PYMNTS

DECEMBER 27, 2016

Account takeovers, even of high-profile people, has become a common occurrence in this era of sophisticated cyberattacks and hacks, but researchers think they’ve found a way to fight back against account takeovers : cryptographically based security keys.

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Account Takeovers Security Accounts Authentication 46

Fintech News

SEPTEMBER 22, 2024

Digital fraud attacks patterns, Source: Confidence Amid Chaos: Managing Fraud and Scams with Data and Analytics, LexisNexis Risk Solutions Third-party account takeover as the top fraud type Third-party account takeover was the most common type of fraud in 2023, accounting for 28.7% of all cases.

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Accounts Scams Bots Account Takeovers 140

Clearly Payments

JULY 16, 2024

According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% Account Takeover (ATO): Fraudsters gain unauthorized access to customer accounts to steal funds or conduct illicit transactions. In 2023, 83% of financial institutions reported an increase in phishing attacks.

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Risk Identity Theft Phishing Account Takeovers 52

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. DBS isn’t the only bank making news for phishing scams. US$129,841).

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Scams Phishing Deepfake Verification 94

Payments Source

AUGUST 22, 2018

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand.

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Account Takeovers Mobile Payments Zelle Phishing 92

Fi911

JANUARY 18, 2024

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. They often accomplish this by obtaining the victim’s login credentials through phishing emails, malware, or other fraudulent means.

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Account Takeovers MFA Fraud Detection Credit Cards 93

Fintech News

MAY 27, 2024

In addition to data breaches, generative AI tools pose a distinct challenge to APAC fintechs, empowering fraudsters to craft sophisticated phishing lures and synthetic identities. Account Takeover (ATO) and promotion abuse are common fraud tactics affecting APAC fintechs.

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APACS Data Breach FinTech Fraud Prevention 104

PYMNTS

JULY 24, 2018

Google has claimed a success in its fight against employee phishing scams , telling reporters that none of its more than 85,000 employees have fallen victim to such a scam since the company deployed its Security Keys program. “Users might be asked to authenticate using their Security Key for many different apps/reasons.

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Phishing Security Scams Email Compromise 40

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.

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Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. This spike was the largest increase in Amazon-related phishing attempts since March, when the COVID-19 pandemic forced Americans indoors and made them rely on the marketplace more than ever before.”.

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Volume Transactions Account Takeovers Phishing 72

PYMNTS

DECEMBER 17, 2020

Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Other fraudsters are deploying phishing schemes to net their ill-gotten gains, either using the stolen data themselves or selling it online.

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Fraud Prevention Account Takeovers Phishing Push-to-Card 102

The Paypers

APRIL 18, 2017

(The Paypers) Airbnb has introduced multi-factor authentication to protect its customers against cyber attacks, such as phishing, malware and password dumps.

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Account Takeovers Authentication Phishing Accounts 28

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.

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Fincen Account Takeovers Identity Theft Financial Crimes 71

PYMNTS

JULY 2, 2020

Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. 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.

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Transactions Account Takeovers Push-to-Card Fraud Prevention 112

The Fintech Times

MARCH 6, 2024

Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering. In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies.

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AI Fraud Prevention Identity Theft Account Takeovers 57

The Fintech Times

DECEMBER 18, 2023

From phishing attempts, to account takeover attacks, many of the most pressing online fraud issues have emerged directly from the vulnerabilities of static point-in-time authentication systems. By removing this reliance, Zally’s system offers a pathway to a safer online world that can be enjoyed by all.

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Authentication Continuity Security Account Takeovers 62

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.

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Fraud Prevention Account Takeovers Authentication Identity Theft 104

PYMNTS

MARCH 18, 2020

High-tech schemes like credential stuffing and account takeover (ATOs) have become commonplace, but many fraudsters still rely on a technique that requires comparatively little technical know-how. Other fraudsters may go directly after restaurant employees with phishing schemes, a popular method for gaining access to data.

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Phishing Smishing Fraud Prevention Point-of-Sale (POS) 70

The Fintech Times

DECEMBER 18, 2023

“A similarly damaging trend is account takeovers (ATOs) where a bad actor gains access and takes over an online account using stolen or hacked credentials. Take company-wide training to identify phishing attacks for example. When you think about it, it’s the high-tech version of social engineering.

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Cybersecurity Ransomware RDC Credential 139

Braintree

AUGUST 26, 2019

It is effective against various forms of phishing attacks, where malicious actors trick users into giving them login credentials. 1 Traditional two-factor authentication methods, like SMS codes and authenticator apps, offer protection against basic types of phishing attacks. Cyber Security Breaches Study 2019 , GOV.UK, April 2019.

