The Fintech Times

JUNE 20, 2024

The severity of the challenge is demonstrated in IBM ’s Cost of a Data Breach Report 2023 , which ranks data breaches in the financial sector as second only to the healthcare industry in terms of costs. However, data breaches constitute only one facet of the risks confronting firms.

Risk 57

Risk Cybersecurity Data Breach Ransomware 57

Braintree

AUGUST 26, 2019

It is effective against various forms of phishing attacks, where malicious actors trick users into giving them login credentials. These threats are becoming increasingly sophisticated and are one of the most common causes of security breaches. Cyber Security Breaches Study 2019 , GOV.UK, April 2019.

Authentication 52

Authentication Phishing Account Takeovers Breach 52

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. Take company-wide training to identify phishing attacks for example.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

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. Other fraudsters may go directly after restaurant employees with phishing schemes, a popular method for gaining access to data.

Phishing 70

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

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. Identity theft: Scammers can commit identity theft by using methods like phishing and vishing to impersonate genuine users.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 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.

Fraud Prevention 90

Fraud Prevention Account Takeovers AI Phishing 90

PYMNTS

AUGUST 7, 2020

The research also noted a 40 percent increase compared to February in the number of blocked attempts to guide users to phishing websites for one of the most-visited gaming platforms. . 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

PYMNTS

SEPTEMBER 24, 2018

Data breaches include the unwanted release or unauthorized use of company or customer records. These incidents — such as the event that impacted Equifax late last year — account for roughly 25 percent of all attacks, and most commonly occur when hackers pass through security firewalls or other protections to gain access to records.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

PYMNTS

FEBRUARY 10, 2017

With today’s ability to hit thousands or even millions of users in a few hours through a phishing attack that infects laptops and smartphones, fraudsters could potentially grab a very large amount of credit card information typed in by users during their next online purchase,” Cagnoni explained. Identity Fraud On The Rise.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

PYMNTS

APRIL 9, 2018

The high-profile data breach that hit Saks and Lord & Taylor was already eclipsed just days later when news of possible similar attacks at Best Buy, Delta and others hit headlines. Gartner research director Ruggero Contu cited high-profile attacks, like the Equifax breach , as a key motivator behind this spend.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

OCTOBER 30, 2017

And, Krebs noted, though Equifax is getting a lot attention and concern given its size and scope, the fraud problem extends far beyond just the recent big breach. Account takeover fraud is a growing concern, but Krebs noted that institutions and customers are better armed against it. The Many Ways To Play At Fraud.

Identity Theft 69

Identity Theft Account Takeovers FTC Phishing 69

PYMNTS

FEBRUARY 27, 2020

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. Fraud continues to increase in many areas, despite extensive attempts to bring it to heel.

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

NOVEMBER 6, 2017

In September, the consumer credit agency Equifax reported that the personal information of roughly 143 million Americans was compromised in a data breach of epic proportions. billion each year and that account takeovers have seen a sharp spike of 45 percent in Q2 2017. percent from Q2 2016 to Q2 2017.

FS-ISAC 47

FS-ISAC Cybersecurity Account Takeovers NACHA 47

PYMNTS

APRIL 24, 2018

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. Now the fraudster is not only able to make purchases with the breached account, they can also essentially steal all of that customer’s funds.

Breach 50

Breach Bots Credential Data Breach 50

PYMNTS

JULY 21, 2020

This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). They might hack databases to obtain information like consumers’ emails and phone numbers or they might find such information already available on the dark web from previous data breaches.

P2P 60

P2P Scams Security Account Takeovers 60

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. “The key to any effective eCommerce defense system is a layered defense.”. Byrnes walked PYMNTS through the latest threats and defenses.

Crime 44

Crime Account Takeovers eWallet Online and Mobile Banking 44

Nanonets

MAY 31, 2023

Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. Data Breaches: Hackers infiltrate the organization's systems or third-party platforms to steal sensitive payment information and use it for fraudulent purposes.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

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

FICO

FEBRUARY 9, 2021

Instead of looking for immediate financial gain from a data breach, fraudsters will attempt to obtain as much personal information as possible - and the more personal the better. In multi-channel scams, fraudsters send out a mass phishing email saying, for example, companies must complete a checklist to prepare for Brexit.

Scams 52

Scams Tax Scams Account Takeovers Breach 52

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

PYMNTS

NOVEMBER 7, 2016

There are those high-profile credit card data breaches that create massive headaches for merchants, while the Federal Bureau of Investigation has continually warned the nation about corporate phishing attacks that specifically target the B2B and supplier payment process, convincing businesses to pay a fake supplier. .

Fed 77

Fed Secure Payments Task Force Security Federal Reserve 77

PYMNTS

SEPTEMBER 6, 2019

The healthcare industry is also busy fending off fraudsters in its contact centers, especially as seniors face an increase in phishing attempts and robocalls. Fraudsters targeted new account creations and payments, but account logins remained relatively safe from quarter to quarter in 2018.

MFA 49

MFA Authentication Phishing Verification 49

Fraud.net

SEPTEMBER 23, 2024

Payment processing security is at risk. Learn the top threats and best practices to protect your transactions and prevent fraud.

Best Practices 52

Best Practices Process Security Payments 52

PYMNTS

MAY 27, 2016

I was reminded yesterday in my digital discussion with the CEO of Forter, Michael Reitblat, that 83 percent of the fraud attacks last year were the result of botnets, besting some of the more “tried and true” tactics like account takeovers and phishing. Keith Alexander reiterated that this past year. And now we are living it.

SWIFT 43

SWIFT Bitcoin Online and Mobile Banking ATM 43

PYMNTS

JULY 1, 2019

It’s open season for hacks on mobile order-ahead apps as data breaches continue to make headlines regularly and cybercriminals purchase stolen identities on darknet marketplaces. Account Takeovers Plague the QSR Industry. One victim did not even have a Chipotle account, but had used the QSR’s guest checkout option.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

PYMNTS

JANUARY 19, 2021

Geolocation services are proving to be a powerful weapon against phishing attempts, account takeovers and other schemes. In financial services, in the eternal war to keep customers (and themselves) safe from online fraudsters, banks may lift a mantra from the real estate sector: It’s all about location, location, location.

Online and Mobile Banking 90

Online and Mobile Banking Addressing Scams Compliance 90

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