Fintech News

JUNE 6, 2024

Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841).

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Scams Phishing Deepfake Verification 90

VISTA InfoSec

JUNE 21, 2023

Businesses with a dedicated cybersecurity team, who are likely to have identified the breach initially, should secure any systems, patch software, change access codes, and so on. You can also include links to up-to-date information on identity theft if appropriate.

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Data Breach Breach Law Enforcement Cybersecurity 130

Segpay

FEBRUARY 21, 2024

Analyzing patterns and anomalies identifies potential risks associated with identity theft or fraudulent activities. Generative AI in Security: Advanced Threat Detection: Generative AI is a game-changer in cybersecurity, providing advanced threat detection capabilities.

AI 90

AI Innovation Fraud Detection Encryption 90

Fintech Finance

MARCH 18, 2024

. “As enterprise businesses navigate the evolving commerce arena, heightened cybersecurity is undeniable. “Our partnership with Equifax showcases our unwavering commitment to cybersecurity, bolstered by a focus on enhancing trust in every transaction. We were operational within just one hour.”

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Fraud Prevention Fraud Detection Identity Theft Cybersecurity 52

Clearly Payments

MARCH 4, 2024

The stolen data was then exfiltrated from the network and, ultimately, used for fraudulent purposes, including unauthorized purchases and identity theft. Operation Phish Phry (2009) Operation Phish Phry stands as a testament to the cunning and audacity of cyber criminals orchestrating large-scale payment processing fraud.

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Phishing Data Breach Law Enforcement Money Laundering 59

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 107

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. Hook is a type of malicious software specifically designed to target mobile banking apps.

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Mobile Banking Online and Mobile Banking Identity Theft Credential 97

PYMNTS

MAY 21, 2020

Artificial intelligence (AI) and machine learning (ML) can analyze the thousands of transactions banks process each day in real time, and employee education efforts are proving effective in preventing deception via phishing emails or other social engineering techniques. The identity theft rate in 2019 was 46.4 percent of 3.2

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Financial Crimes Crime Identity Theft Federal Trade Commission 52

PYMNTS

APRIL 12, 2020

With governments imposing lockdowns to contain the virus, hackers have been known to pose as banks or other legitimate institutions to try to glean access to people’s private information to use for nefarious means, such as identity theft. Italian law enforcement officials said the country has seen a rise in this kind of activity.

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Data Breach Breach Identity Theft Law Enforcement 122

Seon

JANUARY 29, 2024

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. This could be accidental, or more sophisticated, for example following a mass phishing email campaign. There are many paths to successful ATO fraud.

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Account Takeovers Accounts Fraud Prevention Fraud Detection 52

PYMNTS

FEBRUARY 19, 2019

What’s more, fraudsters are getting smarter, building out identities and initiating money transactions that are made to appear as legitimate as possible before making their move. Yet, how can banks protect against identity theft and application fraud with so many details compromised? Inverting the Fraud Approach.

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Identity Theft Data Breach Breach Verification 63

Center for Payments

SEPTEMBER 1, 2023

Strengthened Cybersecurity One of the critical aspects of payment preparedness is bolstering cybersecurity measures. National Preparedness Month serves as an opportunity to reinforce cybersecurity practices, such as implementing strong authentication protocols, regularly updating software and systems, and conducting security audits.

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Payment Security Security Cybersecurity Identity Theft 40

PYMNTS

SEPTEMBER 16, 2020

Fraudsters’ attacks on universities’ systems have become more frequent in recent years, revealing just how critical it is for universities to bolster their cybersecurity amid the push to remote learning. Digital onboarding has also created various issues for universities, prompting them to reexamine their cybersecurity protocols.

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PYMNTS

OCTOBER 30, 2018

Corporate cybersecurity is an ever-increasing focus of government entities, with the U.S. Late last week, the FTC rolled out a series of informational resources for nonprofits and small businesses (SMBs) to heighten awareness and understanding of cybersecurity threats and how to mitigate them.

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FTC Cybersecurity Small Business Federal Trade Commission 73

PYMNTS

MAY 4, 2020

Three common forms of fraud that can threaten credit unions (CUs) are check fraud, card fraud and automated clearing house (ACH) fraud, and fraudsters often deploy phishing emails to deceive and defraud customers. Rise in Phishing Attacks and Data Breaches. Phishing attacks can also target CU employees.

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Phishing Credit Union Breach Data Breach 56

The Fintech Times

MARCH 6, 2024

Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering. In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies.

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AI Fraud Prevention Identity Theft Deepfake 59

The Fintech Times

JANUARY 17, 2024

AI: Fighting the emerging threat Two-thirds (66 per cent) of financial industry respondents think the use of AI by fraudsters and other criminals poses a growing cybersecurity threat. Risks include deepfakes, sophisticated cyber hacks, and the use of generative AI to create malware.

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AI Financial Crimes Crime Security 59

PYMNTS

MAY 19, 2020

SafetyDetective said Natura customers should be vigilant against identity theft, change their account passwords and keep a close eye on their payment card transactions for signs of any suspicious activity. The risk of phishing and phone scams is also raised by the Natura data leak,” Sen said, according to the report.

