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

AUGUST 8, 2019

As Meier told it to PYMNTS, that provides an opening for a concept called gradual verification. As Meier described it, gradual verification collects just as much personal data from a consumer that is needed to perform a specific digital or mobile task. But so, too, could new methods of online verification.

Security 58

Security Verification Online and Mobile Banking Breach 58

PYMNTS

MARCH 27, 2020

The bad actors then cut off all contact with the bank, preventing it from recouping its losses. First-party fraud seems difficult to perpetrate because loan applications typically require identity verification with Social Security numbers, which enable banks to track down loan applicants who go off the grid.

Identity Theft 83

Identity Theft Technology Authentication Credit Cards 83

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

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

JULY 24, 2020

The result is a persona that often holds up against financial institutions’ (FIs’) traditional verification methods. Criminals can then use these identities to open bank and credit union accounts, secure loans and ultimately vanish without ever repaying.

Credit Union 73

Credit Union Federal Reserve Crime Authentication 73

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

Finovate

JUNE 21, 2024

Instead of traditional underwriting, the bank will review factors such as outstanding debt levels and the number of credit applications outstanding, as well as leverage Belvo’s open finance technology to secure income verification for applicants whose data is otherwise difficult to retrieve.

Financial Inclusion 64

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

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

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. The prospective customer is then eligible for the organization’s KYC verification. This may include – but is far from limited to – AML and identity verification procedures.

Process 52

Process Due Diligence AML Verification 52

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

Clearly Payments

JANUARY 8, 2024

Fraud Risk and Prevention Techniques Managing fraud risk in payment processing requires a strategic and adaptable approach from merchants. The first step is implementing robust authentication processes, including multi-factor authentication, biometric verification , and tokenization , to enhance user access security.

Risk Management 68

Risk Management Risk PCI DSS Process 68

PYMNTS

JULY 27, 2020

Where Standard ID Verification Falls Short. FIs traditionally refer to their internal records to examine the previous interactions they have had with existing customers and to government-issued credentials, such as driver’s license numbers and Social Security numbers, to verify new accounts. Device Authentication.

Credit Union 58

Credit Union Authentication Credential Assessments 58

PYMNTS

FEBRUARY 21, 2018

After the Mueller indictments, do banks’ “day zero” identity verifications need a makeover? We’re referring, of course, to the act of opening a bank account from scratch, from the beginning – providing everything from name, address, Social Security number, identity documents and the like…. In the U.S., Think again.

Identity Theft 40

Identity Theft Rules Verification Accounts 40

PYMNTS

JULY 9, 2018

The ‘customer’ in question used all the right real data: real address, right name, right social security number, right password. The “customer” was really a fraudster who came into a verification process armed with all they knew would be necessary to fool the system.

Fraud Detection 44

Fraud Detection Enrollments Addressing Verification 44

PYMNTS

SEPTEMBER 18, 2017

And here’s a curio: The most basic building block of identity here in the States, the Social Security number, comes on cards that clearly state, “not for identification purposes.” As for biometrics and real-time ID verification, he said, it’s rather unlikely that hackers are lugging around their own portable iris scanning technology.

Breach 46

Breach Identity Theft Credential Authentication 46

PYMNTS

NOVEMBER 9, 2017

Voices, noted Webster, are easy to spoof and are not secure enough on their own to be used for identity verification. The information that must be presented in that initial screening is far too easily knowable to create any real security — and again, as Webster noted, voices are easy to spoof.

Authentication 41

Authentication MFA Fraud Detection Security 41

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. He went on to explain how the company seeks to help consumers manage their identities by having more control over the use of their Social Security number.

Identity Theft 13

Identity Theft Verification Social Security Online and Mobile Banking 13

PYMNTS

NOVEMBER 8, 2019

The onboarding process uses AI and ML to review data like Social Security numbers and facial recognition technology to compare selfies with government-issued forms of identification. The platform also runs customers’ background checks and processes credit cards through a predictive analytics system to gauge fraud risks.

On-Demand 40

On-Demand Credit Cards AI Underwriting 40

Payment Savvy

SEPTEMBER 5, 2024

It’s also how you might receive tax refunds, social security benefits, or even payments from customers if you run a business. This process is simple and secure. Fraud prevention is another key part of the ACH deposit. Banks and businesses often use extra security measures.

ACH 52

ACH ACH Network Wire Transfer Direct Deposit 52

Seon

MAY 10, 2024

Anti-money laundering (AML) initiatives involve laws, regulations and procedures aimed at preventing criminals from masking illegally obtained funds as legitimate income. Advance Your Fraud Prevention Fraud prevention and AML solutions must remain agile, adapting to the increasing signals of our digital-first world.

AML 52

AML Money Laundering SARS Suspicious Activity Report (SAR) 52

PYMNTS

APRIL 15, 2019

Lyft, the newly public ride-hailing company, announced Monday (April 15) two new initiatives aimed at increasing the safety and security of its platform. In a blog post , Lyft said it is rolling out continuous background checks and enhanced identity verification.

Checks 47

Checks Continuity Verification Social Security 47

CB Insights

AUGUST 25, 2017

Deploying blockchain solutions in education could streamline verification procedures – thus reducing fraudulent claims of un-earned educational credits. Gem is using Ethereum blockchain-enabled technology to create a secure, universal data-sharing infrastructure for the space.) Supply chain management.

Blockchain 78

Blockchain Law Enforcement Bitcoin Transactions 78

Fintech News

OCTOBER 28, 2024

Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. The level of verification checks can be adjusted as the customer progresses.

Verification 116

Verification Deepfake AI Identity Theft 116