The Fintech Times

MAY 17, 2024

Overall, 68 per cent of respondents either know or suspect that they’ve been a victim of online fraud or identity theft, or that they know someone who has been affected. Finding a solution Identity verification is a key part of the solution for companies looking to secure themselves and ensure that their users are genuine.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

Clearly Payments

JULY 16, 2024

According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% Account Takeover (ATO): Fraudsters gain unauthorized access to customer accounts to steal funds or conduct illicit transactions. million cases of medical identity theft, resulting in $41 billion in losses.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

FEBRUARY 22, 2018

Hackers who used to amuse themselves stealing credit cards have raised the level of their identity theft game such that 2017 was a record year — 16.7 Also having a record breaking year — powered by all those stolen social security numbers — was new account fraud, which rocketed up 70 percent in 2017. That fraud run saw $16.8

Identity Theft 56

Identity Theft Account Takeovers Push-to-Card Social Security 56

FICO

MAY 15, 2018

As a drumbeat of data breaches becomes the new reality — 42% of organizations breached in 2017 were breached in the past — it’s easy for consumers to throw up their hands and brace themselves for becoming a victim of identity theft or other financial crime. Four Steps to Protect Yourself from Charity Fraud.

IRS 63

IRS Data Breach Identity Theft Breach 63

PYMNTS

OCTOBER 26, 2016

. “There’s no way the guest Wi-Fi at a retailer is going to let you into the point of sale; however, it would let you into the system, which then may be able to get to where the consumer data is,” Tinsley explained, “because they’ve thrown that consumer data on the other side of the firewall from the payment.”.

Payment Security 81

Payment Security Security Identity Theft Compromise 81

PYMNTS

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Fraudsters made off with account numbers and other personal details, which could later be used for different synthetic identity fraud or related schemes.

Online and Mobile Banking 78

Online and Mobile Banking Account Takeovers Breach Data Breach 78

PYMNTS

FEBRUARY 2, 2017

The rise of information available via data breaches is particularly troublesome for the industry and a boon for fraudsters. After reaching a low point in 2014, both account takeover incidence and losses rose notably in 2016, with total account takeover losses reaching $2.3

Account Takeovers 50

Account Takeovers Research EMV 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

FICO

MAY 17, 2019

Next followed a surge in account takeover and identity theft as data breaches make personally identifying information a commodity on the Dark Web. As the years passed by, fraud evolved to target lower hanging fruit (as it always does).

FBI 75

FBI Credit Risk Identity Theft Law Enforcement 75

Seon

JUNE 15, 2023

A BEC attack is when a fraudster gains unauthorized access to a business’s account. The most damaging form of BEC is account takeover (ATO) attacks. While there are many methods and consequences of a business email compromise, an email data breach compromise occurring in a business is essentially the result of a successful BEC.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

SEPTEMBER 11, 2019

He pointed to password managers and services that alert consumers to the fact that passwords may have been exposed in data breaches (and so must be discarded). We’ll see more account takeovers, we will see more theft and certainly more identity theft.

Authentication 72

Authentication Identity Theft Account Takeovers Checks 72

Accertify

AUGUST 16, 2024

Chargebacks are generated when consumers are confused by payments, forget auto-renewals, or suffer genuine fraud in the form of account takeover attacks. According to The Identity Theft Research Center (ITRC), 422 million individuals were impacted by a data breach in 2022 in the US alone 10. link] Accertify.

Identity Theft 52

Identity Theft Disputes Account Takeovers Research 52

Seon

JUNE 24, 2024

The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

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. This is especially true as data breaches grow more common as eCommerce sales grow.

Fraud Detection 43

Fraud Detection Data Breach Account Takeovers Breach 43

FICO

OCTOBER 7, 2022

FICO’s EMEA general manager Matt Cox recently blogged : "Another rapidly rising phenomenon that has been highlighted by financial services organizations as even more challenging to identify and address than identity theft is synthetic fraud. Account takeover (ATO) fraud is also using BNPL as an easy gateway.

BNPL 52

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

Nanonets

MAY 31, 2023

million individuals in the United States fell victim to identity theft in 2021. Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. According to the Federal Trade Commission, USA, over 1.4 percent after 14 market days.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Fintech Labs Insights

DECEMBER 20, 2016

. “(NuDetect) continuously verifies a user’s online identity based upon analyzing the user’s natural interactions,” Robert Capps, VP of Business Development of NuData, explained from the FinDEVr stage.

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

PYMNTS

FEBRUARY 19, 2018

That’s because the indictments allege malfeasance that spans online transactions, banking and the ever-present specter of identity theft. In a nutshell, the baker’s dozen of alleged malefactors bought fake IDs and used information, courtesy of the Dark Web, to open accounts that enabled the business of their bad business to happen.

Identity Theft 48

Identity Theft Risk Online and Mobile Banking PayPal 48