The Fintech Times

JUNE 1, 2024

Meanwhile, the fraud landscape is rapidly changing. Over a third of fraud attempts (42.5 per cent) targeting financial institutions now use AI, according to a recent study by digital identity and fraud prevention solution Signicat. Overall, around 29 per cent of these AI-driven fraud efforts are successful.

SWIFT 124

SWIFT AI Fraud Detection Fraud Prevention 124

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Peer-to-peer (P2P) payment apps like CashApp , PayPal , Venmo and Zelle are especially popular targets for financial crime, with fraud attacks against these apps increasing by 733 percent since 2016.

Zelle 89

Zelle P2P Scams Financial Crimes 89

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But the online shift has also created opportunities for financial institutions to demonstrate their strong fraud controls in the digital space.

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

BioCatch

JULY 30, 2024

Bank imposter schemes emerged as an asymmetric threat for fraud managers following the rapid consumer uptake of real-time peer-to-peer (P2P) channels starting in 2019. It was accepted that taking on a real-time P2P payment capability would create significant fraud exposure.

Scams 59

Scams P2P Consumer Payments 59

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.

Transactions 112

Transactions Account Takeovers Push-to-Card Fraud Prevention 112

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.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams. It’s on banks to deter them.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

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 seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

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%

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

FEBRUARY 24, 2020

But even restaurants that are leveraging mobile ordering are being faced with more avenues for fraud to enter. Starbucks is one quick-service restaurant (QSR) making hay in the mobile ordering scene, with a recent earnings call revealing that digital orders accounted for a full 17 percent of its revenue during Q1 2020.

Account Takeovers 85

Account Takeovers Credential AI Fraud Prevention 85

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. FICO published our 2021 Digital Consumer Banking and Fraud Survey today that emphasizes consumer perspectives on customer experience and fraud prevention management. .

Consumer 52

Consumer Scams Fraud Detection Fraud Prevention 52

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. FICO published our 2021 Digital Consumer Banking and Fraud Survey today that emphasizes consumer perspectives on customer experience and fraud prevention management. .

Verification 52

Verification Consumer Scams Fraud Detection 52

The Fintech Times

MAY 22, 2024

In its Annual Fraud Report 2024 , UK Finance detailed the amount its members reported as stolen through payment fraud and scams, with a primary focus on authorised push payment (APP) fraud and unauthorised fraud. The main driver behind this was purchase scams.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

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

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. Most of the victims who did report such fraud contacted their banks, credit card companies or the police rather than regulatory authorities.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

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

FICO

MAY 19, 2020

We need to be proactive in our communications to customers around scams. Banks need to ensure that any suspicious activities on their accounts can be confirmed with them quickly and efficiently and that if they do fall victims, that the situation is managed quickly to minimize the impact on their lives.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

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. Our expectation is that social engineering attacks will only increase further in 2024.”

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

FICO

SEPTEMBER 8, 2022

Payments Fraud in Asia Post Pandemic. Why consumers are moving to banks with the best fraud and scam prevention. Senior Consultant, Fraud and Financial Crime. The growth of real-time payments and fraud in Asia. This makes this scheme particularly difficult to detect and prevent. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

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

PYMNTS

FEBRUARY 26, 2020

These merchants have always been vulnerable to in-person fraud, including coupon or promotion scams, but digital channels create new avenues that bad actors can exploit. AI systems can prevent these attacks and are inexpensive when compared to the cost of human fraud prevention teams. AI to the Rescue.

Credential 56

Credential AI Fraud Detection Account Takeovers 56

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

NOVEMBER 6, 2019

Even the most aggressive fraud prevention efforts are often behind the times, so to speak – and that creates another vulnerability in the form of blind spots from which fraudsters can attack. Fraud is a massive global problem, and you can bet that right now, fraudsters are thinking up new ways to defraud consumers and businesses.

Romance Scams 41

Romance Scams Account Takeovers Federal Trade Commission Fraud Prevention 41

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. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. Developments Around The Financial Crimes Space.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

The Fintech Times

JANUARY 22, 2024

Airlines are susceptible to many of the same fraud tactics that plague all ecommerce enterprises: hacked customer accounts, employee misuse, phishing attacks, and customer service scams. The bad news is that increased travel demand will only create more opportunities for fraudsters.

Payments 59

Payments On-Demand Volume Account Takeovers 59

PYMNTS

JANUARY 27, 2020

Payment service providers (PSPs) must carefully attend to their know your customer (KYC) and know your customer’s customer (KYCC) checks, anti-money laundering (AML) strategies and other fraud prevention approaches. PSPs provide high-demand services that must be delivered safely and conveniently.

AML 62

AML Service Provider Real Time Payments Money Laundering 62

PYMNTS

NOVEMBER 4, 2019

The rise in fraud is not going unnoticed by the Federal Trade Commission (FTC), however, which noted that millennial consumers are especially vulnerable to fraud, losing $450 million to fraudsters in the past two years, of which $71 million was lost in online shopping scams. Retail Fraud Prevention and Solutions .

Online and Mobile Banking 49

Online and Mobile Banking Cross-Border Federal Trade Commission Fraud Prevention 49

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.

Account Takeovers 46

Account Takeovers Accounts Scams Phishing 46

PYMNTS

DECEMBER 2, 2019

Approximately 12 percent of live concert attendees — about 11 million people — fell victim to ticket scams last year, including those in which consumers purchased fake tickets or paid for ones that ultimately never materialized. Getting to Know Fans With Data.

Point-of-Sale (POS) 52

Point-of-Sale (POS) Account Takeovers Credit Cards Duplicate 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 11, 2019

The collection and analysis of contextual data is particularly important as more consumers’ personally identifiable information (PII) is compromised via targeted scams and large-scale breaches. The WC2 can not only collect audio files, but also transcribe them and even provide sentiment analyses based on their content. .

AI 46

AI Compromise Breach Assessments 46

FICO

JULY 28, 2021

million fraud reports from consumers , with imposter scams remaining the most common type of fraud reported to the agency. These scams are typically Authorized Push Payment (APP) schemes in which the transaction is executed by the customer directly, often via—wait for it—ACH payments. Source: NACHA. favorites”).

NACHA 52

NACHA ACH Scams Account Validation 52

Seon

JUNE 15, 2023

The report states that these victims mostly lost their money to BEC scams. 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. The most damaging form of BEC is account takeover (ATO) attacks.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

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.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

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

Barnhardt said such scams can be especially lucrative when targeting companies that do not report to credit bureaus, as the synthetic profiles will not get caught for failing to pay on loans, nor will they get flagged when credit is taken out under false pretenses. The newly fashioned profile can lie dormant for six months to a year.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43