PYMNTS

FEBRUARY 19, 2019

With a wealth of stolen credentials to pick from in the wake of several data breaches that comprised the identities of millions, fraudsters have more resources than ever. Yet, how can banks protect against identity theft and application fraud with so many details compromised? Fraud is rampant and thriving.

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Identity Theft Data Breach Breach Verification 63

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.

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Account Takeovers MFA Fraud Detection Credit Cards 93

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

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. Deep Dive: Keeping Digital-First Banking Secure With AI, Biometrics.

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Blocks Identity Theft ATM Online and Mobile Banking 106

Innovative Payments Association

JUNE 26, 2024

We believe it may have been an account takeover or at the very least, someone who illegally obtained her personal credentials and instigated a couple of small financial transactions that I am sure were designed to see if it was possible to begin transferring money out of her account.

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Scams Federal Trade Commission Identity Theft Law Enforcement 52

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 112

Seon

JUNE 15, 2023

Fraudsters use manipulation tactics such as email-based phishing or take advantage of leaked company data to gain access to – and take over – one or more of the business’s accounts. A BEC attack is when a fraudster gains unauthorized access to a business’s account. The most damaging form of BEC is account takeover (ATO) attacks.

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Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

SEPTEMBER 24, 2019

With billions of compromised credentials exposed online, there is a high likelihood that most users of the U.S. Criminals will get this info through hacking or by social engineering and phishing. “These are attempts, and, often because of diligent work by bank compliance officers, do not represent actual losses.

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Fincen Account Takeovers Identity Theft Financial Crimes 71

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. Phishing for Paychecks. HR departments need be on the alert for a new type of phishing scam that asks for reroutes on direct deposit accounts, CNBC reported.

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Money Laundering Wire Wires Identity Theft 51

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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Identity Theft Breach Data Breach Phishing 65

PYMNTS

JANUARY 20, 2020

Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Bad actors have taken full advantage of the online world’s increasing fragmentation as consumers and businesses alike interact across dozens of channels.

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Identity Theft Fraud Prevention AI Scams 54

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.

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Identity Theft Account Takeovers FTC Phishing 69

PYMNTS

MAY 6, 2020

Fraudsters can also carefully hoard a cache of stolen bank account data, credit and debit card information, Social Security numbers and other details to impersonate legitimate customers, using these details outright or cobbling them together to perpetrate identity theft, new account fraud and gain entry to other platforms.

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Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

MARCH 16, 2017

Malcolm Palmore, assistant special agent in charge of the FBI’s San Francisco Cyber Division, told Ars Technica that the agency believes the hack started back in 2014 when a Yahoo employee fell victim to a spear phishing email campaign.

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FBI Breach Identity Theft Data Breach 46

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?

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Credit Cards Risk Online and Mobile Banking Phishing 52