FICO

AUGUST 1, 2019

With the rapid rise of data breaches around the globe, the fear of identity theft is at an all-time high. What does it have to do with identity theft? It’s worth nothing, the US Postal Service has since improved ID Verification and authentication fraud controls to stem the tide of abuse with great success.

Identity Theft 40

Identity Theft Credit Cards Account Takeovers Data Breach 40

Segpay

NOVEMBER 26, 2024

The Importance of Reliable Digital Identity Verification In a digital world, ID verification is a trust-building mechanism that protects both the user and the organization. Digital identity verification solutions speed up and make the onboarding process much more efficient.

Verification 111

Verification Identity Theft Money Laundering Due Diligence 111

PYMNTS

MAY 14, 2020

The COVID-19 pandemic has triggered an uptick in digital fraud and identity theft, with 18,235 pandemic-related fraud reports received by the Federal Trade Commission (FTC) since the beginning of the year. Deep Dive: Enlisting AI And Biometrics In Response To Widespread Digital Identity Theft.

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Identity Theft AI Federal Trade Commission Verification 98

PYMNTS

FEBRUARY 18, 2020

It can also help financial institutions (FIs) assess data from multiple channels, create seamless connections and enable them to make complex authentication decisions and detect fraud in real time. Estimates suggest that synthetic identity theft is responsible for approximately 80 percent of the banking industry’s credit card losses.

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Authentication Identity Theft Multifactor Authentication Fraud Prevention 52

Fi911

AUGUST 15, 2023

She emphasized the need for businesses to put layered solutions in place to verify and authenticate any data being introduced into their systems. Balance is Needed It is vital for businesses and financial institutions to calibrate the equilibrium between user authentication and transaction friction. appeared first on fi911blog.

Identity Theft 52

Identity Theft AI Bots Authentication 52

PYMNTS

AUGUST 21, 2020

These machines can be vulnerable to fraud, however, ranging from physical techniques like card skimmers to digital methods like identity theft. Interactive teller machines (ITMs) offer a variety of services that are normally only available inside a physical branch, like loan applications and cash deposits.

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Blocks Identity Theft ATM Online and Mobile Banking 106

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

PYMNTS

SEPTEMBER 10, 2019

The problems with identity theft and account takeover (ATO) fraud are real and seriously need to be addressed. Phone companies, to bill consumers, need a high level of security around authentication. Using telecom data for authentication may seem simple and obvious — actually doing it is anything but.

Consumer Authentication 59

Consumer Authentication Authentication Consumer Identity Theft 59

Stax

JANUARY 28, 2025

Click to Pay is based upon global EMV Secure Remote Commerce (SRC) standards, which include security measures like tokenization , multi-factor authentication , and 3D Secure protocols. Once the customer does this, a one-time password (OTP) will be sent to the customers registered phone number or email address to verify their identity.

Payment APIs and Integration 68

Payment APIs and Integration Online and Mobile Banking Payment Gateways Gateways 68

PYMNTS

OCTOBER 7, 2020

These bad actors are tapping everything from tried and true phishing schemes to tailored identity theft to scrape data from these digital sites, and not properly protecting against these efforts can lead to significant strain. Warding against this by leveraging authentication tools is thus proving to be essential during the pandemic.

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Verification Identity Theft Online and Mobile Banking Authentication 89

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?

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AI Fraud Detection Identity Theft Account Takeovers 88

PYMNTS

SEPTEMBER 18, 2019

Banks must be sure they are properly protecting customers against new account fraud and identity theft, but without adding frictions to legitimate customers’ mobile and online banking experiences. ML, Biometrics and the Future of Customer Authentication. The Impact of ML on Account Opening Fraud.

Identity Theft 78

Identity Theft Online and Mobile Banking AI Non-Bank 78

PYMNTS

MARCH 27, 2020

First-party fraud seems difficult to perpetrate because loan applications typically require identity verification with Social Security numbers, which enable banks to track down loan applicants who go off the grid. Fraudsters employing third-party fraud apply for loans with stolen or fabricated identities. Preventing Application Fraud.

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Identity Theft Technology Authentication Credit Cards 83

PYMNTS

AUGUST 5, 2020

Guarding against this method of fraud must therefore represent a top priority for such companies, especially because fraudsters are also using these bots to data scrape personal and financial information from these servers that can be used for identity theft at a later date.

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Bots Authentication Identity Theft Void 111

PYMNTS

APRIL 6, 2017

By solving the identity problem and centering the ecosystem around the individual and not the enterprise, Hall said it can create silos of people being in charge of their own data and authenticating themselves in a trusted way. When people use “multi-factor authentication,” it can often mean different things.

