Fintech News

MAY 27, 2024

In addition to data breaches, generative AI tools pose a distinct challenge to APAC fintechs, empowering fraudsters to craft sophisticated phishing lures and synthetic identities. This burgeoning fraud type poses significant challenges to fintech firms’ identity verification processes in APAC.

APACS 114

APACS Data Breach FinTech Fraud Prevention 114

PYMNTS

JULY 24, 2020

In a post on its website, Instacart said its investigation concluded the San Francisco-based company was not compromised. It appears that third-party bad actors were able to use usernames and passwords that were compromised in previous data breaches of other websites and apps to login to some Instacart accounts,” Instacart wrote. “In

Accounts 75

Accounts Compromise Data Breach Phishing 75

VISTA InfoSec

JANUARY 29, 2024

Users are protected against phishing attacks through anti-phishing mechanisms. Its intent is to compromise the confidentiality, integrity, or availability of the owner’s data, applications, or the operating system itself. New requirement to identify and safeguard staff from phishing attacks. New Requirement in PCI DSS v4.0:

PCI DSS 130

PCI DSS Phishing Best Practices Procedures 130

VISTA InfoSec

NOVEMBER 7, 2023

In essence, MFA requires multiple verification steps before an action is authenticated. This reduction of the “single-factor” risk is critical in an era when cyber threats are growing daily, including: Phishing attacks : Cybercriminals trick users into revealing sensitive information, often by posing as trustworthy entities.

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Authentication MFA Cybersecurity Credential 130

Fintech News

JANUARY 17, 2024

Meanwhile, in a separate incident in Singapore, the cybersecurity landscape saw a significant surge in phishing attempts targeting local entities in 2022. Over 80 percent of these phishing campaigns mimicked banks or financial services, including institutions based in China, as well as local services like Singpass and SingPost.

Deepfake 122

Deepfake APACS Scams Authentication 122

PYMNTS

FEBRUARY 19, 2019

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are capitalizing on stolen data, as well as how banks and retailers are responding to a world where many of the credentials they use for online verification have been compromised. Around the Digital Fraud World. Inverting the Fraud Approach. About the Tracker.

Identity Theft 63

Identity Theft Data Breach Breach Verification 63

PYMNTS

AUGUST 7, 2020

The research also noted a 40 percent increase compared to February in the number of blocked attempts to guide users to phishing websites for one of the most-visited gaming platforms. . Other bad actors rely on phishing, in which potential victims receive links that direct them to fake login pages and ask them to input their account details.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

PYMNTS

JUNE 8, 2020

FIs may need to provide data to FinTech startups without dedicated cybersecurity teams, for example, which could then be more easily compromised by hackers who will steal sensitive bank customer data. percent “less likely to be compromised.”. percent “less likely to be compromised.”. Fighting Phishing.

Authentication 60

Authentication MFA Phishing Scams 60

PYMNTS

NOVEMBER 2, 2016

is a particular target for data breaches that involve compromised employee account data. government is reportedly gearing up to spend close to £2 billion over the course of the next five years to fight the growing number of cyberattacks in the country. According to a report , research suggests the U.K. Two years ago, the UK suffered from 2.5

Cybersecurity 68

Cybersecurity Data Breach Phishing Compromise 68

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

Fintech Finance

NOVEMBER 6, 2024

Tighter Security: By offering biometric authentication, payment passkeys eliminate the risk of passwords being stolen or compromised, protecting shoppers from fraud and scams. Instead of stressing over payment safety, merchants can free up time to focus on customer care and product development to build deeper trust with their customers.

Visa 98

Visa APACS Transactions Authentication 98

PYMNTS

MARCH 1, 2017

Most recently, the tech giant presented new research at the cybersecurity gathering of the RSA Conference, held earlier this month, highlighting just how vulnerable corporate inboxes are to phishing scams. Business email compromise scams can be especially lucrative, enabling a hacker to gain access to accounting departments.

Cybersecurity 48

Cybersecurity Phishing Email Compromise Breach 48

Neopay

FEBRUARY 27, 2025

The study, which surveyed over 1,200 financial and payment sector professionals across seven European countries, found that account takeover remains the leading type of fraud affecting customers, followed by card payment fraud and phishing. Traditional fraud detection methods are no longer sufficient.

Deepfake 52

Deepfake Fraud Detection Account Takeovers Fraud Prevention 52

Stax

MARCH 4, 2024

Multi-factor authentication (MFA) adds additional layers of security by requiring additional verification during the transaction process. Innovations in social engineering scams, sometimes conducted through social media, and phishing emails are designed to get the user to divulge sensitive information.

PCI DSS 88

PCI DSS Payment Security Security MFA 88

PYMNTS

SEPTEMBER 30, 2016

Security experts believe that may be what happened to Yahoo — the tech giant confirmed that over 500 million user accounts were compromised by hackers, marking what is said to be the largest data breach in U.S.

Security 76

Security Breach Data Breach Cybersecurity 76

PYMNTS

FEBRUARY 10, 2017

But Cagnoni noted that while a shimmer attack can be successful, it requires a lot of manual work, making its effectiveness limited by the number of actual users of the compromised POS or ATM. properties were compromised by a malware attack. Identity Fraud On The Rise. has fallen significantly behind the curve.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

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.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

JUNE 9, 2020

This includes identity verification companies, which should only collect the information needed to provide an effective identity verification/onboarding experience and consider carefully what data, if any, is retained afterward.”. percent ‘less likely to be compromised.’ ” Securing That Which Is ‘Open’. “The

AML 52

AML MFA Authentication Verification 52

PYMNTS

JUNE 12, 2019

Compromised credentials are one of the most common causes of security breaches. While Google automatically blocks the majority of unauthorized sign-in attempts, adding 2-Step Verification (2SV) considerably improves account security.

