FICO

FEBRUARY 16, 2023

For 2022, we saw a significant increase in compromised cards resulting from skimming activity. Total compromise cards were up 368% from 2021, with more than 161,000 impacted cards identified — nearly a 5x increase over 2021. Now that we have data from the entire year to review, we are seeing the alarming trend continue.

Compromise 98

Compromise Debit Card Scams Smishing 98

FICO

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. Are Banks Fair with Victims of Scams?

Scams 52

Scams RTP Push-to-Card Fraud Detection 52

FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Fraudsters are opportunistic, and lately they are (unfortunately) finding a lot of success by targeting consumers directly.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52

FICO

MAY 3, 2023

In the 2023 FICO Global Scams Survey , we asked consumers worldwide what they think banks could do better to combat scams and create a better customer experience for victims. Action: Detecting a scam as it unfolds in real-time is the ideal way to stop scams from happening.

Scams 10

Scams RTP Fraud Detection Real Time Payments 10

FICO

APRIL 20, 2023

As we see in any new payments channel, fraudsters are often first in line for exploiting weaknesses, so businesses that use RTP will need to keep a sharp eye out for scams. environment is not faring any better; according to the US Federal Trade Commission (FTC) , US consumers lost at least $8.8

Real Time Payments 52

Real Time Payments Scams RTP Payments 52

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumer authentication comes in several forms, and it’s time to pick one. “A

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

FICO

AUGUST 16, 2022

At FICO World 2022, I hosted a session where we talked about global fraud trends like authorized push payment scams and romance scams. Once a customer has used a compromised card reader, the fraudster can download or wirelessly transfer the card details and the video of the PIN being typed, giving them complete access to the account.

Compromise 52

Compromise Push-to-Card Romance Scams ATM 52