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.

Scams 63

Scams Automation Phishing Email Compromise 63

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.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

FICO

FEBRUARY 9, 2021

This uncertainty is now fuelling a rise in Brexit scams. Who Are the Targets of Brexit Scams? Fraudsters are only limited by their imagination and with Brexit scams they target both European and UK citizens. This is where the door is left ajar and fraudsters can spread misinformation and perpetrate their scams. .

Scams 52

Scams Tax Scams Account Takeovers Breach 52

Innovative Payments Association

JUNE 26, 2024

Fraud and scam activity can happen to anyone. Just a few days ago I learned that my mother was the victim of bank account fraud. There are a lot of senior citizens who are not as lucky or haven’t been that fortunate when it comes to scams or fraud. Use contact information from official sources.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

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.

Account Takeovers 94

Account Takeovers MFA Fraud Detection Credit Cards 94

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.

Phishing 40

Phishing Security Scams Email Compromise 40

PYMNTS

JULY 21, 2020

This problem puts many at risk of falling victim to scams. This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). It also details how payment service providers can up their defenses against such threats. Fraudulent Sellers.

P2P 60

P2P Scams Security Account Takeovers 60

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.

Transactions 112

Transactions Account Takeovers Push-to-Card Fraud Prevention 112

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.”.

Volume 72

Volume Transactions Account Takeovers Phishing 72

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. Bad actors typically perpetrate APP fraud in several ways.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

The Fintech Times

DECEMBER 18, 2023

“But with the popularity of generative AI (shout out to ChatGPT and FraudGPT), fraudsters can now make their social engineering scams even more convincing at an unheard of scale. Take company-wide training to identify phishing attacks for example. When you think about it, it’s the high-tech version of social engineering.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

Seon

JUNE 15, 2023

The report states that these victims mostly lost their money to BEC scams. 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. Reported losses in 2020 exceeded $4.2 What Is a Business Email Compromise Attack?

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

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.

Risk 59

Risk Cybersecurity Data Breach Ransomware 59

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.

Phishing 46

Phishing Account Takeovers Credential Encryption 46

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.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

PYMNTS

JULY 15, 2020

At Seattle Children’s Hospital, the amount of attacks doubled, involving phishing emails with malicious links allowing hacking to occur. Google , in late May, reported a resurgence of hacking and phishing incidents. .” IBM reported a 6,000 percent spike in cyberattacks over the initial pandemic period from March to April.

Accounts 56

Accounts Phishing Scams Bitcoin 56

FICO

MAY 19, 2020

We need to be proactive in our communications to customers around scams. 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.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

PYMNTS

APRIL 15, 2020

What we see now is more scams, particularly those attacking the PII needed to facilitate these kinds of digital crimes,” Awad noted. At best, he said, these scams are looking to separate customers from some of their money — something few can afford these days. consumers, fraud losses are not, yet. million pounds out of the unwitting.

Online and Mobile Banking 80

Online and Mobile Banking Scams Bots Risk Management 80

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.

Fraud Prevention 90

Fraud Prevention Account Takeovers AI Phishing 90

PYMNTS

JULY 21, 2020

Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic. Fraudsters are teaming up to rip off FIs, forming elaborate rings that work cooperatively on account takeovers and phishing attempts.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

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.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

The Fintech Times

JANUARY 22, 2024

per cent of total global airline revenue – and accounting for 46 per cent of all online fraudulent transactions. Airlines are susceptible to many of the same fraud tactics that plague all ecommerce enterprises: hacked customer accounts, employee misuse, phishing attacks, and customer service scams.

Payments 59

Payments On-Demand Volume Account Takeovers 59

PYMNTS

FEBRUARY 14, 2020

While fraudsters are fond of experimenting with innovative scams, they do have a few favorite tricks. Phishing is another favored tactic for cybercriminals, who continued to make use of this tried-and-true method in 2019 with the illegal use of some of the most popular eCommerce logos to draw in unsuspecting consumers.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

FICO

AUGUST 26, 2021

My point is that checking accounts are now a mini clearing house for all manner of inflows and outflows. An ACH payment may be sent a validated account, but is that payment suspiciously out of pattern? Is the transaction genuine, or is the account owner falling victim to a scam?

Real Time Payments 52

Real Time Payments Zelle Federal Reserve FedNow 52

PYMNTS

MARCH 3, 2020

Of all the dirty rotten scandalous schemes fraudsters get up to, one of the worst is the old “lonely hearts” scam, dressed up in smartphone attire. Retail fraud attempts have doubled year over year and tripled since 2017, for example, while account takeover (ATO) fraud losses recently hit $14.7

Federal Trade Commission 53

Federal Trade Commission FTC Account Takeovers Ransomware 53

FICO

JUNE 4, 2018

Phishing, Smishing, Hypnofraud and More. Fraudsters use a range of tactics to commit social engineering; email (phishing) and text message (smishing) are time-tested winners. Authorized push payment scams manipulate the account holder into making the payment to an account controlled by fraudster—hence the term ‘’.

Demand Deposit Account (DDA) 40

Demand Deposit Account (DDA) Smishing Payer IRS 40

PYMNTS

APRIL 12, 2019

Vade Secure has noted that such activities now include initial approaches to HR executives, where the goal is to get them to redirect funds to the fraudsters’ own accounts. Said Adrien Gendre, chief solution architect for Vade Secure, on the site: the email scams “are not isolated, that’s for sure.”.

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

NOVEMBER 4, 2019

From counterfeiting to identity theft to phishing attacks, digital fraud takes many forms — and online shopping continues to make consumers and merchants vulnerable to such attacks. Third-party account takeovers were only responsible for 7 percent of fraud losses. International Issues.

Online and Mobile Banking 49

Online and Mobile Banking Cross-Border Federal Trade Commission Fraud Prevention 49

PYMNTS

APRIL 9, 2018

Gemini Advisory, which first identified the breach at Hudson’s Bay, suggests human error was to blame: An employee likely clicked on a malicious link sent via a phishing scam. IBM warned that some of the most common human errors linked to data breaches involve “basic misjudgment.” To err is human,” IBM said in its report.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

PYMNTS

JULY 1, 2019

Account Takeovers Plague the QSR Industry. Cybercriminals can obtain stolen identities for as little as $4, meaning it’s easier than ever for them to launch account takeover (ATO) attacks. Such details can also be acquired via phishing schemes. Scamming, the Old-fashioned Way.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

PYMNTS

JANUARY 19, 2021

Geolocation services are proving to be a powerful weapon against phishing attempts, account takeovers and other schemes. In the age of increasingly sophisticated scams, geodata no longer can be limited, simply, to internet protocol (IP) addresses. Not all data are created equal, of course.

Online and Mobile Banking 90

Online and Mobile Banking Addressing Scams Compliance 90

Seon

MAY 8, 2024

The rise of generative AI is a double-edged sword, yielding significant productivity benefits while empowering fraudsters to craft more intricate and convincing scams at unprecedented volumes and velocities. This feature is invaluable in detecting phishing scams, especially in the financial service industry.

Online and Mobile Banking 52

Online and Mobile Banking Fraud Prevention Account Takeovers Bots 52

Seon

JUNE 21, 2023

Like any online account, virtual credit card accounts, the mobile wallets they are kept in, and even the online bank accounts they may be connected to are vulnerable to account takeover (ATO) fraud , phishing, and more sophisticated attacks, such as man-in-the-middle attacks.

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52