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

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 85

Account Takeovers MFA Fraud Detection Credit Cards 85

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.

Account Takeovers 92

Account Takeovers Mobile Payments Zelle Phishing 92

The Fintech Times

DECEMBER 18, 2023

“A lot of consumer technology ( Apple Pay , for example) is prioritising highly secure and personalised experiences, relying on biometrics and specific device features. So, while consumer tech may be getting more secure, fraudsters are also getting more cunning. Take company-wide training to identify phishing attacks for example.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

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.

Fraud Prevention 102

Fraud Prevention Account Takeovers Phishing Push-to-Card 102

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

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. PYMNTS’ latest Digital Fraud Tracker® , done in collaboration with Simility , is a study in the forces impacting fraud and security in a year when cyberthieves have been having a field day.

Volume 72

Volume Transactions Account Takeovers Phishing 72

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

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

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.

Phishing 70

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

PYMNTS

APRIL 9, 2020

Building a secure customer journey is always a bit of a balancing act. It has to be secure first and foremost, particularly when payments data is on the line. Winning The New War With Account Takeover. The goal of security at base is to make it hard and friction-filled for cybercriminals to ply their trade.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

Braintree

AUGUST 26, 2019

As part of our ongoing mission to keep your data secure, Braintree is pleased to announce that we now support hardware two-factor authentication (H2FA) in the Control Panel, providing a new way for merchants to help keep their accounts secure. When a user activates H2FA, the specific key used is linked to their user account.

Authentication 52

Authentication Phishing Account Takeovers Breach 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.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

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. CNP schemes hurt businesses as much as they hurt consumers.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

PYMNTS

AUGUST 18, 2017

Retailers are retailers, not security experts. Too often, their best efforts can create friction at the point of sale for consumers, which leads to shopping cart abandonment and lost revenue, all while feeding the illusion of “too much security.”. There’s never ‘too much’ security,” Grant said.

Security 52

Security Account Takeovers Chip Cards Cybersecurity 52

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. Next-Level Payments Security.

Scams 63

Scams Automation Phishing Email Compromise 63

The Fintech Times

AUGUST 13, 2024

Since securing a Series A funding round in November 2023, Lynx Tech introduced its AI-driven software solutions to solve clients’ most significant fraud and financial crime challenges. Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials.

AI 59

AI Fraud Detection Fraud Prevention Deepfake 59

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

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.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

NOVEMBER 7, 2016

Last week, the Fed’s Secure Payments Task Force called for comment from industry stakeholders about what challenges they face when it comes to payments security. “The Secure Payments Task Force is particularly interested in understanding any barriers that may exist to implementing the planned solutions.”

Fed 77

Fed Secure Payments Task Force Security Federal Reserve 77

The Fintech Times

DECEMBER 21, 2023

Today we hear insights from payments experts, including the adoption of tap-to-pay technology, the role of blockchain and AI in payments, flexible payment terms, security in authentication methods, PSD3 implementation, vertical-specific solutions, and the rise of digital wallets.

Cross-Border Payments 115

Cross-Border Payments Cross-Border Online and Mobile Banking Payments 115

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

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 AI Account Takeovers Phishing 90

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 24, 2018

As such, businesses are now investing in their security and fraud prevention technology and solutions. PYMNTS explores the world of cybercrime in this inaugural Digital Fraud Tracker , including how fraudsters target their victims and the ways security providers are working to stop them. . How Cybercrime Happens.

AI 78

AI Account Takeovers Data Breach Cybersecurity 78

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.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

JUNE 11, 2019

One of the most insidious forms of fraud is account takeovers (ATOs). Corporations must work to retain their trust, lest they lose customers to more secure competitors. Corporations must work to retain their trust, lest they lose customers to more secure competitors. Developments from around the Digital Fraud World.

AI 60

AI Account Takeovers Online and Mobile Banking Authentication 60

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

FEBRUARY 27, 2020

Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. Keeping these services safe is a tall order, though unsupervised machine learning may be the key to closing this security gap.

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

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

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.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

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. per cent.

Payments 59

Payments On-Demand Volume Account Takeovers 59

FICO

MAY 19, 2020

Phishing emails for airfare refunds, charitable contributions, fake cures and vaccines, financial relief, federal emergency funds, and more will proliferate. This will result in more cases of account takeover during this time and for months ahead. There will also be an increase in the potential account takeover risks.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

PYMNTS

APRIL 15, 2020

Now, the full-scale relocation of all banking activity to digital channels creates the dual challenge of providing accessible, enjoyable user experiences that are also secure. “We Older users are less familiar with banking online, so they are being increasingly targeted in account takeover attacks.

Online and Mobile Banking 80

Online and Mobile Banking Scams Bots Risk Management 80

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. When it comes to data security, the potentially detrimental impact of an inadvertent insider on IT security cannot be overstated.”.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

FICO

SEPTEMBER 14, 2021

It is also possible to embed a malicious URL into a QR code that directs to a phishing site, where unsuspecting users could disclose personal or financial information.”. For consumers, I believe the best way to prevent QR code fraud is good mobile phone security hygiene , to prevent unauthorized access to the entire device.

P2P 52

P2P Venmo Online and Mobile Banking PayPal 52

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 Scams Phishing Bitcoin 56