The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. Finally, AI tools also have applications in identity verification. How will AI tools evolve to combat new threats?

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

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. Overall, thanks to the rise in data breaches, merchants and FIs alike are dealing with a steep increase in fraud. Fraud is rampant and thriving.

Identity Theft 63

Identity Theft Data Breach Breach Verification 63

Payments Source

MAY 17, 2017

The solution is mobile identity authentication, writes Randy Vanderhoof, executive director of the Secure Technology Alliance. One-time passcodes or more complex passwords are not enough, and add friction and potential frustration for the user.

Authentication 69

Authentication Security Consumer Technology 69

Segpay

FEBRUARY 21, 2024

Biometric Authentication: Integrating generative AI in digital payments extends to biometric authentication methods, such as facial recognition and fingerprint scanning. Biometric authentication not only enhances security but also simplifies the user experience.

AI 89

AI Innovation Fraud Detection Encryption 89

PYMNTS

APRIL 6, 2017

ID.me’s stance is simple: The identity ecosystem should be organized around the person, not around enterprises, and certainly not around a philosophy that perpetuates making passwords harder for everyone to remember. One of the biggest issues within identity protection, Hall explained, is actually the words we use to talk about it.

Authentication 48

Authentication Verification Credential Identity Theft 48

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.

Innovation 85

Innovation Security Bots Identity Theft 85

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.

Data Breach 67

Data Breach Credential Breach Service Provider 67

The Fintech Times

MAY 17, 2024

Overall, 68 per cent of respondents either know or suspect that they’ve been a victim of online fraud or identity theft, or that they know someone who has been affected. Finding a solution Identity verification is a key part of the solution for companies looking to secure themselves and ensure that their users are genuine.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

Segpay

DECEMBER 13, 2024

The Intersection of Data Privacy and Identity Management Source: ID Management Institute Identity management helps authenticate users and makes sure that only authorized individuals can access certain information. In identity management, this means gathering only what is strictly needed for authentication.

Privacy 77

Privacy Compliance CCPA Authentication 77

PYMNTS

AUGUST 21, 2018

When it comes to the bond between consumer and financial services, no doubt the relationship is a bit, well, frayed in the age of data breaches and the Dark Web. Yet, it is the financial services industry, he remarked, that knows there must be new and robust alternatives to knowledge-based authentication (KBA) in the offing. “I

Data Breach 42

Data Breach Breach Laws Authentication 42

PYMNTS

OCTOBER 26, 2016

. “There’s no way the guest Wi-Fi at a retailer is going to let you into the point of sale; however, it would let you into the system, which then may be able to get to where the consumer data is,” Tinsley explained, “because they’ve thrown that consumer data on the other side of the firewall from the payment.”.

Payment Security 81

Payment Security Security Identity Theft Compromise 81

PYMNTS

OCTOBER 8, 2018

The drill is well-known now, with a litany of familiar names amid data breaches. Card data stolen from millions of department store customers? And, of course, Facebook is now a household name in a less than savory field: data harvesting. The headlines come fast and furious — the numbers are staggering.

Identity Theft 71

Identity Theft Verification Database Authentication 71

The Paypers

APRIL 29, 2016

(The Paypers) Lenovo has revealed plans to create a biometric authentication wing that will help push China's cyberspace security agenda amid increasing risks of hacking, data breaches and identity theft.

Authentication 28

Authentication Identity Theft Data Breach Breach 28

PYMNTS

OCTOBER 30, 2018

Yet, the data suggests that small businesses may not be aware of the risk they face from cybercriminals. .” Looking at research from the Identity Theft Resource Center, QuickBridge pointed to small businesses in the healthcare, banking and finance, and retail sectors as particularly popular targets for cyberattackers.

FTC 73

FTC Cybersecurity Small Business Federal Trade Commission 73

PYMNTS

SEPTEMBER 13, 2018

As many as 71 percent of financial consumers reported being satisfied with an authentication method if it was easy to use, while 62 percent like authentication methods that are convenient. In comparison, only 45 percent said they would prefer an authentication method due to its tight data security.

Security 59

Security Identity Theft Authentication Verification 59

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.

Fraud Prevention 40

Fraud Prevention Identity Theft Account Takeovers Data Breach 40

Clearly Payments

JULY 16, 2024

To mitigate these risks, retailers can implement robust authentication measures, invest in secure payment gateways , and educate customers about secure online shopping practices. Medical Identity Theft: Fraudsters use stolen patient information to obtain medical services, prescriptions, or insurance reimbursements.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

OCTOBER 12, 2018

With next-day processing, those payment systems can function with a certain methodical authentication process because the window is long enough to allow it. If the payments — push or pull — are in real time, he said, then the authentication has to be in real time as well. That window is evaporating,” he noted. What’s Next.

Faster Payments 73

Faster Payments Authentication Payments Enrollments 73

PYMNTS

SEPTEMBER 19, 2019

The threat of a data breach is now an ever-present part of life for customers and the banks that serve them. A reported 3,813 data breaches across a number of industries — collectively exposing 4.1 billion customer records — occurred in the first six months of 2019, for example. billion stolen credentials.

AI 57

AI Accounts Data Breach Credential 57

PYMNTS

OCTOBER 3, 2019

But what you probably don’t know is that consumers want the type of financial services control that could potentially reduce their risk for fraud and leave them responsible for more authentication tasks, according to fresh PYMNTS research. More Authentication. Financial institutions can use that consumer desire to their advantage.

