Fintech News

MARCH 25, 2024

This growth suggests that threat actors continued to invest in new methods to target mobile banking apps, developing new tools and techniques to execute fraudulent transactions, steal funds and commit identity theft , the report says. The captured information is then sent to a remote server controlled by cybercriminals.

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Mobile Banking Online and Mobile Banking Identity Theft Credential 103

PYMNTS

JANUARY 27, 2021

Some cybercriminals steal other individuals’ identities, while others construct new ones for synthetic identity fraud. The Federal Reserve determined that synthetic identity fraud costs FIs $6 billion annually , with each incident costing lenders between $10 and $15,000. How Authentication Prevents Fraud.

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Innovation Security Bots Identity Theft 85

PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials.

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Blocks Identity Theft ATM Online and Mobile Banking 106

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

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Deepfake APACS Scams Authentication 112

PYMNTS

FEBRUARY 19, 2019

With a wealth of stolen credentials to pick from in the wake of several data breaches that comprised the identities of millions, fraudsters have more resources than ever. Yet, how can banks protect against identity theft and application fraud with so many details compromised? Fraud is rampant and thriving.

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Identity Theft Data Breach Breach Verification 63

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Account Takeover Fraud Account takeover fraud involves cybercriminals gaining unauthorized access to a victim’s online account, often through the use of stolen login credentials or phishing schemes.

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Account Takeovers Fraud Detection Phishing Fraud Prevention 94

Fintech News

APRIL 22, 2024

Phishing scams employ social engineering tactics to trick users into revealing login credentials, allowing attackers to hijack accounts. The consequences of such attacks are severe, leading to financial losses, identity theft, and reputational damage for both users and financial institutions.

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Phishing Security Blocks Cybersecurity 98

PYMNTS

JANUARY 16, 2020

Fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. The platform now offers real-time authentication, as well as fraud detection tools that examine voice and other biometric factors.

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AI Identity Theft Authentication Verification 53

Payments Source

JULY 9, 2018

All service providers, even those with a strong security posture, are only as secure as the Home Depots, LinkedIns and Equifaxes of the world, argues George Avetisov, chief executive of HYPR.

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Data Breach Credential Breach Service Provider 67

PYMNTS

AUGUST 24, 2018

Fraudsters are increasingly targeting marketplace platforms and related companies in hopes that still-fledgling firms won’t yet have their security and authentication processes perfected. Many companies are now investing in enhanced personal identification solutions that rely on digital credentials like digital driver’s licenses (DDLs).

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Identity Theft Data Breach Payments Credential 43

Nanonets

SEPTEMBER 14, 2023

This advanced technology serves as a gatekeeper, verifying the authenticity of signatures and safeguarding the integrity of documents. However, in many cases, documents, contracts, forms, and agreements may also include signatures that are important for various legal, administrative, or authentication purposes.

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Legal Authentication Disputes Verification 52

PYMNTS

JUNE 8, 2016

percent of all ID theft reports to the FTC. “Identity theft reports to the FTC likely represent only the tip of a much larger iceberg. According to data from the Identity Theft Supplement to the 2014 National Crime Victimization Survey conducted by the U.S. And then, here’s the real kicker.

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FTC Identity Theft Crime Credential 42

Seon

JUNE 15, 2023

Despite its versatility, BEC invariably involves the misuse of compromised login credentials, with the aim of accessing sensitive information located in various business accounts (not just email inboxes – fraudsters also target intranet documents, HR records, and plenty of other sensitive archives). Let’s take a look at some of the key ones.

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Email Compromise Compromise Business Email Compromise Risk 52

Seon

JANUARY 29, 2024

In layman’s terms, users may refer to account takeover fraud as account hacking – when they realize someone stole their online credentials. It is also considered a form of identity theft, because it happens when someone logs into an account that isn’t theirs to exploit it. What Is Account Takeover Fraud?

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Account Takeovers Accounts Fraud Prevention Fraud Detection 52

PYMNTS

MARCH 29, 2017

Online retailers just got a new tool in the fight against identity theft and fraud. XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows.

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Fraud Prevention Account Takeovers Identity Theft Data Breach 40

Stax

JULY 16, 2024

As more consumers gravitate online, they risk putting more sensitive authentication data and financial information on the internet. Compliance with PCI Data Security Standard regulations prevents shortcomings and vulnerabilities in payment processing, thereby reducing the risk of fraud, identity theft, and cyberattacks.

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PCI DSS Compliance Credit Cards Encryption 88

PYMNTS

SEPTEMBER 19, 2019

billion stolen credentials. Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1

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AI Accounts Data Breach Credential 57

PYMNTS

JANUARY 20, 2020

Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Businesses need to properly determine which consumers are legitimate, but some authentication measures fall short.

