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

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

PYMNTS

MARCH 18, 2020

Fraudsters request that these documents be emailed to an official-sounding address, enabling them to harvest a trove of valuable data including Social Security numbers and addresses. Digital And Analog Fraud Prevention.

Phishing 70

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

FICO

MARCH 8, 2021

Filing early will reduce the chances that a financial criminal will use stolen personal information (your name and Social Security Number [SSN] or Tax Identification Number [TIN]) to file a fraudulent tax return first, snatching, literally, a refund out of your hands. How to protect yourself from tax refund fraud. File early.

Tax Refunds 52

Tax Refunds Identity Theft IRS Returns 52

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

FEBRUARY 20, 2019

Too often, according to his telling, that breaks down the job of ID security and management into discrete operations with relatively little communication or joint effort once that responsibility is passed off. If that happens, he said, “the customer experience will improve as the fraud rate declines.”. Customer Experience Focus.

Fraud Prevention 67

Fraud Prevention Enrollments Security Authentication 67

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

DECEMBER 23, 2019

Starting with one or two pieces of real information (a Social Security number is always one of them, sometimes paired with a real name), fraudsters take their time to slowly nurture a fake credit profile until it has a good enough record to make a big strike.

Social Security 52

Social Security Identity Theft Wire Transfer Security 52

PYMNTS

JUNE 4, 2019

That point was made clear during a recent PYMNTS discussion with Alain Meier, CEO of Cognito , an ID verification and online fraud prevention service.

Verification 62

Verification Online and Mobile Banking Fraud Prevention Privacy 62

PYMNTS

FEBRUARY 18, 2020

This creates new security challenges as firms must learn to centrally manage their fraud protection methods while also gauging threats across many different channels. Fraud orchestration can help solve this issue as it allows banks to build holistic fraud prevention defense systems and gain 360-degree views of their customers.

Authentication 52

Authentication Identity Theft Multifactor Authentication Fraud Prevention 52

PYMNTS

NOVEMBER 26, 2019

Fraudsters, after all, are able to gather user data, such as mothers’ maiden names and Social Security numbers (and, with access to online banking, even details on recent transactions). One simple, effective fraud prevention tactic is to alert consumers to the fact that an FI will never ask for a password over the phone.

Real Time Payments 61

Real Time Payments Authentication Fraud Prevention Credential 61

PYMNTS

AUGUST 22, 2018

Earlier this month, cable company Comcast Xfinity was in the news for accidentally exposing partial home addresses and Social Security numbers of more than 26 million customers, according to reports, thanks in large part to a trio of security loopholes. Around The Digital Identity World.

Fraud Prevention 40

Fraud Prevention Security Social Security Encryption 40

PYMNTS

OCTOBER 13, 2017

With countless incidents of fraud occurring every day, some of which have made international headlines and impacted millions, cybersecurity and fraud prevention are top-of-mind for individuals and companies alike.

Data Security 41

Data Security Account Takeovers Security Cybersecurity 41

Finovate

JUNE 21, 2024

.” Belvo’s open finance and payments platform helps financial institutions and their customers benefit from user-permissioned, secure data sharing. The platform validates employment histories, as recorded by employers, to the Mexican Social Security Institute (IMSS).

Financial Inclusion 64

Financial Inclusion Payment APIs and Integration Legal Framework Cross-Border Payments 64

PYMNTS

MAY 5, 2020

Pangretic cautioned that there will continue to be a rising tide of email scams (phishing) and synthetic fraud. In the case of synthetic IDs, fraudsters target consumers’ personal details such as Social Security numbers, place or date of birth, or other pieces of data to create new personas, and then apply for cards or loans.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

OCTOBER 3, 2016

The more traditional models of authentication, which typically relied on information, such as name, physical address or Social Security number, for transaction or credit decisions, don’t really scale for this digital era.

Cross-Border 76

Cross-Border Authentication Fraud Prevention Bots 76

PYMNTS

DECEMBER 10, 2019

Does the name provided go with the Social Security number ? They can’t force things to match that simply don’t add up, like using a deceased customer’s Social Security number to obtain an installment loan. To detect more sophisticated crimes, you need to look at more detailed data elements.”.

Fraud Detection 63

Fraud Detection Data Breach Identity Theft Social Security 63

PYMNTS

FEBRUARY 6, 2017

Research has found that new-account fraud more than doubled from 2014 to 2015, with nearly 7 million individuals having their Social Security numbers (SSN) compromised in 2015, an increase of more than 63 percent from the previous year. What works today might not work next month or even tomorrow.

Federal Trade Commission 59

Federal Trade Commission Scams Credit Cards Fraud Prevention 59

PYMNTS

SEPTEMBER 28, 2017

But in the world of identification fraud, there’s a greater sea change afoot, one that stretches farther than the impact on any one firm, or even the millions of adults targeted in the most brazen of breaches. Don’t become predictable, he cautioned, especially when it comes to tokenization and other security efforts.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43

PYMNTS

OCTOBER 18, 2019

At its most basic level, the key ingredients that are pilfered and then used to construct synthetic identities – where individuals’ personal information is stitched together to fabricate new identities — are tied to data that is given to us at birth: Social Security numbers. Well, it can take years to discover.

Identity Theft 42

Identity Theft Social Security Money Laundering Fraud Prevention 42

PYMNTS

JULY 15, 2019

The main take-home message from the 2016–17 census is that having adequate resources to actively look for fraud, to encourage fraud prevention and to have trained investigators will allow entities to have a greater understanding of where their fraud risks lie and how they may counter those risks,” added the commentary.

