PYMNTS

OCTOBER 23, 2017

If people can accept long lines at the TSA and the occasional sore arm at the Minute Clinic, why can’t they accept an extra layer of authentication when using their credit cards online or the need to update their passwords more frequently? They’re using weak passwords – oftentimes, the same weak password for all of their online accounts.

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Account Takeovers Accounts Cybersecurity Bots 53

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. Multi-Factor Authentication (MFA) Implementing MFA for customer authentication can significantly enhance security. The post What is Third-Party Fraud?

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Account Takeovers MFA Fraud Detection Credit Cards 85

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.

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Fraud Prevention Process FinTech Online and Mobile Banking 52

Finovate

AUGUST 27, 2024

Illuma IllumaShield by Illuma streamlines caller verification with a frictionless voice biometrics authentication solution that protects against account takeovers. Any businesses that generate reports.

Credit Union 52

Credit Union Non-Bank Account Takeovers Community Banks 52

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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Cybersecurity Ransomware RDC Credential 139

The Fintech Times

MAY 17, 2024

New data from Jumio , the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study , the third instalment of its annual global consumer research. To counter the rise in deepfakes and cyber deception, incorporating multimodal, biometric-based verification systems is imperative.

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Deepfake Identity Theft Consumer Verification 69

PYMNTS

JULY 17, 2020

Identity verification and authentication solutions help financial institutions (FIs) block out fraudsters, but leveraging just one or two of these offerings may not be enough. Some FIs are therefore using digital identity networks that help them access and draw insights from a wide variety of verification tools.

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AML Money Laundering Authentication Scams 64

PYMNTS

SEPTEMBER 24, 2020

Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. 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.

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Account Takeovers Database Authentication Crime 82

FICO

DECEMBER 13, 2022

While many FIs have worked to streamline digital banking experiences, they have constantly had to add friction back into processes to prevent fraudster tactics, like SIM swaps, account takeover, and impersonation scams. However, this aversion to badly thought-out identity checks extends to use of existing accounts.

Security 52

Security Account Takeovers Authentication Payee 52

PYMNTS

JULY 1, 2019

Account Takeovers Plague the QSR Industry. Cybercriminals can obtain stolen identities for as little as $4, meaning it’s easier than ever for them to launch account takeover (ATO) attacks. The Ineffectiveness of Card Verification in the Digital Age. Scamming, the Old-fashioned Way.

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Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

Clearly Payments

JULY 16, 2024

To mitigate these risks, retailers can implement robust authentication measures, invest in secure payment gateways , and educate customers about secure online shopping practices. According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% of all reported fraud cases. billion in losses.

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Risk Identity Theft Phishing Account Takeovers 52

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.

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Authentication Verification Account Takeovers Consumer 76

PYMNTS

DECEMBER 9, 2020

At the same time, banks and other firms must find new ways to verify and authenticate users and gird against theft and account takeovers. But government efforts will likely lead to standardization, offering up models and the various levels of assurance and authentication that will be necessary.

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Privacy Regulations Verification Account Takeovers 93

PYMNTS

JANUARY 16, 2020

Trade finance and supply chain digitalization company Tradeshift has partnered with fraud protection solutions firm SiS to ward against this, developing a solution that uses blockchain technology for more robust identity verification. Experimentation with biometrics and other behavioral analysis tools is also advancing.

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AI Identity Theft Authentication Verification 53

PYMNTS

AUGUST 10, 2020

Biometric identity verification is proving perhaps the best weapon we have to defend against the synthetic frauds and deep fakes that are starting to dominate cybercrime. “By These methods could be especially useful for online age-verification processes, as biometric measures are highly accurate and difficult to fake.”.

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Credential Account Takeovers Authentication Duplicate 56

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

APRIL 12, 2017

The need for online retailers and brands to be vigilant in the face of fraud becomes more pressing by the day — but additional authentication measures can create friction on the consumer’s end, which has a nasty habit of reducing conversion rates. At the moment, Bonin said XOR holds about 1.8 billion records from various major breaches.

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Account Takeovers Breach Risk Assessment Assessments 46

FICO

APRIL 8, 2020

Identity Verification. The digital identity verification equivalent enables a “selfie” sent by the applicant to be accurately compared with the photo of their identity document. Together identity validation and identity verification are often referred to as identity proofing. Enrollment.

Accounts 52

Accounts Enrollments Authentication Verification 52

PYMNTS

JUNE 13, 2019

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. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools.

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AI Account Takeovers Fraud Detection Online and Mobile Banking 44

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

Seon

JUNE 24, 2024

Credit card fraud accounted for 34% of these statistics, indicating fraud’s pervasive and industry-agnostic nature. Cybercriminals often employ sophisticated tactics, such as synthetic identities, account takeovers (ATOs) and exploiting unsuspecting individuals through socially engineered schemes.

