The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. Finally, AI tools also have applications in identity verification. How will AI tools evolve to combat new threats?

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

Fintech News

MARCH 25, 2024

This growth suggests that threat actors continued to invest in new methods to target mobile banking apps, developing new tools and techniques to execute fraudulent transactions, steal funds and commit identity theft , the report says. The captured information is then sent to a remote server controlled by cybercriminals.

Mobile Banking 117

Mobile Banking Online and Mobile Banking Identity Theft Credential 117

Payments Source

JULY 9, 2018

All service providers, even those with a strong security posture, are only as secure as the Home Depots, LinkedIns and Equifaxes of the world, argues George Avetisov, chief executive of HYPR.

Data Breach 67

Data Breach Credential Breach Service Provider 67

Segpay

OCTOBER 22, 2024

High-profile data breaches have made the risks of storing user IDs clear, with victims suffering from identity theft and financial loss. Verifiable Credentials (by IBM) : Uses blockchain for age and identity verification, providing encrypted digital credentials.

Verification 105

Verification Blockchain Privacy Encryption 105

PYMNTS

OCTOBER 25, 2016

LifeLock, the identity theft protection company, launched Monday (Oct. According to a report , the new mobile app, dubbed Identity, aims to give consumers one place where they can view all of their online accounts of different credit cards and update those accounts when there is new information, such as a new address or phone number.

Credit Cards 65

Credit Cards Accounts Identity Theft Credential 65

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.

Innovation 85

Innovation Security Bots Identity Theft 85

PYMNTS

OCTOBER 26, 2016

While POS solutions certainly have their place, Intel is encouraging a bigger dialogue around industry-wide standards that can do more than just check the box of PCI compliance to truly help protect consumers against identity theft and payments fraud. to provide additional layers of security. Covering All The (Data) Bases.

Payment Security 81

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.

Identity Theft 65

Identity Theft Breach Data Breach Phishing 65

PYMNTS

JUNE 21, 2016

Computer manufacturer Acer announced that hackers may have stolen the payment credentials of thousands of its customers. The company notes that the credentials may have been breached by a third party between the dates of May 12, 2015 and April 28, 2016. Canada and Puerto Rico, according to a letter from the company.

Compromise 42

Compromise Identity Theft Federal Trade Commission Credential 42

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

Fintech News

APRIL 22, 2024

Phishing scams employ social engineering tactics to trick users into revealing login credentials, allowing attackers to hijack accounts. The consequences of such attacks are severe, leading to financial losses, identity theft, and reputational damage for both users and financial institutions.

Phishing 117

Phishing Security Blocks Cybersecurity 117

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

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.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

Account Takeovers 96

Account Takeovers MFA Fraud Detection Credit Cards 96

PYMNTS

JUNE 8, 2016

percent of all ID theft reports to the FTC. “Identity theft reports to the FTC likely represent only the tip of a much larger iceberg. According to data from the Identity Theft Supplement to the 2014 National Crime Victimization Survey conducted by the U.S.

FTC 42

FTC Identity Theft Crime Credential 42

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Account Takeover Fraud Account takeover fraud involves cybercriminals gaining unauthorized access to a victim’s online account, often through the use of stolen login credentials or phishing schemes.

Account Takeovers 97

Account Takeovers Fraud Detection Phishing Fraud Prevention 97

PYMNTS

MAY 29, 2020

Those who receive a letter but did not apply should notify the UIA, as identity theft could have taken place. The scams have come in multiple forms, including fake email links to harmful malware and emails that appear to be from official sources that intend to glean personal information or login credentials illegally.

Identity Theft 52

Identity Theft Law Enforcement Scams Laws 52

PYMNTS

DECEMBER 23, 2020

According to the release, Khaim and Khaimov allegedly paid others to pose as the owners of pharmacies, hiring pharmacists to pretend to be supervisors, in order to obtain pharmacy licenses and credentials. Khaim was separately charged with two counts of concealment money laundering and one count of aggravated identity theft.

Money Laundering 60

Money Laundering IRS Identity Theft Law Enforcement 60

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.

Fraud Prevention 40

Fraud Prevention Identity Theft Account Takeovers Data Breach 40

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.

IRS 63

IRS Data Breach Identity Theft Breach 63

PYMNTS

JUNE 6, 2016

According to Krebs on Security , last week, several identity theft protection companies incorrectly named Dropbox as the source of a data breach that compromised nearly 73 million usernames and passwords.

