Understanding Account Takeover Fraud: Prevention & Protection Strategies
Fraud.net
MARCH 1, 2024
Understand the mechanics of account takeover fraud and discover effective prevention strategies to safeguard against ATO attacks.
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What Is Account Takeover Fraud (ATO)? Detection & Prevention
Seon
JANUARY 29, 2024
In this guide, we’ll see why accounts are targeted, how fraudsters acquire them, and, of course, which steps you should take to secure them. This is your complete guide to understanding and detecting account takeover (ATO) fraud in your business. What Is Account Takeover Fraud?
What is eCommerce Fraud?
Fi911
JULY 8, 2024
This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Fraudsters exploit vulnerabilities in online payment systems and often use stolen credit card information or create fake accounts to make unauthorized purchases. How Big of a Problem is eCommerce Fraud?
DocuSign Wages War On Phishing
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. Developments From Around The World Of Digital Fraud. is facing fraud problems as well.
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Social Distancing And Account Takeovers — COVID-19’s Impact On QSRs
PYMNTS
APRIL 15, 2020
Another threat besides the lack of business is the increased risk of account takeovers (ATOs), as fraudsters exploit the turmoil to steal customers’ data. Deep Dive: QSRs Face Continuous Battle Against Account Takeovers. Deep Dive: QSRs Face Continuous Battle Against Account Takeovers. About The Tracker.
Billions Lost to Fraud Despite Efforts, APAC Fintechs Grapple with Rising Threats
Fintech News
MAY 27, 2024
In addition to data breaches, generative AI tools pose a distinct challenge to APAC fintechs, empowering fraudsters to craft sophisticated phishing lures and synthetic identities. This technology enables fraudsters to exploit vulnerabilities in fintech platforms, necessitating advanced fraud prevention strategies.
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Emergence of New Tech Like AI Will Cause an Uptake in New Fraud Attempts Reveals SEON
The Fintech Times
MARCH 6, 2024
However, bad actors have also been able to abuse the tech, and in 2024, 87 per cent of industry experts have acknowledged the tech could be used to drive fraud attempts according to a new SEON report. Some of these challenges include volume, cost, and complexities of fraud.
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Walgreens Fights Promotion Abuse With Digital Tracking
PYMNTS
DECEMBER 17, 2020
Digital fraud is a long-running problem for merchants, retailers, banks and businesses of all types. Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. About The Tracker.
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Deep Dive: How Account Takeovers Are Affecting The $138B Gaming Industry
PYMNTS
JUNE 14, 2019
Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. ATOs are arguably the most nefarious type of fraud. Younger gamers are particularly vulnerable to this type of fraud.
Taking the Preemptive Strike to Thwart Rising Scams and Fraud in ASEAN Banking
Fintech News
JUNE 6, 2024
Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841).
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Fraud Risk by Industry in Payments
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% Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2%
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New Report: Why FIs Are Taking A Behind-The-Scenes Approach To Fighting Fraud
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.
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Why Fighting Fraud Means Looking Beyond The Transaction
PYMNTS
JULY 2, 2020
But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.
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5 Common Types of Fraud that Threaten Neobanks
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.
How Fraudsters Create New Schemes With Social Engineering
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.
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Detecting And Preventing Cyberfraud Amid Large Transaction Volumes
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 .
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Shutting The Front Door On Online Fraudsters
PYMNTS
APRIL 9, 2020
And that has made it more critical than ever for firms of all types and descriptions to think hard about taking a more balanced approach to fraud prevention — but think more holistically about the field they are protecting. Winning The New War With Account Takeover.
Em Conversa: Fighting AI Fraud With AI With Lynx Tech
The Fintech Times
AUGUST 13, 2024
Latin America also saw a staggering 617 per cent increase in phishing attacks in 2023, with cyber criminals using AI to craft more realistic and targeted phishing emails. Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials.
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Cybersecurity Trends For 2024 With TransUnion, Forter, WatchGuard, Vouched, FIDO Alliance, Fusion
The Fintech Times
DECEMBER 18, 2023
Rise in social engineering Doriel Abrahams, head of risk, Forter Doriel Abrahams , head of risk at payment optimisation and fraud prevention platform Forter, also expects social engineering will “take a giant leap forward” in 2024. Take company-wide training to identify phishing attacks for example.
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What Are the Risks of Business Email Compromise & How Can You Prevent Them?
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?
How Dropbox Fights Fraud
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.
