Fintech Review

JANUARY 21, 2025

Phishing attacks, ransomware, and data breaches are increasing in both frequency and sophistication. For example, an AI system might detect a series of unauthorised login attempts and block them before a breach occurs. Securing Digital Identities Digital identity verification is a cornerstone of fintech services.

Cybersecurity 103

Cybersecurity FinTech Identity Theft AI 103

The Fintech Times

MAY 17, 2024

New data from Jumio , the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study , the third instalment of its annual global consumer research.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

PYMNTS

SEPTEMBER 13, 2018

At the same time, though, the risk of identity theft and fraud is at an all-time high. Just last year, the Equifax breach, Russian ransomware attacks and a series of security breaches left consumers’ financial and credit information exposed, and trust ruined.

Security 59

Security Identity Theft Authentication Breach 59

PYMNTS

FEBRUARY 21, 2018

After the Mueller indictments, do banks’ “day zero” identity verifications need a makeover? We’re referring, of course, to the act of opening a bank account from scratch, from the beginning – providing everything from name, address, Social Security number, identity documents and the like…. In the U.S., Think again.

Identity Theft 40

Identity Theft Rules Verification Accounts 40

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.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

PYMNTS

OCTOBER 8, 2018

The drill is well-known now, with a litany of familiar names amid data breaches. 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. Want to know the best approaches to identity verification?

Identity Theft 71

Identity Theft Verification Database Authentication 71

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. If a breach occurs, identity data, once compromised, is hard to restore.

Privacy 105

Privacy Compliance CCPA Authentication 105

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 122

Deepfake APACS Scams Authentication 122

Segpay

FEBRUARY 21, 2024

These tokens are generated for each transaction, reducing the risk of data breaches. ID Verification Generative AI plays a crucial role in identity verification by incorporating advanced biometric authentication methods. Even if a token is intercepted, it cannot be used for any other transaction.

AI 105

AI Innovation Fraud Detection Encryption 105

Stax

JANUARY 28, 2025

Enhanced securitytokenization and two-factor authentication reduces the risk of data breaches As we mentioned earlier, Click to Pay uses a data security approach called tokenization to protect sensitive financial data from malevolent actors. Sensitive data may be stored on servers, increasing the risk of breaches.

Payment APIs and Integration 68

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

PYMNTS

MARCH 29, 2019

Close to 1 billion email accounts were leaked by a marketing company in what some researchers are calling the “biggest and most comprehensive email database” breach ever. Cybersecurity expert Bob Diachenko discovered the breach and contacted the Verifications.io The info did not contain passwords or credit card details. support team.

Database 74

Database Accounts Breach Phishing 74

PYMNTS

JANUARY 23, 2020

billion consumer accounts fell victim to data breaches during the first half of 2019 — to the tune of $4 million in lost revenue per breach. More than 90 percent of Americans have fallen victim to online scams, data breaches, identity theft or other forms of fraud, though certain varieties are more common than others.

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

MARCH 2, 2018

Like breaches , for example. Thursday was the same day the company said that more individuals in the United States were hit by last year’s data breach than had been initially estimated. The credit scorer is likely to be scored on some of its own metrics, which come almost six months after first reporting the breach.

Breach 41

Breach Data Breach Identity Theft Data Security 41

PYMNTS

FEBRUARY 20, 2019

A single data breach in 2017 exposed 143 million Americans’ credit details and personal information, and incidents that occurred a year later hit companies like Facebook, Google and Quora, affecting 100 million people. 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

Fi911

SEPTEMBER 27, 2023

We’ve moved beyond the era of simple password breaches. It is often referred to as “anti-spoofing” or “liveness verification.” As traditional safeguards like passwords and two-factor authentication fall short, liveness detection adds a crucial, real-time layer to identity verification.

Security 52

Security Identity Theft Verification Authentication 52

Clearly Payments

JANUARY 8, 2024

This can include stolen credit card information, identity theft, or fraudulent transactions. Security, Compliance, and Regulatory Risk: Cybersecurity risk involves the threat of data breaches and unauthorized access to sensitive payment information.

Risk Management 97

Risk Management Risk PCI DSS Process 97

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

Clearly Payments

JULY 16, 2024

Medical Identity Theft: Fraudsters use stolen patient information to obtain medical services, prescriptions, or insurance reimbursements. million cases of medical identity theft, resulting in $41 billion in losses. Healthcare data breaches increased by 55% in 2023, affecting over 29 million records.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

FEBRUARY 13, 2020

Though there is much that individual firms and the industry as a whole can do to stem the hemorrhage of sensitive data into the hands of cybercriminals – via better encryption, storage and anonymization of data – there is a staggering amount of data already out there from previous breaches that is useful to fraudsters.

