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% In 2023, 83% of financial institutions reported an increase in phishing attacks. of all reported fraud cases.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

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

Fintech News

JUNE 6, 2024

Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841).

Scams 105

Scams Phishing Deepfake Verification 105

Payments Source

AUGUST 22, 2018

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand.

Account Takeovers 92

Account Takeovers Mobile Payments Zelle Phishing 92

Fintech News

MAY 27, 2024

In addition to data breaches, generative AI tools pose a distinct challenge to APAC fintechs, empowering fraudsters to craft sophisticated phishing lures and synthetic identities. According to a report by McKinsey, APAC accounted for nearly 40% of the global BNPL transaction volume in 2020.

APACS 112

APACS FinTech Data Breach Fraud Prevention 112

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. This spike was the largest increase in Amazon-related phishing attempts since March, when the COVID-19 pandemic forced Americans indoors and made them rely on the marketplace more than ever before.”.

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

DECEMBER 17, 2020

Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Other fraudsters are deploying phishing schemes to net their ill-gotten gains, either using the stolen data themselves or selling it online.

Fraud Prevention 102

Fraud Prevention Account Takeovers Phishing Push-to-Card 102

The Paypers

APRIL 18, 2017

(The Paypers) Airbnb has introduced multi-factor authentication to protect its customers against cyber attacks, such as phishing, malware and password dumps.

Account Takeovers 28

Account Takeovers Authentication Phishing Accounts 28

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.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

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.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

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. Take company-wide training to identify phishing attacks for example. “Approaches and practices that used to be relied upon will no longer pass muster.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

PYMNTS

JULY 15, 2020

High-profile Twitter accounts, including those of Amazon CEO Jeff Bezos , Berkshire Hathaway Chairman Warren Buffett , Tesla CEO Elon Musk and others, were taken over in a wave of hackings on Wednesday (July 15), according to CNBC. Google , in late May, reported a resurgence of hacking and phishing incidents.

Accounts 56

Accounts Scams Phishing Bitcoin 56

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

JULY 2, 2020

Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. 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.

Transactions 112

Transactions Account Takeovers Push-to-Card Fraud Prevention 112

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. Identity theft: Scammers can commit identity theft by using methods like phishing and vishing to impersonate genuine users.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

The Fintech Times

MARCH 6, 2024

Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering. In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies.

AI 59

AI Fraud Prevention Identity Theft Deepfake 59

PYMNTS

APRIL 9, 2020

Winning The New War With Account Takeover. Brands, he noted, have every incentive to give their best customers the VIP experience — hence they let them create accounts so their credit information, past purchases and associated data can be kept and used to curate and customize the consumer experience.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

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

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

MARCH 18, 2020

High-tech schemes like credential stuffing and account takeover (ATOs) have become commonplace, but many fraudsters still rely on a technique that requires comparatively little technical know-how. Other fraudsters may go directly after restaurant employees with phishing schemes, a popular method for gaining access to data.

Phishing 70

Phishing Smishing Fraud Prevention Point-of-Sale (POS) 70

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

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

MAY 16, 2019

According to a report in Reuters , the Eastern European GozNym network, whose leader resides in Tbilisi, Georgia, sent phishing emails to install malware on more than 41,000 computers. Members of the group located in Bulgaria and Ukraine then took control of victims’ online bank accounts and stole money out of their accounts.

Phishing 46

Phishing Account Takeovers Credential Encryption 46

The Fintech Times

AUGUST 13, 2024

Latin America also saw a staggering 617 per cent increase in phishing attacks in 2023, with cyber criminals using AI to craft more realistic and targeted phishing emails. Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials.

AI 59

AI Fraud Detection Fraud Prevention Deepfake 59

The Fintech Times

JUNE 20, 2024

From ransomware attacks and phishing schemes, to account takeovers and distributed denial of service (DDoS) attacks, all these threats can result in serious operational disruptions and loss of customer trust, incurring costly remediation. However, data breaches constitute only one facet of the risks confronting firms.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

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.