Data Breach 42

Data Breach Breach Identity Theft Compromise 42

Payments Source

MAY 17, 2017

counterfeit card fraud declines with the advance of EMV, researchers say fraudsters seeking richer ground are reviving a familiar card scam based on creating fake credentials, known for many years as synthetic identity fraud.

EMV 64

EMV Credential Scams Research 64

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.

Deepfake 122

Deepfake APACS Scams Authentication 122

PYMNTS

AUGUST 24, 2018

What’s more, companies entering the space not only need to authenticate their customers’ identities when they make payments, but verify the sellers or workers receiving said payments, ensuring each side of a transaction is truly what it claims to be. Fighting Fraud.

Identity Theft 43

Identity Theft Data Breach Payments Credential 43

Payments Source

NOVEMBER 14, 2017

There is a visible shift in attack patterns immediately following a breach, from initial attacks focusing on high-value loan applications at online lenders to low-value identity testing on charities and social media sites to determine if a stolen credential will work.

Breach 64

Breach Credential Identity Theft Data Security 64

PYMNTS

SEPTEMBER 19, 2019

billion stolen credentials. Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1

AI 57

AI Accounts Data Breach Credential 57

PYMNTS

OCTOBER 30, 2017

According to John Krebs, manager of the identity theft program at the Federal Trade Commission (FTC), the situation between the good guys who are trying to protect the systems and the bad guys who are trying to break into and exploit them will always be very asymmetrical.

Identity Theft 69

Identity Theft FTC Account Takeovers Phishing 69

PYMNTS

MARCH 16, 2017

During the interview, he stated that spear phishing or social engineering “was the likely avenue of infiltration” used by hackers to steal the credentials of an “unsuspecting employee” at Yahoo. From there, hackers gained access to Yahoo’s internal networks, and the rest has gone down in cybersecurity history.

FBI 46

FBI Breach Identity Theft Data Breach 46

PYMNTS

APRIL 15, 2019

The marketplace operators sell the data to cybercriminals who use it for identity theft, online fraud and other crimes – and the data is worth anywhere from $5 to $200. The defendants also used stolen email credentials to copy a victim’s email contacts. Through this method, they sent tens of millions of malicious emails.”.

Money Laundering 51

Money Laundering Wire Wires Identity Theft 51

PYMNTS

FEBRUARY 7, 2018

Department of Justice said it had indicted 36 people from around the globe tied to an internet identity theft ring. Well, here, perhaps, is the hacker’s three dozen — and might there be more? According to reports by Reuters Wednesday, the U.S. The cybercriminals racked up nearly $530 million in losses to consumers and enterprises.

Crime 46

Crime Law Enforcement Identity Theft Debit Card 46

PYMNTS

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. This comes to approximately one hack every 39 seconds, and affects a wide range of businesses and customers.

Phishing 64

Phishing Data Breach Breach Scams 64

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. Synthetic identity theft — and all its subsequent fraud events — remains a treasured tactic among cybercriminals, and even today’s AI has trouble detecting it.

AI 53

AI Identity Theft Authentication Verification 53

Fintech Finance

JUNE 3, 2024

Red Expres shoppers can register their information, payment credentials and biometric on-site and effortlessly pay for their goods by placing their hand over a sensor at the payment terminal. This is the first Biometric Checkout Program pilot that allows shoppers to pay with their palms and the second pilot in the LAC region.

Visa 52

Visa Identity Theft Credential CHIPS 52

PYMNTS

FEBRUARY 21, 2020

Criminals might use faked credentials to sign up for monthly purchasing plans, gain services for 30 days, and then vanish once the first bill arrives. Business identity theft is used to launch everything from purchasing plan scams to tax and credit card application fraud, and it caused an estimated $137 million in damages in 2017.

B2B 61

B2B Scams Credential B2C 61

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.

Risk Management 52

Risk Management Mitigation Risk Identity Theft 52

PYMNTS

FEBRUARY 20, 2019

This type of identity theft is growing only more insidious for financial institutions (FIs), particularly in today’s digital world as the assault on stealing identities becomes more rampant. Everyone’s been comprised,” Chu noted.

Checks 50

Checks Identity Theft Verification Breach 50

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. “What’s going to change, quite significantly in the U.S.

Business Email Compromise 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71