Authentication 49

Authentication Bots Phishing Credential 49

Fintech Review

DECEMBER 3, 2024

Phishing attacks and malware remain prevalent, undermining consumer confidence. Two-factor authentication (2FA) and biometric verification add additional layers of protection. Striking the right balance is essential to encourage advancements without compromising security. In contrast, over-regulation can stifle innovation.

Payment Solutions 97

Payment Solutions Payments Contactless Payments Online and Mobile Banking 97

PYMNTS

MAY 12, 2017

. …………… Here are other top cybersecurity stories that made headlines this past week: One Million Gmail Users Affected By Google Docs Phishing Scam. percent of total users) were affected by an email phishing scam. Late last week, approximately one million Gmail users (or about 0.1 billion across organizations.

Business Email Compromise 51

Business Email Compromise ATM Phishing FBI 51

PYMNTS

DECEMBER 27, 2016

According to a report , a two-year study of more than 50,000 Google employees by Google determined that cryptographically based security keys are better than smartphones and other two-factor verification forms when it comes to keeping the bad guys out of accounts.

Account Takeovers 46

Account Takeovers Security Accounts Authentication 46

PYMNTS

FEBRUARY 3, 2020

Cybercriminals have more opportunities than ever to swipe debit card numbers and PINs from online consumers, and false websites, large-scale data breaches and skimming tools can compromise account information. Simply informing cardholders about the risks of debit fraud can also help payment players shore up their operations.

Debit Card 52

Debit Card Assessments Data Breach Online and Mobile Banking 52

Stax

APRIL 10, 2025

Benefits of contactless payments It gives your customers more flexibility and speeds up the checkout process Encryption and tokenization are defining features of NFC payments, helping to drastically reduce the risk of fraud It can be an additional payment method that will increase your market reach and attract more customers Drawbacks of contactless (..)

Small Business 88

Small Business Wire Transfer BNPL ACH 88

PYMNTS

JULY 15, 2020

With data showing that 45 percent of all 2019 data breaches — and there were a lot of them — involved medical records theft, costing healthcare providers $429 per compromised patient record or nearly $18 billion, organizations can’t be confused about their value to cyberthieves. Medical Records = Dark Web Gold.

Data Breach 58

Data Breach CCPA Breach Social Security 58

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. AI and its Role in Data Verification. One recent breach at U.S. JPMorgan Chase & Co.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

Seon

JUNE 27, 2024

As AI-driven progress continues to surge, questions arise about maintaining its progress over the long term without compromising security. AI’s capabilities, like machine learning algorithms, are being trained to identify and exploit vulnerabilities, automate phishing attacks and bypass traditional security measures.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

Seon

JUNE 21, 2023

Like any online account, virtual credit card accounts, the mobile wallets they are kept in, and even the online bank accounts they may be connected to are vulnerable to account takeover (ATO) fraud , phishing, and more sophisticated attacks, such as man-in-the-middle attacks. How Can Virtual Credit Card Fraud Affect Your Business?

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52

PYMNTS

MARCH 21, 2019

Patients can create myChart accounts off-site, but the process involves more rigorous, knowledge-based verification solutions. Forman added that even complex passwords can be compromised by identity thieves using techniques like email scams. “Phishing attacks are prevalent, and everyone will fall for one at one time or another,” he said.

Authentication 43

Authentication Compromise Phishing Database 43

Nanonets

MAY 31, 2023

Phishing Attacks: Fraudsters send deceptive emails or messages, often mimicking reputable organizations, to trick employees or customers into revealing their payment details. In 2021, a staggering 323,972 internet users worldwide became victims of phishing attacks, indicating that half of the cybercrime victims fell prey to this method.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Stax

DECEMBER 20, 2023

Secure transactions ensure you can maintain a trustworthy reputation with past and future customers, as well as reducing the financial losses that come from the fines and legal fees associated with compromising customer data. One of the most famous data breaches happened to Target in 2013.

Credit Cards 88

Credit Cards Small Business Process Security 88

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

Seon

MAY 23, 2024

This enables the fraudster to intercept authentication messages, bypassing security measures that rely on SMS verification. Other types of mobile malware attacks facilitated through malicious apps or software vulnerabilities can compromise the integrity of devices, providing attackers with unauthorized access to sensitive information.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

PYMNTS

MAY 2, 2019

trillion cybersecurity incidents each year, with spam email, scams and phishing schemes making up most of those attacks. It can’t all be blamed on passwords – but then, there are recent instances of how easily those tools can be compromised. His dim view of the password is informed by experience. Microsoft handles 6.5

Data Breach 55

Data Breach Security Breach Authentication 55

FICO

JANUARY 19, 2022

This extends to an operational level, at which account-based operations are segmented from transaction-based monitoring; if first-party fraud is suspected, it must be addressed separately from standard third-party suspicious fraud transaction verification queues. Phishing attacks are on the rise during the pandemic.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

PYMNTS

APRIL 7, 2017

Hall noted that among the most alarming statistics that loom from reports centered on cybersecurity, Verizon has noted that 63 percent of data breaches “happen because a login is compromised, whether it is stolen or whether it is phished …”. Authentication and verification, he said, should be placed in the context of the risk.

Cybersecurity 40

Cybersecurity Authentication Security Federal Reserve 40

Fintech Labs Insights

DECEMBER 14, 2016

At FinovateFall, Gandhi demonstrated REL-ID Verify , Uniken’s authentication and verification solution designed especially for logins from work and even publicly-accessible PCs (such as at a hotel business center). Finovate: How does Uniken solve the problem better?

Authentication 15

Authentication Credential Security Phishing 15