Stopping Fraudsters From Taking The Travel Industry For An $11B Ride
PYMNTS
MARCH 20, 2020
In the March Merchant Fraud Decisioning Playbook , PYMNTS examines how AI and ML are enabling merchants to gather information from various data sources, transforming those details into actionable insights and bypassing the manual reviews that can leave them unable to keep up with fraudsters’ ever-evolving efforts.
How Greyhound Bus Makes Fraudsters Play Fare
PYMNTS
FEBRUARY 14, 2020
The fraud prevention race is the same as it has always been, with merchants and security companies sprinting to stay ahead of cybercriminals to keep data safe and secure. Although fraud losses from banks, retailers and online platforms have continued into 2020, so has security innovation. This would have led to $2.1
Radius Bank: Becoming Partners In Crime Prevention Can Help FIs Beat Fraud Rings
PYMNTS
JULY 21, 2020
Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9 billion in 2019, a 15 percent increase over 2018.
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How Facebook Unfriends Ad Fraudsters
PYMNTS
AUGUST 29, 2019
However, there is no consistent way of measuring fraud, as many victims are either unaware that they have been defrauded or have a vested interest in keeping their victimization private for fear of scaring off customers. Account takeovers (ATOs), identity theft and phishing were found to be the most common methods of attack in this region.
Rising Travel Demand Fuels Rising Fraud: How Payment Tech Helps Airlines Fight Back
The Fintech Times
JANUARY 22, 2024
In 2021, airlines lost over €6.5billion to fraud, amounting to 1.5 per cent of total global airline revenue – and accounting for 46 per cent of all online fraudulent transactions. The International Air Transport Association (IATA) estimates that card payment fraud alone amounts to over $1billion annually in the airline industry.
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Deep Dive: Fighting Fraud With AI And Machine Learning
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. .
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Deep Dive: How FIs And Merchants Are Pushing Back Against Push Payment Fraud
PYMNTS
NOVEMBER 17, 2020
The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. They can use fraudulent invoices to scam unsuspecting businesses and consumers or hijack legitimate email correspondence during property transactions to divert funds into the bank accounts of their choosing, for example.
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Top 5 Fraud Manager Considerations During COVID-19
FICO
MAY 19, 2020
Phishing emails for airfare refunds, charitable contributions, fake cures and vaccines, financial relief, federal emergency funds, and more will proliferate. This will result in more cases of account takeover during this time and for months ahead. There will also be an increase in the potential account takeover risks.
How Handy Uses Data To Find Fraudsters Before They Strike
PYMNTS
NOVEMBER 7, 2019
Rece nt research found fraud in the loyalty program space increased by 89 percent in the past year. million individuals have been impacted by account takeover (ATO) fraud attacks that resulted in a new account being opened in their name. The data indicates that roughly 1.5
Fight Card-Not-Present Fraud In A Card-Not-Present World
PYMNTS
MAY 5, 2020
On the “back end” of the business, Elan leverages state-of-the-art fraud detection tools to identify and prevent transactional fraud, account takeover and fraudulent applications. Pangretic cautioned that there will continue to be a rising tide of email scams (phishing) and synthetic fraud.
Preventing payment fraud and shadow spending
Nanonets
MAY 31, 2023
Common examples of external payment fraud include: Impersonation: Fraudsters pose as legitimate customers or vendors to deceive organizations into making unauthorized payments. Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds.
Deep Dive: Preventing Fraudsters From Gaming The System As Online Gaming Heats Up
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.
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Why Online Retail Fraud Is On the Rise
PYMNTS
NOVEMBER 4, 2019
In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. According to a new LexisNexis study , overall retail fraud attempts doubled year-over-year and tripled since 2017.
How Zelle Protects Users Against Scams And Frauds With AI, Analytics
PYMNTS
OCTOBER 19, 2020
Frauds typically involve perpetrators infiltrating user accounts directly. Cybercriminals deploy a variety of tactics, and phishing is the most popular. Payment apps like Zelle ultimately rely on a combination of customer vigilance and prevention measures to prevent scams.
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What Is FedNow & How Can Businesses Prepare for It?
Seon
JULY 27, 2023
New fraud risks: New technology gives rise to new vehicles for attack, and FedNow’s systems will be no different. In fact, phishing attacks may become even more prevalent as FedNow rises in popularity. Revise your fraud prevention strategy.
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Taking Human Error Out Of The Authentication Equation
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.
Anatomy Of An ATO: How To Spot A Fraudster
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. The vast majority of fraud attacks result from these data breaches.
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Filtering Out the Fraudsters: Putting Device Intelligence to Work
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.
Virtual Credit Card Fraud: Its Risks & How to Prevent it
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.
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