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 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

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

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

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

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

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 120

Deepfake APACS Scams Authentication 120

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

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 85

Account Takeovers MFA Fraud Detection Credit Cards 85

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

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.

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Bots Authentication Identity Theft Void 111

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

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 102

Contactless Payments Online and Mobile Banking Mobile Payments Payments 102

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

FICO

DECEMBER 13, 2022

Our survey data shows, that even a little too much friction in the process, especially relating to identity checks, dissuades many customers from completing an originations process. However, this aversion to badly thought-out identity checks extends to use of existing accounts. Authenticate at the Right Time.

Security 52

Security Account Takeovers Authentication Payee 52

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

FICO

DECEMBER 5, 2022

million identity theft reports filed in 2021, many of which relate back to banks and lenders. For example, using email or text verification for identity authentication is typically not secure, yet many customers still prefer these methods for the same reasons that made them popular from the start - they are quick and easy to use.

Online and Mobile Banking 52

Online and Mobile Banking Authentication Identity Theft Security 52

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

PYMNTS

MAY 24, 2018

Identity theft is out there, in eCommerce and beyond, and GDPR throws light on another avenue for fraud. In an interview with Karen Webster, Trulioo general manager Zac Cohen provided insight into how companies can authenticate users ahead of deleting data sets.

Identity Theft 40

Identity Theft Database Verification AML 40

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

PYMNTS

JUNE 13, 2019

“We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud.

AI 44

AI Account Takeovers Fraud Detection Online and Mobile Banking 44

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.

Authentication 52

Authentication Online and Mobile Banking Non-Bank Enrollments 52

Seon

JULY 10, 2024

These may include various types of fraud, such as identity theft, account takeover, payment fraud and application fraud. Fraud monitoring is a broader term encompassing the overall detection and prevention of fraudulent activities within an organization. Fraud transaction monitoring’s scope is narrow.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

PYMNTS

FEBRUARY 21, 2020

B2B merchants must quickly determine remote potential buyers are who they say, a process typically achieved through data collection and identity verification solutions. The internet provides bad actors with plenty of opportunities, meaning companies’ verification methods must be robust. Detecting Fraudsters.

B2B 61

B2B Scams Credential B2C 61

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.

Identity Theft 42

Identity Theft Social Security Money Laundering Fraud Prevention 42

PYMNTS

SEPTEMBER 19, 2019

Customers can easily become frustrated when asked to provide additional verification in mobile channels, however. Users can often go through these identity checks without being alerted to them, which stops them from needing to provide additional information and decreases the time it takes to have new accounts authenticated.

AI 57

AI Accounts Data Breach Credential 57

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. DNA: Scrutiny of individual genetic information.

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Privacy Compliance Legal Best Practices 130