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

FICO

FEBRUARY 16, 2023

While skimming events can impact hundreds of unknowing individuals, criminals will also continue to target consumers through phishing, smishing, scams, and other tactics to obtain cardholder data that can be used for card-not-present fraud. Banks should deploy fraud checks prior to authorizing any purchase or payment transaction.

Compromise 98

Compromise Debit Card Scams Smishing 98

PYMNTS

NOVEMBER 16, 2016

Research suggests that financial phishing scams jump up nearly 10 percent in frequency during the holiday shopping season. For example, about 34 percent of phishing scams were focused on procuring financial data in Q3 2015, but in Q4 (which covers the holiday shopping season), financial phishing accounted for more than 43 percent of scams.

Phishing 64

Phishing Authentication Scams Fraud Prevention 64

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