Fintech News

MAY 27, 2024

In addition to data breaches, generative AI tools pose a distinct challenge to APAC fintechs, empowering fraudsters to craft sophisticated phishing lures and synthetic identities. This technology enables fraudsters to exploit vulnerabilities in fintech platforms, necessitating advanced fraud prevention strategies.

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APACS FinTech Data Breach Fraud Prevention 112

Fraud.net

MARCH 1, 2024

Understand the mechanics of account takeover fraud and discover effective prevention strategies to safeguard against ATO attacks.

Account Takeovers 52

Account Takeovers Fraud Prevention Accounts Identity Theft 52

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? By assisting merchants in implementing effective fraud prevention measures, acquiring banks can reduce potential losses and enhance trust in the payment ecosystem.

Account Takeovers 87

Account Takeovers Fraud Detection Phishing Fraud Prevention 87

The Paypers

APRIL 28, 2020

Cifas , the UK-based fraud prevention association, has highlighted the latest coronavirus-related scams and there has been a rise in scams related to phishing and bitcoin.

Phishing 35

Phishing Bitcoin Fraud Prevention Scams 35

The Fintech Times

MARCH 6, 2024

However, bad actors have also been able to abuse the tech, and in 2024, 87 per cent of industry experts have acknowledged the tech could be used to drive fraud attempts according to a new SEON report. Some of these challenges include volume, cost, and complexities of fraud.

AI 59

AI Fraud Prevention Identity Theft Deepfake 59

Fintech News

JUNE 6, 2024

Recent phishing and fraudulent cases involving multiple banks in Singapore have highlighted the severity of this issue and the urgent need for banks to enhance their security measures. DBS isn’t the only bank making news for phishing scams. US$129,841).

Scams 105

Scams Phishing Deepfake Verification 105

PYMNTS

DECEMBER 17, 2020

One report found that there was a 54 percent increase in gift card and loyalty fraud in May compared to the previous month, making promotion fraud prevention a top priority for merchants. Other fraudsters are deploying phishing schemes to net their ill-gotten gains, either using the stolen data themselves or selling it online.

Fraud Prevention 102

Fraud Prevention Account Takeovers Phishing Push-to-Card 102

PYMNTS

JANUARY 13, 2021

The prevalence of online commerce opens new doors for digital fraud, however, both from career fraudsters and opportunistic customers. Phishing scams were on the rise all year, while a survey of online shoppers found that 40.3 percent had falsely claimed a charge on their credit card was fraudulent to score a refund. About The Tracker.

Fraud Prevention 75

Fraud Prevention Posting Multifactor Authentication Scams 75

PYMNTS

MAY 5, 2020

“Credit unions across the country are on high alert for scammers looking to take advantage of members during the pandemic and are stepping up fraud prevention efforts as a result,” according to PYMNTS’ April Credit Union Tracker® done in collaboration with PSCU. ” Phishing, Smishing and the Value of Education .

Credit Union 95

Credit Union Smishing Phishing Credit Union Service Organization 95

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

PYMNTS

MARCH 18, 2020

Other fraudsters may go directly after restaurant employees with phishing schemes, a popular method for gaining access to data. Vishing” and “smishing” are two phishing variants that have become more popular as QSR employees and consumers grow wise to the suspicious emails associated with phishing.

Phishing 70

Phishing Smishing Fraud Prevention Point-of-Sale (POS) 70

PYMNTS

AUGUST 24, 2018

Phishing still grabs victims by the wallet, and Barclays warns against social engineering. It is called phishing and lures the unwitting corporate executive or owner into giving away sensitive data or sending money to the fraudster. Business can bring people together who never see each other face to face.

Phishing 40

Phishing NACHA Checks Facilitators 40

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 Deepfake 59

Seon

JUNE 7, 2024

Other AI applications include enhancements to traditional scams, such as phishing and social engineering attacks. Limitations of Traditional Methods & Approaches The surge in digital activities underscores the urgency of implementing effective fraud prevention measures.

AI 52

AI Innovation Fraud Prevention Fraud Detection 52

The Fintech Times

DECEMBER 22, 2023

Cleafy , a fraud prevention, cybersecurity expert, data scientist, and software engineer team, has launched new technology to proactively classify, detect and respond to new malware variants in real-time, to tackle an issue presenting growing levels of threat.