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Identity Theft Fraud Prevention AI Scams 54

PYMNTS

JUNE 3, 2020

That’s especially important as criminals seek to use eCommerce to commit what might be termed “authorized fraud” as bad actors get hold of card details or log-in credentials, pose as legitimate account holders and send payments. “What’s going to change, quite significantly in the U.S.

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Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

OCTOBER 26, 2016

I can’t tell my mom to go get a new maiden name,” Tinsley pointed out, emphasizing that, once that piece of authentication is compromised, there’s no going back. One piece of this more holistic picture is consumer presence as a factor of authentication, using biometrics, such as fingerprint, eyeball scan, etc., Going Beyond PCI.

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Payment Security Security Identity Theft Compromise 81

PYMNTS

MARCH 30, 2020

The application fraud surge finds FIs and merchants retooling authentication measures, with AI, ML and unattended machine learning (UML) being variously arrayed against the threat of application fraud. Chaos vs. Control. Competent fraudsters will be long gone at this point, forcing financial establishments to eat their losses.”.

Identity Theft 52

Identity Theft AI Cybersecurity Credential 52

PYMNTS

MARCH 29, 2018

To protect themselves, companies are deploying a variety of authentication solutions to allow the right customers in and to keep the bad guys out. Validating customers’ identities as they initiate onboarding activities — like signing up for banking services — only offers half an impression of who they really are, however.

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Authentication Risk Compliance Database 43

PYMNTS

FEBRUARY 20, 2019

This type of identity theft is growing only more insidious for financial institutions (FIs), particularly in today’s digital world as the assault on stealing identities becomes more rampant. Everyone’s been comprised,” Chu noted. Inverting the Fraud Approach For Better Security.

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Checks Identity Theft Verification Breach 50

PYMNTS

FEBRUARY 21, 2020

Criminals might use faked credentials to sign up for monthly purchasing plans, gain services for 30 days, and then vanish once the first bill arrives. Business identity theft is used to launch everything from purchasing plan scams to tax and credit card application fraud, and it caused an estimated $137 million in damages in 2017.

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B2B Scams Credential B2C 61

FICO

NOVEMBER 25, 2019

This is why FICO has invested in innovations in biometrics and behavioral authentication, combined with machine learning analytics, that can create trust in digital identities while streamlining complex onboarding, fraud and compliance processes. But biometric data can be dangerously vulnerable to theft and reassignment.

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Authentication Online and Mobile Banking Non-Bank Enrollments 52

PYMNTS

OCTOBER 30, 2017

According to John Krebs, manager of the identity theft program at the Federal Trade Commission (FTC), the situation between the good guys who are trying to protect the systems and the bad guys who are trying to break into and exploit them will always be very asymmetrical. That is harder to unwind,” said Krebs.

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Identity Theft Account Takeovers FTC Phishing 69

PYMNTS

SEPTEMBER 18, 2017

The options aren’t much better, and hinge on a significant quandary: How do they know that the person for whom they are opening a new account, authorizing a transaction on a credit card or extending a line of credit is the rightful owner of the credentials they’ve produced? . Equifax hack as game changer?

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Breach Identity Theft Credential Authentication 46

PYMNTS

OCTOBER 18, 2019

It’s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and … keep stealing. No surprise, then, that identity theft is on the rise. Those victims are kids — in some cases, even infants.

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Identity Theft Social Security Money Laundering Fraud Prevention 42

Clearly Payments

JANUARY 8, 2024

This can include stolen credit card information, identity theft, or fraudulent transactions. The first step is implementing robust authentication processes, including multi-factor authentication, biometric verification , and tokenization , to enhance user access security.

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Risk Management Risk PCI DSS Process 66

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. The focus for payment transaction monitoring is slightly adjacent. Fraud transaction monitoring’s scope is narrow.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

PYMNTS

MAY 5, 2017

The news of the Sabre breach investigation comes just a few days after omnichannel tech and operations company Radial released some alarming new fraud insights from the retail space which should work to further fan the fire beneath cybersecurity and authentication initiatives for businesses operating online.

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Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

MAY 6, 2020

Fraudsters can also carefully hoard a cache of stolen bank account data, credit and debit card information, Social Security numbers and other details to impersonate legitimate customers, using these details outright or cobbling them together to perpetrate identity theft, new account fraud and gain entry to other platforms.

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Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

MAY 15, 2018

Their goal is to trick businesses into thinking they are legitimate customers so they can leverage credentials and money that aren’t truly theirs. This is why identity verification (IDV) is so important – but it’s also complex and difficult to execute well. Then there’s two-factor authentication.

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Verification Audit Database Compliance 51

Seon

JUNE 21, 2023

Those people can be enticed by the offer of a VCC and ultimately tricked into providing their financial information, leading to cases of phishing and/or identity theft. Some corrupt websites claim to offer the generation of a VCC to innocent cardholders searching the internet for an alternative to physical credit cards.

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Credit Cards Risk Online and Mobile Banking Phishing 52