The Fintech Times

MAY 17, 2024

New data from Jumio , the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study , the third instalment of its annual global consumer research.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

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.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

PYMNTS

OCTOBER 8, 2018

The drill is well-known now, with a litany of familiar names amid data breaches. Card data stolen from millions of department store customers? And, of course, Facebook is now a household name in a less than savory field: data harvesting. Want to know the best approaches to identity verification?

Identity Theft 71

Identity Theft Verification Database Authentication 71

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 108

Deepfake APACS Scams Authentication 108

PYMNTS

JANUARY 23, 2020

billion consumer accounts fell victim to data breaches during the first half of 2019 — to the tune of $4 million in lost revenue per breach. More than 90 percent of Americans have fallen victim to online scams, data breaches, identity theft or other forms of fraud, though certain varieties are more common than others.

Phishing 64

Phishing Data Breach Breach Scams 64

Segpay

FEBRUARY 21, 2024

Tokenization: Generative AI contributes to the implementation of tokenization, a technique that replaces sensitive data, such as credit card numbers, with unique tokens. These tokens are generated for each transaction, reducing the risk of data breaches. This provides digital payment methods with an additional level of security.

AI 89

AI Innovation Fraud Detection Encryption 89

Segpay

DECEMBER 13, 2024

The Intersection of Data Privacy and Identity Management Source: ID Management Institute Identity management helps authenticate users and makes sure that only authorized individuals can access certain information. If a breach occurs, identity data, once compromised, is hard to restore.

Privacy 77

Privacy Compliance CCPA Authentication 77

PYMNTS

SEPTEMBER 13, 2018

In comparison, only 45 percent said they would prefer an authentication method due to its tight data security. At the same time, though, the risk of identity theft and fraud is at an all-time high.

Security 59

Security Identity Theft Authentication Verification 59

FICO

DECEMBER 19, 2016

With hackers hitting organizations from the Internal Revenue Service to the University of California, Berkeley in 2016, consumers are more anxious than ever about the downstream financial crime that follows data breaches. In the aftermath of the compromise of 5.6

Office of the Comptroller of the Currency 82

Office of the Comptroller of the Currency Cybersecurity Identity Theft Compromise 82

Clearly Payments

JULY 16, 2024

Medical Identity Theft: Fraudsters use stolen patient information to obtain medical services, prescriptions, or insurance reimbursements. million cases of medical identity theft, resulting in $41 billion in losses. Healthcare data breaches increased by 55% in 2023, affecting over 29 million records.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

OCTOBER 26, 2016

. “There’s no way the guest Wi-Fi at a retailer is going to let you into the point of sale; however, it would let you into the system, which then may be able to get to where the consumer data is,” Tinsley explained, “because they’ve thrown that consumer data on the other side of the firewall from the payment.”.

Payment Security 81

Payment Security Security Identity Theft Compromise 81

PYMNTS

FEBRUARY 20, 2019

A single data breach in 2017 exposed 143 million Americans’ credit details and personal information, and incidents that occurred a year later hit companies like Facebook, Google and Quora, affecting 100 million people. Chu noted that open banking is one way in which banks can protect against these verification lapses.

Checks 50

Checks Identity Theft Verification Breach 50

PYMNTS

AUGUST 21, 2018

When it comes to the bond between consumer and financial services, no doubt the relationship is a bit, well, frayed in the age of data breaches and the Dark Web. Data Point Four: 12 Percent. The FIs, aided by machine learning in their verification efforts, have potent weapons in the arsenal.

Data Breach 42

Data Breach Breach Laws Authentication 42

PYMNTS

AUGUST 20, 2019

Despite their popularity, platforms use weak identity verification and authentication techniques to sign on new users and login returning ones, which puts consumers data and digital identity at risk. Figure 1: Consumers’ satisfaction with select verification or authentication methods. In fact, 76.4

Economy 64

Economy Consumer Verification Authentication 64

Finovate

AUGUST 14, 2024

Digital identity verification innovator Socure has unveiled its Selfie Reverification solution. 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.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

PYMNTS

SEPTEMBER 19, 2019

The threat of a data breach is now an ever-present part of life for customers and the banks that serve them. A reported 3,813 data breaches across a number of industries — collectively exposing 4.1 Customers can easily become frustrated when asked to provide additional verification in mobile channels, however.

AI 57

AI Accounts Data Breach Credential 57

Clearly Payments

JANUARY 8, 2024

This can include stolen credit card information, identity theft, or fraudulent transactions. Security, Compliance, and Regulatory Risk: Cybersecurity risk involves the threat of data breaches and unauthorized access to sensitive payment information.

Risk Management 66

Risk Management Risk PCI DSS Process 66

FICO

FEBRUARY 5, 2018

Actually, application fraud and identity theft were the primary fraud risk concerns back in the early to mid-‘90s. However, we’ve now come full circle and are seeing a global resurgence in identity theft (as well as card not present or CNP fraud). What Data Do I Need to Fight Application Fraud?

Best Practices 60

Best Practices Identity Theft Online and Mobile Banking Risk 60

VISTA InfoSec

AUGUST 22, 2023

Privacy Considerations Associated with Biometric Data Despite augmenting the convenience and security of identity verification, biometric data introduces privacy considerations necessitating meticulous contemplation. Consent and Personal Control: The collection of biometric data raises consent and control concerns.