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Identity Theft Payment APIs and Integration Payment-Related Information Phishing 93

PYMNTS

OCTOBER 7, 2020

These bad actors are tapping everything from tried and true phishing schemes to tailored identity theft to scrape data from these digital sites, and not properly protecting against these efforts can lead to significant strain. The expanding presence of online fraud is affecting how customers search for new businesses, in fact.

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Verification Identity Theft Online and Mobile Banking Authentication 89

The Fintech Times

FEBRUARY 23, 2024

Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.

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Deepfake Continuity Risk Smishing 69

PYMNTS

MAY 22, 2018

In order to prevent cybersecurity attacks, U.K. Butler said cybercrimes are rapidly increasing their focus on identity theft , phishing and malware attacks. The FCA said U.K. banks spend around $6.7 billion each year fighting financial crimes, which is more than the budget of its national prison system. Staff in U.K.

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Crime Identity Theft Money Laundering Financial Crimes 40

Payment Savvy

DECEMBER 3, 2020

It’s why cybersecurity is important to all businesses, no matter the size. Cyber frauds can take place in several forms, including: Identity theft is when an attacker gets personal information about an individual and uses it to commit fraud without their consent.

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Encryption Data Encryption Identity Theft Cybersecurity 52

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. Looking for the best defense?

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Identity Theft Breach Data Breach Phishing 65

PYMNTS

JANUARY 30, 2017

The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. This week’s data digest is all about, well, data. 1,093 data breaches hit entities in the U.S.

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Data Security Government Governance Data Breach 54

PYMNTS

MARCH 29, 2019

Cybersecurity expert Bob Diachenko discovered the breach and contacted the Verifications.io It also puts people at risk for robo calls and phishing attacks, which will try to lure even more personal information out of people. support team. The company has since taken down its website.

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PYMNTS

JANUARY 24, 2017

According to a report highlighting findings from the Identity Theft Resource Center and CyberScout, data breaches in the U.S. For the eighth year in a row, hacking, skimming, and phishing were the main drivers of data breaches, representing 55.5 Some 64 percent of all data breaches involve identity and personal data theft.

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Data Breach Breach Identity Theft Phishing 40

VISTA InfoSec

JULY 5, 2023

With the proliferation of people paying hospital bills and health insurance using credit and debit cards, the risk of identity theft has also augmented exponentially! PCI DSS is a robust cybersecurity standard that is endorsed by all the major credit card and payment processing companies. million between May 2020 and March 2021.

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PYMNTS

OCTOBER 9, 2020

Consumers are beginning to place a higher value on cybersecurity when shopping online, a shift that was already occurring before the ongoing pandemic accelerated the move to digital. It also looks at the role that debit cards are continuing to play in commerce, and why protecting these payment details is essential for retailers.

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Automation Debit Card Identity Theft Contactless Payments 75

PYMNTS

MAY 1, 2017

Phishing attacks can happen to even the most vigilant among us. The DoJ has since charged Rimašauskas with one count of money wire fraud, three counts of money laundering and one count of aggravated identity theft. It doesn’t matter where or who you are. At the end of March , the U.S.

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Scams Business Email Compromise Email Compromise Identity Theft 47

PYMNTS

MARCH 6, 2017

In 2016, there were 1,093 data breaches according to the Identity Theft Resource Center – a 40% increase over the 2015 data breach number of 781. organizations experienced at least one malware-related incident over the previous 12 months, with 58% acknowledging occasional or frequent malware threats.

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Data Breach Third Party Vendors Encryption Identity Theft 47

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 Account Takeovers FTC Phishing 69

PYMNTS

MAY 13, 2016

In a press release, David Marsyla, founder and CEO of Chip Shield, explained: “We’ve all been getting these new chip cards from our banks to help with fraud in stores, but when we go online, we type in the same old 16-digit card number or use logins and passwords that can be easily stolen by viruses and phishing attacks.

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CHIPS Chip Cards Identity Theft Online and Mobile Banking 40

PYMNTS

JUNE 27, 2016

Locsin faces charges of conspiracy to commit bank fraud and aggravated identity theft, with the conspiracy count alone carrying a maximum sentence of 30 years in prison. Attorney for the Central District of California alleges, was behind a phishing scheme between Nov. A spokesman for U.S. 2012 and Sept.

Payments Data 40

Payments Data Identity Theft Wire Transfer Compromise 40

PYMNTS

JANUARY 23, 2017

Its latest analysis, released in conjunction with the Identity Theft Resource Center, found an all-time-high number of data breaches, with 1,093 incidents recorded in 2016. But researchers questioned whether the increase is due to more breaches or simply more publicly available data on the topic.

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Risk AFP Identity Theft Email Compromise 43

PYMNTS

JANUARY 27, 2017

The SEC will investigate whether Yahoo’s disclosures about the cyberattacks aligned with civil securities laws that require firms to disclose cybersecurity issues at the point they become of material interest to investors. Of all records exposed across all industries, 72 percent were uncovered across hacking, phishing and skimming efforts.

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Data Breach Breach Security Risk 71

PYMNTS

MAY 2, 2017

In other news of note from the Facebook space, it recently came to light that the social media giant, along with Google, were the heretofore unnamed victims of a combined $100 million phishing attack earlier this year. At the end of March , the U.S.

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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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