PYMNTS

NOVEMBER 16, 2020

Leslie Ragan manages transaction fraud prevention for Elan Financial Services , a unit of U.S. In an interview with PYMNTS, Ragan said technology developments have enhanced the industry’s fraud-fighting strategies, but customer awareness is still a critical component of preventing bad actors from succeeding.

Identity Theft 118

Identity Theft Credential Account Takeovers Fraud Prevention 118

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. Fraud transaction monitoring’s scope is narrow.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

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

SEPTEMBER 21, 2018

The 2018 holiday shopping season has already started for people and organizations bent on fraud. This year, fraud will probably bring more account takeovers than last year, according to experts — along with the theft of gift cards, loyalty points and other consumer data ID. Account Takeovers.

Account Takeovers 58

Account Takeovers Fraud Prevention Accounts Bots 58

PYMNTS

JANUARY 28, 2021

The latest Digital-First Banking Tracker® done in collaboration with NCR , notes that “FIs are devoting more money than ever to fraud prevention as more consumers go digital. For FIs that want to acquire new customers digitally, first and foremost they need to have an account opening/onboarding process that is quick and seamless.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. To successfully address fraud, merchants need to have a fraud prevention strategy in place well before the holiday season.". Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72

The Fintech Times

AUGUST 13, 2024

Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials. It’s important to remember that these attacks — stemming from a new and emerging technology — are taking place in an area struggling to fight back against other types of fraud.

AI 59

AI Fraud Detection Fraud Prevention Deepfake 59

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. Such tools enable users to log in using few steps, and bots are unlikely to be able to fake credentials that depend on unique physical traits.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

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

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. is facing fraud problems as well.

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

MAY 20, 2020

As bad guys wrangle account details, cobble together synthetic identities and conduct account takeover attacks with ferocity, the old rules-based systems, password challenges and other lines of defense provide only part of the picture as to whether “good” customers are buying or “bad” actors are, well, getting away with it.

Issuers 83

Issuers Fraud Prevention Online and Mobile Banking Rules 83

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters equipped with such information could then easily access victims’ online accounts using legitimate credentials and take control of the customers’ funds.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. For more on these and other financial crime news items, download this month’s Playbook.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

OCTOBER 26, 2018

Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. According to Peter R.

Fraud Prevention 57

Fraud Prevention Account Takeovers Accounts Authentication 57

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . Tasty incentives such as cash-back, rewards or discounts could be used to tempt customers to the services they pretend to offer.

Money Laundering 52

Money Laundering Fraud Prevention Financial Crimes Crime 52

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. hotel and travel sites) are classified as “impersonators of known browsers,” which is a known fraud conduit, said Kaspersky.

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

APRIL 24, 2018

Of these, none are more insidious than Account Takeover, aka ATO. When someone becomes a victim of ATO, they lose more than money and login credentials — they lose confidence. Once a hacker has a data haul, said Shem-Tov, he sells the credentials to the highest bidder on the Dark Web. Nipping Fraud in the Bud.

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Breach Bots Credential Data Breach 50

PYMNTS

JANUARY 16, 2020

Fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. Today’s fraudsters are practiced and well-equipped, making proper data and consumer identification a must to maintain a successful business in any industry.

AI 53

AI Identity Theft Authentication Verification 53

PYMNTS

MAY 8, 2020

Building that experience properly, he noted, means allowing consumers to create accounts with stored credentials and data — because to build a competitive digital service means building one that works smoothly, not one that consumers have to continually relog into.

Security 97

Security Account Takeovers Credential Compromise 97

PYMNTS

MAY 24, 2017

In a recent interview with PYMNTS, McDowell said that the best way to protect against global attacks like WannaCry — or even small-scale breaches — is to stop them before they happen, by replacing authentication details that can be stolen or compromised by human error with credentials that cannot. Finding New Ways to Fight Fraud.

Authentication 40

Authentication Credential Ransomware Phishing 40

Finovate

AUGUST 14, 2024

Built on the company’s Document Verification (DocV) solution, Selfie Reverification also detects signs of deepfaking, and readily identifies age discrepancies between the photo and the credential. Credential stuffing is a common attack in part because it takes advantage of the tendency of individuals to reuse usernames and passwords.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

PYMNTS

FEBRUARY 21, 2018

As added confirmation, the PYMNTS Global Fraud Index found account takeovers were up 45 percent year over year in the second quarter of 2017. “Even at the university levels,” he told Webster, “they are being targeted by cyber espionage in a way that we never imagined.”. You can see how it all starts to add up.

Credit Cards 62

Credit Cards AI Breach Issuers 62

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

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

PYMNTS

SEPTEMBER 24, 2020

At the same time, online businesses actually invested less in fraud prevention tools as their general budgets tightened due to external pressures. Every recession leads to an increase in fraud ,” he said. And they also know that companies have fewer resources to defend themselves against fraud.”. People are desperate.

APACS 98

APACS Risk Online and Mobile Banking Verification 98

FICO

JULY 28, 2021

NACHA Steps Up Its Fraud Prevention Requirements. In response to a rise in fraudulent activity targeting ACH and other electronic transactions, the WEB Debit Account Validation Rule was put into effect by NACHA on March 19, 2021. If the transaction arrives, it qualifies as a status check for that account. Source: NACHA.

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NACHA ACH Scams Account Validation 52

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.

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Phishing Data Breach Account Takeovers Verification 89

PYMNTS

OCTOBER 11, 2018

And that data, Fagan noted, is extremely useful in a variety of contexts — like fraud mitigation. Their systems can spot fraud in a single instance, such as a user trying to break into the system with stolen credentials. The fraud detection system obviously needs to first stop the attempted break-in at that single touchpoint.

Credit Union 56

Credit Union Fraud Detection Online and Mobile Banking Account Takeovers 56

Seon

MAY 8, 2024

Multi-Accounting Detection Through meticulous tracking of device and browser IDs associated with each user account, device intelligence facilitates the detection of multiple users accessing your platform from the same device, enabling proactive measures to preserve the integrity of your user base.

Online and Mobile Banking 52

Online and Mobile Banking Fraud Prevention Account Takeovers Bots 52

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