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Account Takeovers Identity Theft Security 
The Fintech Times
FEBRUARY 3, 2025
Account takeover scams saw a dramatic increase of 250 per cent last year. Victims of these scams not only face financial losses, averaging about $180 per incident, but 40 per cent also suffer from subsequent identity theft.
81 
Fintech Review
APRIL 20, 2025
It covers the tools, platforms, and strategies that defend against data breaches, fraud, identity theft, and financial disruption. Cybertech refers to the suite of digital tools designed to secure networks, systems, and users from cyber threats. New features can be launched with confidence that systems will remain secure.
52 
FICO
OCTOBER 30, 2017
Identity theft is growing at an exponential rate, leading to a rise in application fraud. Javelin Research reported a 17% rise in reported US identity theft victims , from 13.1 Identity theft, also known as third-party fraud losses, is just the tip of the iceberg. million to 15.4 Am I missing a topic?
Payments Source
MARCH 17, 2020
Digital fraud protection provider Kount has launched a security layer designed to prevent account takeover.
PYMNTS
OCTOBER 13, 2020
The Federal Trade Commission reported recently that credit card fraud is now the most common form of identity theft. AI-powered digital solutions provider Jumio recently unveiled a platform solution intended to help eTailers with such security work. Zulily On Fighting Fraud And Cart Abandonment With Digital ID Verification.
The Fintech Times
FEBRUARY 21, 2024
While 73 per cent of consumers said fraud protection was a top three concern when opening a new account, 34 per cent ranked it as a top priority. Biometrics were a top choice for security measures with 68 per cent preferring to use fingerprints. Identity theft to open a new account is the top-ranked concern at 30 per cent.
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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?
The Fintech Times
APRIL 22, 2024
Security is failing to keep pace with smartphone utilisation with compromised digital wallets and banking apps leading to growing identity threats, a report has revealed. Despite company efforts, lax PIN hygiene and open apps on stolen devices pose serious threats, including account takeover and ransomware attacks.
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.
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.
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.
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.
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.
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.
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.
118 
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.
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.
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
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.
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.
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.
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
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.
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
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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