Fintech Finance

MARCH 18, 2024

Equifax and VTEX , the composable and complete commerce platform for premier B2C and B2B brands, join forces to help fortify fraud prevention capabilities for merchants across the globe. ” The partnership aligns with the rising demand for robust fraud prevention measures globally in the e-commerce landscape.

Fraud Prevention 52

Fraud Prevention Fraud Detection Identity Theft Cybersecurity 52

PYMNTS

JULY 9, 2020

Fraudsters have only upped their efforts during the pandemic, with phishing attacks alone increasing 667 percent between late February and late March. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Read the full story in the Playbook.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

Seon

SEPTEMBER 11, 2023

We know neobank risk teams must stay aware of evolving threats and take an active approach to closing those routes to fraud. This is why, in this article, we examine the five most common types of fraud in neobanking and how to protect against them – no matter how mature your approach to fraud prevention is.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

Clearly Payments

JULY 16, 2024

Fraud Rate by Industry in 2023 Credit card fraud is a pervasive issue impacting various industries, each with unique vulnerabilities and estimated fraud rates. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% ATO fraud increased by 72% in 2023, with losses totaling $11.4

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

JULY 2, 2020

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

Transactions 112

Transactions Account Takeovers Push-to-Card Fraud Prevention 112

FICO

FEBRUARY 23, 2022

A simple phish or smish can turn into a nightmare for a consumer whose guard is down and is using their preferred communication method (text or email) to respond to a legitimate-looking message. At FICO, we’ve been committed to fighting fraud for more than 30 years, and we’re continually innovating to combat evolving schemes.

Scams 98

Scams Fraud Detection Smishing Fraud Prevention 98

PYMNTS

MAY 25, 2020

Phishing attacks are some of the most common scams. Lori Hodges, vice president of risk in North America for Visa, has said even fraud prevention professionals have let their guards down. Banks will need to step up their fraud prevention measures to curb fraud growth during the pandemic.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

Seon

JULY 27, 2023

New fraud risks: New technology gives rise to new vehicles for attack, and FedNow’s systems will be no different. In fact, phishing attacks may become even more prevalent as FedNow rises in popularity. Revise your fraud prevention strategy. How Will FedNow’s Instant Payments Impact Fraud Detection?

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40

Seon

APRIL 18, 2024

And since fraud victims unwittingly initiate the transactions themselves, traditional fraud prevention measures aren’t designed to intercept self-authorized transactions, rendering a significant gap in current defenses. This obscurity can impede the ability to fine-tune or understand the basis of certain fraud alerts.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52

PYMNTS

MAY 5, 2020

The good news, Pangretic added, is that consumers and businesses are getting better at detecting fraudsters trying to ply their trade across mobile and online transactions. This can really create a proactive communications strategy to significantly decrease the incidence of successful fraud attempts,” said Pangretic.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

FICO

FEBRUARY 23, 2022

A simple phish or smish can turn into a nightmare for a consumer whose guard is down and is using their preferred communication method (text or email) to respond to a legitimate-looking message. At FICO, we’ve been committed to fighting fraud for more than 30 years, and we’re continually innovating to combat evolving schemes.

Scams 52

Scams Consumer Fraud Detection Smishing 52

PYMNTS

MAY 6, 2020

FIs must thus reconsider how they employ AI to protect against new account fraud or high-risk transactions. is one FI using AI and deep learning to detect phishing, malware and trojan software, tactics upon which fraudsters rely to collect more sensitive information once they gain entry into banking systems. percent and 5.8

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

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

FICO

SEPTEMBER 21, 2016

For instance, data released by Financial Fraud Action UK , shows that UK online banking fraud losses increased by 38% in 2014 from 2013, and by 64% in 2015 from 2014. The rapid growth of fraud losses calls for an effective e-payments fraud prevention solution and one that can adapt to varying fraud patterns.

Payer 64

Payer Payee Fraud Detection Payments 64

PYMNTS

DECEMBER 26, 2019

Companies are getting much better at fraud detection and prevention, partly in response to its rapid spread. It’s all in the latest PYMNTS Fraud Decisioning Playbook. War against digital fraud uses live ammo or, in some cases, recently live. Digital fraudsters aren’t taking this lightly. Fighting Fakes With Fire.

Fraud Detection 52

Fraud Detection Bots Law Enforcement AI 52

FICO

JUNE 15, 2023

Now, I can practically send, transfer, or pay by accident by simply looking at my smartphone, which can make fraud prevention a real challenge. They use sketchy providers who don’t normally work with law enforcement and then phish, smish, email, and robocall the heck out of people.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

PYMNTS

DECEMBER 26, 2019

Thwarting fraud in one area is not enough to prevent it from cropping up elsewhere, and businesses are essentially playing whack-a-mole as fraudsters’ attacks move across channels. Digital fraud rose 30 percent in Q3 2019, with one out of every five new accounts revealed to be illegitimate.

Online and Mobile Banking 52

Online and Mobile Banking Fraud Detection Data Breach Phishing 52

PYMNTS

JULY 25, 2019

billion people send around 269 billion emails every single day – this type of online communication is vulnerable to phishing attacks. Recent research indicates 30 percent of targeted attempts are made via phishing emails, and that 15 percent of victims are repeat targets. Humans as Weak Links. Removing Humans from the Equation.

Phishing 69

Phishing Fraud Detection Automation AI 69

PYMNTS

MAY 22, 2020

Banks must instead leverage multilayered defenses that harness employee and customer education, ironclad verification and artificial intelligence (AI)-enhanced fraud detection systems to keep customers’ money and personal data safe. People are one click away from a malware download or credential phishing [website].

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

Nanonets

MAY 31, 2023

Phishing Attacks: Fraudsters send deceptive emails or messages, often mimicking reputable organizations, to trick employees or customers into revealing their payment details. In 2021, a staggering 323,972 internet users worldwide became victims of phishing attacks, indicating that half of the cybercrime victims fell prey to this method.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

PYMNTS

APRIL 24, 2018

The vast majority of fraud attacks result from these data breaches. Then, there’s classic email phishing which uses social engineering to persuade customers to divulge their personal information. Nipping Fraud in the Bud. Shem-Tov said the principles behind spotting ATO are similar to those behind traditional fraud detection.

Breach 50

Breach Bots Credential Data Breach 50

The Payments Association

OCTOBER 14, 2024

The Payment Systems Regulator’s decision to lower the cap for APP fraud reimbursements to £85,000. It affects how victims of fraud are compensated and how payment service providers (PSPs) approach fraud prevention. Why is it important? What’s next? However, the decision has sparked debate.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

FICO

JANUARY 19, 2022

As my colleague Matt Cox recently blogged , an enterprise fraud approach delivers a composite view of a customer’s inflow and outflow activity by breaking down traditional silos of credit, debit, deposits and payments (person-to-person, mobile, wire transfers, ACH and more), adding application fraud detection to that view.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

Seon

MAY 8, 2024

Account Takeover Prevention Device intelligence is a robust defense mechanism against unauthorized access by identifying unfamiliar devices or browsers attempting to log in. This is where you can integrate residential proxy detection to bolster bot attack mitigation.

Online and Mobile Banking 52

Online and Mobile Banking Fraud Prevention Account Takeovers Bots 52

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?

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52