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

New data suggest that people are concerned about fraud, but one of the biggest threats seems to be flying under the radar, at least for consumers. That threat is fraud scams – tactics and techniques that fraudsters are using to trick people into giving away their money. Preferred Communications Channels are Susceptible to Fraud.

Scams 52

Scams Consumer Fraud Detection Smishing 52

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

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

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. Cath stresses the need for better consumer education and warns the new process may increase scams.

Caps 88

Caps Fraud Prevention Fraud Detection Scams 88

The Payments Association

OCTOBER 22, 2024

While this marks a significant step toward protecting consumers from authorised push payment (APP) fraud, concerns remain that the reduced compensation cap may leave some victims vulnerable. Further, it is unclear whether the rules address the complexities and evolving fraud tactics. However, this alone won’t solve the problem.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

FICO

JUNE 15, 2023

Home Blog Feed test To Stop Scams, It’s Time to Add Sensible Friction to Easy Money The convenience and speed of real-time payments makes it easy for fraudsters to scam individuals. Now, I can practically send, transfer, or pay by accident by simply looking at my smartphone, which can make fraud prevention a real challenge.

Scams 52

Scams Real Time Payments Smishing Same Day ACH 52

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.”.

Phishing 70

Phishing Breach Fraud Detection Origination 70

PYMNTS

MAY 22, 2020

The Federal Trade Commission (FTC) has received 18,235 reports of virus-centric scams since the beginning of the year, and these incidents have resulted in more than $13.4 People are one click away from a malware download or credential phishing [website]. million in losses. Understanding the Scope of Financial Crimes.

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

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. Banks and merchants are also frequently targeted by third-party scams.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

PYMNTS

MAY 25, 2020

Digital fraud and other forms of financial crime are also on the rise due to the uncertainty and confusion surrounding the crisis. Twenty-two percent of Americans have reported being targeted by COVID-19-related fraud, and these scams have seen more than $1.2 COVID-19-Related Fraud. Tapping Human Intelligence and AI.

Financial Crimes 67

Financial Crimes Crime Scams Fraud Prevention 67

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. by Doug Clare.

Scams 52

Scams Phishing Fraud Detection Issuers 52

Seon

JUNE 27, 2024

How can the technology driving novel and increasingly sophisticated fraud activities be harnessed to combat scams and cyber risks cost-efficient and effectively? These advancements have changed the way we approach cybersecurity and fraud detection. Learn More Sources : 1.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

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.

PCI DSS 88

PCI DSS Payment Security Security MFA 88

The Fintech Times

FEBRUARY 21, 2024

Tackling rising fraud levels The factors behind the rise include the large increase in online scams, phishing and system breaches, and huge spikes in Authorised Push Payment (APP) transactions when fraudsters trick the unwary into transferring money to them.

Financial Crimes 59

Financial Crimes Crime Scams Compliance 59

Seon

JUNE 7, 2024

As a result, organizations face large volumes of fraudulent data, necessitating heightened vigilance and advanced detection methods to protect themselves – and their customers or users. Other AI applications include enhancements to traditional scams, such as phishing and social engineering attacks.

AI 52

AI Innovation Fraud Prevention Fraud Detection 52

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).

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

Seon

MAY 8, 2024

Fueled by technology advancements and the widespread availability of affordable cloud computing, this evolution has democratized the ability to launch large-scale cyberattacks and fraud schemes, enabling virtually anyone to orchestrate them. 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

PYMNTS

DECEMBER 26, 2019

Companies are getting much better at fraud detection and prevention, partly in response to its rapid spread. Then there’s the disturbing rise in loyalty program scams. A leading index of digital theft found that loyalty fraud exploded by 89 percent over 2018, opening a vast new front in the battle. billion of that.

Fraud Detection 52

Fraud Detection Bots Law Enforcement AI 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

FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud.

Financial Crimes 52

Financial Crimes Crime Money Laundering NFTs 52

Seon

MAY 23, 2024

Historically, companies have resorted to a patchwork of point solutions and variegated tools across a fraud-fighting tech stack, leading to fragmented data and operational inefficiencies from switching from one solution to the subsequent and obfuscated risk views.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

FICO

JANUARY 5, 2021

Prediction 3: Fraud and Financial Crime Management Convergence. Another way financial institutions will look to lower costs and improve results next year is through the convergence of AML and fraud detection (as noted in TJ’s post above). 5: 8 Tips For Avoiding Covid-19 Scams. 74% of all phishing sites now use SSL.

Financial Crimes 52

Financial Crimes Crime Posting Scams 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

Seon

APRIL 18, 2024

Advancements have not increased the complexity of fraud tactics but have significantly amplified their scale, making it easier for less sophisticated fraudsters to execute more significant scams with broader reach. Often, the fraudsters enter through impersonation, a romance scam or another type of social engineering fraud scam.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 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

Segpay

MARCH 10, 2025

Security & Fraud Prevention Given the high-risk nature of online gaming, security is non-negotiable. Look for a gateway that includes PCI compliance, fraud detection tools, chargeback mitigation strategies, and AI-driven risk analysis to protect transactions and user data.

Payment Gateways 40

Payment Gateways Gateways Payment Solutions Payment APIs and Integration 40

Fintech Review

MARCH 18, 2025

This system replaced signatures with a PIN code, dramatically reducing card fraud. Each wave of cyber threats, from phishing scams to large-scale data breaches, led financial institutions to strengthen their defenses. The same quantum processing power that threatens encryption can be harnessed for good.

Security 66

Security Encryption FinTech Breach 66

The Fintech Times

DECEMBER 26, 2023

Fraud is a notable concern. According to Experian , phishing scams reached a record high in 2021, the first full year after PIX’s launch in November 2020. Those scams caused estimated losses of $500million during 2022, with around 70% attributed to PIX operations.

B2B 64

B2B Due Diligence AI Central Bank 64

The Payments Association

DECEMBER 10, 2024

As payment systems become more digitised and interconnected, the attack surface expands, and the stakes for payments firms to invest in robust, AI-driven fraud detection and prevention systems have never been higher. fingerprints, facial recognition), and behavioural biometrics (e.g., keystroke dynamics or mouse movements).

AI 88

AI Fraud Detection Deepfake Fraud Prevention 88

Fintech News

MARCH 9, 2025

This collaboration addresses growing concerns about fraud and phishing scams in Singapore, where the Financial Industry Disputes Resolution Centre has reported a rise in related claims. Notably, the platform has experienced less than 1% false positives with Fraud Guard, indicating effective and accurate fraud detection.

Security 81

Security Fraud Detection Verification Bots 81

The Fintech Times

MARCH 14, 2025

Within wider AI-driven topics fraud detection was an interesting one, in the session Dealing with AI, Fighting on both sides of Financial Fraud, experts discussed the dual role of AI, both as a weapon for fraudsters and a defence mechanism for financial institutions. But even the best defences arent foolproof.

FinTech 59

FinTech Consumer Financial Protection Bureau (CFPB) Fraud Detection AI 59