Fintech News

SEPTEMBER 29, 2024

As early as 2021, CNBC reported that criminals were exploiting weaknesses in the application processes of BNPL platforms, often using clever tactics like identity theft and account takeovers, making unsuspecting victims foot the bill. BNPL fraud is not a new phenomenon.

BNPL 130

BNPL Scams Identity Theft Non-Bank 130

Fi911

JULY 19, 2024

Each chargeback is associated with a unique 2-to-4-digit alphanumeric reason code issued by the cardholder’s bank, detailing the basis for the dispute. It includes fraudulent transactions, account takeover, and identity theft. EMV Liability Shift Non-Counterfeit Fraud 10.3: Incorrect Account Number 12.5:

Disputes 88

Disputes Duplicate Non-Bank Authorization 88

PYMNTS

JUNE 22, 2020

Consider the fact that, as estimated by Javelin Strategy and Research, the combined estimated losses of new account fraud and account takeover in the U.S. When it comes to identity and risk management, there are so many smaller hills along the way that you have to scale and figure out: Is this a fraudster?

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

FICO

APRIL 8, 2020

In all countries surveyed, more than 60% of consumers were happy to provide their bank with a biometric - such as a fingerprint, facial scan or voice print - to help with security. Increased use of biometrics to verify identity is likely to continue – so what steps need to be in place in order manage identity using biometrics?

Accounts 52

Accounts Enrollments Authentication Verification 52

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. In addition to the financial loss, banks will have the double whammy in OpEx of once again trying to collect on someone who does not exist.

FBI 75

FBI Credit Risk Identity Theft Law Enforcement 75

FICO

MAY 19, 2020

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. This will result in more cases of account takeover during this time and for months ahead.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52