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 108

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.

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AI Identity Theft Authentication Verification 53

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. Chu noted that open banking is one way in which banks can protect against these verification lapses.

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Checks Identity Theft Verification Breach 50

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

FEBRUARY 21, 2020

B2B merchants must quickly determine remote potential buyers are who they say, a process typically achieved through data collection and identity verification solutions. The internet provides bad actors with plenty of opportunities, meaning companies’ verification methods must be robust. False Positives and Data Security.

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B2B Scams Credential B2C 61

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.

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Phishing Data Breach Breach Scams 64

PYMNTS

APRIL 6, 2017

During a recent webinar hosted by PYMNTS on this very topic, everyone agreed that there needs to be an effort made to solve the identity verification/authentication problem. Hall said the identity industry needs to start with separating identity verification from authentication.

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Authentication Verification Credential Identity Theft 48

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. Customers can easily become frustrated when asked to provide additional verification in mobile channels, however.

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AI Accounts Data Breach Credential 57

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. The best approach is therefore to use several technologies and apply multiple verification strategies to ensure that fraudsters do not slip through the cracks. The Technology Barrier .

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Identity Theft Fraud Prevention AI Scams 54

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

OCTOBER 18, 2019

It’s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and … keep stealing. No surprise, then, that identity theft is on the rise. Those victims are kids — in some cases, even infants.

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Identity Theft Social Security Money Laundering Fraud Prevention 42

PYMNTS

APRIL 17, 2018

Patent and Trademark Office last week, describes how a semi-private or private blockchain could be used to receive and store identity data, including a “name, a street address, tax identification number” and more. The company has filed for more than 35 patents in blockchain technology.

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Visa Blockchain Credential Blocks 52

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

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

Nanonets

SEPTEMBER 14, 2023

  Legal Document Verification In the legal industry, signature detection serves a fundamental role in verifying signatures on a wide array of documents. Ensuring the authenticity of academic records and certifications is of paramount importance for educational accreditation, employment verification, and academic credential verification.

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Clearly Payments

JANUARY 8, 2024

This can include stolen credit card information, identity theft, or fraudulent transactions. The first step is implementing robust authentication processes, including multi-factor authentication, biometric verification , and tokenization , to enhance user access security.

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Risk Management Risk PCI DSS Process 66

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.

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Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. The focus for payment transaction monitoring is slightly adjacent. Fraud transaction monitoring’s scope is narrow.

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Transactions Fraud Prevention Regulatory Compliance Payments 52

FICO

NOVEMBER 25, 2019

You can read the product announcement here , but read on to learn why we launched FICO® Identity Proofing and FICO® Authentication Suite. Biometric data — such as your face, voice, retinal scan, or fingerprint — has been in use for several years as an identity credential. Vanilla” Biometrics Aren’t Strong Enough.

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Authentication Online and Mobile Banking Non-Bank Enrollments 52

PYMNTS

MARCH 29, 2018

It’s one thing to confirm that a consumer is who he says he is, but it’s an entirely different matter to ensure that consumer is authorized to use the account, payments credentials or profile data he is presenting — and to verify that usage is in pursuit of a legitimate business purpose.

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Authentication Risk Compliance Database 43

Seon

JUNE 21, 2023

Those people can be enticed by the offer of a VCC and ultimately tricked into providing their financial information, leading to cases of phishing and/or identity theft. 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. Jumio (Austria, UK) Jumio is a global leader in identity verification with European offices in Austria and London.

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