PYMNTS

OCTOBER 23, 2017

And yet, despite headlines featuring Equifax, Sonic, Deloitte and Whole Foods – and cybersecurity companies consistently preaching that attacks are not a matter of “if” but “when” – many organizations are still not taking fraud prevention seriously. Account takeover is not entry-level fraud. Growth Trajectory.

Account Takeovers 53

Account Takeovers Accounts Cybersecurity Bots 53

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.

Fraud Prevention 40

Fraud Prevention Account Takeovers Identity Theft Data Breach 40

Fintech Finance

FEBRUARY 29, 2024

Socure , the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and Trustly , a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution.

Fraud Prevention 52

Fraud Prevention Process FinTech Online and Mobile Banking 52

PYMNTS

AUGUST 22, 2018

22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumer authentication that can be vulnerable to fraud.

Consumer Authentication 40

Consumer Authentication Authentication Account Takeovers Consumer 40

PYMNTS

JANUARY 24, 2019

Those questions also speak to the seemingly impossible tension in the world of payments and new card accounts: how to onboard and authenticate consumers as quickly and seamlessly as possible, while also protecting them and the institution from fraud. Fraud Getting Worse. (Hint: The criminals know the difference.)

Credit Risk 69

Credit Risk Risk Fraud Prevention Account Takeovers 69

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.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

PYMNTS

SEPTEMBER 24, 2020

Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. Fraud Threats To Digital Banking. Identity fraud accounted for $16.9 Leveraging Video-based Onboarding, AI To Prevent Identity Fraud.

Account Takeovers 82

Account Takeovers Database Authentication Crime 82

The Fintech Times

DECEMBER 18, 2023

They predict that social engineering attacks will surpass ransomware in 2024 due to increased sophistication, AI tools and emerging techniques, leading organisations to bolster cybersecurity defences with AI, scenario testing and multi-factor authentication. When you think about it, it’s the high-tech version of social engineering.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

Clearly Payments

JULY 16, 2024

Fraud Rate by Industry in 2023 Credit card fraud is a pervasive issue impacting various industries, each with unique vulnerabilities and estimated fraud rates. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% of all reported fraud cases. billion in losses. billion in losses.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

Seon

JULY 10, 2024

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. For fraud prevention, these systems detect unusual patterns or suspicious activities indicative of fraudulent transactions.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

PYMNTS

NOVEMBER 16, 2020

The pandemic is exacerbating the problem, with a study finding that 22 percent of Americans were the targets of pandemic-related fraud attempts as of March. Financial institutions (FIs) require comprehensive strategies to fight APP fraud at this level. How The Pandemic Makes APP Fraud More Pernicious.

Authentication 72

Authentication Best Practices Multifactor Authentication Fraud Prevention 72

FICO

MARCH 9, 2022

The new digital environment presents a delicate balancing act between ensuring effective fraud prevention and potential risks associated with delivering frictionless customer experiences. Consumers Are Less Worried About Scams than Other Forms of Fraud. In reality, they make up only 16% and 5% of UK fraud. . .

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

PYMNTS

OCTOBER 16, 2020

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. Developments Around The Financial Crimes Space. About The Playbook.

Zelle 89

Zelle P2P Scams Financial Crimes 89

PYMNTS

MARCH 20, 2020

Many are turning to artificial intelligence (AI), machine learning (ML) and other advanced learning solutions to prevent and detect breaches before they can cause large-scale problems, but bad actors are using the same set of tools to sidestep authentication processes or impersonate legitimate customers.

Fraud Prevention 90

Fraud Prevention AI Account Takeovers Phishing 90

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

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

JANUARY 28, 2021

The latest Digital-First Banking Tracker® done in collaboration with NCR , notes that “FIs are devoting more money than ever to fraud prevention as more consumers go digital. For FIs that want to acquire new customers digitally, first and foremost they need to have an account opening/onboarding process that is quick and seamless.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

PYMNTS

JANUARY 11, 2021

The great digital shift – and the rising tide of eCommerce – has placed greater pressure on companies to verify their customers and guard against account takeovers. To that end, late last week Equifax said it had reached a deal to acquire fraud prevention and digital ID firm Kount for $640 million.

Fraud Prevention 63

Fraud Prevention Account Takeovers ATM Addressing 63

PYMNTS

FEBRUARY 18, 2020

This opens the door to new avenues of attack by those who wish to steal data, hijack accounts and make off with ill-gotten gains, as Eric Kraus, vice president of risk, fraud and compliance at FIS , told PYMNTS in a recent interview. Proactive Fraud Prevention.

Fraud Prevention 66

Fraud Prevention Account Takeovers Online and Mobile Banking P2P 66

PYMNTS

MAY 24, 2017

This all comes as no surprise to Brett McDowell, who is working with a team of corporations in verticals from financial services to software to take human error out of the authentication equation, as part of the FIDO Alliance. Because once hackers get their hands on the information, it’s already too late to stop them.