Blocks 106

Blocks Identity Theft ATM Online and Mobile Banking 106

PYMNTS

NOVEMBER 7, 2019

million individuals have been impacted by account takeover (ATO) fraud attacks that resulted in a new account being opened in their name. In these attacks, bad actors transfer funds and rewards from legitimate users to fake accounts. The data indicates that roughly 1.5

Account Takeovers 40

Account Takeovers Point-of-Sale (POS) AI Phishing 40

PYMNTS

MAY 5, 2020

On the “back end” of the business, Elan leverages state-of-the-art fraud detection tools to identify and prevent transactional fraud, account takeover and fraudulent applications. Pangretic cautioned that there will continue to be a rising tide of email scams (phishing) and synthetic fraud. Interacting With The Cardmember.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

MARCH 20, 2020

Phishing attempts surged 640 percent last year alone, with hackers placing malicious URLs on domains such as Apple, Dropbox, Facebook, Google, Microsoft and PayPal, according to a recent report. The Latest Fraud Decisioning Developments. Fraudsters appear to be finding success in new versions of the age-old heists.

Fraud Prevention 90

Fraud Prevention AI Account Takeovers Phishing 90

PYMNTS

JUNE 11, 2019

One of the most insidious forms of fraud is account takeovers (ATOs). In the June Digital Fraud Tracker™ , PYMNTS explores phishing attempts, dark web marketplaces and how technologies like biometrics and artificial intelligence (AI) are changing the digital security landscape.

AI 60

AI Account Takeovers Online and Mobile Banking Authentication 60

The Fintech Times

JANUARY 22, 2024

per cent of total global airline revenue – and accounting for 46 per cent of all online fraudulent transactions. Airlines are susceptible to many of the same fraud tactics that plague all ecommerce enterprises: hacked customer accounts, employee misuse, phishing attacks, and customer service scams.

Payments 59

Payments On-Demand Volume Account Takeovers 59

PYMNTS

JULY 21, 2020

The Wall Street Journal recently reported a 35 percent jump in year-over-year credit card fraud in April, with fraudsters harnessing phishing schemes and brute-force hacking attacks, among others, to swindle data and funds. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

AUGUST 29, 2019

Account takeovers (ATOs), identity theft and phishing were found to be the most common methods of attack in this region. A recent report found that ASEAN nations are projected to lose $260 million to online fraud this year, with eCommerce companies bearing the brunt of these losses.

Account Takeovers 63

Account Takeovers Identity Theft Fraud Prevention Blockchain 63

PYMNTS

FEBRUARY 10, 2017

With today’s ability to hit thousands or even millions of users in a few hours through a phishing attack that infects laptops and smartphones, fraudsters could potentially grab a very large amount of credit card information typed in by users during their next online purchase,” Cagnoni explained. Identity Fraud On The Rise.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

PYMNTS

SEPTEMBER 24, 2018

These incidents — such as the event that impacted Equifax late last year — account for roughly 25 percent of all attacks, and most commonly occur when hackers pass through security firewalls or other protections to gain access to records. Most fraudsters resort to one of a half-dozen techniques when launching their attacks.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

FICO

MAY 19, 2020

Banks need to ensure that any suspicious activities on their accounts can be confirmed with them quickly and efficiently and that if they do fall victims, that the situation is managed quickly to minimize the impact on their lives. This will result in more cases of account takeover during this time and for months ahead.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

The Fintech Times

DECEMBER 21, 2023

“With new technology, however, comes elevated risks, which will lead financial institutions to adapt their strategies to counter these issues such as new types of fraud, deepfakes and advanced phishing schemes. “As hackers continue to gain access to powerful AI tools, we can expect this trend to gain greater prominence in 2024.

Cross-Border Payments 115

Cross-Border Payments Cross-Border Online and Mobile Banking Payments 115