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.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

JUNE 22, 2020

Consider the fact that, as estimated by Javelin Strategy and Research, the combined estimated losses of new account fraud and account takeover in the U.S. And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

PYMNTS

APRIL 22, 2020

FIs should thus consider which details they are using during this process, as access to valid and current data is critical, and its impact on authentication and customer satisfaction has grown as more users start asking for digital banking services over in-person ones. Data and Authentication Frustrations. Biometrics and Onboarding.

Security 53

Security Online and Mobile Banking Authentication Account Takeovers 53

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. One hacker even posed as a company’s HR department and made off with more than 20,000 company records. .

Phishing 70

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

PYMNTS

DECEMBER 21, 2018

Fraudsters can commit account takeover fraud, where they call into a call center, verify themselves and then change the account information to suit their needs. Or they can use that data to create a synthetic identity and obtain entirely new accounts to use. And there is more than one way for that information to be used.

EMV 74

EMV Push-to-Card Fraud Prevention Rules 74

FICO

APRIL 8, 2020

For example, this process looks to establish there is a person such as Jane Smith and that she has the corresponding attributes such as date of birth and/or social security number. It may become necessary to enroll long-term, existing customers for authentication periodically. This involves being sure that an identity exists.

Accounts 52

Accounts Enrollments Authentication Verification 52

PYMNTS

JULY 30, 2020

Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts. There are other types of … behavioral data out there that allow us to really understand and authenticate the real you.”. Pay Me Now Or Pay Me Later.

Law Enforcement 56

Law Enforcement Credit Union Account Takeovers Federal Reserve 56

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. Byrnes noted that the eWallet strategy doesn’t work with the major mobile wallets — Apple and Android both have very secure digital wallets, he said.

Crime 44

Crime Account Takeovers eWallet Online and Mobile Banking 44

PYMNTS

NOVEMBER 6, 2017

The Social Security number (SSN) was never meant to get this much attention. It was never meant to be shorthand for, well, you – proving that you are who you say you are, serving as a gateway to all manner of sensitive data and, of course, financial accounts.

Security 43

Security Consumer Office of the Comptroller of the Currency Identity Theft 43

PYMNTS

FEBRUARY 19, 2018

Beyond the revelation the indicted (and perhaps others) may have used stolen data to transact — long a concern as the digital age continues to gain traction — lies the concern over how the data was obtained in the first place and how it was possible these identities were authenticated by the bank(s). Account takeover at its not so finest.

Identity Theft 48

Identity Theft Risk Online and Mobile Banking PayPal 48