PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. To successfully address fraud, merchants need to have a fraud prevention strategy in place well before the holiday season.". Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72

Fi911

JANUARY 18, 2024

They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. They often accomplish this by obtaining the victim’s login credentials through phishing emails, malware, or other fraudulent means.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

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. When you think about it, it’s the high-tech version of social engineering.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

PYMNTS

SEPTEMBER 24, 2018

Fraudsters also use customers’ or executives’ lack of knowledge about security protocols to their advantage, and that’s where account takeovers come in. Account takeovers have skyrocketed in recent months, as a flood of consumer records have hit the dark web.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

Seon

JUNE 15, 2023

A BEC attack is when a fraudster gains unauthorized access to a business’s account. The most damaging form of BEC is account takeover (ATO) attacks. It’s worth noting here that you can always act on your initial suspicions by running a quick email lookup against an address associated with a dubious message.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

OCTOBER 30, 2017

Account takeover fraud is a growing concern, but Krebs noted that institutions and customers are better armed against it. Moreover, consumers tend to be aware of things like their banks accounts, and a credit card statement with a balance that’s a few thousand dollars north of where it should be tends to draw attention.

Identity Theft 69

Identity Theft FTC Account Takeovers Phishing 69

PYMNTS

NOVEMBER 7, 2016

“Both task forces recognize the importance that we design future payment systems of ensuring that security is built in and designed on the front end to address specifically some of those risks that are unique to a real-time payment environment.”

Fed 77

Fed Secure Payments Task Force Security Federal Reserve 77

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

Seon

MAY 8, 2024

Speak with an Expert How Does Device Intelligence Work When a user accesses a platform, such as their account at an ecommerce retailer, social media, online banking or bill pay service, it is either through a device with a mobile application or a desktop computer with an internet connection that retrieves an IP address.

Online and Mobile Banking 52

Online and Mobile Banking Fraud Prevention Account Takeovers Bots 52

PYMNTS

APRIL 15, 2020

At worst, and more likely, they are collecting card numbers, addresses, phone numbers, DDA, ACH and wire account data, and all kinds of important bits of information to apply to the expanded universe of fraudulent activity. The good news, both Srinivasan and Awad told PYMNTS, is that while fraud attempts are up among U.S.

Online and Mobile Banking 80

Online and Mobile Banking Scams Bots Risk Management 80

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

JANUARY 19, 2021

Geolocation services are proving to be a powerful weapon against phishing attempts, account takeovers and other schemes. In the age of increasingly sophisticated scams, geodata no longer can be limited, simply, to internet protocol (IP) addresses. Not all data are created equal, of course.

Online and Mobile Banking 90

Online and Mobile Banking Addressing Scams Compliance 90

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. Monitor Accounts: Regularly monitor your bank and credit card statements for any unauthorized transactions.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

JULY 21, 2020

This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). Criminals that successfully convince users to hand over login information can take control of the accounts and block out the original owners. Fraudulent Sellers.

P2P 60

P2P Scams Security Account Takeovers 60

PYMNTS

APRIL 9, 2018

Gemini Advisory, which first identified the breach at Hudson’s Bay, suggests human error was to blame: An employee likely clicked on a malicious link sent via a phishing scam. But this trend is also due, in part, to the fact that technology today only goes so far to address cyberthreats. To err is human,” IBM said in its report.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

OCTOBER 11, 2017

Byrnes said there are three primary types of fraud: stolen credit cards, account takeover and friendly fraud. Account takeover certainly isn’t new , but it is on the rise. When they are ready to leverage the data, criminals may use it to open new accounts. The Modern Face of Fraud.

Crime 44

Crime Account Takeovers eWallet Online and Mobile Banking 44

Seon

JUNE 21, 2023

Like any online account, virtual credit card accounts, the mobile wallets they are kept in, and even the online bank accounts they may be connected to are vulnerable to account takeover (ATO) fraud , phishing, and more sophisticated attacks, such as man-in-the-middle attacks.

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52

PYMNTS

OCTOBER 19, 2020

Frauds typically involve perpetrators infiltrating user accounts directly. Cybercriminals deploy a variety of tactics, and phishing is the most popular. We can access and look at the risk profile of an email address, for example.”. The economic anxiety associated with the pandemic has made victims especially vulnerable.

Zelle 68

Zelle Scams AI CashApp 68

FICO

AUGUST 26, 2021

in addressable payment volume. Still, the US market lags in real-time payments size and adoption. In 2017 a study by Visa and Accenture sized the North American opportunity for real-time payments at $18.5T Workflows that include rules and machine learning orchestration.

Real Time Payments 52

Real Time Payments Zelle Federal Reserve Wire Transfer 52

PYMNTS

APRIL 24, 2018

Of these, none are more insidious than Account Takeover, aka ATO. Then, there’s classic email phishing which uses social engineering to persuade customers to divulge their personal information. If someone is logged in to an eCommerce site, then the site has seen them at least once before when the account was created.

Breach 50

Breach Bots Credential Data Breach 50

FICO

JUNE 4, 2018

Phishing, Smishing, Hypnofraud and More. Fraudsters use a range of tactics to commit social engineering; email (phishing) and text message (smishing) are time-tested winners. I previously blogged about FICO’s Retail Banking models and how they can be used to tackle phishing fraud. How FICO Uses Machine Learning to Fight SEF.

Demand Deposit Account (DDA) 40

Demand Deposit Account (DDA) Smishing Payer IRS 40

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

Nanonets

MAY 31, 2023

Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. Phishing Attacks: Fraudsters send deceptive emails or messages, often mimicking reputable organizations, to trick employees or customers into revealing their payment details.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

PYMNTS

MAY 27, 2016

I was reminded yesterday in my digital discussion with the CEO of Forter, Michael Reitblat, that 83 percent of the fraud attacks last year were the result of botnets, besting some of the more “tried and true” tactics like account takeovers and phishing. Keith Alexander reiterated that this past year. And now we are living it.

SWIFT 43

SWIFT Bitcoin Online and Mobile Banking ATM 43