PYMNTS

OCTOBER 16, 2020

Fraudsters deploy a variety of different methods when attacking these apps, ranging from sophisticated methods like account takeovers (ATOs) to impersonation schemes that trick users into sending them money directly. Bank customers are largely on board with these new security measures, but only t o a point. About The Playbook.

Zelle 89

Zelle P2P Scams Financial Crimes 89

PYMNTS

SEPTEMBER 29, 2017

That the Equifax breach will be a major watershed moment in the history of data security, impacting consumers nationwide for years to come, is not a terribly controversial point. It’s why — even before the Equifax data breach — firms were exploring advanced technologies to improve security, such as biometrics. Not quite, Brown said.

Account Takeovers 41

Account Takeovers Accounts Data Breach Breach 41

PYMNTS

NOVEMBER 16, 2020

Fraudsters are deploying numerous methods to perpetrate this fraud, including authorized push payment (APP) schemes and account takeovers (ATOs), but these methods all have one thing in common, according to Megan Kakani , vice president of product and innovation at KeyBank. Fighting Fraud Through Technology and Education.

Authentication 72

Authentication Best Practices Multifactor Authentication Fraud Prevention 72

PYMNTS

SEPTEMBER 5, 2019

Fraud protection has never been taken lightly by call centers, but the need for stricter authentication is reaching new levels in the face of automated bot attacks and near-daily account takeover (ATO) attempts. Innovation goes both ways,” Sacknoff said, “to provide more security [as well as] personalization.”.

MFA 46

MFA Multifactor Authentication AI Authentication 46

FICO

JANUARY 22, 2020

Banks were asked which identity and authentication strategies they used, with the majority saying they used multifactor authentication (84 percent). When they are successful, criminals are making use of real-time payments to move funds quickly through a maze of global accounts.

Real Time Payments 52

Real Time Payments APACS Multifactor Authentication Account Takeovers 52

PYMNTS

SEPTEMBER 5, 2019

A majority (51 percent) of call center leaders cited the phone channel as the primary source of account takeover (ATO) attacks. And many are ready for a change: 46 percent of call center leaders were “very” or “somewhat” dissatisfied with their current caller authentication methods, a 50 percent increase from 2018.

MFA 59

MFA Authentication Multifactor Authentication AI 59

The Payments Association

JANUARY 14, 2025

It highlights critical challenges and solutions for safeguarding open banking, ensuring its trust, security, and growth in the financial sector. “Unauthorised fraud often stems from device theft,” Davey explained, noting that once criminals gain access to interconnected apps, they exploit the ecosystem to drain accounts.

Fraud Prevention 88

Fraud Prevention Financial Crimes Crime Participant 88