continued proliferation of the above payment innovations, comprehensive solutions offering a stellar user experience, robust fraud protection, and default safeguards akin to traditional credit cards remains elusive. First is an expected uptick in utilising AI for more complex processes, like data analysis and fraud detection.
Seon
JULY 27, 2023
The customers of such financial institutions can use their institution’s app or website to send instant payments directly from their bank accounts. The payer’s bank credits the payee’s account, which then makes the funds available to the latter. How Will FedNow’s Instant Payments Impact Fraud Detection?
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PYMNTS
JANUARY 9, 2019
As they craft their omnichannel strategies, most luxury retailers are using a variety of fraud detection programs to counteract increasingly devious methods. With our current fraud detection system, we are utilizing device fingerprinting,” Ciborowski said.
PYMNTS
JANUARY 31, 2020
Doug Clare, vice president of fraud product management at FICO – a consumer credit score, analytics software and fraud detection platform provider – knows this dilemma well. He recently spoke with PYMNTS about what it takes to keep debit cards and their associated bank accounts safe from cybercriminals. .
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FICO
MARCH 9, 2022
81% of people in the UK plan to continue to do all or most of their banking online – that’s nearly 41 million active bank accounts in the UK. Our survey revealed that the primary fraud concerns for the UK banking population do not match the kind of fraud that is having the biggest impact in the UK.
FICO
NOVEMBER 30, 2017
How do we keep our fraud controls relevant, agile, and modern to accommodate new products, new channels, increased digitization and more faceless interactions? Lastly, step 3 requires thinking big across the risk and the fraud continuum. How do we facilitate growth of the business and new customer acquisition?
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