Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Account Takeover Fraud Account takeover fraud involves cybercriminals gaining unauthorized access to a victim’s online account, often through the use of stolen login credentials or phishing schemes.

Account Takeovers 94

Account Takeovers Fraud Detection Phishing Fraud Prevention 94

PYMNTS

SEPTEMBER 23, 2020

Senior citizens are the demographic group most vulnerable to identity fraud, as they are often not as digitally savvy as their younger counterparts nor as adept in online security best practices. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

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. The identity theft rate in 2019 was 46.4 percent of 3.2

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

PYMNTS

APRIL 12, 2020

With governments imposing lockdowns to contain the virus, hackers have been known to pose as banks or other legitimate institutions to try to glean access to people’s private information to use for nefarious means, such as identity theft. Italian law enforcement officials said the country has seen a rise in this kind of activity.

Data Breach 122

Data Breach Breach Identity Theft Law Enforcement 122

PYMNTS

MAY 4, 2020

Three common forms of fraud that can threaten credit unions (CUs) are check fraud, card fraud and automated clearing house (ACH) fraud, and fraudsters often deploy phishing emails to deceive and defraud customers. Rise in Phishing Attacks and Data Breaches. Phishing attacks can also target CU employees.

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Phishing Credit Union Breach Data Breach 56

Seon

JUNE 27, 2024

AI’s capabilities, like machine learning algorithms, are being trained to identify and exploit vulnerabilities, automate phishing attacks and bypass traditional security measures. AI can generate synthetic identities, create deepfakes and lead other persuasive and difficult-to-detect social engineering tactics.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

The Fintech Times

MARCH 6, 2024

Seventy-three per cent of respondents expect an uptick in these types of fraud: phishing, synthetic fraud, identity theft, account takeovers (ATO) and money-laundering. In fact, 71 per cent of respondents named it as the number one issue, particularly in automated attacks and deepfake technologies.

AI 57

AI Fraud Prevention Identity Theft Account Takeovers 57

PYMNTS

FEBRUARY 19, 2019

What’s more, fraudsters are getting smarter, building out identities and initiating money transactions that are made to appear as legitimate as possible before making their move. Yet, how can banks protect against identity theft and application fraud with so many details compromised? Inverting the Fraud Approach.

Identity Theft 63

Identity Theft Data Breach Breach Verification 63

Clearly Payments

MARCH 4, 2024

The stolen data was then exfiltrated from the network and, ultimately, used for fraudulent purposes, including unauthorized purchases and identity theft. Operation Phish Phry (2009) Operation Phish Phry stands as a testament to the cunning and audacity of cyber criminals orchestrating large-scale payment processing fraud.

Phishing 59

Phishing Data Breach Law Enforcement Money Laundering 59

PYMNTS

AUGUST 21, 2020

These machines can be vulnerable to fraud, however, ranging from physical techniques like card skimmers to digital methods like identity theft. Interactive teller machines (ITMs) offer a variety of services that are normally only available inside a physical branch, like loan applications and cash deposits.

Blocks 106

Blocks Identity Theft ATM Online and Mobile Banking 106

Segpay

FEBRUARY 21, 2024

Analyzing patterns and anomalies identifies potential risks associated with identity theft or fraudulent activities. Phishing and Social Engineering Prevention: Phishing and social engineering attacks pose significant cybersecurity threats.

AI 90

AI Innovation Fraud Detection Encryption 90

PYMNTS

MAY 19, 2020

SafetyDetective said Natura customers should be vigilant against identity theft, change their account passwords and keep a close eye on their payment card transactions for signs of any suspicious activity. The risk of phishing and phone scams is also raised by the Natura data leak,” Sen said, according to the report.

Identity Theft 93

Identity Theft Payment APIs and Integration Payment-Related Information Phishing 93

Seon

SEPTEMBER 11, 2023

As neobanks evolve, the one downside of their innovation is that it opens up many new methods of attack for fraudsters, such as identity theft, fraud rings, and account takeover attacks. Identity theft: Scammers can commit identity theft by using methods like phishing and vishing to impersonate genuine users.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

Account Takeovers 93

Account Takeovers MFA Fraud Detection Credit Cards 93

PYMNTS

JUNE 25, 2020

Long pled guilty in November of 2019 to a scheme where he committed wire fraud and aggravated identity theft. The charges dated back to 2013, when Long created and deposited checks from the checking accounts of over 375,000 victims, saying that the victims’ banks had authorized the fund transfers.

Identity Theft 66

Identity Theft Payee Checks Phishing 66

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

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Deepfake APACS Scams Authentication 112

Innovative Payments Association

JUNE 26, 2024

Secure Personal Information: Never give out personal information over the phone, through email, or online unless you initiated the contact and are sure of the recipient's identity. Identity Theft: Scammers steal seniors' personal information to open accounts or make purchases in their name.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

Fintech News

MARCH 25, 2024

This growth suggests that threat actors continued to invest in new methods to target mobile banking apps, developing new tools and techniques to execute fraudulent transactions, steal funds and commit identity theft , the report says. Hook is a type of malicious software specifically designed to target mobile banking apps.

Mobile Banking 103

Mobile Banking Online and Mobile Banking Identity Theft Credential 103

Fintech Finance

MARCH 18, 2024

With the rise of e-commerce orders, enterprises are increasingly vulnerable to various forms of fraud, including card testing, phishing, identity theft, and more. Worldwide e-commerce fraud is increasing, with enterprise losses from online payment fraud expected to exceed $362 billion between 2023 to 2028.

