Clearly Payments

DECEMBER 19, 2024

Fraudulent Transactions Reach $41 Billion Globally Payment fraud is a growing concern, with global losses expected to hit $41 billion in 2024. Common types include card-not-present fraud, phishing attacks, and identity theft. What It Means for You: Work with a payment processor that prioritizes security.

BNPL 105

BNPL Contactless Payments Processors Payments 105

Neopay

JANUARY 22, 2025

Impersonation fraud: Voice cloning technology allows scammers to convincingly impersonate family members, colleagues, or business executives. Phishing attacks: AI-generated content enables fraudsters to create highly personalised and convincing phishing emails that bypass traditional detection methods.

AI 59

AI Deepfake Phishing Audit 59

The Fintech Times

FEBRUARY 17, 2025

Could handing more control to AI mean less human oversight in critical decisions, or even open the door to new risks in fraud detection and compliance? And we can’t ignore the darker aspects of AI, especially its role in sophisticated online scams, including romance scams and phishing. Happy reading!

FinTech 59

FinTech Romance Scams Scams AI 59

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. How Big of a Problem is eCommerce Fraud? Furthermore, the growing sophistication of fraud techniques, including synthetic identity fraud and account takeovers, exacerbates the challenge.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

Segpay

FEBRUARY 21, 2024

Generative AI in Digital Payments: Enhanced Fraud Detection: Generative AI improves the security of digital payments by enhancing fraud detection mechanisms. This makes real-time detection and prevention possible. Fraud Detection Generative AI contributes to fraud detection and prevention in KYC processes.

AI 105

AI Innovation Fraud Detection Encryption 105

Fi911

DECEMBER 19, 2023

This scale of fraud is challenging for systems dependent solely on human detection, especially considering the increasing volume of online transactions. Initially reliant on automated and rule-based systems, financial institutions are now turning to machine learning for more effective fraud detection.

Fraud Prevention 92

Fraud Prevention Fraud Detection Point-of-Sale (POS) Online and Mobile Banking 92

The Payments Association

NOVEMBER 20, 2024

Why are AI tools especially effective at fighting fraud? The technology is gaining traction because these tools excel at fraud detection in several ways. First, AI tools have much higher throughput than manual or non-software-based detection methods. For example, say you have an AI fraud solution configured to parse text.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

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 Push-to-Card Account Takeovers 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.

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Scams Fraud Detection Smishing Fraud Prevention 98

PYMNTS

JANUARY 26, 2021

These employees do not generally willingly collaborate with hackers as inside actors but more often inadvertently surrender their login data through phishing scams. Phishing is the most common technique by which this happens, as a single phishing response from any employee can open a door for a hacker.”.

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Phishing Breach Fraud Detection Origination 70

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. percent of all fraud reported in 2019.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

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

The Paypers

JUNE 22, 2016

(The Paypers) MarkMonitor has announced a partnership with CYREN to boost fraud detection capabilities by increasing visibility into phishing and other malicious attacks.

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Phishing Addressing Fraud Detection 28

Fi911

JANUARY 18, 2024

They often accomplish this by obtaining the victim’s login credentials through phishing emails, malware, or other fraudulent means. Once inside the account, the fraudster may withdraw funds, change account information, or use it to perpetrate further fraud. Educating customers can empower them to be more vigilant.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

PYMNTS

AUGUST 21, 2020

Hacking, cybercrime and various forms of digital fraud are a never-ending worry for digital-first banks, with fraudsters leveraging techniques as diverse as phishing schemes, identity theft, account takeovers and botnets to target both banks themselves and their customers. About The Tracker.

Blocks 106

Blocks Identity Theft ATM Online and Mobile Banking 106

The Fintech Times

AUGUST 13, 2024

Latin America also saw a staggering 617 per cent increase in phishing attacks in 2023, with cyber criminals using AI to craft more realistic and targeted phishing emails. Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials.

AI 59

AI Fraud Detection Fraud Prevention Phishing 59

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

PYMNTS

SEPTEMBER 24, 2019

Criminals will get this info through hacking or by social engineering and phishing. There are also a lot of illegal activities involved with wire, credit card and automated clearing house (ACH) fraud. “By With billions of compromised credentials exposed online, there is a high likelihood that most users of the U.S.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

Neopay

FEBRUARY 27, 2025

The study, which surveyed over 1,200 financial and payment sector professionals across seven European countries, found that account takeover remains the leading type of fraud affecting customers, followed by card payment fraud and phishing. The Lag in Fraud Detection: Are You Prepared?

Deepfake 52

Deepfake Fraud Detection Account Takeovers Fraud Prevention 52

The Payments Association

OCTOBER 14, 2024

While some argue that the reduced cap will alleviate the financial strain on smaller PSPs, others, such as fraud prevention experts, feel it weakens the push for stronger fraud detection systems within the industry. Regular reviews and updates of these measures are expected to adapt to evolving fraud tactics​.