Consumer 60

Consumer Online and Mobile Banking Authentication Credit Union 60

PYMNTS

SEPTEMBER 11, 2019

He pointed to password managers and services that alert consumers to the fact that passwords may have been exposed in data breaches (and so must be discarded). We’ll see more account takeovers, we will see more theft and certainly more identity theft. Getting Ready to Pull the Plug. Evolution and Adoption .

Authentication 72

Authentication Identity Theft Account Takeovers Checks 72

PYMNTS

MARCH 29, 2017

Data and analytics startup XOR Data Exchange announced it will provide a free resource to online retailers to help businesses identify and mitigate the risk of identity theft. Last year, Cook joined Karen Webster and David Evans, economist, MPD Founder and co-author of the No.

Identity Theft 40

Identity Theft Compromise Data Breach Breach 40

PYMNTS

AUGUST 20, 2019

Despite their popularity, platforms use weak identity verification and authentication techniques to sign on new users and login returning ones, which puts consumers data and digital identity at risk. Figure 1: Consumers’ satisfaction with select verification or authentication methods. In fact, 76.4

Economy 64

Economy Consumer Verification Authentication 64

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. Fighting Fraud. Approximately 31.7

Identity Theft 43

Identity Theft Data Breach Payments Credential 43

Seon

JUNE 24, 2024

The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

The Payments Association

OCTOBER 4, 2024

These digital-first solutions are especially popular among younger generations, who value convenience and security features like biometric authentication. Cybercriminals are constantly innovating, targeting vulnerabilities in payment systems to carry out unauthorised transactions, identity theft, and data breaches.

Cross-Border Payments 88

Cross-Border Payments Online and Mobile Banking Cross-Border Alternative Payment Methods 88

PYMNTS

FEBRUARY 20, 2019

A single data breach in 2017 exposed 143 million Americans’ credit details and personal information, and incidents that occurred a year later hit companies like Facebook, Google and Quora, affecting 100 million people. The numbers just keep adding up. Because fraudsters are raising their chickens. Everyone’s been comprised,” Chu noted.

Checks 50

Checks Identity Theft Verification Breach 50

Clearly Payments

JANUARY 8, 2024

This can include stolen credit card information, identity theft, or fraudulent transactions. Security, Compliance, and Regulatory Risk: Cybersecurity risk involves the threat of data breaches and unauthorized access to sensitive payment information.

Risk Management 67

Risk Management Risk PCI DSS Process 67

FICO

FEBRUARY 5, 2018

Actually, application fraud and identity theft were the primary fraud risk concerns back in the early to mid-‘90s. However, we’ve now come full circle and are seeing a global resurgence in identity theft (as well as card not present or CNP fraud). What Data Do I Need to Fight Application Fraud?

Best Practices 60

Best Practices Identity Theft Online and Mobile Banking Risk 60

Exact Payments

JULY 1, 2024

By Jeremy Smillie, VP of DevSecOps at Exact Payments In an era where data breaches are not just threats but realities, protecting Personally Identifiable Information (PII) is more crucial than ever. At Exact Payments, we understand the magnitude of the responsibility of handling such sensitive data.

Data Security 52

Data Security Security Encryption Payment APIs and Integration 52

PYMNTS

APRIL 5, 2017

2016 was a record year for data breaches, with the Identity Theft Resource Center reporting 1,093 in the U.S.,” PayConex Plus also integrates to major shopping carts online, Bluefin said in the press release. said Ruston Miles, Bluefin’s chief innovation officer, in the statement.

EMV 40

EMV Point-of-Sale (POS) Identity Theft Data Breach 40

Payments Source

JANUARY 17, 2018

This dangerous "wild west" scenario of fraud and breaches is pushing improving or revamping online authentication to the top of this year’s to-do list for both online companies and governments, writes Robert Capps, vice president of business development for NuData Security.

Breach 73

Breach Authentication Governance Government 73

VISTA InfoSec

AUGUST 22, 2023

Exploring Biometric Data and its Privacy Implications Comprehending Biometric Data and Its Types: Biometric data refers to the unique physiological or behavioral characteristics of an individual, utilized to ascertain or authenticate identity against a pre-existing template. Clearview AI Inc.

Privacy 130

Privacy Compliance Legal Best Practices 130

Stax

JULY 16, 2024

As more consumers gravitate online, they risk putting more sensitive authentication data and financial information on the internet. Unfortunately, personal data is most sought-after by criminals. TL;DR PCI DSS is a set of protocols to be followed by companies that store, process, and transmit cardholder data.

PCI DSS 88

PCI DSS Compliance Credit Cards Encryption 88

FICO

FEBRUARY 13, 2020

PSD2 Strong Customer Authentication – What Do Consumers Think? Sarah Rutherford noted that “Payment Service Providers are pushing to implement their PSD2 Strong Customer Authentication (SCA) solutions.” The New White Walkers: Zombie Synthetic Identity Fraud. An increasing amount of data breaches across all industries.

Money Laundering 52

Money Laundering Posting Financial Crimes Crime 52

PYMNTS

MAY 5, 2017

It’s been a big week in the broader cybersecurity realm, starting with a data breach of Sabre Corporation’s hospitality unit. The growth in digital payment fraud comes as activity has moved away from card-present transactions in an ecosystem protected by EMV authentication standards.

Breach 45

Breach Business Email Compromise Data Breach Cybersecurity 45

Seon

JUNE 15, 2023

Accordingly, BEC is not just limited to account takeovers and identity theft, but can also be a means for fraudsters to become imposters looking to subject the target company to further data breaches. As such, there are many examples of how BEC can be carried out. Let’s take a look at some of the key ones.

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52