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Risk Management Mitigation Risk Identity Theft 52

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.

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Fraud Prevention AI Account Takeovers Phishing 90

FICO

SEPTEMBER 8, 2022

One of the issues is that the platform is often used for transacting small dollar amounts, where hardly any authentication or verification checks are used, making users more vulnerable to fraud. A further quarter (26%) of customers dislike banks changing the methods used to authenticate customers.

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Posting Real Time Payments Scams Push-to-Card 52

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. Such authentication is crucial in streamlining the decisioning process and advancing “good” applications while reducing false positives. alone topped $10.2

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Identity Theft Database Account Takeovers Issuers 77

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.

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Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

JANUARY 24, 2020

Merchants can better trust transactions made with cards issued by firms with strong authentication approaches, for example. . This is “because that trust should be derived through the payment channel [as well as] through authentication capabilities, [bridging] the issuer to the merchant, and folks like Worldpay facilitate those connections.

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Issuers Card Issuer Authentication Processors 61

PYMNTS

SEPTEMBER 6, 2019

The need for newer, stringent authentication comes as call centers — especially those for banks and other financial services — are getting hit with increasingly sophisticated fraud. Users’ voices, how they hold their phones or type and their fingerprints are all factors call centers are examining for more secure authentication.

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MFA Authentication Phishing Verification 49

PYMNTS

SEPTEMBER 25, 2019

And it may be the case that in the tradeoff between convenience and security, companies would do well to start looking harder into whether identity verification efforts need to be stepped up a bit, even if that means injecting friction into the equation. As Ritter noted, email accounts are the first avenues of attack for fraudsters.

Economy 75

Economy Verification Online and Mobile Banking Security 75

PYMNTS

MAY 3, 2016

Digital biometric technology and authentication provider mSIGNIA announced on Monday (May 2) that it was issued U.S. When online services use mSIGNIA’s digital biometric platform as the first method of authentication, it reduces the need for other authentication methods that can disrupt the user experience.”.

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Security Account Takeovers Authentication Privacy 42

PYMNTS

JULY 23, 2019

The identify verification that happens before accounts are opened are where governments and regulatory bodies very much tell you to do things in a certain way,” Boku CEO Jon Prideaux told Karen Webster in a recent conversation. Dynamic Vs. Static Authentication . Moreover, he added, enabling more than $3.6

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Authentication Privacy Credential Compliance 40

PYMNTS

SEPTEMBER 11, 2019

As Pointner said, at least today, firms are not going to lose customers because they offer passwords as an authentication method — but they might lose them if they do not offer the use of passwords. We’ll see more account takeovers, we will see more theft and certainly more identity theft. Getting Ready to Pull the Plug.

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Authentication Identity Theft Account Takeovers Checks 72

FICO

AUGUST 27, 2020

This includes application fraud – i.e. a fraudster uses a stolen or synthetic identity to open an account and account takeover fraud - where fraudsters know enough about someone to login to their accounts and take them over. Remote working doesn’t only impact the organisation in terms of how it authenticates employees.

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Authentication Online and Mobile Banking Breach Risk 52

FICO

JUNE 20, 2019

Of this, over $ billion n is attributed to subscription fraud and account takeover. As many services now employ the smart phone as a contact point for verification, such as a One Time Passcode via SMS. The consumer’s mobile account has become fundamental as part of an authentication trail in many services such as banking.

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Account Takeovers Verification Data Breach Bots 45

PYMNTS

MARCH 29, 2019

You want to authenticate your users so you know who they are, and you want to stop fraud,” he said. Instead, Freelancer.com reserves that level of engagement for initial onboarding as needed, and for later-stage verifications of freelancers who are becoming more established. Verification Through Reviews .

Security 40

Security Verification Deepfake Account Takeovers 40

Seon

JULY 10, 2024

These may include various types of fraud, such as identity theft, account takeover, payment fraud and application fraud. Fraud monitoring is a broader term encompassing the overall detection and prevention of fraudulent activities within an organization. Fraud transaction monitoring’s scope is narrow.

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Transactions Fraud Prevention Regulatory Compliance Payments 52

FICO

JUNE 20, 2019

Of this, over $7 billion is attributed to subscription fraud and account takeover. As many services now employ the smart phone as a contact point for verification, such as a One Time Passcode via SMS. The consumer’s mobile account has become fundamental as part of an authentication trail in many services such as banking.

Account Takeovers 40

Account Takeovers Verification Data Breach Bots 40

FICO

JUNE 20, 2019

Of this, over $7 billion is attributed to subscription fraud and account takeover. As many services now employ the smart phone as a contact point for verification, such as a One Time Passcode via SMS. The consumer’s mobile account has become fundamental as part of an authentication trail in many services such as banking.

Account Takeovers 40

Account Takeovers Verification Data Breach Bots 40