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

FICO

FEBRUARY 9, 2021

This uncertainty is now fuelling a rise in Brexit scams. Who Are the Targets of Brexit Scams? Fraudsters are only limited by their imagination and with Brexit scams they target both European and UK citizens. This is where the door is left ajar and fraudsters can spread misinformation and perpetrate their scams. .

Scams 52

Scams Tax Scams Account Takeovers Breach 52

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Fraudsters deploy a variety of different methods when attacking these apps, ranging from sophisticated methods like account takeovers (ATOs) to impersonation schemes that trick users into sending them money directly.

Zelle 89

Zelle P2P Scams Financial Crimes 89

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

MARCH 20, 2024

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. The updated solution extends beyond traditional anti-fraud and KYC measures to offer comprehensive protection against various types of fraud, including account theft and payment fraud.

APACS 105

APACS Fraud Prevention Deepfake Account Takeovers 105

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

Accertify

NOVEMBER 16, 2023

Key topics include some of the year’s biggest trends such as identity theft and the use of synthetic identities, romantic scams, Authorised Push Payment (APP) fraud and GenAI fraud. It discusses the most common, yet ever-evolving types of fraud, including chargebacks, scams, and account takeover (ATO), with their latest developments.

Fraud Prevention 52

Fraud Prevention Identity Theft Account Takeovers Scams 52

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

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

BioCatch

JULY 30, 2024

Bank imposter schemes emerged as an asymmetric threat for fraud managers following the rapid consumer uptake of real-time peer-to-peer (P2P) channels starting in 2019. It was accepted that taking on a real-time P2P payment capability would create significant fraud exposure.

Scams 59

Scams P2P Consumer Payments 59

Fintech Finance

AUGUST 19, 2024

Unit21’s new ACH fraud solution proactively stops risky ACH transactions such as first-party fraud, account takeovers and scams by predicting fraudulent activity using four key features: ACH Risk Scoring – Unit21 deploys an ML model for FIs and fintechs that can flag R10s.

ACH 52

ACH Fraud Prevention AI FinTech 52

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives.

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

The Fintech Times

JUNE 1, 2024

” Visa takes matters into its own hands As part of this pilot with Pay.UK, payments giant Visa analysed billions of UK account-to-account transactions, correctly identifying an additional 54 per cent of fraud and APP scams beyond those identified by the banks’ own fraud prevention systems.

SWIFT 124

SWIFT AI Fraud Detection Fraud Prevention 124

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. Another report from the Federal Trade Commission determined that U.S.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

The Fintech Times

MAY 22, 2024

In its Annual Fraud Report 2024 , UK Finance detailed the amount its members reported as stolen through payment fraud and scams, with a primary focus on authorised push payment (APP) fraud and unauthorised fraud. Our data indicates that card payments account for over 76 per cent of transaction value at POS.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. COVID-related scams are rampant and rapidly evolving. When it comes to financial fraud, such as account takeover, banks are on your side. It Pays to Protect Yourself.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

JUNE 12, 2019

In an interview with Doug Cranston, vice president of product management at Bottomline, the executive noted that in the age of speed, fraudsters are able to more easily exploit firms’ vulnerabilities, compromise their accounts payable process and get away with ill-gotten gains, often to vanish without a trace. Fraudsters are getting smarter.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

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. That tweet was deleted moments later, and a second one appeared right after that, which was also deleted.

Accounts 56

Accounts Scams Phishing Bitcoin 56

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 Account takeovers, credential stuffing and other techniques are running rampant in the QSR scene, but fortunately, tools like AI can help curb these abuses. billion in sales.

Account Takeovers 85

Account Takeovers Credential AI Fraud Prevention 85

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams. It’s on banks to deter them.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. 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.

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

PYMNTS

JULY 7, 2020

But that number misses an unprecedented scope of scams connected to the coronavirus, according to John Breyault , a spokesman for the National Consumers League , the Washington, D.C.-based The top five scam categories were online shopping, travel and vacation, credit card, financial institutions and text messages, the FTC data said.

Federal Trade Commission 70

Federal Trade Commission FTC Consumer Scams 70

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 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

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 52

Bots Account Takeovers Cybersecurity Credential 52

FICO

MAY 17, 2022

When asked about account takeover, 19 percent thought banks were not fair. Only 6 percent of all those surveyed were most worried about being scammed, despite the fact that £355.3 million was lost to these scams in the first half of 2021. . The rise of scams during the pandemic has been truly frightening.

Financial Crimes 52

Financial Crimes Crime Money Laundering Consumer 52

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

FICO

DECEMBER 13, 2022

Because customers value ease of use and good fraud protection most, FIs must balance scam protection with making things easy for good customers – but not TOO easy. Typically, the challenge for FIs has been the natural opposition of ease of use and good fraud protection and account security. FICO Admin. Tue, 07/02/2019 - 02:45.

Security 52

Security Account Takeovers Authentication Payee 52

FICO

SEPTEMBER 8, 2022

Why consumers are moving to banks with the best fraud and scam prevention. One such cybercrime called Authorized Push Payment (APP) fraud , is a scam where fraudsters trick a target into sending them money. Fraudsters also swiftly launder it through multiple accounts, making it difficult to trace. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

FICO

MAY 19, 2020

We need to be proactive in our communications to customers around scams. 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.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

Accertify

AUGUST 22, 2024

Subscription services are as vulnerable to criminal scams as any other online business. Account takeover (ATO) attacks are a common threat to subscription service profits. This is where fraudsters take over an account after a data breach and order expensive downloads or products.

Federal Trade Commission 52

Federal Trade Commission Account Takeovers Data Breach Returns 52

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 .

Volume 72

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

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. 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.

Consumer 52

Consumer Scams Fraud Detection Fraud Prevention 52

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. 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.

Verification 52

Verification Consumer Scams Fraud Detection 52

The Fintech Times

DECEMBER 18, 2023

“But with the popularity of generative AI (shout out to ChatGPT and FraudGPT), fraudsters can now make their social engineering scams even more convincing at an unheard of scale. A few years ago, this would be a homerun for consumers and a major deterrent for fraudsters,” says Abrahams.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139