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

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

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

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

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

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 Fraud Prevention 46

PYMNTS

MARCH 20, 2020

Madrid, Spain-based security firm buguroo is combatting account opening fraud with its bugFraud solution, which uses deep learning to detect fraud by measuring how application processes compare to legitimate transactions. A surp rising tactic is emerging to thwart such preventative efforts, however.

Fraud Prevention 90

Fraud Prevention AI Account Takeovers Phishing 90

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

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

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. Deep Dive: FIs And The Importance Of Customer Data. Read the full story in the Playbook.

Online and Mobile Banking 79

Online and Mobile Banking AI Credit Union Breach 79

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

NOVEMBER 25, 2016

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.” People are unaware that people use the same data for everything … and hackers will just go and try this data across” several sites.

Fraud Prevention 73

Fraud Prevention Credit Cards Account Takeovers Breach 73

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. The malicious programs can work continuously and rapidly, which boosts the possibility that they will eventually hit the correct combinations.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

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. Getting Their Hands on Data. There are a few ways in which fraudsters gain access to raw customer data.

Breach 50

Breach Bots Credential Data Breach 50

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

Getting to Know Fans With Data. 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.

Point-of-Sale (POS) 52

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

PYMNTS

FEBRUARY 21, 2018

All told, he said, of the breach count, “it’s not 1,600 … you are talking about 10,000 or more.” As added confirmation, the PYMNTS Global Fraud Index found account takeovers were up 45 percent year over year in the second quarter of 2017. 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

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

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

PYMNTS

SEPTEMBER 28, 2017

Fraudsters study the companies they’re hoping to dupe, looking closely at fraud prevention systems, tokenization efforts and “what companies do to protect themselves,” Barnhardt explained. Predictability breeds familiarity, and familiarity breeds breaches, losses or both. The former has been around for a long time.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43

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