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 98

Scams Fraud Detection Smishing Fraud Prevention 98

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

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

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

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

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.

Fraud Prevention 75

Fraud Prevention Posting Multifactor Authentication Scams 75

Seon

JUNE 7, 2024

Other AI applications include enhancements to traditional scams, such as phishing and social engineering attacks. million for a purported new headquarters building in an email scam. By personalizing approaches and crafting tailored messages, fraudsters can appear more convincing than ever to unsuspecting targets.

AI 52

AI Innovation Fraud Prevention Fraud Detection 52

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

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

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.

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 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

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

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. Developments Around The Financial Crimes Space.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 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

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

PYMNTS

NOVEMBER 16, 2016

‘Tis the season … to be very, very wary of phishing and other types of fraud. Research suggests that financial phishing scams jump up nearly 10 percent in frequency during the holiday shopping season. The eCommerce fraud protection company, headquartered in Cleveland, Ohio, announced last Friday (Nov.

Phishing 64

Phishing Authentication Scams Fraud Prevention 64

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

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. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. For more on these and other financial crime news items, download this month’s Playbook.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

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

FICO

JUNE 15, 2020

This will also help prevent others who may gain access to the elder’s credit cards from requesting credit line increases. Be on the Lookout for Scams. Educate yourself on how criminals specifically target the elderly , and teach your loved one what elder fraud scams are and how to avoid them. Block Solicitations.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Elder Abuse Scams Credit Cards 52

PYMNTS

AUGUST 9, 2018

“Threat actors are targeting enterprises by impersonating the services that enterprises rely on every day, such as email service providers and software as a service (SaaS) platforms,” said PhishLabs in a recent summary of the changing nature of phishing attacks. Social engineering ” is another tactic seen in business phishing attempts.

B2B 44

B2B Phishing Scams Data Breach 44

PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. Most of the victims who did report such fraud contacted their banks, credit card companies or the police rather than regulatory authorities.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

PYMNTS

JANUARY 20, 2020

Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Cybercriminals using synthetic identity fraud can cause damage, but the real impact is to companies’ relationships with their legitimate users.

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54

PYMNTS

OCTOBER 9, 2020

found that 32 percent of consumers have been targeted by some type of pandemic-related fraud , for example. state employment programs to phishing scams with bad actors claiming to represent retailers — such as luxury brand Vince Camuto in one recent email scam — to good old-fashioned identity theft.

Verification 83

Verification Consumer Online and Mobile Banking Scams 83

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

PYMNTS

JANUARY 28, 2020

Email phishing scams seem so Y2K that it’s hard to believe how effective they are, even against corporations protected by fancy firewalls. In fact, phishing is the root cause of 90 percent of data breaches , including the giant commercial variety. What about attacks from without? Adding in the Low-Tech Approach.

Data Breach 57

Data Breach Phishing Breach Bots 57

The Fintech Times

JANUARY 22, 2024

In 2021, airlines lost over €6.5billion to fraud, amounting to 1.5 Airlines are susceptible to many of the same fraud tactics that plague all ecommerce enterprises: hacked customer accounts, employee misuse, phishing attacks, and customer service scams.

Payments 59

Payments On-Demand Volume Account Takeovers 59

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

MAY 19, 2020

We need to be proactive in our communications to customers around scams. 2) Top 5 Fraud Manager Considerations During COVID-19: Scams are now tailored, so we need to modify our strategies. 2) Top 5 Fraud Manager Considerations During COVID-19: Scams are now tailored, so we need to modify our strategies.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

PYMNTS

OCTOBER 3, 2017

isn’t the only place where business email scams are threatening the enterprise. market calls “mandate fraud.”. million because of mandate fraud, which, like the business email scam, involves a scammer emailing a supplier or business to trick them into making a payment into a fraudulent account. on Monday (Oct.

Email Compromise 41

Email Compromise Scams NACHA Compromise 41

PYMNTS

APRIL 6, 2020

There are all kinds of frauds taking root out there, but among the more popular are the spoofing scams in which the consumer gets a phone call from “the IRS” or “their bank” making requests that absolutely no consumer should ever acquiesce to. Flattening the Fraud Curve. Stopping the Fake Phone Calls.

IRS 79

IRS Scams Point-of-Sale (POS) Breach 79

PYMNTS

MAY 29, 2020

The latest FI Fraud Decisioning Playbook details how financial institutions (FIs) are using advanced fraud decisioning systems to detect bad actors from good, removing friction while keeping account holders safe from the attacks that have proliferated over the first half of 2020. A Unified Front.

Assessments 53

Assessments Credit Union Phishing Scams 53

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

FICO

MAY 27, 2021

The ‘courier scam’ is a global issue that intensified late last year and presented another worrying trend in the new world of digital payments and card scams. These scams are very successful — here’s how they work: 1. Example from FedEx Recognize & Report Fraud page. . The Financial Gain.

Scams 98

Scams Law Enforcement Compromise Fraud Prevention 98