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

PYMNTS

JUNE 14, 2019

Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. Scammers who gain access to accounts message other players, offering them links to free character skins or in-game currency.

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Account Takeovers Accounts Scams Phishing 46

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. Fraudulent Sellers.

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P2P Scams Security Account Takeovers 60

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. Keeping channels secure and convenient requires FIs to be able to detect and thwart fraud, without accidentally sweeping up legitimate customers.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

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

Fintech Finance

OCTOBER 21, 2024

PalawanPay, trusted by over 19 million customers across the Philippines for affordable, fast, and secure money transfers, bills payments, mobile e-loading, and scan-to-pay services, sought to further enhance its fraud protection by partnering with NetGuardians. PalawanPay and other financial institutions are taking these threats seriously.

Fraud Prevention 98

Fraud Prevention Account Takeovers APACS Scams 98

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.”.

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Zelle Scams AI CashApp 68

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

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.” Quick And Seamless Security. Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

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

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.

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Account Takeovers Credential AI Fraud Prevention 85

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

The Payments Association

NOVEMBER 20, 2024

After analysing emails, live chat sessions, and other communications between merchants and sellers, the tool can then pick up on words or phrases commonly used in scams. Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft.

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AI Fraud Detection Identity Theft Account Takeovers 88

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 107

APACS Fraud Prevention Deepfake Account Takeovers 107

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 93

Account Takeovers MFA Fraud Detection Credit Cards 93

The Payments Association

DECEMBER 11, 2024

The digital payment ecosystem is at the intersection of technological innovation and financial security, posing unprecedented challenges in protecting financial assets and maintaining customer trust. The most successful approaches will prioritise creating frictionless user experiences without compromising security.

Fraud Prevention 88

Fraud Prevention Risk Assessment Payments Account Takeovers 88

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.

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Cybersecurity Ransomware RDC Credential 139

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

Fintech Finance

MAY 22, 2024

A key component of this growth in attacks was fraudsters’ focus on account takeover of ecommerce accounts, with the attack rate at login reaching 3.3% (an increase of 119% YOY). The volume of human-initiated attacks surged 80% YOY, resulting in an attack rate of 2.8% (up by 59% YOY).

Account Takeovers 52

Account Takeovers Risk Bots Scams 52

FICO

DECEMBER 13, 2022

Biometric Security Crucial for Fraud Protection and CX. Because customers value ease of use and good fraud protection most, FIs must balance scam protection with making things easy for good customers – but not TOO easy. However, this aversion to badly thought-out identity checks extends to use of existing accounts. FICO Admin.

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Security Account Takeovers Authentication Payee 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

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

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

Madrid, Spain-based security firm buguroo is combatting account opening fraud with its bugFraud solution, which uses deep learning to detect fraud by measuring how application processes compare to legitimate transactions. Solution providers around the world are preparing to counter such attacks.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

PYMNTS

SEPTEMBER 17, 2020

The challenges of maintaining this trust are now under pressure from the COVID-19 pandemic, however, which has seriously battered the sharing economy as ride- and homesharing businesses develop tactics to convince consumers of their security and restore the sector. . Seamless, Secure Onboarding . More than 111 million U.S.

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Verification Authentication Economy Data Breach 89

PYMNTS

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Banks in other regions are also dealing with data breaches of their own, such as U.K. digital bank Monzo. market debut.

Online and Mobile Banking 78

Online and Mobile Banking Account Takeovers Breach Data Breach 78

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. Scamming, the Old-fashioned Way. Such details can also be acquired via phishing schemes.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

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.

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Volume Transactions Account Takeovers Phishing 72

PYMNTS

JULY 17, 2020

Fraudsters are eager to take advantage of green app users who may be unfamiliar with the tools to scam them out of their funds, however. How AI-Powered Risk Engines, Biometric Authentication Secure Alipay Against Scammers. This month’s Deep Dive examines cybercriminals’ account takeover tactics and how app providers can combat them.

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AML Money Laundering Authentication Scams 64

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.

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

PYMNTS

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. This comes to approximately one hack every 39 seconds, and affects a wide range of businesses and customers.

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Phishing Data Breach Breach Scams 64

The Fintech Times

NOVEMBER 20, 2024

To stay ahead, security teams must proactively adapt their strategies, prioritize monitoring these emerging threats, and prepare their organisations to face this new reality. The capacity for malicious usage is widespread and includes fraudulent account openings, account takeovers, phishing scams, and misinformation campaigns.

Deepfake 69

Deepfake Phishing Account Takeovers AI 69

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.

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Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

AUGUST 7, 2020

Recent data shows that thwarted attempts to get one security solution’s users to visit malicious, video game-themed websites rose 54 percent from January to April. 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

PYMNTS

FEBRUARY 26, 2020

These merchants have always been vulnerable to in-person fraud, including coupon or promotion scams, but digital channels create new avenues that bad actors can exploit. Security standards have largely not kept up with such threats, according to a joint study from Javelin Research and Kount. AI in Action.

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Credential AI Fraud Detection Account Takeovers 56

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

The Fintech Times

OCTOBER 21, 2024

Trusted by over 19 million customers across the Philippines, PalawanPay offers affordable and secure money transfers bills payments, mobile e-loading, and scan-to-pay services. 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.

Fraud Prevention 52

Fraud Prevention Account Takeovers APACS Scams 52