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Account Takeovers Authentication Security 
Payments Source
APRIL 14, 2020
With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.
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. In the report, Entersekt is the highest rated Authentication-Focused Vendor for both Strategy and Product Execution. Read more
PYMNTS
MARCH 1, 2017
There’s a war going on in the digital world, one that most consumers are unaware of, despite the impact it could have on their money and their privacy — a battle between fraudsters and security providers over account takeovers. Account takeovers accounted for more than $2.3 billion in losses last year.
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?
PYMNTS
DECEMBER 27, 2016
Account takeovers, even of high-profile people, has become a common occurrence in this era of sophisticated cyberattacks and hacks, but researchers think they’ve found a way to fight back against account takeovers : cryptographically based security keys.
The Fintech Times
DECEMBER 18, 2023
As a result of AI and other emerging technologies, the need for accurate and secure authentication is at an all-time high. Tending to this need, Zally , the continuous authentication platform, is building up for its launch in 2024. This is instead of traditional authentication which takes place solely at the point of login.
Seon
JANUARY 29, 2024
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. What Is Account Takeover Fraud?
Payments Source
APRIL 17, 2018
ATMs require dual-factor authentication in the form of a physical card and a PIN, and this same concept should be extended to phone transactions, writes Patrick Cox, CEO of TRUSTID.
PYMNTS
OCTOBER 13, 2020
AI-powered digital solutions provider Jumio recently unveiled a platform solution intended to help eTailers with such security work. The offering supports merchants’ onboarding and verifying new users as well as securing their accounts. Zulily On Fighting Fraud And Cart Abandonment With Digital ID Verification.
PYMNTS
FEBRUARY 19, 2019
Account takeovers are becoming bigger business for criminals — or, at least, the business of preventing account takeovers in the digital retail and payments realm is becoming an increasing focus of companies and security experts. Account Takeover Growth.
PYMNTS
MARCH 17, 2020
With a new solution announced Tuesday (March 17), identity trust and digital fraud protection firm Kount seeks to help people avoid the pitfalls and annoyances of account takeover fraud.
PYMNTS
OCTOBER 23, 2017
The Security Love Triangle. Security, Ersell said, is an old business, and it’s still ruled by the same love triangle of warring priorities: security, convenience and resources. saving money) over security. They’re using weak passwords – oftentimes, the same weak password for all of their online accounts.
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. A recent report highlighted this problem and advised FIs to adopt harder-to-trick methods like biometric authentication.
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PYMNTS
JUNE 14, 2019
Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. Users must input these codes before they can access their accounts. ATOs are arguably the most nefarious type of fraud.
PYMNTS
OCTOBER 29, 2018
These initiatives could also lead to an increase in security risks, since sharing data among a range of financial service providers creates new opportunities for it to fall into the wrong hands. Banks, FinTech firms and other financial services firms would be wise to invest more time, effort and resources into open banking security systems.
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PYMNTS
OCTOBER 26, 2016
While it’s not uncommon for these Internet of Things (IoT) devices to be accessed by attackers looking for a stealthy way in, it’s also not uncommon for merchants to overlook these as a point of security vulnerability. to provide additional layers of security. Going Beyond PCI.
Braintree
AUGUST 26, 2019
Braintree has supported SMS and authenticator app two-factor authentication in the Control Panel since 2015. Two-factor authentication is a crucial tool for helping protect merchants from unauthorized account access, typically by requiring a time-sensitive code during sign in.
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.
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Fi911
JANUARY 18, 2024
Financial institutions employ various security measures to combat them. 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. New Account Fraud A new account is opened using fake or stolen credentials.
PYMNTS
SEPTEMBER 29, 2017
That the Equifax breach will be a major watershed moment in the history of data security, impacting consumers nationwide for years to come, is not a terribly controversial point. It is bad news when the bad guy already had access to much of the data he or she needed to fool standard authentication,” Brown said. Not quite, Brown said.
PYMNTS
NOVEMBER 9, 2018
In the latest Omni Security And Authentication Report , PYMNTS explored the different tactics cybercriminals are deploying this holiday season, and how retailers are working to safeguard themselves. Around The Security And Authentication Space . To read the full feature story, download the latest report here.
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The Fintech Times
FEBRUARY 26, 2024
But what incumbents do have is the brand recognition, licensing reach and established infrastructure to enable the shift towards digital identity to secure their place in the future of finance. Legacy solutions, often siloed and cumbersome, hinder the ability to deliver frictionless customer experiences and adapt to evolving security threats.
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Fi911
JULY 8, 2024
The rise of online shopping has made eCommerce fraud an increasingly prevalent and sophisticated threat, necessitating advanced security measures to protect both merchants and customers. Small businesses, in particular, are vulnerable as they may lack the advanced security infrastructure of larger corporations.
PYMNTS
SEPTEMBER 24, 2020
Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. Social Security numbers. Identity fraud accounted for $16.9 A major factor in this decline has been the rise of improved authentication and security systems at banks like Axis.
