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

Clearly Payments

JULY 16, 2024

Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% Financial Services The financial services industry faces a high risk of fraud due to the nature of its operations and the sensitive information it handles. of all reported fraud cases. billion in losses.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

MARCH 22, 2018

Fraud detection startup Sift Science has raised $53 million in a series D round, bringing its total amount raised to $107 million. Founded in 2011, Sift Science plans to use this latest round of funding to grow its fraud detection and prevention product globally.

Fraud Prevention 43

Fraud Prevention Fraud Detection Account Takeovers Data Breach 43

Payments Source

NOVEMBER 19, 2017

Widespread data breaches have sparked a rise in account-takeover fraud using stolen consumer credentials, prompting merchants to crack down on suspicious purchases. But too many legitimate customers are getting caught in the process.

Account Takeovers 61

Account Takeovers Data Breach Credential Breach 61

PYMNTS

DECEMBER 21, 2020

As the Tracker notes, a recent data breach of a mobile order-ahead app leaked 2.8 million accounts onto the dark web. Preventing these breaches is getting easier via platforming. Kount Control applies protection, policy customization and reporting to give restaurants [a] complete [safeguard against] account takeover,” he said.

Bots 60

Bots Fraud Detection Account Takeovers Breach 60

PYMNTS

JANUARY 9, 2019

Stopping fraudsters can feel a bit like playing Whac-A-Mole for luxury retailers who want to protect customers and data, and no one wants to be the next retailer to experience a data breach or high-volume fraud attack. With our current fraud detection system, we are utilizing device fingerprinting,” Ciborowski said.

Fraud Detection 43

Fraud Detection Data Breach Account Takeovers Breach 43

FICO

FEBRUARY 19, 2020

Real-time payments are used in this way not only to launder the proceeds of the authorized push payment frauds previously mentioned, but also to launder money from some of the most serious crimes such as people trafficking, terrorism and the drugs trade. Account Takeover Fraud. by Doug Clare.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

FICO

OCTOBER 7, 2022

As it happens, buy now, pay later (BNPL) breached the $100 billion in mark in 2020 and soared to $157 billion in 2021 , according to FICO partner Worldpay. Account takeover (ATO) fraud is also using BNPL as an easy gateway. How FICO Can Help You Spot and Stop Fraud Across Your Portfolios. Fri, 10/07/2022 - 14:10.

BNPL 52

BNPL Account Takeovers CFPB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

FEBRUARY 10, 2017

The bigger and more widespread cyber threat, as opposed to shimmers, may actually be the ability for cybercriminals to use or sell stolen data for fraudulent online purchases that are typically made in groups of small purchases as to go undetected by fraud detection systems. has fallen significantly behind the curve.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

Nanonets

MAY 31, 2023

Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. Seon reports that 22% of adults in the US were victims of this type of fraud in 2022, with average losses of around $12,000 per case. percent after 14 market days.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

PYMNTS

OCTOBER 13, 2017

They must have their tech in ship-shape and have all the rules dialed in on their fraud detection systems. The merchants who work with Emailage must beef up staffing and approach the season with a plan, Wolden said. They must anticipate a higher rate of manual reviews and increase the analysts on duty.

Risk Assessment 46

Risk Assessment Account Takeovers Fraud Detection Assessments 46

PYMNTS

APRIL 24, 2018

With the advent of technology and the prevalence of online shopping, the term eCommerce fraud has become more general and more vague. Of these, none are more insidious than Account Takeover, aka ATO. If they’re using the same password for their bank account, said Shem-Tov, it takes the breach to a whole new level.

Breach 50

Breach Bots Credential Data Breach 50

PYMNTS

MARCH 30, 2016

TSYS’ ProPay has paired up with InfoTrax to help direct selling companies battle fraudsters by integrating ProPay’s Guardian CyberShield fraud detection and protection service into its DataTrax back-office software. 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

PYMNTS

JANUARY 31, 2020

These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods. Doug Clare, vice president of fraud product management at FICO – a consumer credit score, analytics software and fraud detection platform provider – knows this dilemma well.

ATM 59

ATM Debit Card Fraud Detection Credential 59

PYMNTS

AUGUST 18, 2017

Between account takeovers, business logic abuse, loyalty and reward points fraud and other cybersecurity attack methods, companies are not only suffering financial damages but brand image damages too. But they can’t detect an account takeover or business logic abuse.

Security 52

Security Account Takeovers Chip Cards Cybersecurity 52

PYMNTS

SEPTEMBER 28, 2017

But in the world of identification fraud, there’s a greater sea change afoot, one that stretches farther than the impact on any one firm, or even the millions of adults targeted in the most brazen of breaches. Predictability breeds familiarity, and familiarity breeds breaches, losses or both.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43

PYMNTS

MARCH 5, 2019

She stated, too, that a fraud detection team is tasked with watching for and preventing account takeovers. Data breaches, identity fraud and online scams are never identical or static instances,” she said.

Economy 59

Economy Cross-Border Alternative Payment Methods Account Takeovers 59

PYMNTS

SEPTEMBER 6, 2019

Call centers are experimenting with hybrid methods to combat ATOs, phishing and other types of fraud. This type of MFA will combine certain KBA elements, such as usernames, with alternate authentication measures that are harder to obtain in data breaches.

MFA 49

MFA Authentication Phishing Verification 49

Fintech Labs Insights

AUGUST 2, 2016

Cyberfend’s security solution detects account takeover, payment fraud, and stolen credentials. By blending human cognitive science with machine learning the company’s fraud detection system has nearly eliminated false positives or false negatives. Finovate: What problem does Cyberfend solve?

Bots 15

Bots Credential Account Takeovers Blocks 15

Fintech Labs Insights

AUGUST 22, 2024

Spring/West 2020 (Digital): Breach Clarity (acquired by TransUnion): Cybersecurity solutions for financial fraud detection, received critical acclaim for its innovation. Spycloud : Raised $169M, cybersecurity firm focusing on preventing account takeovers, broadened offerings.

Online and Mobile Banking 15

Online and Mobile Banking Acquirers Payment APIs and Integration AI 15

Fintech Labs Insights

DECEMBER 20, 2016

“These are behaviors that can’t be stolen, replayed, or reused – and so they aren’t subject to data breach.” ” The technology enables FIs to both separate good users from bad with a high degree of accuracy, while providing “actionable intelligence on interaction risk,” Capps added. .”

Security 17

Security Identity Theft Account Takeovers Fraud Detection 17

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