The Payments Association

NOVEMBER 20, 2024

Why are AI tools especially effective at fighting fraud? The technology is gaining traction because these tools excel at fraud detection in several ways. First, AI tools have much higher throughput than manual or non-software-based detection methods. For example, say you have an AI fraud solution configured to parse text.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

PYMNTS

NOVEMBER 26, 2019

Buguroo looks not only for new account fraud (NAF), but also fraud that is perpetrated when someone gains access to the system using stolen credentials. According to Buguroo, almost 33 percent of fraud comes from accounts that are supposedly legitimate but are actually controlled by fraudsters.

Fraud Detection 56

Fraud Detection Bots Cybersecurity Credential 56

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.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

Fi911

JULY 8, 2024

Furthermore, the growing sophistication of fraud techniques, including synthetic identity fraud and account takeovers, exacerbates the challenge. This makes it imperative for businesses to stay ahead with robust fraud detection and prevention strategies.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

Payments Source

MARCH 19, 2019

Fraud attacks against online food and beverage businesses in the U.S. increased by nearly 80 percent in the past year, as fraudsters have decided that dining establishments are the perfect places to test stolen card credentials.

Credential 104

Credential Risk Fraud Detection Payments 104

PYMNTS

SEPTEMBER 26, 2016

According to a study by PYMNTS in conjunction with fraud detection company Forter, fraud jumped 137 percent in the U.S. A common thread to many of these attacks is compromised or hijacked credentials that allow an attacker to pose as a legitimate entity.”. from March 2015 to March 2016.

Online and Mobile Banking 78

Online and Mobile Banking SWIFT Credential Central Bank 78

Fintech News

NOVEMBER 12, 2024

Visa unveils suite of new products and services Visa announced a suite of new products and services aimed at transforming the future of payments in the Asia Pacific (APAC) region: Visa Flexible Credential allows a single card to switch between various payment options, such as debit, credit, installment payments, or rewards redemption.

FinTech 107

FinTech Cross-Border Payments Cross-Border Payment APIs and Integration 107

Fi911

JANUARY 18, 2024

They often accomplish this by obtaining the victim’s login credentials through phishing emails, malware, or other fraudulent means. Once inside the account, the fraudster may withdraw funds, change account information, or use it to perpetrate further fraud. For example, a new line of credit.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

EBizCharge

MARCH 7, 2025

This step requires you to configure the connection by inputting essential credentials, such as API keys and identifiers provided by the payment gateway. Opt for a PCI-compliant gateway with encryption, tokenization, and fraud detection tools to protect customer data and prevent chargebacks.

Payment Gateways 52

Payment Gateways Gateways Payment APIs and Integration Payments 52

PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. About The Tracker.

Blocks 106

Blocks Identity Theft ATM Online and Mobile Banking 106

PYMNTS

MARCH 19, 2018

In addition to stolen credentials and skimmed cards at the fuel point-of-sale, employees are often able to overspend with their commercial fleet card products, or file fraudulent expense reports. Fraud detection and mitigation are essential to an enhanced customer relationship.

AI 61

AI Fraud Detection Mitigation Issuers 61

PYMNTS

SEPTEMBER 24, 2019

With billions of compromised credentials exposed online, there is a high likelihood that most users of the U.S. “FinCEN is seeing around 5,000 account takeover reports each month involving approximately $350 million,” he said. These are attempts, and, often because of diligent work by bank compliance officers, do not represent actual losses.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

PYMNTS

MAY 22, 2020

Banks must instead leverage multilayered defenses that harness employee and customer education, ironclad verification and artificial intelligence (AI)-enhanced fraud detection systems to keep customers’ money and personal data safe. People are one click away from a malware download or credential phishing [website].

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

Bank Automation

NOVEMBER 21, 2023

Anti-fraud and anti-money laundering companies are looking to AI to increase the efficiency of their detection models as digital fraud becomes more pervasive.

Account Takeovers 76

Account Takeovers Accounts Money Laundering Financial Crimes 76

Clearly Payments

DECEMBER 18, 2023

Security: Contactless transactions often have additional security features like tokenization and biometrics, reducing the risk of card skimming or fraud. Mobile Wallets: The popularity of mobile wallets like Apple Pay and Google Pay makes contactless seamless, as users carry their payment credentials on their phones.

Payments Trends 102

Payments Trends Online and Mobile Banking Payment APIs and Integration Contactless Payments 102

The Fintech Times

AUGUST 13, 2024

Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials. It’s important to remember that these attacks — stemming from a new and emerging technology — are taking place in an area struggling to fight back against other types of fraud.

AI 59

AI Fraud Detection Fraud Prevention Phishing 59

Payments Source

AUGUST 5, 2019

Featurespace has formed a partnership with Emailage to combat online application fraud, where criminals use stolen consumer credentials to apply for credit cards or bank accounts in victims’ names.

Credential 67

Credential Credit Cards Accounts Consumer 67

PYMNTS

JANUARY 31, 2020

These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods. Doug Clare, vice president of fraud product management at FICO – a consumer credit score, analytics software and fraud detection platform provider – knows this dilemma well.

ATM 59

ATM Debit Card Fraud Detection Credential 59

Segpay

JANUARY 21, 2025

This fraud has surged with the internet’s growth, particularly during the COVID-19 era, and presents a serious compliance challenge for merchants, acquirers, and payment facilitators. Historical cases, such as the Pay2Us scandal, highlight the costly consequences of failing to detect these schemes.

Transactions 40

Transactions Fraud Detection Credential Facilitators 40

Payments Source

NOVEMBER 19, 2017

Widespread data breaches have sparked a rise in account-takeover fraud using stolen consumer credentials, prompting merchants to crack down on suspicious purchases. But too many legitimate customers are getting caught in the process.