Fraud Prevention 52

Fraud Prevention Fraud Detection Identity Theft Cybersecurity 52

Seon

JANUARY 29, 2024

It is also considered a form of identity theft, because it happens when someone logs into an account that isn’t theirs to exploit it. This could be accidental, or more sophisticated, for example following a mass phishing email campaign. There are many paths to successful ATO fraud.

Account Takeovers 52

Account Takeovers Accounts Fraud Prevention Fraud Detection 52

PYMNTS

APRIL 30, 2019

In addition to identity theft, the data could be used to target older and more vulnerable people for phishing and scam attempts. While 80 million households are included in the database, the number could impact hundreds of millions of individuals. Everyone in the database is over the age of 40.

Database 49

Database Identity Theft Breach Phishing 49

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. percent of all fraud reported in 2019.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

The Fintech Times

FEBRUARY 23, 2024

Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.

Deepfake 67

Deepfake Continuity Risk Smishing 67

PYMNTS

AUGUST 31, 2017

The move was so clumsy that the Redditors who first noticed it assumed it was a phishing scam designed to go after those who had pre-purchased an Essential phone so the data could later be used for identity theft. ” Affected customers will be offered a year of LifeLock, an identity theft protection service.

Identity Theft 43

Identity Theft Phishing Scams Privacy 43

PYMNTS

OCTOBER 14, 2020

According to the October Next-Gen Debit Tracker® , “One recent study found that the number of active phishing sites in the U.S. Card network Visa and other entities warned eCommerce players about emerging skimming attacks that can swipe consumers’ debit or credit information for fraud or identity theft.”.

Consumer 73

Consumer Debit Card Debit Network Identity Theft 73

The Fintech Times

JANUARY 17, 2024

When asked what kinds of fraud they were the victims of, the most common responses were: Credit card fraud (59 per cent) Identity theft and phishing (21 per cent) Employment scams (12 per cent) Investment fraud (10 per cent) “Millennials have embraced digital payments and mobile banking, which dominate how we access banking services today.

AI 57

AI Financial Crimes Crime Security 57

VISTA InfoSec

JUNE 21, 2023

This could include setting up a fraud alert for credit files, changing passwords, setting up two-factor authentication (2FA), keeping a close eye out for phishing emails or unusual activity in bank accounts. You can also include links to up-to-date information on identity theft if appropriate.

Data Breach 130

Data Breach Breach Law Enforcement Cybersecurity 130

PYMNTS

OCTOBER 7, 2020

These bad actors are tapping everything from tried and true phishing schemes to tailored identity theft to scrape data from these digital sites, and not properly protecting against these efforts can lead to significant strain.

Verification 89

Verification Identity Theft Online and Mobile Banking Authentication 89

PYMNTS

SEPTEMBER 24, 2019

Criminals will get this info through hacking or by social engineering and phishing. Some criminals are also monetizing stolen credit card information through fraudulent merchant accounts to charge victims’ cards, or are simply creating fraudulent user accounts on fintech platforms as part of identity theft or synthetic identity fraud.”.

Fincen 71

Fincen Account Takeovers Identity Theft Financial Crimes 71

PYMNTS

APRIL 15, 2019

The marketplace operators sell the data to cybercriminals who use it for identity theft, online fraud and other crimes – and the data is worth anywhere from $5 to $200. Phishing for Paychecks. HR departments need be on the alert for a new type of phishing scam that asks for reroutes on direct deposit accounts, CNBC reported.

Money Laundering 51

Money Laundering Wire Wires Identity Theft 51

Center for Payments

SEPTEMBER 1, 2023

Simple practices such as regularly monitoring financial transactions, using strong and unique passwords, enabling multi-factor authentication, and being cautious of phishing attempts can significantly reduce the risk of payment-related fraud and identity theft.

Payment Security 40

Payment Security Security Cybersecurity Identity Theft 40

PYMNTS

JANUARY 30, 2017

The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. This week’s data digest is all about, well, data. 1,093 data breaches hit entities in the U.S.

Data Security 54

Data Security Government Governance Data Breach 54

PYMNTS

JANUARY 24, 2017

According to a report highlighting findings from the Identity Theft Resource Center and CyberScout, data breaches in the U.S. For the eighth year in a row, hacking, skimming, and phishing were the main drivers of data breaches, representing 55.5 Some 64 percent of all data breaches involve identity and personal data theft.

Data Breach 40

Data Breach Breach Identity Theft Phishing 40

FICO

MARCH 6, 2017

Criminals are looking to gain financially in three main ways: Data breaches to feed identity theft. Third-party fraud is fuelled by identity theft, and breached data gives criminals the information they need to take over someone’s identity. Cyber-attacks with financial demands.

Identity Theft 65

Identity Theft Breach Data Breach Phishing 65

FICO

MAY 27, 2022

Identity theft is one of the key drivers for the soaring levels of application fraud. It remains one of the top three fraud attacks, alongside phishing and card testing. In Europe specifically, organizations have seen a significant rise in identity theft over the past year.

Identity Theft 52

Identity Theft Origination Use Case Checks 52

PYMNTS

DECEMBER 17, 2020

The IRS is encouraging consumers to screenshot these fraudulent texts and email them to the agency at phishing@irs.gov. million in coronavirus-related fraud this year and 38,792 cases of identity theft. “This scam is a new twist on those we’ve been seeing much of this year.”. The FTC marked $201.26

Scams 84

Scams IRS Federal Trade Commission FTC 84

PYMNTS

JULY 10, 2019

Besides identity theft, malware and viruses, there are phishing scams, data breaches and other unknown issues that can compromise computers and daily life. Privacy is the new currency in a time when browsing the internet can be a lot like walking through a crime-ridden neighborhood.

Privacy 40

Privacy Identity Theft Regulatory Compliance Data Breach 40