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.

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Deepfake APACS Scams Authentication 122

PYMNTS

JANUARY 27, 2021

Some cybercriminals steal other individuals’ identities, while others construct new ones for synthetic identity fraud. The Federal Reserve determined that synthetic identity fraud costs FIs $6 billion annually , with each incident costing lenders between $10 and $15,000.

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Innovation Security Bots Identity Theft 85

PYMNTS

OCTOBER 26, 2016

. “There’s no way the guest Wi-Fi at a retailer is going to let you into the point of sale; however, it would let you into the system, which then may be able to get to where the consumer data is,” Tinsley explained, “because they’ve thrown that consumer data on the other side of the firewall from the payment.”.

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Payment Security Security Identity Theft Compromise 81

FICO

MARCH 6, 2017

Criminals are looking to gain financially in three main ways: Data breaches to feed identity theft. Third-party fraud is fuelled by identity theft, and breached data gives criminals the information they need to take over someone’s identity. Cyber-attacks with financial demands.

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PYMNTS

MARCH 29, 2017

Online retailers just got a new tool in the fight against identity theft and fraud. XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows.

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Fraud Prevention Identity Theft Account Takeovers Data Breach 40

Finovate

AUGUST 14, 2024

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. “Identity verification isn’t a one-time event. Johnny Ayers is Socure’s founder and CEO.

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Credential FinTech Deepfake Fraud Detection 64

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 billion stolen credentials. billion stolen credentials. This is where AI and ML technologies can come in handy.

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FICO

MAY 15, 2018

As a drumbeat of data breaches becomes the new reality — 42% of organizations breached in 2017 were breached in the past — it’s easy for consumers to throw up their hands and brace themselves for becoming a victim of identity theft or other financial crime. Four Steps to Protect Yourself from Charity Fraud.

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IRS Data Breach Identity Theft Breach 63

Clearly Payments

JULY 16, 2024

Phishing and Social Engineering: Attackers deceive employees or customers into divulging sensitive information, such as login credentials or personal identification numbers (PINs). Medical Identity Theft: Fraudsters use stolen patient information to obtain medical services, prescriptions, or insurance reimbursements.

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Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

MARCH 16, 2017

The Department of Justice bringing charges against two spies in Russia and two hackers who allegedly took part in the massive data breach that rocked Yahoo recently has now shed light on exactly how these breaches took place. This past fall, Yahoo disclosed a massive breach of user accounts that impacted 500 million people.

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PYMNTS

AUGUST 24, 2018

Identity theft has become a pervasive threat in the marketplace sector, particularly as fraudsters develop additional tools and techniques in their quests to commit cybercrime. Breaches and fraud attacks don’t just cost companies in stolen revenue, however. Fighting Fraud. Approximately 31.7 Approximately 31.7

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Identity Theft Data Breach Payments Credential 43

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.

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Risk Management Risk PCI DSS Process 97

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. The numbers just keep adding up. Because fraudsters are raising their chickens. Everyone’s been comprised,” Chu noted.

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Checks Identity Theft Verification Breach 50

Seon

JUNE 15, 2023

Despite its versatility, BEC invariably involves the misuse of compromised login credentials, with the aim of accessing sensitive information located in various business accounts (not just email inboxes – fraudsters also target intranet documents, HR records, and plenty of other sensitive archives). Let’s take a look at some of the key ones.

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Email Compromise Compromise Business Email Compromise Risk 52

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.

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Risk Management Mitigation Risk Identity Theft 52

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. Ownership is what deals with identity, and the locks are who has delegated access on behalf of that identity. “If

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Seon

JANUARY 29, 2024

In layman’s terms, users may refer to account takeover fraud as account hacking – when they realize someone stole their online credentials. It is also considered a form of identity theft, because it happens when someone logs into an account that isn’t theirs to exploit it. What Is Account Takeover Fraud?

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Account Takeovers Accounts Fraud Prevention Fraud Detection 52

PYMNTS

MAY 5, 2017

It’s been a big week in the broader cybersecurity realm, starting with a data breach of Sabre Corporation’s hospitality unit. The DoJ has since charged the man with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft.

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Breach Business Email Compromise Data Breach Cybersecurity 45

PYMNTS

SEPTEMBER 18, 2017

The options aren’t much better, and hinge on a significant quandary: How do they know that the person for whom they are opening a new account, authorizing a transaction on a credit card or extending a line of credit is the rightful owner of the credentials they’ve produced? .

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Breach Identity Theft Credential Authentication 46

Stax

JULY 16, 2024

Compliance with PCI Data Security Standard regulations prevents shortcomings and vulnerabilities in payment processing, thereby reducing the risk of fraud, identity theft, and cyberattacks. TL;DR PCI DSS is a set of protocols to be followed by companies that store, process, and transmit cardholder data.

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PCI DSS Compliance Credit Cards Encryption 88

PYMNTS

MAY 15, 2018

Their goal is to trick businesses into thinking they are legitimate customers so they can leverage credentials and money that aren’t truly theirs. This is why identity verification (IDV) is so important – but it’s also complex and difficult to execute well. Plus, data breaches have left a lot of those security responses exposed.

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Seon

JUNE 21, 2023

As such, organizations need to be aware that VCCs are yet another digital temptation to attract online fraudsters, and that can lead to plenty of other layers of a data breach. Some corrupt websites claim to offer the generation of a VCC to innocent cardholders searching the internet for an alternative to physical credit cards.

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Credit Cards Risk Online and Mobile Banking Phishing 52

Segpay

DECEMBER 19, 2024

With growing concerns around data breaches, identity theft, and unauthorized access, organizations need to ensure that only authenticated users can access their systems and sensitive information. This streamlines the login process, reduces password hassles, and improves productivity.

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