PYMNTS

JANUARY 27, 2020

Businesses need employees to build and promote their products, but they cannot afford to have those workers weaken their security, meaning fraud prevention must be among firms’ top priorities. Fighting the Phishers. The scheme originated from a number of phishing emails that targeted a handful of employees.

Phishing 99

Phishing Data Breach Breach Fraud Prevention 99

Clearly Payments

JANUARY 12, 2024

Here are specific steps to take if a credit card fraud incident occurs. Isolate and Secure the Affected System Immediately isolate any compromised systems or payment terminals to prevent further unauthorized access. Change passwords and access credentials for the affected systems to prevent continued unauthorized activity.

Credit Cards 105

Credit Cards Law Enforcement Card Issuer PCI DSS 105

Fi911

JULY 8, 2024

Acquiring banks have a vested interest in helping their merchant clients stop eCommerce fraud, as it directly impacts the financial stability and reputation of both parties. By assisting merchants in implementing effective fraud prevention measures, acquiring banks can reduce potential losses and enhance trust in the payment ecosystem.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

PYMNTS

JUNE 29, 2020

The most popular technique, credential abuse, involves fraudsters using compromised passwords and other login information to gain access to sensitive systems. Any data breach that exposes one of their accounts potentially compromises every account that shares the same password. There were 85.42

MFA 96

MFA Risk Security API 96

PYMNTS

FEBRUARY 28, 2020

File hosting service Dropbox is devoting substantial efforts to its fraud prevention measures, seeking to protect its more than 600 million users — who have 400 billon stored files, and upload 1.2 The number-one thing that we see is compromised credentials from another service being used against us,” he explained.

Credential 52

Credential Phishing Fraud Prevention Best Practices 52

PYMNTS

MAY 6, 2020

Sharing information is critical for interconnected FIs because it allows them to access lists of data that may have been stolen or compromised, and they thus do not have to rely solely on their own anti-fraud measures to stop bad actors. Such steps are critical in fraud prevention, but these tools cannot be everywhere at once.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

DECEMBER 1, 2016

But what if a new technology could help safeguard and protect sensitive information, from emails and login credentials to bank accounts and other financial information? For instance, there are issues with governance and regulation that surround bitcoin, as well as some fraud prevention techniques, such as zero-knowledge proofs.

Blocks 62

Blocks Blockchain Compromise Bitcoin 62

Fintech Finance

MAY 7, 2024

By using generative AI components to learn normal and abnormal transaction patterns, Visa’s VAAI Score identifies the likelihood of complex enumeration attacks in real-time to help reduce fraud without compromising the integrity of Visa’s performance and accuracy.

Accounts 59

Accounts AI Issuers Compromise 59

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

JUNE 26, 2020

An Amazon customer typically makes payments using payment card data that the customer’s bank already has on file, for example, resulting in the same set of valuable information located in two places, both of which could be compromised in a data breach. Amazon, for example, presents their credential to us as a TPP,” Elliott explained.

Consumer 79

Consumer Credential Financial Crimes Crime 79

PYMNTS

JULY 13, 2020

Bad actors attempting ATOs seek to gain control of victims’ bank accounts without alerting FIs, and they therefore aim to obtain the login credentials necessary to smoothly move through FIs’ authentication measures. Some of these attacks see bots entering random words and numbers, while others involve entering common usernames and passwords.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

PYMNTS

JUNE 25, 2018

Victims paid an average of $290 out of pocket in 2017, and spent approximately 15 hours resolving takeover-related fraud. There’s good reason why cybercriminals are turning to the technique, according to Dave Endler, co-founder and president of security and fraud prevention solutions provider SpyCloud.

Account Takeovers 46

Account Takeovers Breach Compromise Payments 46

PYMNTS

JULY 10, 2020

Customers cannot afford to let fraudsters compromise their bank accounts under any circumstances, but the current economic climate makes attacks all the more painful. Ryan Leblond , manager of fraud prevention and investigations at ESL Federal Credit Union , explained these key strategies in a recent PYMNTS interview.