Privacy 130

Privacy Compliance Legal Best Practices 130

PYMNTS

APRIL 6, 2017

ID.me’s stance is simple: The identity ecosystem should be organized around the person, not around enterprises, and certainly not around a philosophy that perpetuates making passwords harder for everyone to remember. Hall said the identity industry needs to start with separating identity verification from authentication.

Authentication 48

Authentication Verification Credential Identity Theft 48

PYMNTS

SEPTEMBER 11, 2019

He pointed to password managers and services that alert consumers to the fact that passwords may have been exposed in data breaches (and so must be discarded). We’ll see more account takeovers, we will see more theft and certainly more identity theft.

Authentication 72

Authentication Identity Theft Account Takeovers Checks 72

Stax

NOVEMBER 27, 2023

Of course, financial criminal activity doesn’t have to just lead to monetary loss—it could also lead to a data breach of customer information. Introduce the customer identification program (CIP) Basically, the CIP requires that companies get four pieces of identifying information about their client for identity verification.

Due Diligence 88

Due Diligence Money Laundering AML Financial Crimes 88

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

Stax

APRIL 30, 2024

Payment processors are responsible for communicating the details among various entities, whereas payment gateways deal with verification and approval. In addition, there are other costs like statement fees, merchant account fees, and verification fees. It is often confused with the payment processor, but there’s a slight difference.

Process 88

Process Online and Mobile Banking PCI DSS Debit Card 88

PYMNTS

JULY 28, 2020

Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S. Banks typically verify new customers’ identities by asking them for personal details such as their employment information, previous addresses and Social Security numbers (SSNs). billion from the nation’s consumers in 2018.

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

JULY 25, 2017

When data breaches occur, jobs are on the line from the CIO down to lower-level IT personnel. . At 71 percent, as estimated by one secure payments processing firm, identity theft is the most common type of fraud. The impact of online fraud reaches far beyond the dollar count of sales lost. . the year before.

EMV 48

EMV Identity Theft Mitigation Breach 48

PYMNTS

MARCH 2, 2018

Thursday was the same day the company said that more individuals in the United States were hit by last year’s data breach than had been initially estimated. That’s a lot of compromised data, of course. Earnings on an adjusted basis, stripping out the impact of the data breach, were $1.42, compared to the $1.35

Breach 41

Breach Data Breach Identity Theft Data Security 41

PYMNTS

MARCH 29, 2019

Diachenko did some checking by cross-referencing the breached info with the HaveIBeenPwned database, which lists public breaches. Upon verification, I was shocked at the massive number of emails that were publicly accessible for anyone with an internet connection,” Diachenko said in the report.

Database 74

Database Accounts Breach Phishing 74

PYMNTS

MAY 15, 2018

This is why identity verification (IDV) is so important – but it’s also complex and difficult to execute well. Plus, data breaches have left a lot of those security responses exposed. Verification auditing should be the provider’s responsibility, not the organization’s, he said – that’s why they’re paying the vendor.

Verification 51

Verification Audit Database Compliance 51

Stax

JULY 9, 2024

Data breaches that compromise consumer payment or sensitive business data, identity theft, and other forms of fraudulent transactions are all current threats of doing business—however, that is simply part of doing business in today’s digital age. What is the future of EFTs?

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

PYMNTS

DECEMBER 20, 2019

Clean fraud is especially prevalent after any major data breach, when millions of stolen identities become available on darknet marketplaces. Friendly fraud is in many ways even more difficult to identify and combat than clean fraud because friendly fraudsters do not steal legitimate identities for their schemes.

Credit Cards 52

Credit Cards Data Breach Breach Phishing 52

PYMNTS

SEPTEMBER 18, 2017

And the data that was stolen, he added, is very much the type that is used when someone is talking on the phone, dialing straight in, so to speak, to identity theft. As for biometrics and real-time ID verification, he said, it’s rather unlikely that hackers are lugging around their own portable iris scanning technology.

Breach 46

Breach Identity Theft Credential Authentication 46

Nanonets

MAY 31, 2023

million individuals in the United States fell victim to identity theft in 2021. Data Breaches: Hackers infiltrate the organization's systems or third-party platforms to steal sensitive payment information and use it for fraudulent purposes. According to the Federal Trade Commission, USA, over 1.4

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Fintech Labs Insights

DECEMBER 20, 2016

At its FinDEVr Silicon Valley debut this fall , digital authentication specialist NuData demonstrated how its technology, NuDetect , enabled verification using a combination of behavioral biometrics identification and analytics, device location, and entity linking.

Security 17

Security Identity Theft Account Takeovers Fraud Detection 17

Seon

JUNE 21, 2023

As such, organizations need to be aware that VCCs are yet another digital temptation to attract online fraudsters, and that can lead to plenty of other layers of a data breach. Some corrupt websites claim to offer the generation of a VCC to innocent cardholders searching the internet for an alternative to physical credit cards.

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52

Finovate

DECEMBER 9, 2024

We talked with Gus Tomlinson, Managing Director, Identity Fraud, with identity verification, location intelligence, and fraud prevention solutions provider GBG , about the challenges faced by companies and organizations when it comes to fighting evolving fraud threats. The threat has risen to a new level.

Financial Crimes 69

Financial Crimes Crime Fraud Prevention Cross-Border 69

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.

Verification 75

Verification Authentication MFA Compliance 75