PYMNTS

JUNE 5, 2020

Partnering with FinTechs that have lax security creates very real issues: Criminals could abuse open banking-powered payment apps to launder money, for example, or take over accounts and steal victims’ funds. The federal entity is charged with monitoring the U.S. Even if your products are not covered per FinCEN in the U.S.,

Money Laundering 69

Money Laundering Security Payment APIs and Integration FinTech 69

PYMNTS

DECEMBER 9, 2020

The passwords, user names and Social Security numbers that once helped us prove we are who we say we are now are vulnerable or have already been compromised. At the same time, banks and other firms must find new ways to verify and authenticate users and gird against theft and account takeovers.

Privacy 93

Privacy Regulations Verification Account Takeovers 93

PYMNTS

FEBRUARY 22, 2018

But last year’s twist was that data breaches were after social security numbers more often than credit card numbers — though that imbalance (35 percent to 30 percent) was largely driven by one massive breach, the Equifax breach last fall. Account takeover surged 120 percent to hit $5.1 They’re smarter now.

Identity Theft 56

Identity Theft Account Takeovers Push-to-Card Social Security 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.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

APRIL 22, 2020

Banks must enable fast and seamless onboarding experiences, but these processes should also be secure. New account fraud is a significant problem for FIs, with 48 percent of values generated from fraud attempts coming from accounts that have only been open for one day, according to a recent report.

Security 53

Security Online and Mobile Banking Authentication Account Takeovers 53

PYMNTS

JUNE 22, 2020

Consider the fact that, as estimated by Javelin Strategy and Research, the combined estimated losses of new account fraud and account takeover in the U.S. And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

FICO

OCTOBER 30, 2017

Due to the surge in data breaches, Social Security numbers, mailing addresses, passwords, health history, even the name of our first pet is all for sale on the Dark Web. There will be interviews with respected fraud and security practitioner, who will give their thoughts on best practice strategy and operational frameworks.

Identity Theft 72

Identity Theft Account Takeovers Best Practices Data Breach 72

PYMNTS

APRIL 23, 2019

Money laundering, account takeovers and other illicit activities threaten to turn away legitimate consumers, as well as the government agencies that provide gaming licenses. . The company can often verify users’ names, ages and the last four digits of their Social Security numbers before requiring them to provide additional details.

Money Laundering 43

Money Laundering SWIFT Security Account Takeovers 43

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. Those that do can then be identified for further training, eliminating weak links in the security chain.

Phishing 70

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

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. Use contact information from official sources.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

JANUARY 9, 2019

To beat fraudsters at their own game, retailers must change the technology they are relying on and do so in a way that doesn’t add friction to the user experience, said Shamoun Siddiqui, chief information security officer for luxury department store chain Neiman Marcus. How Omnichannel Is Changing The Way Luxury Retailers Respond To Fraud.

Fraud Detection 43

Fraud Detection Data Breach Account Takeovers Breach 43

PYMNTS

JULY 30, 2020

Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts.

Law Enforcement 56

Law Enforcement Credit Union Account Takeovers Federal Reserve 56

FICO

OCTOBER 7, 2022

Perhaps because it’s so easy to secure BNPL financing – it’s available on the spot, at point of purchase online or in-store – some customers don’t appear to think through the impact of multiple BNPL payments on their budget. Account takeover (ATO) fraud is also using BNPL as an easy gateway. What Is Account Takeover Fraud?

BNPL 52

BNPL Account Takeovers CFPB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

OCTOBER 11, 2017

Byrnes said there are three primary types of fraud: stolen credit cards, account takeover and friendly fraud. Account takeover certainly isn’t new , but it is on the rise. Byrnes noted that the eWallet strategy doesn’t work with the major mobile wallets — Apple and Android both have very secure digital wallets, he said.

Crime 44

Crime Account Takeovers eWallet Online and Mobile Banking 44

PYMNTS

NOVEMBER 22, 2017

Account takeover fraud , card-not-present (CNP) fraud, tax fraud, selling stolen financials, selling fake bank accounts, the Dark Web: If security experts are fighting it today, chances are that Brett Johnson was there when it started. Account takeovers , said Johnson, are easy. Lessons Learned.

Account Takeovers 48

Account Takeovers Law Enforcement Push-to-Card Crime 48

PYMNTS

SEPTEMBER 28, 2017

The fact remains that the very data that is readily available across all conduits of transactions – from phone numbers to Social Security numbers – are there for the taking, across all manner of firms, and can be used as building blocks to create sophisticated ways to defraud the innocent. The former has been around for a long time.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43

FICO

APRIL 8, 2020

In all countries surveyed, more than 60% of consumers were happy to provide their bank with a biometric - such as a fingerprint, facial scan or voice print - to help with security. To prevent fraud and money laundering, activities must be secured with identity checks, including: When an account is accessed. Identity validation.

Accounts 52

Accounts Enrollments Authentication Verification 52

PYMNTS

DECEMBER 1, 2017

At the time, Uber – at the directive of its chief security officer – hid the breach and paid hackers about $100,000 to destroy the data. The ride-sharing company said that no Social Security numbers, credit card information, trip location details or other data were taken. drivers’ license numbers.

Breach 57

Breach Data Breach Office of the Comptroller of the Currency Federal Trade Commission 57

PYMNTS

NOVEMBER 11, 2019

consumers had their PII compromised in 2018 alone, and half of all consumers can find their birthdates, passwords, credit card details or even their Social Security numbers floating on the dark web. This means fraudsters have plenty of resources available as they attempt to access accounts and steal money. .

AI 46

AI Compromise Breach Assessments 46

PYMNTS

NOVEMBER 6, 2017

The Social Security number (SSN) was never meant to get this much attention. It was never meant to be shorthand for, well, you – proving that you are who you say you are, serving as a gateway to all manner of sensitive data and, of course, financial accounts. That is what happens when politicians create rules,” Madhu said.

Security 43

Security Consumer Office of the Comptroller of the Currency Identity Theft 43

PYMNTS

DECEMBER 21, 2018

Which means the future of fighting CNP fraud will depend on two things: first, helping consumers become their own best data security advocates, and second, introducing stronger, more context-specific fraud prevention tools. Or they can use that data to create a synthetic identity and obtain entirely new accounts to use.

EMV 74

EMV Push-to-Card Fraud Prevention Rules 74

PYMNTS

FEBRUARY 19, 2018

Along with the indictment that focused on the Russians, there was a second indictment, which said a defendant, Richard Pinedo operated “Auction Essistance” — an online outfit with services that bypassed digital payment companies’ security measures. Account takeover at its not so finest.

Identity Theft 48

Identity Theft Risk Online and Mobile Banking PayPal 48