Multifactor Authentication 53

Multifactor Authentication Authentication Credit Union Fraud Prevention 53

PYMNTS

MAY 8, 2020

Building that experience properly, he noted, means allowing consumers to create accounts with stored credentials and data — because to build a competitive digital service means building one that works smoothly, not one that consumers have to continually relog into. But we are seeing in our data it’s also growth,” he said.

Security 97

Security Account Takeovers Credential Compromise 97

PYMNTS

AUGUST 7, 2020

Cybercriminals are eager to capitalize on the virtual gaming industry’s increasing popularity, using tactics that include creating phony versions of popular online games that compromise users’ smartphones or computers once downloaded.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

PYMNTS

OCTOBER 3, 2016

Due to this, both consumers and businesses have to work off the assumption that online identities are already in the hands of cybercriminals and these identities being channeled through compromised computers and bots.

Cross-Border 76

Cross-Border Authentication Fraud Prevention Security 76

PYMNTS

DECEMBER 19, 2019

Fraudsters will use stolen payment credentials to book on a travel site, and then they’ll try to resell that booking somewhere else at a lower price. Such a comprehensive overhaul of the travel-booking experience will require continued fraud prevention efforts from the company.

AI 57

AI Credit Cards Fraud Prevention Credential 57

PYMNTS

JUNE 3, 2020

That’s especially important as criminals seek to use eCommerce to commit what might be termed “authorized fraud” as bad actors get hold of card details or log-in credentials, pose as legitimate account holders and send payments. Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

JUNE 26, 2018

Dave Endler, co-founder and president of security and fraud prevention solutions provider SpyCloud , illuminated the trend for the Tracker team. hotel and travel sites) are classified as “impersonators of known browsers,” which is a known fraud conduit, said Kaspersky. Account takeovers are finding favor among fraudsters.

Account Takeovers 46

Account Takeovers Faster Payments Breach Credit Cards 46

PYMNTS

JANUARY 24, 2020

The company leverages both threat intelligence and employee awareness to keep it, its workers and its customers safe and believes that understanding fraud is a significant component to combatting it. The first consists of links to fraudulent websites, inviting users to enter their usernames, passwords or other credentials.

Phishing 52

Phishing Credential Best Practices Data Breach 52

PYMNTS

OCTOBER 21, 2020

This means that even one compromised account could threaten all others that rely on the same credentials, potentially costing victims a fortune in stolen money and data.”. Studies have found that using MFA can prevent more than 99.9 percent of attacks that utilize stolen credentials.”. P2P Is A Double-Edged Sword.

P2P 56

P2P Security MFA Financial Crimes 56

PYMNTS

MAY 24, 2017

In a recent interview with PYMNTS, McDowell said that the best way to protect against global attacks like WannaCry — or even small-scale breaches — is to stop them before they happen, by replacing authentication details that can be stolen or compromised by human error with credentials that cannot. Finding New Ways to Fight Fraud.

Authentication 40

Authentication Credential Ransomware Phishing 40

PYMNTS

MAY 31, 2018

Opportunities for fraud multiply as companies seek to reduce friction and add more channels and payment options. But with the growing avenues by which consumers can be attacked, they might not be aware that their identities are being compromised until the damage is done, said Reynolds.

Online and Mobile Banking 49

Online and Mobile Banking Compromise Best Practices Social Security 49

Clearly Payments

JANUARY 8, 2024

Providing educational materials, including fraud prevention tips, and encouraging the reporting of suspicious activities establishes a collaborative defense against fraud. This includes limiting access based on job responsibilities, employing unique login credentials, and promptly revoking access for terminated employees.

Risk Management 97

Risk Management Risk PCI DSS Process 97

FICO

APRIL 29, 2022

While fraud rates over ACH remain small, just four basis points (.04%), 04%), NACHA officials say business email compromise attempts are on the upswing – just as they are across every channel. For banks, and consumers too, that translates into more risk exposure and a much larger payment fraud challenge. by TJ Horan.

