PYMNTS

JUNE 22, 2020

The company said associates with active cards will be given credit and identity theft monitoring services, courtesy of privacy technology company ID Experts. Also, the FBI has been called to assist with finding out the perpetrator.

Identity Theft 102

Identity Theft Ransomware FBI Enrollments 102

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. Technology firms worldwide are working to meet the growing demand for reliable, remote and digital ID verification.

Identity Theft 98

Identity Theft AI Federal Trade Commission Verification 98

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.

Verification 89

Verification Identity Theft Online and Mobile Banking Authentication 89

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

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.

Authentication 48

Authentication Verification Credential Identity Theft 48

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

PYMNTS

SEPTEMBER 6, 2019

This was a specific incident not related to verification and authorization in general. 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.

Authentication 50

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

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 90

AI Innovation Fraud Detection Encryption 90

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.

Deepfake 107

Deepfake APACS Scams Authentication 107

Finovate

AUGUST 14, 2024

Digital identity verification innovator Socure has unveiled its Selfie Reverification solution. Built on the company’s Document Verification (DocV) solution, Selfie Reverification also detects signs of deepfaking, and readily identifies age discrepancies between the photo and the credential.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

Finovate

APRIL 11, 2024

Fraud and risk platform DataVisor announced a partnership with identity verification company Mitek this week. AI-powered fraud and risk platform DataVisor has teamed up with identity verification innovator Mitek. DataVisor made its Finovate debut last year at FinovateFall in New York. Today, 99% of U.S.

Checks 59

Checks Remote Deposit Capture Counterfeit Check Identity Theft 59

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. With fraudsters getting bolder, banks, retailers and consumers are recognizing that stronger verification is now a necessity. Around the Digital Fraud World.

Identity Theft 63

Identity Theft Data Breach Breach Verification 63

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.

Authentication 44

Authentication Consumer Authentication Consumer Ubiquitous 44

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

Account Takeovers 94

Account Takeovers MFA Fraud Detection Credit Cards 94

FICO

JANUARY 11, 2021

Identity-based fraud takes many forms: application fraud , bust-out fraud , account takeover , synthetic identities and identity theft. In response, many institutions have deployed layered controls to ensure they are interacting with genuine customers and help stop identity fraud. Identity verification.

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Verification 52

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

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

JANUARY 16, 2020

Trade finance and supply chain digitalization company Tradeshift has partnered with fraud protection solutions firm SiS to ward against this, developing a solution that uses blockchain technology for more robust identity verification. Experimentation with biometrics and other behavioral analysis tools is also advancing.

AI 53

AI Identity Theft Authentication Verification 53

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. Many FIs are thus relying on AI or ML tools to automate authentication. Preventing Application Fraud.

Identity Theft 83

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.

Bots 111

Bots Authentication Identity Theft Void 111

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.

Legal 52

Legal Authentication Disputes Verification 52

PYMNTS

JUNE 11, 2020

The technology itself is not new — many consumers already use biometric authentication in their daily lives, with 80 percent of consumers using their fingerprints to unlock their smartphones, for example. million to expand its facial recognition and ID documentation verification services internationally. Washington, D.C.-based

AML 74

AML Legal Compliance Verification 74

PYMNTS

AUGUST 5, 2020

SocialCatfish.com, the identity verification nonprofit, reported U.S. losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. But the scams are not limited to the giant states. Even small states saw huge increases in COVID-related fraud in recent months.

FTC 112

FTC Federal Trade Commission Scams Identity Theft 112

Clearly Payments

MARCH 22, 2024

Biometric authentication, such as fingerprint or facial recognition, is increasingly used to verify the identity of the user, adding a personal layer of security to the transaction process. Integration of Biometric Authentication : Security concerns are paramount in the realm of mobile payments.

Contactless Payments 98

Contactless Payments Online and Mobile Banking Mobile Payments Payments 98

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. Chu noted that open banking is one way in which banks can protect against these verification lapses.

Checks 50

Checks Identity Theft Verification Breach 50

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. Fraudsters and the Access Problem. The Technology Barrier .

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54

PYMNTS

OCTOBER 13, 2020

The October Digital Identity Tracker ® explores how sellers are adopting biometric-based verification and artificial intelligence (AI) tools to draw in customers and fend off fraudsters. Around The Digital Identity Ecosystem. Public officials intended this initiative to give residents a quick, convenient verification process.

Account Takeovers 69

Account Takeovers Accounts Federal Trade Commission Verification 69

PYMNTS

JUNE 22, 2020

The approach is different from those that may already be utilized by FIs to address application fraud, applying techniques such as biometrics and various other stepped-up levels of authentication. Such authentication is crucial in streamlining the decisioning process and advancing “good” applications while reducing false positives.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

FICO

SEPTEMBER 8, 2022

One of the issues is that the platform is often used for transacting small dollar amounts, where hardly any authentication or verification checks are used, making users more vulnerable to fraud. A further quarter (26%) of customers dislike banks changing the methods used to authenticate customers.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

FICO

AUGUST 6, 2018

The financial impact is significant: Consumers lost more than $16B to identity theft (application and account take-over) in 2016, and annual first-party fraud losses, including synthetic ID fraud, for U.S. They produce APIs and capabilities to validate different aspects of both physical and digital identities. Negative list.

Authentication 49

Authentication Verification Identity Theft ATM 49

FICO

APRIL 8, 2020

The technology available in most smartphones allows quality photographs of documents to be taken to validate identity. Identity Verification. At this stage you need to confirm that the person presenting themselves to you is the same person represented by the identity given. Enrollment.

Accounts 52

Accounts Enrollments Authentication Verification 52

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 66

Risk Management Risk PCI DSS Process 66

PYMNTS

SEPTEMBER 18, 2018

The federal agency said it shut down websites where consumers could buy “fake financial and other documents – such as pay stubs, income tax forms, and medical statements – which can be used to facilitate identity theft, tax fraud, and other crimes,” according to an FTC statement. He was ordered to pay $133,777.

FTC 53

FTC Fed Federal Trade Commission Identity Theft 53

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.

Authentication 43

Authentication Risk Compliance Database 43

PYMNTS

SEPTEMBER 11, 2019

As Pointner said, at least today, firms are not going to lose customers because they offer passwords as an authentication method — but they might lose them if they do not offer the use of passwords. We’ll see more account takeovers, we will see more theft and certainly more identity theft. Getting Ready to Pull the Plug.

Authentication 72

Authentication Identity Theft Account Takeovers Checks 72

Stax

APRIL 30, 2024

These are solutions that help you authenticate and accept payments according to your business requirements. Payment processors are responsible for communicating the details among various entities, whereas payment gateways deal with verification and approval. Not complying with the PCI can attract a fine of up to $500,000 per incident.

Process 88

Process Online and Mobile Banking PCI DSS Debit Card 88