PYMNTS

OCTOBER 23, 2017

If fraud attacks are the flu, then the Equifax data breach was a raging fever: a symptom (albeit a dramatic one) of a larger illness that will almost inevitably infect any organization that hasn’t had its shots. They’re using weak passwords – oftentimes, the same weak password for all of their online accounts. Growth Trajectory.

Account Takeovers 53

Account Takeovers Accounts Cybersecurity Bots 53

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. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

PYMNTS

OCTOBER 1, 2019

Another day, another data breach – at least it seems that way sometimes. In the latest Mobile Order-Ahead Tracker , PYMNTS explores the latest developments in the world of digital ordering, including the rise of artificial intelligence (AI) and machine learning (ML), especially for QSRs protecting themselves against fraud. problematic.

Data Breach 57

Data Breach Breach Account Takeovers AI 57

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

MARCH 22, 2018

Founded in 2011, Sift Science plans to use this latest round of funding to grow its fraud detection and prevention product globally. The company uses big data and machine learning to detect fake accounts, payment fraud, account takeover and content abuse.

Fraud Prevention 43

Fraud Prevention Fraud Detection Account Takeovers Data Breach 43

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.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

JANUARY 23, 2020

billion consumer accounts fell victim to data breaches during the first half of 2019 — to the tune of $4 million in lost revenue per breach. Luckily for the business world, fresh solutions are being developed, with strategies put into place to combat rising digital fraud. is facing fraud problems as well.

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

OCTOBER 13, 2017

With countless incidents of fraud occurring every day, some of which have made international headlines and impacted millions, cybersecurity and fraud prevention are top-of-mind for individuals and companies alike. 200,000 | A low estimate of the number of credit card numbers stolen in the Equifax breach.

Data Security 41

Data Security Account Takeovers Security Cybersecurity 41

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

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

The Fintech Times

DECEMBER 18, 2023

“A never-ending stream of data breaches combined with highly sophisticated and technical attacks means the stolen personal information available on the dark web is continuously replenished. Cybercriminals use that information to impersonate people in positions of authority.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

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.

Phishing 70

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

PYMNTS

SEPTEMBER 24, 2018

As such, businesses are now investing in their security and fraud prevention technology and solutions. PYMNTS explores the world of cybercrime in this inaugural Digital Fraud Tracker , including how fraudsters target their victims and the ways security providers are working to stop them. . How Cybercrime Happens.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

PYMNTS

JUNE 26, 2018

Account takeovers are finding favor among fraudsters. Dave Endler, co-founder and president of security and fraud prevention solutions provider SpyCloud , illuminated the trend for the Tracker team. Perhaps, to no surprise, data breaches keep executives up at night — and the rest of us, too.

Account Takeovers 46

Account Takeovers Faster Payments Credit Cards Breach 46

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

MAY 4, 2020

Banks must stay ahead of the criminals and are redesigning their fraud decisioning approaches to more quickly detect account takeovers without accidentally flagging genuine customers as fraudsters. Gas station chain Wawa saw 30 million payments card details posted for sale online after a recent data breach.

Online and Mobile Banking 79

Online and Mobile Banking AI Credit Union Breach 79

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

PYMNTS

FEBRUARY 21, 2018

With such subterfuge — tiny transactions that result in a tidal wave of losses — the key for stakeholders from banks to consumers is to have a system in place that is proactive and constantly vigilant, offering both detection and protection, stopping fraud before it can make a dent. You can see how it all starts to add up.

Credit Cards 62

Credit Cards AI Breach Issuers 62

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.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

PYMNTS

NOVEMBER 25, 2016

The focus here is the consumer experienceand the threat of latent breaches — not whether you are selling the actual goods. As eCommerce grows and retailers become better at marketing for the holiday season, “they can’t implement the same fraud prevention processes as they do on a regular basis.”

Fraud Prevention 73

Fraud Prevention Credit Cards Account Takeovers Breach 73

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

SEPTEMBER 7, 2018

At the same time, criminals keep up with those developments, becoming more sophisticated and quickly learning to exploit weaknesses in new fraud prevention products and processes. Especially trendy right now, from a criminal point of view, is account takeovers , according to Aygen. It’s like a never-ending race,” he said.