Business Email Compromise 43

Business Email Compromise Email Compromise Payroll IRS 43

PYMNTS

AUGUST 27, 2018

The scan seeks to find if a child’s Social Security number (SSN) matches an Experian credit file. If a credit file is found, the company’s fraud resolution team will seek to guide parents or guardians through their next steps. “We 1) as Child Identity Theft Awareness Day, the company said in an announcement.

Identity Theft 40

Identity Theft Social Security Consumer Protection Credit Cards 40

PYMNTS

DECEMBER 17, 2018

The AG said all five had mobile apps with a well-known security vulnerability that enabled hackers to intercept private data, including passwords, Social Security numbers, credit card account numbers and bank account information.

Security 63

Security Credit Cards Settlement Payments 63

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. How Cybercriminals Power Synthetic Id Fraud. SSNs that cannot be matched with specific consumers could also indicate fraud. .

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

AUGUST 8, 2019

The move toward new forms of ID verification comes as regulators and politicians increase their focus on data security in the wake of Equifax and other breaches. Meier said there is serious pressure to move further away from knowledge-based authentication methods and even Social Security numbers.

Security 58

Security Verification Online and Mobile Banking Breach 58

PYMNTS

JULY 24, 2020

This kind of data sharing can help FIs detect red flags, such as two different customers with the same Social Security number (SSN). Why Using Device Authentication, Nontraditional Data Can Help FIs Catch Synthetic ID Fraud. To find more about these and the rest of the latest headlines, download the Playbook.

Credit Union 73

Credit Union Federal Reserve Crime Authentication 73

Clearly Payments

JANUARY 8, 2024

Empowering customers to be vigilant about their own security is another key aspect. Providing educational materials, including fraud prevention tips, and encouraging the reporting of suspicious activities establishes a collaborative defense against fraud.

Risk Management 97

Risk Management Risk PCI DSS Process 97

PYMNTS

JUNE 29, 2016

While security development continues to get more sophisticated, fraudsters keep getting smarter. As a result, fraud prevention and security must be — and is — a top concern for digital companies. According to recently released research from PYMNTS , fraud attacks are on the rise, up 215 percent year over year.

Fraud Prevention 40

Fraud Prevention Security Social Security Addressing 40

PYMNTS

OCTOBER 13, 2017

Beyond the metaphor, the sheer “hugeness” of the data breach means that more of this information — sensitive and valuable information ranging from Social Security numbers to birth dates to home addresses — is available to hackers than ever before. That cat’s never coming back.

Breach 57

Breach Posting Security Data Breach 57

Seon

MAY 10, 2024

Advance Your Fraud Prevention Fraud prevention and AML solutions must remain agile, adapting to the increasing signals of our digital-first world. If it’s determined a SAR needs to be filed, all the information needed can be found within case details, populated and filed directly with the regulatory authorities.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

EBizCharge

JULY 16, 2024

Under NACHA’s stewardship, the ACH network processes various payments, including direct payments for payroll, social security benefits, tax refunds, and more. Compliance with these standards is pivotal for entities that wish to conduct electronic payments such as direct payments, tax refunds, and social security distributions.

NACHA 52

NACHA Nacha Rules ACH Network ACH 52

PYMNTS

OCTOBER 23, 2018

“Although employee negligence and lost or stolen devices still result in many data breaches, a shift is occurring from accidental loss to intentional targeting of data that reveals individuals’ names, Social Security numbers and other personal information,” the study indicated.

Blockchain 69

Blockchain Identity Theft Credit Cards Data Breach 69

PYMNTS

APRIL 4, 2018

The patented PII Data Protection Appliance enables VOIP contact centers to secure PII data at the point of entry without disrupting the telephony voice path. The agent never hears the caller’s Social Security number, credit card information or birthdate. The Agent’s View. Another Cloudless Day.

Duplicate 43

Duplicate PCI DSS Credit Cards Social Security 43

PYMNTS

JULY 30, 2020

Federal Reserve recently weighed in on synthetic ID fraud … advising FIs to confirm whether the personal details on new customers’ applications share any common elements with those belonging to other account holders at any of the FIs’ divisions or at other banks,” according to the July Playbook.

Law Enforcement 56

Law Enforcement Credit Union Account Takeovers Federal Reserve 56

PYMNTS

JANUARY 31, 2018

Coelho explained that, while there’s no silver bullet in fraud prevention, a few factors make email a powerful tool the world over. First, it’s a global variable (whereas identifiers like the Social Security number are more localized). Second, there are no duplicates, because the world wide web is, well, worldwide.

Cross-Border 46

Cross-Border Cryptocurrency Acquirers Due Diligence 46

Seon

SEPTEMBER 20, 2023

Depending on the jurisdiction and the organization’s policies, other PII may be requested, such as the individual’s social security number in the US. KYC onboarding is crucial: It is required by AML-obligated and/or fraud prevention-focused industries. The individual provides the requested information.

Process 52

Process Due Diligence AML Verification 52

PYMNTS

APRIL 3, 2019

It’s a simple, familiar credential that people have relatively little problem sharing in public – at least compared to other personal data – and which ties that person to a host of verifying documentation, including addresses, dates of birth and Social Security numbers.

Verification 59

Verification Money Laundering Authentication API 59