FICO
FEBRUARY 8, 2018
Linus always had the thoughtful answer and the confidence to tell his friends the truth, despite the silly security blanket. Is it because biometrics are today's security blanket? The Myth of Biometric “Security Blankets”. Facial Recognition Imparts a False Sense of Security.
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Fintech News
JULY 22, 2024
Additionally, YouTrip has introduced a ‘Linked Bank Account’ option for seamless top-ups, adding to existing fee-free methods like PayNow, Mastercard, and Visa (Debit). Users need to complete the authentication process once to enjoy this new top-up method.
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PYMNTS
NOVEMBER 7, 2016
Last week, the Fed’s Secure Payments Task Force called for comment from industry stakeholders about what challenges they face when it comes to payments security. “The Secure Payments Task Force is particularly interested in understanding any barriers that may exist to implementing the planned solutions.”
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PYMNTS
SEPTEMBER 10, 2019
For those worried about the security of identity in the age of mobile, the last few weeks have not exactly been an encouraging time to be reading the headlines. Also, bewildering was the fact that Google finding a hole in Apple’s security was the second most attention-grabbing security failure last week.
PYMNTS
MARCH 14, 2020
According to online security company Signal Sciences , eCommerce retailers deal with an average of 206,000 web attacks per month. percent of all eCommerce fraud , is still account takeover. At the same time, a new report shows that fraudsters will take more than $12 billion off the table. The main offender, constituting 29.8
PYMNTS
SEPTEMBER 17, 2020
The challenges of maintaining this trust are now under pressure from the COVID-19 pandemic, however, which has seriously battered the sharing economy as ride- and homesharing businesses develop tactics to convince consumers of their security and restore the sector. . Seamless, Secure Onboarding . More than 111 million U.S.
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PYMNTS
AUGUST 21, 2020
Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. The Security Threats Facing ITMs And How FIs Can Protect Them. billion by 2024. About The Tracker.
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The Payments Association
NOVEMBER 20, 2024
Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft. Account takeover fraud How it works: Fraudsters can use phishing emails, false promises, and other social engineering attacks to steal a cardholder’s personal information and gain unauthorised access to their account.
88 
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. reached $5.1
PYMNTS
JUNE 13, 2019
billion digital records in the United States were compromised during the first half of 2018 – 291 records every second – with only six social media breaches accounting for more than half of all at-risk data. The Drawbacks of Complex Security. AI Solutions for Balancing Security and Convenience. Blockchain-Based Security Methods.
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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.
PYMNTS
JULY 9, 2019
In an new PYMNTS interview, Reinhard Hochrieser, vice president of product management at authentication services provider Jumio , provided an overview of the global state of ID verification and authentication, along with access management — and how improving those processes and technology can lead to gains for merchants and financial institutions.
PYMNTS
MAY 3, 2016
Digital biometric technology and authentication provider mSIGNIA announced on Monday (May 2) that it was issued U.S. The patent serves as an extension of mSIGNIA’s previous patent covering cryptographic security functions based on anticipated changes in dynamic minutiae.
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FICO
NOVEMBER 24, 2020
Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. When it comes to financial fraud, such as account takeover, banks are on your side. Tip #2: Take Advantage of Authentication Features. It Pays to Protect Yourself.
PYMNTS
APRIL 22, 2020
Banks must enable fast and seamless onboarding experiences, but these processes should also be secure. New account fraud is a significant problem for FIs, with 48 percent of values generated from fraud attempts coming from accounts that have only been open for one day, according to a recent report.
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PYMNTS
JANUARY 28, 2021
Quick And Seamless Security. This new vigilance is the result of rampant cybertheft throughout the pandemic, from brazenly diverting government Paycheck Protection Program loans to the bad businesses of credential theft and account takeovers. Much of this is caused by criminals sensing opportunity. It’s on banks to deter them.
PYMNTS
NOVEMBER 16, 2020
Fraudsters are deploying numerous methods to perpetrate this fraud, including authorized push payment (APP) schemes and account takeovers (ATOs), but these methods all have one thing in common, according to Megan Kakani , vice president of product and innovation at KeyBank. How The Pandemic Makes APP Fraud More Pernicious.
The Fintech Times
DECEMBER 21, 2023
Today we hear insights from payments experts, including the adoption of tap-to-pay technology, the role of blockchain and AI in payments, flexible payment terms, security in authentication methods, PSD3 implementation, vertical-specific solutions, and the rise of digital wallets.
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. Bank customers are largely on board with these new security measures, but only t o a point. About The Playbook.
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PYMNTS
JUNE 19, 2020
ID verification firm Payfone has completed a $100 million funding round which the company says it will use for strengthening machine learning and building a new consortium to help secure digital transactions, the press release says. The round was led by funds advised by Apax Digital , the growth equity team of Apax Partners.
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