PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. The Security Threats Facing ITMs And How FIs Can Protect Them. billion by 2024.

Blocks 106

Blocks Identity Theft ATM Online and Mobile Banking 106

The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. Finally, AI tools also have applications in identity verification.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. With that in mind, there are actions you can take right now to protect yourself from fraud and identity theft. COVID-related scams are rampant and rapidly evolving.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

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. About The Playbook.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

PYMNTS

OCTOBER 26, 2016

While it’s not uncommon for these Internet of Things (IoT) devices to be accessed by attackers looking for a stealthy way in, it’s also not uncommon for merchants to overlook these as a point of security vulnerability. to provide additional layers of security. Going Beyond PCI.

Payment Security 81

Payment Security Security Identity Theft Compromise 81

PYMNTS

NOVEMBER 16, 2020

Ragan noted that advanced technologies like artificial intelligence (AI) and machine learning (ML) can help FIs embed defense mechanisms that glean deeper insights into consumer behavior and recognize anomalous patterns — in the process raising red flags to better prevent unauthorized transactions, identity theft and account takeover.

Identity Theft 118

Identity Theft Credential Account Takeovers Fraud Prevention 118

Fi911

JULY 8, 2024

The rise of online shopping has made eCommerce fraud an increasingly prevalent and sophisticated threat, necessitating advanced security measures to protect both merchants and customers. This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

PYMNTS

SEPTEMBER 24, 2019

One of the biggest problems, Blanco said, is account takeover. . Account takeover, which involves the targeting of financial institution customer accounts to gain unauthorized access to funds, is an extremely common cybercrime affecting U.S. financial institutions,” he said.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

Fi911

JANUARY 18, 2024

Financial institutions employ various security measures to combat them. They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. New Account Fraud A new account is opened using fake or stolen credentials.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

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. By sharing important intelligence on emerging fraud trends, banks can stay ahead of the curve and adapt their security measures accordingly. “A

Scams 107

Scams Phishing Deepfake Verification 107

The Fintech Times

MAY 17, 2024

It’s essential that businesses and consumers collaborate to enhance digital security measures to effectively prevent identity fraud.” 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.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

Stax

NOVEMBER 11, 2024

Not only does this pass through more hands and take more time than an electronic ACH payment , but there is also a huge amount of personal information present on a paper check, exposing the payer to potential identity theft. Beyond the inconvenience of mailing a paper check, there is an increased risk of identity theft.

ACH 88

ACH Checks Identity Theft Payments 88

Clearly Payments

JULY 16, 2024

To mitigate these risks, retailers can implement robust authentication measures, invest in secure payment gateways , and educate customers about secure online shopping practices. According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% of all reported fraud cases.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

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. And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data. alone topped $10.2

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

FICO

DECEMBER 13, 2022

Biometric Security Crucial for Fraud Protection and CX. Typically, the challenge for FIs has been the natural opposition of ease of use and good fraud protection and account security. However, this aversion to badly thought-out identity checks extends to use of existing accounts. FICO Admin. by Sarah Rutherford.

Security 52

Security Account Takeovers Authentication Payee 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 Al Pascual, Javelin’s research director and head of fraud and security, expects 2018 to be another record year. Account takeover surged 120 percent to hit $5.1

Identity Theft 56

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

The Fintech Times

AUGUST 17, 2024

Insights from behavioural analytics help mitigate: fraud in real-time prevent identity theft account takeover bot attacks next-generation bot attacks fraud rings This will empower businesses to provide a seamless customer experience. Jack Alton, CEO at NeuroID “We are in a new era of fraud driven by AI.

Risk 59

Risk Fraud Detection Bots Identity Theft 59

PYMNTS

OCTOBER 29, 2018

The various parts come together to produce a nefarious whole, one that targets personal and payment data to enable product or identity theft , account takeovers and other illegal activities that, left unchecked, can ruin lives and take down companies.

Fraud Prevention 79

Fraud Prevention Identity Theft Third-Party Service Provider Account Takeovers 79

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. “Our goal is to help our customers manage security while providing the best experiences for their account holders.”

Credential 64

Credential FinTech Deepfake Fraud Detection 64

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. Identity theft: Scammers can commit identity theft by using methods like phishing and vishing to impersonate genuine users.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

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. Banks in other regions are also dealing with data breaches of their own, such as U.K. digital bank Monzo. market debut.