Account Takeovers 61

Account Takeovers Data Breach Credential Breach 61

Seon

JANUARY 29, 2024

This is your complete guide to understanding and detecting account takeover (ATO) fraud in your business. What Is Account Takeover Fraud? In layman’s terms, users may refer to account takeover fraud as account hacking – when they realize someone stole their online credentials.

Account Takeovers 52

Account Takeovers Accounts Fraud Prevention Fraud Detection 52

PYMNTS

JANUARY 8, 2020

Not only that, but criminals operating in the general travel space will use stolen payment credentials to book a trip online before trying to resell that booking somewhere else at a lower price. Sure, as PYMNTS research has shown, some big, famous travel operators are pushing the frontier of fraud detection and prevention.

Fraud Detection 54

Fraud Detection Push-to-Card Fraud Prevention Credential 54

Fintech News

OCTOBER 28, 2024

Wimika’s solution, MoneyGuard, is a cyber fraud insurance solution that offers individual bank customers rapid reimbursement of lost funds within seven days. Powered by advanced fraud detection and seamless integration with financial institutions, it provides peace of mind and financial security against financial cyber fraud.

FinTech 114

FinTech Financial Literacy Cross-Border Distributed Ledger Technology (DLT) 114

PYMNTS

FEBRUARY 3, 2020

More sophisticated fraud detection systems force cybercriminals to rely on more subtle attacks, such as building false identities that appear real until money changes hands. AI could profoundly impact sharing marketplaces’ fraud detection, especially as fraudsters develop their own increasingly sophisticated technologies.

AI 53

AI Security Consumer Fraud Detection 53

PYMNTS

DECEMBER 18, 2019

Many of these schemes take the form of clean fraud or friendly fraud — which sound innocuous, but are actually never-ending threats that many fraud-fighting systems are ill-equipped to counter. For more on these and other digital fraud news items, download this month’s Tracker.

AI 52

AI Fraud Detection Cryptocurrency Risk Assessment 52

PYMNTS

NOVEMBER 26, 2019

Against that backdrop, bad actors are changing their strategies to gain access to users’ online bank credentials. FIs must ensure that their analytics and business intelligence efforts are constantly recalibrated, with an eye on fraud detection, user friction and false positives. Fraud is not static, said Srinivasan.

Real Time Payments 61

Real Time Payments Authentication Fraud Prevention Credential 61

The Fintech Times

OCTOBER 21, 2024

The new Bank Verification solution will onboard real users faster and prevent illicit activities by automatically retrieving important identity information — such as the users’ names, IBANs, and familiar bank login credentials to speed up the process.

Verification 52

Verification Compliance IBAN Fraud Detection 52

Clearly Payments

JANUARY 8, 2024

Additionally, leveraging advanced fraud detection tools and machine learning algorithms in real-time helps analyze transaction patterns and differentiate between legitimate and potentially fraudulent activities.

Risk Management 97

Risk Management Risk PCI DSS Process 97

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

PYMNTS

OCTOBER 22, 2020

In addition, we developed an array of new DIY servicing capabilities, including enhanced functionality to facilitate payments, report fraud and send past-due notifications. In addition, we implemented several fraud detection enhancements that we deemed critical amid customers’ increased eCommerce spending.

Fraud Detection 52

Fraud Detection Credit Cards Credential Adjustments 52

PYMNTS

MAY 20, 2020

False positives are the bane of fraud fighters everywhere, as they penalize legitimate customers due to the behavior of bad actors illicitly armed with credentials, card numbers and accounts. Turning away a good order is so damaging,” Rich Stupp y, chief customer experience officer at Kount, told PYMNTS.

Fraud Prevention 52

Fraud Prevention AI Fraud Detection Rules 52

PYMNTS

DECEMBER 17, 2019

Fraud threatens everyone, yet customers rely on their banks for protection. One study determined that roughly one-third of consumers have been victimized by fraud, leading them to contact their financial institutions (FIs) to change login credentials, cancel credit cards and guard against suspicious transactions.

Technology 56

Technology Data Breach Breach TCH 56

PYMNTS

JANUARY 16, 2020

Fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. The platform now offers real-time authentication, as well as fraud detection tools that examine voice and other biometric factors.

AI 53

AI Identity Theft Authentication Verification 53

Segpay

MARCH 10, 2025

Security & Fraud Prevention Given the high-risk nature of online gaming, security is non-negotiable. Look for a gateway that includes PCI compliance, fraud detection tools, chargeback mitigation strategies, and AI-driven risk analysis to protect transactions and user data.

Payment Gateways 40

Payment Gateways Gateways Payment Solutions Payment APIs and Integration 40

PYMNTS

JANUARY 24, 2020

The degree to which an issuer is able to establish trust in a consumer’s identity … and [bind] it to strong credentials is the same degree to which you can have a trusted transaction with a merchant,” he said. Merchants can better trust transactions made with cards issued by firms with strong authentication approaches, for example. .

Issuers 61

Issuers Card Issuer Authentication Processors 61

EBizCharge

MARCH 3, 2025

This method helps verify your customers identity, reducing fraud and enhancing payment security. Advanced fraud detection tools monitor and analyze payment transactions for suspicious activities. By catching unusual patterns, these tools help prevent fraud before it can threaten the business or affect financial statements.

Credit Cards 52

Credit Cards Process Payment Gateways Payment APIs and Integration 52

Nanonets

JANUARY 28, 2024

Unauthorized transactions, fraud or theft Companies worldwide lose up to 5% of their revenue to fraud and theft. This could be due to unauthorized employee transactions or theft of credit card or bank account credentials. Automate fraud detection, bank reconciliations or accounting processes with a ready-to-use custom workflow.

Reconciliation 52

Reconciliation Automation Fraud Detection Duplicate 52