AI 88

AI Cybersecurity Online and Mobile Banking Fraud Prevention 88

Seon

OCTOBER 2, 2023

However, some payment terminals can be accessed remotely, such as through hacking and phishing techniques, so many refund scams are carried out online. A scammer uses a phishing email to convince their target that their payment system has encountered a software fault and needs remote assistance to be fixed. How Do Refund Scams Work?

Scams 52

Scams Phishing Fraud Prevention Returns 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

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

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 15, 2020

Among the schemes du jour during the pandemic: phishing attacks , of course. Bayliss noted that well-organized, coordinated phishing attacks could be bewildering to consumers as fraudsters look to gather data and take over accounts — targeting passwords, for instance. Merchants need to understand who’s shopping online,” said Bayliss.

Phishing 100

Phishing Fraud Prevention Transactions Volume 100

Seon

SEPTEMBER 28, 2023

Verizon Business estimates that 74% of data breaches are down to individuals being absent-minded or tricked by social engineering attacks such as phishing emails. Reduce Fraud Rates by 70–99% Partner with SEON to reduce fraud in your business with real-time data enrichment, whitebox machine learning, and advanced APIs.

Security 52

Security Phishing Best Practices Data Breach 52

The Fintech Times

DECEMBER 18, 2023

Rise in social engineering Doriel Abrahams, head of risk, Forter Doriel Abrahams , head of risk at payment optimisation and fraud prevention platform Forter, also expects social engineering will “take a giant leap forward” in 2024. Take company-wide training to identify phishing attacks for example.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

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

PYMNTS

APRIL 22, 2019

Smart agents are rising to bring better customer service and fraud prevention to financial institutions (FI) and other digital players. 66 percent: Increase in phishing attempts this year to date. Gaming companies are taking digital authentication to the next level. Data: 1933: The year prohibition ended in the U.S.

Authentication 43

Authentication Fraud Prevention Phishing Security 43

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. To successfully address fraud, merchants need to have a fraud prevention strategy in place well before the holiday season.".

Volume 72

Volume Transactions Account Takeovers Phishing 72

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

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

PYMNTS

SEPTEMBER 18, 2020

The second tool, “ COVID-19 Best Fraud Prevention and Cybersecurity Practices, ” is a Top 10 list of best practices to help companies protect themselves against COVID-19-related cyberthreats. It was developed by the Cybersecurity Response Project Team. It was developed by the Cybersecurity Response Project Team.

NACHA 88

NACHA Cybersecurity Scams Payments 88

PYMNTS

JULY 7, 2020

The demand for omnichannel experiences — order online, curbside pickup — means merchants can best navigate the heavy tech lifting by embracing the partnerships, fraud prevention and other services provided by Visa and Cybersource.

Contactless Payments 113

Contactless Payments Fraud Prevention Phishing On-Demand 113

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

JANUARY 24, 2020

A successful phishing attack is among many businesses’ worst fears. Sending out thousands of attempts every minute is simple, and it only requires one employee to unwittingly play into hackers’ hands for fraud to take place. Phishing attacks often take one of two forms, Heath explained. Knowing Is Half The Battle.

Phishing 52

Phishing Credential Best Practices Data Breach 52

PYMNTS

APRIL 9, 2020

And that has made it more critical than ever for firms of all types and descriptions to think hard about taking a more balanced approach to fraud prevention — but think more holistically about the field they are protecting. If you look at the customer journey from end to end, the fraud starts not just around payments.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

PYMNTS

MARCH 20, 2020

In the March Merchant Fraud Decisioning Playbook , PYMNTS examines how AI and ML are enabling merchants to gather information from various data sources, transforming those details into actionable insights and bypassing the manual reviews that can leave them unable to keep up with fraudsters’ ever-evolving efforts.

Fraud Prevention 90

Fraud Prevention AI Account Takeovers Phishing 90

PYMNTS

JULY 21, 2020

Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9 billion in 2019, a 15 percent increase over 2018.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

MAY 21, 2020

Artificial intelligence (AI) and machine learning (ML) can analyze the thousands of transactions banks process each day in real time, and employee education efforts are proving effective in preventing deception via phishing emails or other social engineering techniques.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. billion personal records exposed in a variety of ways: 52 percent through hacking; 33 percent via phishing; and 32 percent through social engineering, with many involving more than one method.

Bots 59

Bots Cybersecurity Phishing Fraud Prevention 59

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.

Authorization 52

Authorization Technology Fraud Prevention Real Time Payments 52