Fintech News

JANUARY 17, 2024

These measures encompass additional customer authentication, cross-border transfer limit reviews, session management controls, and establishing a bank-to-bank information-sharing platform to safeguard the financial sector from evolving threats. Developing advanced deepfake detection techniques is crucial to restoring online content trust.

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Deepfake APACS Scams Authentication 120

Stax

MARCH 4, 2024

How do two-factor authentication and “3-D secure” protect payment information? Multi-factor authentication (MFA) adds additional layers of security by requiring additional verification during the transaction process. What is SSL/TLS? SSL/TLS is the acronym for Secure Sockets Layer and Transport Layer Security.

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PCI DSS Payment Security Security MFA 88

PYMNTS

OCTOBER 9, 2020

We have seen phishing attacks surge since the pandemic started,” Reichel said. Phishing scams continue to proliferate in the number of attacks and dollar value of losses.”. The quality of the branded phishing emails are what sets the latest coronavirus email attacks apart,” Reichel said. Spear Phishing.

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B2B Phishing Scams Ransomware 116

PYMNTS

JUNE 12, 2019

Compromised credentials are one of the most common causes of security breaches. The technology is FIDO2 compliant, which means that it’s a secure and accommodating standard that lets different devices using different operating systems talk to each other for authentication. “On

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Authentication Phishing Bots Credential 49

FICO

FEBRUARY 16, 2023

For 2022, we saw a significant increase in compromised cards resulting from skimming activity. Total compromise cards were up 368% from 2021, with more than 161,000 impacted cards identified — nearly a 5x increase over 2021. Now that we have data from the entire year to review, we are seeing the alarming trend continue.

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Compromise Scams Debit Card Smishing 98

Seon

SEPTEMBER 28, 2023

Verizon Business estimates that 74% of data breaches are down to individuals being absent-minded or tricked by social engineering attacks such as phishing emails. This includes protecting themselves with approaches such as multi-factor authentication and malware recognition, or using reverse lookup to assess whether someone is trustworthy.

Security 52

Security Phishing Best Practices Data Breach 52

PYMNTS

JUNE 6, 2019

Security experts are warning about a phishing scam that can help hackers bypass two-factor authentication (2FA). Once Muraena authenticates the session’s cookie, it is passed to NecroBrowser, which can create windows to keep track of the private accounts of tens of thousands of victims.

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Scams Credential Security Phishing 58

PYMNTS

JANUARY 20, 2017

In this week’s Hacker Tracker , Radware shares its global cybersecurity research on what’s really motivating cybercriminals, a Gmail phishing attack targets savvy users and the U.S.’s In many cases, experienced or tech savvy users can spot a phishing email scam from a mile away. Money On The (Cybercriminal) Brain.

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Phishing Ransomware EMV CHIPS 45

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

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Authentication Credential Ransomware Phishing 40

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumer authentication comes in several forms, and it’s time to pick one.

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Financial Crimes Crime Due Diligence Federal Trade Commission 81

Seon

MAY 23, 2024

Traditional anti-fraud methods, like device checks, two-factor authentication (2FA), biometrics and security questions, are outdated against emerging innovative technologies that are compelling new forms of sophisticated fraud. Spoofing involves replicating or falsifying biometric data to deceive authentication systems.

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Fraud Prevention Deepfake Fraud Detection Authentication 52

PYMNTS

JULY 22, 2019

Apps with a possible security flaw, a malware phishing scheme and possibly, payments fraud, all done in the blink of an eye? The phishing campaign targets consumers and also commercial users. The apps have, cumulatively over 1.5 billion users. As the site noted, no card issuer would send an email with such prompts.

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Phishing Credential Scams Payments 72

VISTA InfoSec

JUNE 21, 2023

Data breaches are affecting millions of people across the globe, with over 340 million records already compromised in 2023 headline cases and new incidents surfacing every week. You need to know if any data has been compromised and, if so, where it may have been shared.

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Data Breach Breach Law Enforcement Cybersecurity 130

Fintech News

MARCH 25, 2024

It typically operates by infecting a user’s device through various means, such as phishing emails, fake apps, or compromised websites. Hook is a type of malicious software specifically designed to target mobile banking apps.

Mobile Banking 114

Mobile Banking Online and Mobile Banking Identity Theft Credential 114

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. Fraudsters are teaming up to rip off FIs, forming elaborate rings that work cooperatively on account takeovers and phishing attempts. billion in 2019, a 15 percent increase over 2018.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

AUGUST 8, 2018

Business Email Compromise scams continue to grow and steal more corporate money than ever before. Phishing emails — 93 percent of which include ransomware, according to ITProPortal — should by no means be ignored. ProofPoint’s report does not underestimate the strength of ransomware attacks via phishing.

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Ransomware Phishing Email Compromise Online and Mobile Banking 44

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.

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Scams Automation Phishing Email Compromise 63

VISTA InfoSec

NOVEMBER 7, 2023

Mutli-Factor Authentication (MFA) isn’t a new concept. What Is Multi-Factor Authentication? Let’s start with another simple definition – multi-factor authentication is any authentication method where more than one criterion has to be satisfied before access is granted to digital assets.

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Authentication MFA Cybersecurity Credential 130

Nanonets

NOVEMBER 14, 2023

Business Email Compromise (BEC) is a cyber threat that exploits the vulnerabilities of email communication. Perpetrators impersonate trusted entities, such as executives or vendors, employing social engineering techniques to coerce employees into compromising actions. What is Business Email Compromise (BEC)?

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Email Compromise Business Email Compromise Compromise Phishing 52

PYMNTS

JUNE 9, 2020

Increasingly, that work is being performed by dynamic global identity verification platforms that use strong consumer authentication (SCA) and/or multi-factor authentication (MFA) to harden the onboarding process against an army of cyberthieves exploiting pandemic disorder. percent ‘less likely to be compromised.’

