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Digital Fraud Attacks Rise 17% in Financial Services, Driven by Payment and Account Creation Fraud

Fintech News

In 2023, the financial services industry continued to sustain the most automated bot attacks, with 1.8 the number of bot attacks in the sector decreased by 6% YoY. Payment fraud, in which stolen payment credentials are used to make illegal transactions, rose by 9% YoY, signaling heightened financial risks for banks.

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Visa Targets Bot-Driven Financial Fraud with New AI Feature

Fintech News

Visa has launched an AI-powered enhancement to its Visa Account Attack Intelligence (VAAI) solution, designed to combat the increasing number of account attacks facilitated by automated scripts and botnets. Michael Jabbara “With access to advanced technology, fraudsters are monetising stolen credentials faster than ever before.

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How Axos Bank Uses Multilayered Filtering To Keep Bad Bots Out And Good Bots In

PYMNTS

Many cybercriminals rely on bots to conduct their schemes, leveraging automated data skimming programs that can overwhelm banks’ defenses through sheer volume. We like to think of [bots] like bacteria,” Raghu Valipireddy, senior vice president and chief information security officer at Axos Bank, told PYMNTS in a recent interview.

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Shopping Bots Ramp Up Cybercrime During Holidays

PYMNTS

Insidious shopping bots infiltrate eCommerce sites year-round, but the holiday season brings them out in droves, with 20 bots for every one human, NBC reported on Saturday (Nov. The bots are “largely operated by organized gangs of cybercriminals,” noted the report.

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Deep Dive: QSRs Leverage AI To Fight ATOs And Credential Stuffing

PYMNTS

Coffee giant Dunkin’ fell victim to a credential stuffing attack in October 2018, and the fraudsters who initiated the scheme were soon after selling users’ loyalty credits on dark web marketplaces for a fraction of their values. Selecting the Target.

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‘Grinch Bots’ Ramp Up Cybercrime During Holidays

PYMNTS

Insidious shopping bots infiltrate eCommerce sites year-round, but the holiday season brings them out in droves, with 20 bots for every one human, NBC reported on Saturday (Nov. The bots are “largely operated by organized gangs of cybercriminals,” noted the report.

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eCommerce Fraud Presents A $12 Billion Problem

PYMNTS

Here’s how it works: When a fraudster finds or steals user credentials, they enter the account, change their settings (like email and phone number) and lock out the user. They can also run automated tests of the same credentials against other sites. The report also found a new tactic, accounting for 6.4