Economy 40

Economy Account Takeovers Authentication Fraud Prevention 40

PYMNTS

OCTOBER 3, 2019

The push for more intelligent anti-fraud solutions comes as the costs of such attacks are reaching new heights. Fraud losses hit $14.7 billion last year, according to the latest DataVisor Fraud Index Report. Account takeover (ATO) fraud proved to be particularly effective, causing $4 billion in losses.

Account Takeovers 77

Account Takeovers Push-to-Card Transactions On-Demand 77

FICO

MAY 17, 2019

As the years passed by, fraud evolved to target lower hanging fruit (as it always does). We fought (and continue to fight) the growth of card not present (CNP) fraud that followed the rise in e-commerce. More recently, the race has been to detect fraud in emerging faster payment schemes (real-time payments).

FBI 75

FBI Credit Risk Identity Theft Law Enforcement 75

PYMNTS

FEBRUARY 18, 2019

The fraud allegations leveled against Sason and Magna came as another legal case — the recently concluded trial of the Mexican drug lord known as El Chapo — showed how prepaid debit cards are apparently being used more often by such criminals to help launder massive amounts of cash, much of it in small denominations.

Finance 49

Finance Issuers Account Takeovers Money Laundering 49

PYMNTS

MAY 24, 2017

As governments and experts around the world scramble to deal with the effects of the attack, questions abound re: who (or what) is to blame and how something like this can be prevented in the future. Finding New Ways to Fight Fraud. But the biggest culprit may be human error. McDowell explained.

Authentication 40

Authentication Credential Ransomware Phishing 40

Finovate

AUGUST 14, 2024

Use cases for Selfie Reverification include preventing account takeover, securing high-risk transactions, streamlining account recovery and re-verification/re-validation, and more. Founded in 2012 and headquartered in New York, Socure most recently demoed its technology on the Finovate stage at FinovateFall 2017.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

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

PYMNTS

DECEMBER 2, 2019

Ticketmaster is one of many online ticket sale platforms that have acted to protect their offerings against emerging threats, such as account takeover (ATO) attacks and credit card fraud. Getting to Know Fans With Data.

Point-of-Sale (POS) 52

Point-of-Sale (POS) Account Takeovers Credit Cards Duplicate 52

PYMNTS

NOVEMBER 11, 2019

businesses are constantly battling to stay ahead of fraudsters, and 80 percent of IT business leaders expect cyberattacks or critical breaches to occur on their watches within the year. Data holds the key to helping modern enterprises develop effective anti-fraud strategies. Some estimates claim that as much as 34 percent of U.S.

AI 46

AI Compromise Breach Assessments 46

PYMNTS

JUNE 25, 2018

Cybercriminals have a new favorite weapon in their quest to allude regulators, law enforcement and corporate security departments: account takeovers. Recent research reveals account takeovers have risen by 300 percent over the past year, with losses topping $5 billion. The Rise Of Account Takeovers.

Account Takeovers 46

Account Takeovers Breach Compromise Payments 46

Seon

JUNE 15, 2023

Thankfully, as BEC attacks are often a product of human error, many can be avoided with due diligence and training – both of which can be enhanced with the right fraud prevention tools. A BEC attack is when a fraudster gains unauthorized access to a business’s account. What Is a Business Email Compromise Attack?

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

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

APRIL 13, 2020

You have to really look through the whole digital transaction life cycle because, oftentimes, the fraud starts with account takeover because through massive data breaches that have happened and are still happening now, there are billions of usernames and passwords that are out there on the dark web and in the open market.”.

Security 129

Security Account Takeovers Caps Accounts 129

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. Spring 2019 (San Francisco): Arkose Labs: Raised $107M, specializes in online fraud prevention, gained significant clients in ecommerce.

Online and Mobile Banking 15

Online and Mobile Banking Acquirers Payment APIs and Integration AI 15

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. They want to be validated, he added.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43

PYMNTS

AUGUST 7, 2020

Eighty-eight percent of surveyed managers expect the health crisis to increase the threat of financial fraud in regulated industries, including online gambling. . The following Deep Dive examines how fraudsters’ schemes target gamers as well as how data breaches enable bad actors to commit account takeover (ATO) fraud.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89