The Fintech Times

NOVEMBER 20, 2024

The capacity for malicious usage is widespread and includes fraudulent account openings, account takeovers, phishing scams, and misinformation campaigns. Consequently, this has also led to a rise in lending and mortgage scams. Deepfake attacks occurred at a rate of one every five minutes in 2024.

Deepfake 64

Deepfake Phishing Account Takeovers AI 64

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. 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.

Zelle 89

Zelle P2P Scams Financial Crimes 89

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

Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited.

BNPL 119

BNPL Scams Identity Theft Non-Bank 119

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

The Fintech Times

OCTOBER 21, 2024

Tat Wee Koh ,’ APAC sales director at NetGuardians, said: “The rise in fraud, such as scams and account takeovers, is a growing concern for everyone. Recognising a significant rise in fraud levels, the fintech is joining forces with NetGuardians in a move to enhance its fraud protection.

Fraud Prevention 52

Fraud Prevention Account Takeovers APACS Scams 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

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

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

BioCatch

JULY 30, 2024

Bank imposter schemes emerged as an asymmetric threat for fraud managers following the rapid consumer uptake of real-time peer-to-peer (P2P) channels starting in 2019. It was accepted that taking on a real-time P2P payment capability would create significant fraud exposure.

Scams 59

Scams P2P Consumer Payments 59

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. It discusses the most common, yet ever-evolving types of fraud, including chargebacks, scams, and account takeover (ATO), with their latest developments.

Fraud Prevention 52

Fraud Prevention Identity Theft Account Takeovers Scams 52

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

Finovate

OCTOBER 24, 2024

Using Effectiv’s technology, firms can combat identity theft, account takeover, scams, and real-time payment fraud. Among the company’s clients are Ouro/Netspend, Lightspeed Commerce, Cardless, and Payco. Today’s move positions Socure in the $200 billion enterprise fraud industry.

Risk 64

Risk Acquirers Fraud Prevention Identity Theft 64

Fintech News

MARCH 20, 2024

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. In Myanmar and other Southeast Asian countries, cyber scam rings target victims with fraudulent schemes like fake jobs or investments.

APACS 87

APACS Fraud Prevention Deepfake Account Takeovers 87

PYMNTS

DECEMBER 18, 2017

judge has sentenced a Nigerian man to three years and five months in prison for his role in a business email compromise scam. Adindu was accused of facilitating a scam to defraud businesses of more than $25 million by sending fraudulent invoices that appeared to be legitimate bills from suppliers or company executives. “I

Scams 41

Scams Email Compromise Compromise Wire Transfer 41

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. In other cases, the scammer may leverage the new account — and the credit history it establishes — to obtain other, higher-value accounts.

Account Takeovers 94

Account Takeovers MFA Fraud Detection Credit Cards 94

FICO

FEBRUARY 19, 2020

The transaction itself is not fraudulent, but the scam that caused the person to make the payment is the fraud. It is not a new type of fraud, but the speed in which criminals can access the money they have scammed and the irrevocable nature of such payments makes it more attractive. Account Takeover Fraud.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

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

Fintech Finance

AUGUST 19, 2024

Unit21’s new ACH fraud solution proactively stops risky ACH transactions such as first-party fraud, account takeovers and scams by predicting fraudulent activity using four key features: ACH Risk Scoring – Unit21 deploys an ML model for FIs and fintechs that can flag R10s.

ACH 52

ACH Fraud Prevention AI FinTech 52

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. COVID-related scams are rampant and rapidly evolving. When it comes to financial fraud, such as account takeover, banks are on your side. It Pays to Protect Yourself.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But there’s a big disconnect for UK consumers – namely, the number of individuals primarily concerned about scams and being tricked by scammers. by Matt Cox.

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

The Fintech Times

MAY 22, 2024

In its Annual Fraud Report 2024 , UK Finance detailed the amount its members reported as stolen through payment fraud and scams, with a primary focus on authorised push payment (APP) fraud and unauthorised fraud. Purchase scams Although less money was stolen, the total number of APP cases was up 12 per cent to 232,429.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

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. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2%

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

JULY 7, 2020

But that number misses an unprecedented scope of scams connected to the coronavirus, according to John Breyault , a spokesman for the National Consumers League , the Washington, D.C.-based The top five scam categories were online shopping, travel and vacation, credit card, financial institutions and text messages, the FTC data said.

Federal Trade Commission 70

Federal Trade Commission FTC Consumer Scams 70

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams. It’s on banks to deter them.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

PYMNTS

FEBRUARY 24, 2020

Account takeovers, brute force attacks and credential stuffing are some of the most popular methods, with rewards and loyalty programs being especially tempting targets for their stored payment data and personally identifiable information. Deep Dive: How AI Helps QSRs Stop ATOs And Credential Stuffing.

Account Takeovers 85

Account Takeovers Credential AI Fraud Prevention 85

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

The Fintech Times

JUNE 1, 2024

.” Visa takes matters into its own hands As part of this pilot with Pay.UK, payments giant Visa analysed billions of UK account-to-account transactions, correctly identifying an additional 54 per cent of fraud and APP scams beyond those identified by the banks’ own fraud prevention systems.

SWIFT 124

SWIFT AI Fraud Detection Fraud Prevention 124

PYMNTS

DECEMBER 2, 2019

If individuals are reusing passwords across multiple sites, they are most susceptible to an account takeover attack and illicit transactions within their account,” Beckner told NBC. They mimic human browsing behaviors and distribute activity across devices to duck exposure.

Bots 52

Bots Account Takeovers Cybersecurity Credential 52

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

FICO

JULY 28, 2021

million fraud reports from consumers , with imposter scams remaining the most common type of fraud reported to the agency. These scams are typically Authorized Push Payment (APP) schemes in which the transaction is executed by the customer directly, often via—wait for it—ACH payments. Federal Trade Commission received more than 2.2

NACHA 52

NACHA ACH Scams Account Validation 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

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

FICO

SEPTEMBER 8, 2022

Why consumers are moving to banks with the best fraud and scam prevention. One such cybercrime called Authorized Push Payment (APP) fraud , is a scam where fraudsters trick a target into sending them money. Fraud and scam protection the top consideration when selecting a new financial account. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. Most respondents in the US reported that they are most worried about card fraud, having their stolen identity used to open an account, and Account Takeover (ATO) fraud.

Consumer 52

Consumer Scams Fraud Detection Fraud Prevention 52

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. Most respondents in the US reported that they are most worried about card fraud, having their stolen identity used to open an account, and Account Takeover (ATO) fraud.

Verification 52

Verification Consumer Scams Fraud Detection 52

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. “Fraudsters know that higher transaction volumes and a demand for fast processing times leave merchants vulnerable to attacks. Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72