Retail Payments 52

Retail Payments Zelle Consumer Romance Scams 52

PYMNTS

DECEMBER 4, 2018

Sure, there is always some early stage indignation, some earnest proclamations to avoid compromised businesses. In case their memory is fuzzy, though, they can remember this: Hackers gained access to the credentials of almost every adult in the U.S., Fewer still cancelled their credit and debit cards. No doubt, most recall that crime.

Breach 68

Breach Data Breach Authentication Database 68

FICO

JANUARY 10, 2023

Innovative Customer Communications for Fraud. Detecting possible fraud is important, but what you do with that suspicion may matter even more. Taking the most strident fraud prevention actions might seem the intuitive answer but suspicion is often unfounded, and most customers are not fraudsters. Source: KTVU Fox 2 .

Scams 52

Scams Posting Push-to-Card Compromise 52

PYMNTS

FEBRUARY 21, 2018

Now hackers are turning their attention to how electrical grids work, how airlines operate, how technology in general can be compromised. “The idea is to get as much information, as many cards as possible, and personal data is extremely important.”. But larger campaigns are afoot, he said.

Credit Cards 62

Credit Cards AI Breach Issuers 62

PYMNTS

MARCH 29, 2018

Every attack means compromised data, and compromised data means an opportunity for fraudsters to use that information to commit fraud. According to the most recent Global Fraud Index , fraud cost eCommerce merchants an astounding $57.8 As it turns out, these breaches are expensive.

Authentication 43

Authentication Risk Compliance Database 43

Seon

JUNE 21, 2023

If one of these accounts gets hacked, it can lead to more accounts being compromised, particularly if your security settings are low and you aren’t using a variety of username/password combinations. Other digital payment service users : Fraudsters may also target a cardholder’s mobile wallet app and/or full-service neobank account.

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52

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. If we do a better job of tackling the more commonly occurring fraud techniques, I think the outliers may, in fact, solve themselves.”.

Identity Theft 42

Identity Theft Social Security Money Laundering Fraud Prevention 42

Fintech Labs Insights

MARCH 1, 2016

This week cybercrime prevention company ThreatMetrix launched Digital Identity Graph , a new tool to help businesses positively identify their customers. The Digital Identity Graph maps associations among people, devices, phone numbers, account credentials, home addresses, and businesses they associate with. at FinovateSpring 2009.

Fraud Prevention 15

Fraud Prevention Authentication Credential Compromise 15

FICO

JANUARY 19, 2022

Like many modern card and e-commerce frauds, the scam itself contains a range of attack vectors in a single place. This includes phishing of personal and account-level information as well as compromising the PAN / CVV for use in a fast-following fraud attack. Special Tools to Combat Credit Card Fraud.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

PYMNTS

MAY 16, 2019

By contrast, what hackers reportedly call “dumps” – that is, “card data swiped from compromised retail stores, hotels and restaurants with the help of malware installed on point-of-sale systems,” according to the report – generally go for $15 to $20 per card. It could easily be credential stuffing,” Stuppy said. “It

Breach 87

Breach Data Breach Credential Credit Cards 87

PYMNTS

DECEMBER 3, 2018

It was reported that some consumers whose cards were compromised said they stopped using them at Target – while still shopping there – and reverted to cash instead. Banks have invested billions in systems to detect and prevent fraud using stolen credentials, and to secure their networks from the hacks that could expose them.

Breach 77

Breach Consumer Credential Compromise 77

PYMNTS

APRIL 24, 2018

When someone becomes a victim of ATO, they lose more than money and login credentials — they lose confidence. First, these attacks can have a rolling effect: Once a fraudster gains access to a consumer’s credentials at one eCommerce merchant, he holds the key to a potential myriad of other digital stores at which to exploit them.

Breach 50

Breach Bots Credential Data Breach 50

CB Insights

AUGUST 25, 2017

By nature, academic credentials must be universally recognized and verifiable. In both the primary/secondary schooling and university environments, verifying academic credentials remains largely a manual process (heavy on paper documentation and case-by-case checking). education and academia.

Blockchain 78

Blockchain Law Enforcement Bitcoin Transactions 78