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

PYMNTS

JULY 28, 2020

Traditional fraud-fighting methods can fail to detect this subtle form of deception, in which criminals cobble together details from numerous consumers to create unique identities. Cybercriminals often use these identities to set up bank accounts and apply for credit cards and loans. How Cybercriminals Power Synthetic Id Fraud.

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

MARCH 1, 2019

It even comes down to the use of consumers’ phone numbers and children’s Social Security numbers. And that’s causing a problem that goes beyond more traditional forms of ID fraud. The criminals behind synthetic ID fraud are learning to better “mimic user behavior as well,” she said.

Social Security 60

Social Security Fraud Prevention Crime Fraud Detection 60

PYMNTS

OCTOBER 12, 2018

For all the buzz about the advent of real-time payments, and the various opportunities it can reportedly unlock, the lingering uneasiness is that speed also brings the potential for more fraud. That fear, according to David Barnhardt, EVP of product at fraud prevention firm GIACT , is not unwarranted or unreasonable.

Faster Payments 73

Faster Payments Authentication Payments Enrollments 73

PYMNTS

JUNE 22, 2017

An artificial neural network is good at pattern recognition, computer vision and speech or text processing, but the system lacks transparency, making it a no-go for financial institutions that are looking to detect fraud. For fraud prevention, an AI with linear pattern recognition is more useful.

Fraud Prevention 65

Fraud Prevention AI Social Security Adjustments 65

Fintech Labs Insights

JULY 19, 2016

Identity network and fraud prevention company Civic offers a service that helps consumers confirm the use of their identity in real time. Today the company beta-launched its free consumer-facing app, marking the public availability of its identity network. Both services are good for the life of their membership.

Identity Theft 13

Identity Theft Verification Social Security Online and Mobile Banking 13

PYMNTS

OCTOBER 23, 2018

One is the increasing prospect of fraud, of criminals breaking into healthcare IT systems in search of patient data, the scope of which can enable identity theft in ways that are relatively easier than in other sectors. That said, the move to digital can spark new challenges for medical offices.

Identity Theft 69

Identity Theft Blockchain Credit Cards Data Breach 69

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. The lesson is that criteria of identity change, and as Stuut said, the time has come to re-examine all the tools of that trade.

Breach 46

Breach Identity Theft Credential Authentication 46

PYMNTS

FEBRUARY 6, 2017

This has given way to a significant shift toward using synthetic identities — a new, false identity not associated with a real person — which enable fraudsters to open and cultivate new accounts. Businesses need a fraud prevention solution set that can evolve and change as fast as — if not faster — than the fraudsters.

Federal Trade Commission 59

Federal Trade Commission Scams Credit Cards Fraud Prevention 59

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

PYMNTS

DECEMBER 23, 2019

More insidious and much harder to track, Townsley-Solis told Webster, is synthetic ID fraud. In synthetic identity theft, she explained, the fraudster is still pretending to be someone they are not, but the difference is that they aren’t so much imitating an existing person as creating one.

Social Security 52

Social Security Identity Theft Wire Transfer Security 52

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

PYMNTS

JUNE 1, 2017

Angel Grant, director of product marketing and global marketing for RSA’s fraud prevention solutions, said that people have a pretty good sense of which information is most at risk and where it’s most likely to be stolen, but they’re not taking any extra steps to protect it.

Security 72

Security Identity Theft Online and Mobile Banking Breach 72