Authentication 98

Authentication Bots Identity Theft Mitigation 98

PYMNTS

OCTOBER 26, 2016

With massive cyberattacks like the recent Yahoo data breach — which compromised the personal data of an estimated 500 million user accounts — it’s clear that payment data isn’t the only information that needs to be protected. to provide additional layers of security.

Payment Security 81

Payment Security Security Identity Theft Compromise 81

FICO

DECEMBER 19, 2016

With hackers hitting organizations from the Internal Revenue Service to the University of California, Berkeley in 2016, consumers are more anxious than ever about the downstream financial crime that follows data breaches. In the aftermath of the compromise of 5.6

Office of the Comptroller of the Currency 82

Office of the Comptroller of the Currency Cybersecurity Identity Theft Compromise 82

The Fintech Times

OCTOBER 5, 2024

Starling has since reported multiple potential breaches of financial sanctions to the relevant authorities. Not conducting proper verification checks is like instinctively locking your front door but still leaving windows wide open for criminals to sneak in. “Effective compliance isn’t just about ticking boxes.

Financial Crimes 83

Financial Crimes Crime Compliance Money Laundering 83

VISTA InfoSec

AUGUST 22, 2023

Privacy Considerations Associated with Biometric Data Despite augmenting the convenience and security of identity verification, biometric data introduces privacy considerations necessitating meticulous contemplation. Addressing these risks necessitates robust security measures, encryption, access controls, and breach response plans.

Privacy 130

Privacy Compliance Legal Best Practices 130

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 Even so, as much 64.2

Economy 64

Economy Consumer Verification Authentication 64

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 19, 2019

The threat of a data breach is now an ever-present part of life for customers and the banks that serve them. A reported 3,813 data breaches across a number of industries — collectively exposing 4.1 Customers can easily become frustrated when asked to provide additional verification in mobile channels, however.

AI 57

AI Accounts Data Breach Credential 57

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. Companies have implemented measures to hinder the creation of synthetic identities, but cybercriminals have responded by making them more robust. Fraudsters and the Access Problem.

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54

FICO

FEBRUARY 5, 2018

Actually, application fraud and identity theft were the primary fraud risk concerns back in the early to mid-‘90s. However, we’ve now come full circle and are seeing a global resurgence in identity theft (as well as card not present or CNP fraud). How do you manage fraud risk in a digitally connected world?

Best Practices 60

Best Practices Identity Theft Online and Mobile Banking Risk 60

PYMNTS

AUGUST 21, 2018

When it comes to the bond between consumer and financial services, no doubt the relationship is a bit, well, frayed in the age of data breaches and the Dark Web. In the latest Data Drivers, Karen Webster and Philipp Pointner, chief product officer at Jumio , delved into some scary data points surrounding those aforementioned breaches.

Data Breach 42

Data Breach Breach Laws Authentication 42

Clearly Payments

MARCH 22, 2024

This feature is particularly effective in safeguarding user information; even if a merchant’s system is breached, hackers would not have access to real credit card information. Despite these technological advancements, maintaining trust in mobile payment systems also depends on user education and awareness.

Contactless Payments 105

Contactless Payments Online and Mobile Banking Mobile Payments Payments 105

PYMNTS

SEPTEMBER 18, 2017

What to do in the wake of the Equifax breach: Run? 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. Freeze credit? That’s just on the consumer side, and none of them are delightful choices. . Think scale.

Breach 46

Breach Identity Theft Credential Authentication 46

PYMNTS

APRIL 6, 2017

ID.me’s stance is simple: The identity ecosystem should be organized around the person, not around enterprises, and certainly not around a philosophy that perpetuates making passwords harder for everyone to remember. Hall said the identity industry needs to start with separating identity verification from authentication.

Authentication 48

Authentication Verification Credential Identity Theft 48

PYMNTS

JULY 25, 2017

When data breaches occur, jobs are on the line from the CIO down to lower-level IT personnel. . With firms losing more than $5 million in stolen data tied to breaches, the true cost of online fraud is increasing. At 71 percent, as estimated by one secure payments processing firm, identity theft is the most common type of fraud.

EMV 48

EMV Identity Theft Mitigation Breach 48

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

Stax

NOVEMBER 27, 2023

Of course, financial criminal activity doesn’t have to just lead to monetary loss—it could also lead to a data breach of customer information. Introduce the customer identification program (CIP) Basically, the CIP requires that companies get four pieces of identifying information about their client for identity verification.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

Stax

APRIL 30, 2024

Payment processors are responsible for communicating the details among various entities, whereas payment gateways deal with verification and approval. In addition, there are other costs like statement fees, merchant account fees, and verification fees. It is often confused with the payment processor, but there’s a slight difference.

Process 88

Process Online and Mobile Banking PCI DSS Debit Card 88

PYMNTS

JULY 28, 2020

Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S. Banks typically verify new customers’ identities by asking them for personal details such as their employment information, previous addresses and Social Security numbers (SSNs). billion from the nation’s consumers in 2018.

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53