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Authentication Verification Credential Identity Theft 48

Fintech Review

JANUARY 21, 2025

These technologies ensure that users are who they claim to be, reducing the risk of identity theft. Furthermore, continuous authentication systems powered by AI monitor user behaviour, offering an additional layer of security. AI enhances this process by employing biometrics, facial recognition, and behavioural analysis.

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Cybersecurity FinTech Identity Theft AI 103

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 122

FICO

JANUARY 27, 2020

Identity Theft Demands Self-Advocacy. My colleague, TJ Horan, recently blogged about his predictions regarding the very real threat of identity theft for consumers in 2020. Did you know that more than 1 million American children were victims of identity fraud in 2017 – and the damage included $2.6

Financial Crimes 52

Financial Crimes Crime Identity Theft AML 52

PYMNTS

SEPTEMBER 6, 2019

Verifying Digital Identity In The Sharing Economy , PYMNTS examines how consumers use sharing economy platforms in their everyday lives and how those platforms are taking measures to defend against digital fraud and identity theft. How Do Platforms Authenticate? More than half asked for phone numbers (64.6

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Authentication Economy Security Identity Theft 50

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

Payments Source

OCTOBER 15, 2019

MFA stops broad attacks, but more targeted hacks can still get through, says KnowBe4's Roger Grimes.

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Multifactor Authentication MFA Authentication Identity Theft 71

PYMNTS

AUGUST 5, 2020

Maine led the pack, where monthly complaints of coronavirus scams and identity theft quadrupled from March through July, the study said. But the scams are not limited to the giant states. Even small states saw huge increases in COVID-related fraud in recent months.

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FTC Federal Trade Commission Scams Identity Theft 112

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

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 105

AI Innovation Fraud Detection Encryption 105

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. The post 72% of Consumers Worry About Becoming a Victim of Fraud Due to Deepfakes, Jumio Finds appeared first on The Fintech Times.

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Deepfake Identity Theft Consumer Verification 69

PYMNTS

FEBRUARY 19, 2019

What’s more, fraudsters are getting smarter, building out identities and initiating money transactions that are made to appear as legitimate as possible before making their move. Yet, how can banks protect against identity theft and application fraud with so many details compromised? Inverting the Fraud Approach.

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Identity Theft Data Breach Breach Verification 63

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.

Payment Security 81

Payment Security Security Identity Theft Compromise 81

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.

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Privacy Compliance CCPA Authentication 105

PYMNTS

AUGUST 7, 2019

At this point in 2019, we’ve all dealt with some flavor of two-factor authentication that uses SMS one-time passcodes. It is perhaps easy to beat up on SMS-based authentication for how relatively easy it is to overcome — but it is perhaps a bit unreasonable to expect it to act as an authentication method.

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Authentication Consumer Authentication Consumer Ubiquitous 44

Fintech News

APRIL 22, 2024

The consequences of such attacks are severe, leading to financial losses, identity theft, and reputational damage for both users and financial institutions. It analyses the authenticity of apps, and allows businesses to flag or block suspicious links or messages, preventing users from falling victim to these deceptive tactics.

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Phishing Security Blocks Cybersecurity 117

PYMNTS

OCTOBER 8, 2018

With the lessening of face-to-face commerce, done live and in person, the onus is on merchants to authenticate customers at the front end — before the transaction is underway. For Onfido, which verifies individual identities as people wield photo-based ID documents, tackling fraud is a matter of making sure identity documents are genuine.

Identity Theft 71

Identity Theft Verification Database Authentication 71

PYMNTS

MAY 17, 2016

Whether we like it or not, fraud and identity theft play a significant role in the payments ecosystem. However, it’s clear that new technologies in the security space, such as those related to biometrics and authentication, are doing their best to combat the ever-growing fraud threat.

Identity Theft 40

Identity Theft EMV Authentication Payments 40

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

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

The Paypers

MAY 17, 2018

(The Paypers) Trusona , a US-based identity theft protection company, has upgraded its physical ID-focused authentication offerings with patent-pending “anti-replay” technology.

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Authentication Identity Theft Technology 28

PYMNTS

SEPTEMBER 13, 2016

In this live digital discussion on cross-border transactions, a panel of cybersecurity experts from ThreatMetrix and Karen Webster, CEO of MPD, will focus on new ways to authenticate customers transparently and pinpoint cybercriminal activity before it enters the business.

Identity Theft 76

Identity Theft Cross-Border Best Practices Advisors 76

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.

Mobile Banking 117

Mobile Banking Online and Mobile Banking Identity Theft Credential 117