Online and Mobile Banking 78

Online and Mobile Banking Account Takeovers Breach Data Breach 78

PYMNTS

AUGUST 29, 2019

Account takeovers (ATOs), identity theft and phishing were found to be the most common methods of attack in this region. A recent report found that ASEAN nations are projected to lose $260 million to online fraud this year, with eCommerce companies bearing the brunt of these losses.

Account Takeovers 63

Account Takeovers Identity Theft Fraud Prevention Blockchain 63

Accertify

NOVEMBER 16, 2023

Key topics include some of the year’s biggest trends such as identity theft and the use of synthetic identities, romantic scams, Authorised Push Payment (APP) fraud and GenAI fraud. Accertify feature on page 77 and you can access the report here.

Fraud Prevention 40

Fraud Prevention Identity Theft Account Takeovers Scams 40

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. This comes to approximately one hack every 39 seconds, and affects a wide range of businesses and customers.

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

SEPTEMBER 10, 2019

For those worried about the security of identity in the age of mobile, the last few weeks have not exactly been an encouraging time to be reading the headlines. Also, bewildering was the fact that Google finding a hole in Apple’s security was the second most attention-grabbing security failure last week.

Consumer Authentication 59

Consumer Authentication Authentication Consumer Identity Theft 59

PYMNTS

JUNE 13, 2019

One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants.

AI 44

AI Account Takeovers Fraud Detection Online and Mobile Banking 44

PYMNTS

FEBRUARY 2, 2017

“After five years of relatively small growth or even decreases in fraud, this year’s findings drives home that fraudsters never rest and that when one area is closed, they adapt and find new approaches,” said Al Pascual, senior vice president, research director and head of fraud & security, Javelin Strategy & Research, in the press release.

Account Takeovers 50

Account Takeovers Research EMV Data Breach 50

PYMNTS

JANUARY 16, 2020

Synthetic identity theft — and all its subsequent fraud events — remains a treasured tactic among cybercriminals, and even today’s AI has trouble detecting it. These fraudsters, on average, take about 12 to 18 months to build out false identities that can fool many of the anti-fraud measures in use.

AI 53

AI Identity Theft Authentication Verification 53

FICO

NOVEMBER 30, 2017

In my previous post on application fraud, we explored the drivers behind the rapid acceleration of identity-based fraud , which includes identity theft / third-party fraud, synthetic identity fraud, and first-party fraud. Managing fraud is a balancing act that starts with knowing your fraud risk appetite.

Risk 82

Risk Fraud Detection Assessments Origination 82

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

JUNE 12, 2019

Clearly, security presents a mounting challenge for firms, especially when it comes to shoring up AP operations. Across those efforts, multi-factor authentication and device fingerprinting help ensure that only authorized changes are made to critical bank or other account details. Turning AP Challenges Into Revenue Opportunities.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

FICO

JANUARY 22, 2020

Interestingly, nearly half of the respondents (46 percent) are currently only using 1 or 2 of these strategies , potentially leaving them more exposed to attack vectors such as identity theft, account takeovers, cyberattacks. Account takeovers were ranked second, with false accounts and money mules also rated as problems.

Real Time Payments 52

Real Time Payments APACS Multifactor Authentication Account Takeovers 52

PYMNTS

OCTOBER 30, 2017

According to John Krebs, manager of the identity theft program at the Federal Trade Commission (FTC), the situation between the good guys who are trying to protect the systems and the bad guys who are trying to break into and exploit them will always be very asymmetrical. The Many Ways To Play At Fraud.

Identity Theft 69

Identity Theft FTC Account Takeovers Phishing 69

FICO

JANUARY 11, 2021

Identity-based fraud takes many forms: application fraud , bust-out fraud , account takeover , synthetic identities and identity theft. In response, many institutions have deployed layered controls to ensure they are interacting with genuine customers and help stop identity fraud.

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Verification 52

Innovative Payments Association

JUNE 26, 2024

Just a few days ago I learned that my mother was the victim of bank account fraud. Secure Personal Information: Never give out personal information over the phone, through email, or online unless you initiated the contact and are sure of the recipient's identity. Use contact information from official sources.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

MAY 23, 2016

Though botnets may make life more convenient, a security firm says that roughly 40 percent of them are actually malicious, VentureBeat reported late last week. Bots are the centerpiece of a hacker’s toolkit,” Rami Essaid, CEO and cofounder of Distil Networks, a security firm specializing in bot detection and mitigation, explained.

Bots 42

Bots Identity Theft Account Takeovers Online and Mobile Banking 42

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. Ask an Expert CEO Fraud CEO fraud is a catch-all term for the exploitation of the account of a high-ranking organizational official, such as a CEO or an investor.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52