PYMNTS

JUNE 22, 2020

And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data. Against that backdrop, FIs must walk a tightrope, balancing customer security with the customer experience, minimizing onboarding friction while meeting regulatory requirements.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

VISTA InfoSec

JUNE 21, 2023

Communicate clearly A data breach can expose people’s personal, financial, and health information, and in some cases, social security numbers can be taken too. You can also include links to up-to-date information on identity theft if appropriate.

Data Breach 130

Data Breach Breach Law Enforcement Cybersecurity 130

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

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Synthetic Fraud Synthetic fraud occurs when criminals create fictitious identities by combining real and fake information, such as using a real Social Security Number with a fake name and address.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

PYMNTS

OCTOBER 30, 2018

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. Yet, the data suggests that small businesses may not be aware of the risk they face from cybercriminals. .”

FTC 73

FTC Cybersecurity Small Business Federal Trade Commission 73

PYMNTS

DECEMBER 16, 2018

Underwood said all five companies had mobile apps that had a well-known security vulnerability that enabled hackers to intercept private data including passwords, social security numbers, credit card account numbers and bank account information.

Security 55

Security Identity Theft Settlement Encryption 55

PYMNTS

DECEMBER 23, 2019

Cybercriminals are getting good enough to fake biometric authentication methods using Deep Fake and other techniques. In synthetic identity theft, she explained, the fraudster is still pretending to be someone they are not, but the difference is that they aren’t so much imitating an existing person as creating one.

Social Security 52

Social Security Identity Theft Wire Transfer Security 52

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. Well, it can take years to discover.

Identity Theft 42

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.

Risk Management 97

Risk Management Risk PCI DSS Process 97

PYMNTS

JANUARY 27, 2017

According to a report released jointly by CyberScout and the Identity Theft Resource Center, within the United States, the sheer number of data breaches is on the upswing , to the tune of about 40 percent, as the total number of breaches found across the duo’s research came in at 1,093. America’s Data Breach Problem.

Data Breach 71

Data Breach Breach Security Risk 71

FICO

APRIL 8, 2020

This involves being sure that an identity exists. For example, this process looks to establish there is a person such as Jane Smith and that she has the corresponding attributes such as date of birth and/or social security number. It may become necessary to enroll long-term, existing customers for authentication periodically.

Accounts 52

Accounts Enrollments Authentication Verification 52

PYMNTS

SEPTEMBER 18, 2017

In our latest Topic TBD, Jumio CEO Steve Stuut says it’s all about finding a digital identity anchor that will help reduce the risk of those decisions. . As Topic TBD host Karen Webster posited to Stuut, the breach may be to authentication what Target’s own data theft woes were to EMV: the catalyst for immediate change.

Breach 46

Breach Identity Theft Credential Authentication 46

Exact Payments

JULY 1, 2024

For cookie hijacking, HSTS enforces secure connections, protecting users from attackers who might steal sensitive cookies sent over insecure links. Cookies often contain session data that can authenticate a user to a website, and securing these is crucial to preventing identity theft.

Data Security 52

Data Security Security Encryption Payment APIs and Integration 52

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.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

NOVEMBER 6, 2017

The Social Security number (SSN) was never meant to get this much attention. Yet those nine numbers have become a standard bearer for identity verification, a gold mine for fraudsters – maybe rendered moot by the huge breaches at Equifax and other companies. Let’s not pick solely on the SSN.

Security 43

Security Consumer Office of the Comptroller of the Currency Identity Theft 43

PYMNTS

FEBRUARY 6, 2017

This has given way to a significant shift toward using synthetic identities — a new, false identity not associated with a real person — which enable fraudsters to open and cultivate new accounts. PYMNTS: What are some of the biggest challenges businesses face when authenticating consumers? Here is an excerpt of the conversation.

Federal Trade Commission 59

Federal Trade Commission Scams Credit Cards Fraud Prevention 59

PYMNTS

MARCH 1, 2019

It even comes down to the use of consumers’ phone numbers and children’s Social Security numbers. More than, say, just pumping out illegitimate payment cards, as one analysis described it , the scheme also involves “the creation of completely new identities,” sometimes via the Social Security numbers of children.

Social Security 60

Social Security Fraud Prevention Crime Fraud Detection 60

Fintech Labs Insights

JULY 19, 2016

He went on to explain how the company seeks to help consumers manage their identities by having more control over the use of their Social Security number. Civic users receive a $1 million identity theft protection policy and access to a free identity theft consultant hotline.

Identity Theft 13

Identity Theft Verification Social Security Online and Mobile Banking 13

PYMNTS

FEBRUARY 19, 2018

That’s because the indictments allege malfeasance that spans online transactions, banking and the ever-present specter of identity theft. Keep in mind the indictment states the bank account numbers were bought using stolen identities of real people. All can be used to construct identities. Oh, and cryptocurrencies too.

Identity Theft 48

Identity Theft Risk Online and Mobile Banking PayPal 48