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Authentication Phishing Account Takeovers Breach 52

PYMNTS

APRIL 9, 2020

Winning The New War With Account Takeover. Brands, he noted, have every incentive to give their best customers the VIP experience — hence they let them create accounts so their credit information, past purchases and associated data can be kept and used to curate and customize the consumer experience.

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Account Takeovers Fraud Prevention Push-to-Card Accounts 94

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.

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Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

The Fintech Times

JUNE 20, 2024

From ransomware attacks and phishing schemes, to account takeovers and distributed denial of service (DDoS) attacks, all these threats can result in serious operational disruptions and loss of customer trust, incurring costly remediation. However, data breaches constitute only one facet of the risks confronting firms.

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Risk Cybersecurity Data Breach Ransomware 57

Innovative Payments Association

JUNE 26, 2024

Just a few days ago I learned that my mother was the victim of bank account fraud. Monitor Accounts: Regularly monitor your bank and credit card statements for any unauthorized transactions. Like most things, fraud hits a little differently when it is closer to home.

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Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

MAY 16, 2019

According to a report in Reuters , the Eastern European GozNym network, whose leader resides in Tbilisi, Georgia, sent phishing emails to install malware on more than 41,000 computers. Members of the group located in Bulgaria and Ukraine then took control of victims’ online bank accounts and stole money out of their accounts.

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Phishing Account Takeovers Credential Encryption 46

The Fintech Times

AUGUST 13, 2024

Latin America also saw a staggering 617 per cent increase in phishing attacks in 2023, with cyber criminals using AI to craft more realistic and targeted phishing emails. Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials.

AI 57

AI Fraud Detection Fraud Prevention Deepfake 57

PYMNTS

APRIL 21, 2020

Business email compromise (BEC), B2B phishing scams, synthetic identities, fake accounts and trillions of aid dollars flooding out at a time of maximum uncertainty make this a fraudster’s paradise.

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Scams Automation Phishing Email Compromise 63

PYMNTS

NOVEMBER 17, 2020

Fraudsters utilizing these schemes rely on tactics such as phishing and impersonation scams to trick customers and businesses into sending payments or payment details, and their use of real-time rails can enable them to make off with the funds before customers catch on.

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Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

NOVEMBER 7, 2019

million individuals have been impacted by account takeover (ATO) fraud attacks that resulted in a new account being opened in their name. In these attacks, bad actors transfer funds and rewards from legitimate users to fake accounts. The data indicates that roughly 1.5

Account Takeovers 40

Account Takeovers Point-of-Sale (POS) AI Phishing 40

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.

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Account Takeovers Identity Theft Fraud Prevention Blockchain 63

PYMNTS

JULY 21, 2020

The Wall Street Journal recently reported a 35 percent jump in year-over-year credit card fraud in April, with fraudsters harnessing phishing schemes and brute-force hacking attacks, among others, to swindle data and funds. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9

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Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

MARCH 20, 2020

Phishing attempts surged 640 percent last year alone, with hackers placing malicious URLs on domains such as Apple, Dropbox, Facebook, Google, Microsoft and PayPal, according to a recent report. The Latest Fraud Decisioning Developments. Fraudsters appear to be finding success in new versions of the age-old heists.

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Fraud Prevention AI Account Takeovers Phishing 90

PYMNTS

FEBRUARY 10, 2017

With today’s ability to hit thousands or even millions of users in a few hours through a phishing attack that infects laptops and smartphones, fraudsters could potentially grab a very large amount of credit card information typed in by users during their next online purchase,” Cagnoni explained. Identity Fraud On The Rise.

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Account Takeovers CHIPS Chip Cards Fraud Detection 56

PYMNTS

MAY 5, 2020

On the “back end” of the business, Elan leverages state-of-the-art fraud detection tools to identify and prevent transactional fraud, account takeover and fraudulent applications. Pangretic cautioned that there will continue to be a rising tide of email scams (phishing) and synthetic fraud.

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Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

AUGUST 21, 2020

Hacking, cybercrime and various forms of digital fraud are a never-ending worry for digital-first banks, with fraudsters leveraging techniques as diverse as phishing schemes, identity theft, account takeovers and botnets to target both banks themselves and their customers.

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Blocks Identity Theft ATM Online and Mobile Banking 106

PYMNTS

AUGUST 7, 2020

The research also noted a 40 percent increase compared to February in the number of blocked attempts to guide users to phishing websites for one of the most-visited gaming platforms. . 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.

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Phishing Data Breach Account Takeovers Verification 89

PYMNTS

JUNE 11, 2019

One of the most insidious forms of fraud is account takeovers (ATOs). In the June Digital Fraud Tracker™ , PYMNTS explores phishing attempts, dark web marketplaces and how technologies like biometrics and artificial intelligence (AI) are changing the digital security landscape.

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AI Account Takeovers Online and Mobile Banking Authentication 60