PYMNTS

JULY 9, 2020

Breaches like those experienced by Equifax in 2017 and Capital One in 2019 may have contributed to the high prevalence of identity thefts reported in 2019, with new data revealing that such attacks comprised 20.33 percent of all fraud reported in 2019. Read the full story in the Playbook.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

Stax

AUGUST 22, 2024

Identity theft, data breaches, and chargeback fraud are some of the most common types of risks. This is why you need robust fraud detection mechanisms and ensure that they are up-to-date. We now have fraud detection systems that use machine learning and AI to identify and prevent fraud and cyberattacks.

Risk Management 88

Risk Management Risk Regulatory Compliance Payment APIs and Integration 88

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.

Account Takeovers 52

Account Takeovers Accounts Fraud Prevention Fraud Detection 52

Seon

JULY 10, 2024

These may include various types of fraud, such as identity theft, account takeover, payment fraud and application fraud. Fraud transaction monitoring’s scope is narrow. It focuses on monitoring transactions to identify and detect fraudulent activities related to money movement.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

The Payments Association

OCTOBER 4, 2024

Security concerns and fraud prevention One of the most significant challenges is the persistent threat of fraud. Cybercriminals are constantly innovating, targeting vulnerabilities in payment systems to carry out unauthorised transactions, identity theft, and data breaches.

Cross-Border Payments 88

Cross-Border Payments Online and Mobile Banking Cross-Border Alternative Payment Methods 88

PYMNTS

FEBRUARY 18, 2020

This creates new security challenges as firms must learn to centrally manage their fraud protection methods while also gauging threats across many different channels. Fraud orchestration can help solve this issue as it allows banks to build holistic fraud prevention defense systems and gain 360-degree views of their customers.

Authentication 52

Authentication Identity Theft Multifactor Authentication Fraud Prevention 52

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.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

FICO

NOVEMBER 30, 2022

But there are other significant actions that, when implemented as a part of a layered approach to fraud prevention, can make a big difference in protecting consumers and lowering false positives. FIs need a different perspective to identify when APP fraud is happening. Explore all our fraud prevention and detection offerings.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52

FICO

APRIL 26, 2023

The challenge for banks is balancing the ease and convenience of RTP with fraud prevention for authorized push payment fraud (APP fraud) – without impacting customer experience. Better detection Overwhelmingly, customers want banks to improve their fraud detection capabilities to stop scams before they happen.

Scams 52

Scams RTP Push-to-Card Fraud Detection 52

PYMNTS

NOVEMBER 4, 2019

In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. According to a new LexisNexis study , overall retail fraud attempts doubled year-over-year and tripled since 2017.

Online and Mobile Banking 49

Online and Mobile Banking Cross-Border Federal Trade Commission Fraud Prevention 49

PYMNTS

JANUARY 16, 2020

The platform now offers real-time authentication, as well as fraud detection tools that examine voice and other biometric factors. A Multi-Layered Fraud Approach Critical To Consumer Data Protection. For more on this and other stories, visit the Playbook’s News & Trends section.

AI 53

AI Identity Theft Authentication Verification 53

PYMNTS

JUNE 13, 2019

Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. These are patterns that would not be visible to the naked eye.”.

AI 44

AI Account Takeovers Fraud Detection Online and Mobile Banking 44

FICO

JULY 26, 2018

Derek has worked in machine learning and advanced analytics for 20+ years, and he is a specialist in the development and application of predictive analytics for application fraud detection. What do you see as the biggest challenges for machine learning to fight application fraud. Want to learn more?

AI 45

AI Fraud Detection Rules Identity Theft 45

PYMNTS

JULY 28, 2020

Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S. One study found that FIs’ traditional fraud detection approaches failed to flag between 85 percent and 95 percent of credit applicants believed to be using synthetic IDs, for example. .

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

JULY 25, 2017

The increased use of machine learning was found to be one of the main contributing factors in helping to reduce fraud across most industries, except for department stores and jewelry stores.

Bots 78

Bots AI Fraud Detection Fraud Prevention 78

PYMNTS

MARCH 1, 2019

And that’s causing a problem that goes beyond more traditional forms of ID fraud. In a new PYMNTS discussion, Yinglian Xie, CEO and co-founder at DataVisor , a fraud detection services provider, takes a look at the growth and tactics of synthetic ID fraud.

Social Security 60

Social Security Fraud Prevention Crime Fraud Detection 60

Core

FEBRUARY 6, 2024

Government fraud in payments can involve several practices, including: Altered documentation Embezzlement False billing Forgery Identity theft Kickbacks Unauthorized use of government accounts Unsubstantiated reimbursement Essentially, government fraud in payments encompasses any practice aimed at diverting public funds for unauthorized purposes.

Best Practices 52

Best Practices Government Governance Fraud Prevention 52

FICO

MAY 3, 2023

Implement better fraud detection Survey responses: More than three-quarters (77%) of consumers worldwide believe their banks could provide better fraud detection to protect against scams. Debbie has 25 years product management and product marketing experience in fraud management and financial services.

Scams 10

Scams RTP Fraud Detection Real Time Payments 10

Finovate

AUGUST 14, 2024

Businesses ranging from Capital One and SoFi to DraftKings and the State of California rely on Socure’s technology for accurate identity verification and fraud prevention. More specifically, Experian is looking to bolster its defenses against AI-generated fraud threats. ” Alex Shootman is CEO.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

Fintech Labs Insights

DECEMBER 20, 2016

And once a company is able to tell good users from bad, he said, “all the other technological attacks that are available, such as identity theft, account takeover, new account fraud … become very easy to deal within this framework.”

Security 17

Security Identity Theft Account Takeovers Fraud Detection 17

PYMNTS

DECEMBER 10, 2019

More than 446 million consumer records were exposed in data breaches in 2018, an increase of 126 percent compared to 2017, according to a 2018 Identity Theft Resource Center report. But even more worrisome, said Barnhardt, is how much better cybercriminals are getting at this type of fraud.

Fraud Detection 63

Fraud Detection Data Breach Identity Theft Social Security 63

Fraud.net

FEBRUARY 27, 2024

An incident involving an HK company and a fraudulent payment of $25.6M underscores the need for traditional controls with AI decisioning.

AI 52

AI Payments Identity Theft Fraud Detection 52

Nanonets

MAY 31, 2023

Common examples of external payment fraud include: Impersonation: Fraudsters pose as legitimate customers or vendors to deceive organizations into making unauthorized payments. million individuals in the United States fell victim to identity theft in 2021. According to the Federal Trade Commission, USA, over 1.4

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Finovate

APRIL 11, 2024

Additionally, the combination of Mitek’s check image analysis and DataVisor’s analysis of check and customer lifecycle data will enable users to detect a wide variety of check fraud tactics including check kiting, remote deposit capture fraud, check washing, counterfeit checks, and identity theft.

Checks 59

Checks Remote Deposit Capture Counterfeit Check Identity Theft 59

Clearly Payments

JANUARY 8, 2024

Here are some key types of risks that merchants should be mindful of in payment processing: Fraud Risk: Fraud risk involves unauthorized or deceptive activities aimed at exploiting the payment system for financial gain. This can include stolen credit card information, identity theft, or fraudulent transactions.

Risk Management 69

Risk Management Risk PCI DSS Process 69

FICO

NOVEMBER 1, 2022

The results show that Canadians want slick onboarding processes, where fraud controls work but don’t delay account opening. Processes that Balance Customer Experience and Fraud Protection. Fraud teams fight a constant battle to balance fraud prevention with customer experience.

Checks 52

Checks Risk Identity Theft Accounts 52

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.

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52