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AML MFA Authentication Verification 52

EBizCharge

OCTOBER 25, 2023

An incident is only considered a data breach if the confidentiality of data is compromised. Phishing attacks trick individuals into disclosing their login credentials or other sensitive information through deceptive emails or websites. These breaches can have devastating consequences, both financially and in terms of reputation.

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Best Practices Data Breach Breach Phishing 52

PYMNTS

JANUARY 27, 2020

The Business Email Compromise (BEC) continues to evolve. Researchers warned that the rise of faster payments — which gives banks a much shorter window in which to identify and mediate fraud — is placing new pressure on financial institutions to embrace more identity authentication technologies. million, thanks to a phishing scam.

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Business Email Compromise Scams Ransomware Real Time Payments 71

PYMNTS

MARCH 21, 2019

While authentication methods may vary, users across all channels seek secure, frictionless access to their account information, meaning medical providers must make authentications seamless while keeping it strong enough to ward off cybercriminals. . Biometric Benefits . The Problem With Passwords .

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Authentication Compromise Phishing Database 43

PYMNTS

JANUARY 25, 2021

But internal threats, such as those that occur when employees’ credentials are compromised in phishing attacks, are just as imperiling and can bypass banks’ external defenses. Data breaches, botnet attacks and other forms of external threats are well-known to digital-first banks.

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Credential Data Breach Phishing Cybersecurity 94

PYMNTS

DECEMBER 27, 2016

Security architects at Google have already claimed security keys is their favored two-factor authentication because of the ease of developing the keys and using them, the security they offer, and the absence of any privacy trade-offs that the report said can come with other two-factor authentication tools.

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Account Takeovers Security Accounts Authentication 46

PYMNTS

OCTOBER 9, 2020

state employment programs to phishing scams with bad actors claiming to represent retailers — such as luxury brand Vince Camuto in one recent email scam — to good old-fashioned identity theft. One study on six countries, including Canada, the U.K. These schemes range from tailored attacks against U.S. The Future of Email Verification.

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Verification Consumer Online and Mobile Banking Scams 83

PYMNTS

JULY 15, 2020

This seismic shift is, in turn, making it more important than ever for providers to examine the use of digital identity authentication technologies.”. As things like “deep fakes” get real and digital onboarding replaces face-to-face document presentation and authentication post-pandemic, KYP tech is fast becoming indispensable.

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Data Breach CCPA Social Security Credit Cards 58

PYMNTS

MAY 12, 2017

. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam. Strong identity authentication measures are only as strong as the network they live on.

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Business Email Compromise Phishing ATM FBI 51

PYMNTS

SEPTEMBER 17, 2018

Per Nathan Shields, special agent with the FBI , the details of the conspiracy and the hack(s) come from multiple sources, spanning activities such as analyzing compromised victim systems and executing approximately 100 search warrants across 1,000 email and social media accounts. The Methods.

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SWIFT Phishing Ransomware Central Bank 75

PYMNTS

FEBRUARY 3, 2020

Cybercriminals have more opportunities than ever to swipe debit card numbers and PINs from online consumers, and false websites, large-scale data breaches and skimming tools can compromise account information. Simply informing cardholders about the risks of debit fraud can also help payment players shore up their operations.

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Debit Card Assessments Data Breach Online and Mobile Banking 52

PYMNTS

JUNE 18, 2019

In other news, malicious apps have managed to get around Google ’s security-enhancing measures, accessing one-time passwords (OTPs) and SMS-based two-factor authentication (2FA), as well as some email-based 2FA systems. “The apps impersonate the Turkish cryptocurrency exchange BtcTurk, and phish for login credentials to the service.

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Digital Currency Central Bank Bitcoin Cryptocurrency 53

PYMNTS

NOVEMBER 22, 2019

The goal for the bad guys is to monetize the trading and funding, either by draining bank accounts or by selling the assets that have been compromised. In the Steam case and elsewhere, the methods used to gain access have likely been the same: stealing passwords through phishing and even malware.

Credential 70

Credential Cybersecurity Push-to-Card Financial Crimes 70

PYMNTS

SEPTEMBER 30, 2019

As he noted, North Korea, acting as a singular cyberthreat, will do what it can to gain access to and compromise the credentials of foreign organizations with money ­— and, in turn, gain access to that money, of course. This includes neglecting the use of dual-factor authentication within systems, or installing security patches with haste.

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Cybersecurity Credential Encryption Phishing 65

PYMNTS

JULY 15, 2019

Many bad actors deploy traditional internet scams and methods like phishing and malware, while others exploit mobile phone and web browsers’ vulnerabilities or software, hardware or firmware flaws. Facing Fraud. Cybercriminals often have a wide range of attacks at their disposal — not all of which are new. Low-Friction KYC.

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Crime Cryptocurrency Verification Law Enforcement 77

PYMNTS

FEBRUARY 19, 2019

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are capitalizing on stolen data, as well as how banks and retailers are responding to a world where many of the credentials they use for online verification have been compromised. Around the Digital Fraud World. Inverting the Fraud Approach.

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Identity Theft Data Breach Breach Verification 63

PYMNTS

MAY 2, 2019

trillion cybersecurity incidents each year, with spam email, scams and phishing schemes making up most of those attacks. Google has been looking into using USB key fobs to provide a second factor of authentication for logging in. His dim view of the password is informed by experience. Microsoft handles 6.5 million, with U.S.

Security 55

Security Data Breach Breach Authentication 55

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Let’s look at what business email compromise attacks are and explore some of the many ways you can combat them. What Is a Business Email Compromise Attack? Reported losses in 2020 exceeded $4.2

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Email Compromise Compromise Business Email Compromise Risk 52