Authentication 40

Authentication Credential Ransomware Phishing 40

PYMNTS

MARCH 18, 2020

Fraud is a perennial concern for quick-service restaurants (QSRs), and digital channels open ample new avenues for cybercrime, with hackers targeting restaurants for their cash, data and even customers’ loyalty points. Digital And Analog Fraud Prevention. The best defense systems use a combination of both.

Phishing 70

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

PYMNTS

JULY 21, 2020

How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. Fraudsters are teaming up to rip off FIs, forming elaborate rings that work cooperatively on account takeovers and phishing attempts.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

OCTOBER 26, 2018

Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. According to Peter R.

Fraud Prevention 57

Fraud Prevention Account Takeovers Accounts Authentication 57

PYMNTS

JULY 18, 2018

How exactly fraud attacks and fraud prevention will change in the post-PSD2 world remains unclear, but change is certain, according to observers. In fact, call center fraud already costs companies $0.58 The report covers ways in which call center operations are fighting fraud — including in Europe, the home of PSD2.

Fraud Prevention 41

Fraud Prevention Account Takeovers Online and Mobile Banking On-Demand 41

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.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

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. What Do Fraudsters Do with Accounts They Have Taken Over?

Account Takeovers 52

Account Takeovers Accounts Authentication Data Breach 52

PYMNTS

SEPTEMBER 7, 2018

The issues surrounding that trade, and questions involving online authentication , formed the foundation of a recent PYMNTS Digital Discussion entitled “ Data: The New Currency of Trust.” Especially trendy right now, from a criminal point of view, is account takeovers , according to Aygen. Machine Help.

Economy 40

Economy Account Takeovers Authentication Fraud Prevention 40

The Fintech Times

JANUARY 22, 2024

By utilising payment platforms that incorporate robust fraud prevention tools, embracing holistic strategies like Payment Orchestration, and leveraging technology that streamlines the complexity of existing payment systems and eliminates loopholes and blind spots, airlines can effectively combat fraud and protect their margins.

Payments 59

Payments On-Demand Volume Account Takeovers 59

FICO

MAY 19, 2020

This will result in more cases of account takeover during this time and for months ahead. As anti-fraud professionals, we should: Be aware of increased account takeover and customers susceptible to scams and help by educating our customers ( Here is some recent advice and tips for consumers ).

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . In many cases these account holders are directed by a so-called “mule herder”. Use a service provider to facilitate money laundering.

Money Laundering 52

Money Laundering Fraud Prevention Financial Crimes Crime 52

PYMNTS

OCTOBER 1, 2019

QSRs are fighting back against bad actors by partnering with third-party payment processors and incorporating security technologies to authenticate customers. In the study, the most common challenge cited by businesses was balancing fraud prevention and customer friction (68 percent), a 65 percent increase from the previous year.

Data Breach 57

Data Breach Breach Account Takeovers AI 57

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.

AI 44

AI Account Takeovers Fraud Detection Online and Mobile Banking 44

PYMNTS

NOVEMBER 17, 2020

They can use fraudulent invoices to scam unsuspecting businesses and consumers or hijack legitimate email correspondence during property transactions to divert funds into the bank accounts of their choosing, for example.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

FICO

SEPTEMBER 8, 2022

Real-time payment systems such as India’s Unified Payments Interface (UPI) have been a prime target for fraud as transaction volume on the platform grows at a breakneck pace. Balancing Strong Fraud Protection with Convenience. A further quarter (26%) of customers dislike banks changing the methods used to authenticate customers.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

PYMNTS

JANUARY 16, 2020

Biometric authentication solutions provider BehavioSec is among those innovating its products for more protection, announcing upgrades to its behavioral biometrics platform surrounding customer authentication and other verification safeguards. Experimentation with biometrics and other behavioral analysis tools is also advancing.

AI 53

AI Identity Theft Authentication Verification 53

PYMNTS

DECEMBER 21, 2018

Which means the future of fighting CNP fraud will depend on two things: first, helping consumers become their own best data security advocates, and second, introducing stronger, more context-specific fraud prevention tools. The Consumer As A Frontline Against Fraud. The bad guys, Moorer noted, have data – and lots of it.

EMV 74

EMV Push-to-Card Fraud Prevention Rules 74

PYMNTS

MARCH 30, 2016

This cloud-based, real-time identity verification tool also helps validate returning customers/prospects; it also protects transactions types, including account creation, login authentication and payment authorization. It is also used to prevent account takeover, payment fraud, identity spoofing, malware and data breaches.

Account Takeovers 41

Account Takeovers Fraud Detection Fraud Prevention Best Practices 41