PYMNTS

SEPTEMBER 18, 2020

PYMNTS’ September Digital Identity Tracker® done in collaboration with Jumio delves into the latest in digital identity verification, especially as it pertains to the recovering sharing economy. Given that “Almost two-thirds of U.S.

Verification 62

Verification Economy Authentication Account Takeovers 62

Fintech News

MARCH 20, 2024

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.

APACS 104

APACS Fraud Prevention Deepfake Account Takeovers 104

Fintech News

MAY 27, 2024

This burgeoning fraud type poses significant challenges to fintech firms’ identity verification processes in APAC. Account Takeover (ATO) and promotion abuse are common fraud tactics affecting APAC fintechs.

APACS 115

APACS Data Breach FinTech Fraud Prevention 115

The Fintech Times

JUNE 2, 2024

The digital identity firm revealed that account takeover attacks are the most popular type of fraud, often taking advantage of weak or reused passwords. Deepfakes, often used to impersonate the holder of an account rather than creating a new or synthetic identity, are far more popular, accounting for one in 15 fraud attempts.

AI 126

AI Fraud Prevention Deepfake Account Takeovers 126

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. If a transaction seems out of the ordinary for a particular customer, the bank can flag it for further investigation or verification.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

PYMNTS

JULY 2, 2020

Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. With Kount’s system, the merchant then decides what to do with those scores — reject a transaction entirely or just require additional verification steps. Sevounts said Kount has also recently noticed an uptick in “card-testing fraud.”

Transactions 112

Transactions Account Takeovers Push-to-Card Fraud Prevention 112

Fintech News

JUNE 6, 2024

The Jumio 2024 Online Identity Survey reveals that 85% of Singaporean consumers are willing to spend more time on identity verification measures when accessing financial services accounts to improve security. The benefits of digital identity verification extend beyond just enhanced security.

Scams 105

Scams Phishing Deepfake Verification 105

Finextra

MARCH 20, 2024

Sumsub, a leading global full-cycle verification platform, commits to tackling the alarming surge of fraud networks in Asia-Pacific (APAC) by launching its upgraded Fraud Prevention Solution.

Fraud Prevention 52

Fraud Prevention Account Takeovers APACS Bots 52

PYMNTS

SEPTEMBER 24, 2020

In a Masterclass interview with PYMNTS, Tom Donlea , vice president and general manager, APAC at global identity verification provider Ekata , said Asia offers greenfield opportunities — and some areas of risk — for merchants looking to offer digital wallets.

APACS 98

APACS Risk Online and Mobile Banking Verification 98

The Payments Association

NOVEMBER 20, 2024

Finally, AI tools also have applications in identity verification. Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft. which blends multi-factor authentication measures with AI risk analysis, can help merchants mitigate the effects of account takeover fraud.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

The Payments Association

DECEMBER 11, 2024

Among the top threats are account takeover (ATO), chargeback fraud and more complex schemes like money laundering, which use sophisticated methods to disguise illegal financial flows.

Fraud Prevention 88

Fraud Prevention Risk Assessment Payments Account Takeovers 88

FICO

FEBRUARY 16, 2022

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. consumers are slower to adopt new ways for payment verification that consumers in other markets and shows us that a portion of U.S.

Verification 52

Verification Consumer Scams Fraud Detection 52

PYMNTS

SEPTEMBER 24, 2020

Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. The onboarding system is supplemented by an AI platform that looks for signs of account takeovers, like mismatched location data or unusual transactions.

Account Takeovers 82

Account Takeovers Database Authentication Crime 82

The Fintech Times

DECEMBER 18, 2023

“A similarly damaging trend is account takeovers (ATOs) where a bad actor gains access and takes over an online account using stolen or hacked credentials. When you think about it, it’s the high-tech version of social engineering. Deep fake threats John Baird, co-founder and CEO of Vouched.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

Finovate

OCTOBER 24, 2024

Socure has acquired risk decisioning company Effectiv for $136 million Socure will integrate Effectiv’s AI-powered orchestration platform into its digital identity verification and fraud solutions. Digital identity verification company Socure has acquired risk decisioning company Effectiv in a $136 million deal.

Risk 64

Risk Acquirers Fraud Prevention Identity Theft 64

The Paypers

JULY 22, 2024

Estonia-based identity verification provider Veriff has augmented its Biometric Authentication solution to prevent account takeover fraud.

Authentication 41

Authentication Account Takeovers Verification Accounts 41

The Fintech Times

FEBRUARY 26, 2024

Enter IAM platform convergence Many financial institutions still rely on home-grown and/or legacy Identity and Access Management (IAM) solutions to meet their authentication, identity verification and authorisation needs. Customer experience : They excel at streamlined, connected journeys, leaving clunky interfaces in the dust.

API 114

API Authentication Account Takeovers On-Demand 114

Finovate

AUGUST 14, 2024

Digital identity verification innovator Socure has unveiled its Selfie Reverification solution. Built on the company’s Document Verification (DocV) solution, Selfie Reverification also detects signs of deepfaking, and readily identifies age discrepancies between the photo and the credential.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

PYMNTS

AUGUST 22, 2018

22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. What’s more, Fiserv said that account takeover losses in the U.S. They use a five-digit code via text or email that is valid only during the call.