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Caps Fraud Prevention Fraud Detection Scams 88

Seon

JUNE 27, 2024

These advancements have changed the way we approach cybersecurity and fraud detection. AI’s capabilities, like machine learning algorithms, are being trained to identify and exploit vulnerabilities, automate phishing attacks and bypass traditional security measures. Learn More Sources : 1.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

Seon

JANUARY 29, 2024

There are many paths to successful ATO fraud. This could be accidental, or more sophisticated, for example following a mass phishing email campaign. To target these accounts, fraudsters often rely on spear-phishing techniques (targeted phishing), or SIM-Swapping attacks.

Account Takeovers 52

Account Takeovers Accounts Fraud Prevention Fraud Detection 52

FICO

SEPTEMBER 21, 2016

Taking an example of a fraud scenario, where a fraudster gained access to a victim’s account by phishing, the fraudster would most likely initiate payment to beneficiaries that the legitimate payer has not paid in the past, and from a device that the legitimate payer has not used before.

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Payer Payee Fraud Detection Payments 64

FICO

AUGUST 21, 2020

Financial institutions balanced the intrusiveness of their fraud detection efforts with their desire to deliver the best customer experience possible. Turning Up Fraud Defenses—and Customer Education. We at FICO see early signs that collusive fraud rings and bust-out fraud are again on the rise.

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Scams Phishing Fraud Detection Issuers 52

PYMNTS

FEBRUARY 10, 2017

With today’s ability to hit thousands or even millions of users in a few hours through a phishing attack that infects laptops and smartphones, fraudsters could potentially grab a very large amount of credit card information typed in by users during their next online purchase,” Cagnoni explained. Identity Fraud On The Rise. “But

Account Takeovers 56

Account Takeovers CHIPS Chip Cards Fraud Detection 56

PYMNTS

MAY 25, 2020

Phishing attacks are some of the most common scams. Customers and employees trained to spot fraud, especially social engineering methods like phishing, are far less likely to fall prey to it. FIs have seen AI- and ML-enhanced solutions improve fraud detection rates by 90 percent and decrease investigation times by 70 percent.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

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

Fintech Review

DECEMBER 3, 2024

Phishing attacks and malware remain prevalent, undermining consumer confidence. AI-powered fraud detection systems analyse patterns to identify suspicious activity in real time. Traditional methods like cash are vulnerable to theft, while checks can be forged. Digital payments, despite their advantages, introduce new risks.

Payment Solutions 97

Payment Solutions Payments Contactless Payments Online and Mobile Banking 97

The Fintech Times

DECEMBER 21, 2023

First is an expected uptick in utilising AI for more complex processes, like data analysis and fraud detection. “With new technology, however, comes elevated risks, which will lead financial institutions to adapt their strategies to counter these issues such as new types of fraud, deepfakes and advanced phishing schemes.

Cross-Border Payments 115

Cross-Border Payments Cross-Border Online and Mobile Banking Payments 115

Stax

MARCH 4, 2024

Identifying and Mitigating Payment Security Threats Phishing scams, social engineering, bot attacks—these are just a few of the most pressing cybersecurity threats that can be so devastating they have real-time effects. Fraud and chargebacks also cause significant losses for businesses. Q: What is the most secure online payment method?

PCI DSS 88

PCI DSS Payment Security Security MFA 88

The Payments Association

OCTOBER 22, 2024

According to the Payment Systems Regulator (PSR) , the volume of APP fraud cases rose by 12% last year. This increase was driven by fraudsters leveraging sophisticated techniques, such as fraud networks, phishing scams and AI-generated deepfakes, to trick victims into authorising payments.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

Clearly Payments

JULY 16, 2024

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 Phishing and Social Engineering: Attackers deceive employees or customers into divulging sensitive information, such as login credentials or personal identification numbers (PINs).

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Risk Identity Theft Phishing Account Takeovers 52

Payments Source

MAY 21, 2020

Fraudsters are licking their chops at the prospect of businesses and financial services extending remote working because of the coronavirus pandemic.

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Fraud Detection Phishing Ransomware 212

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. Fishing fraud (not to be confused with “phishing”) is big business, for example.

Fraud Detection 52

Fraud Detection Bots Law Enforcement AI 52

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

FICO

SEPTEMBER 14, 2021

It is also possible to embed a malicious URL into a QR code that directs to a phishing site, where unsuspecting users could disclose personal or financial information.”. Broad Data Access Is Essential. Here, unfettered data ingestion is key.

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P2P Venmo Online and Mobile Banking PayPal 52

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. Worldwide e-commerce fraud is increasing, with enterprise losses from online payment fraud expected to exceed $362 billion between 2023 to 2028.

Fraud Prevention 52

Fraud Prevention Fraud Detection Identity Theft Cybersecurity 52