Consumer Authentication 40

Consumer Authentication Authentication Account Takeovers Consumer 40

The Fintech Times

MAY 17, 2024

New data from Jumio , the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study , the third instalment of its annual global consumer research. To counter the rise in deepfakes and cyber deception, incorporating multimodal, biometric-based verification systems is imperative.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

PYMNTS

JULY 9, 2019

In an new PYMNTS interview, Reinhard Hochrieser, vice president of product management at authentication services provider Jumio , provided an overview of the global state of ID verification and authentication, along with access management — and how improving those processes and technology can lead to gains for merchants and financial institutions.

Authentication 76

Authentication Verification Account Takeovers Consumer 76

PYMNTS

JUNE 25, 2018

Cybercriminals have a new favorite weapon in their quest to allude regulators, law enforcement and corporate security departments: account takeovers. Recent research reveals account takeovers have risen by 300 percent over the past year, with losses topping $5 billion. The Rise Of Account Takeovers.

Account Takeovers 46

Account Takeovers Breach Compromise Payments 46

PYMNTS

JULY 17, 2020

Identity verification and authentication solutions help financial institutions (FIs) block out fraudsters, but leveraging just one or two of these offerings may not be enough. Some FIs are therefore using digital identity networks that help them access and draw insights from a wide variety of verification tools. About The Tracker.

AML 64

AML Money Laundering Authentication Scams 64

PYMNTS

SEPTEMBER 25, 2019

And it may be the case that in the tradeoff between convenience and security, companies would do well to start looking harder into whether identity verification efforts need to be stepped up a bit, even if that means injecting friction into the equation. As Ritter noted, email accounts are the first avenues of attack for fraudsters.

Economy 75

Economy Verification Online and Mobile Banking Security 75

Fi911

DECEMBER 3, 2024

The Importance — & Limitations — of Velocity Checks These velocity checks are highly adaptable and can be effortlessly integrated with existing systems, making them a valuable asset in identifying threats such as account takeover fraud, chargeback fraud, and synthetic fraud.

Checks 52

Checks Fraud Prevention Account Takeovers Fraud Detection 52

Fintech Finance

FEBRUARY 29, 2024

Socure , the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and Trustly , a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution.

Fraud Prevention 52

Fraud Prevention Process FinTech Online and Mobile Banking 52

PYMNTS

APRIL 12, 2017

Fueled by account takeovers facilitated by major data breaches, reports suggest that one out of every 86 CNP transactions today is deemed fraudulent, said Greg Bonin, COO of data-as-a-service company XOR Data Exchange. In simple terms, XOR gathers data on the information compromised in major breaches, Bonin said.

Account Takeovers 46

Account Takeovers Breach Risk Assessment Assessments 46

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. Credit card partners can review transactions across pre-set criteria, review new account applications and facilitate card alerts.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

AUGUST 7, 2020

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. These methods could be especially useful for online age-verification processes, as biometric measures are highly accurate and difficult to fake. .

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

PYMNTS

MARCH 20, 2020

Many online firms are embracing the concept of well-placed frictions in authentication processes to foil such attempts, adding just enough verification to keep bad actors from success without alienating legitimate users in the process.

Fraud Prevention 90

Fraud Prevention Account Takeovers AI Phishing 90

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. financial institutions, according to estimates by Aite, will spend as much as $781 million to battle credit application fraud in 2022. alone topped $10.2 billion last year.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

PYMNTS

FEBRUARY 10, 2017

It’s expected that the number of account takeover attacks will also continue to grow. After reaching a low point in 2014, both account takeover incidence and losses rose notably in 2016, with total account takeover losses reaching $2.3 has fallen significantly behind the curve.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

PYMNTS

JANUARY 27, 2020

Identity Verification and Confirmation . Automated data collection tools can improve KYC efforts’ accuracy, enabling PSPs to gather necessary identity verification details without time-consuming, error-prone manual processes. PSPs provide high-demand services that must be delivered safely and conveniently.

AML 62

AML Service Provider Real Time Payments Money Laundering 62

The Fintech Times

AUGUST 17, 2024

Experian’s identity verification and fraud prevention solutions helped clients avoid an estimated $15billion in fraud losses globally last year. Empowering businesses NeuroID’s behavioural analytics solutions are available through CrossCore on the Experian Ascend Technology Platform as a key fraud-detection capability.

Risk 59

Risk Fraud Detection Bots Identity Theft 59

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 verification steps necessary to accomplish this can present frictions for users who want to onboard quickly, however. . Key Issues.

Money Laundering 43

Money Laundering SWIFT Security Account Takeovers 43

PYMNTS

APRIL 29, 2020

Gary Sevounts, chief marketing officer at eCommerce-focused fraud management and identity verification solutions provider Kount, recently discussed this issue with PYMNTS. Merchants can use artificial intelligence (AI) tools to help detect and thwart account takeovers and other attacks, however, Sevounts explained.

Cross-Border 77

Cross-Border AI Cross-Border Payments Account Takeovers 77

FICO

JANUARY 11, 2021

Identity-based fraud takes many forms: application fraud , bust-out fraud , account takeover , synthetic identities and identity theft. Because humans are involved, the thoroughness of document verification varies based on the person performing this manual process. Build consumer trust in digital identity verification processes.

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Verification 52