Fintech News

OCTOBER 28, 2024

How can banks successfully balance the calls for innovation in an increasingly competitive fintech space against neobank upstarts, super-apps, and resurgent e-wallets across Southeast Asia while addressing security concerns arising from AI-based fraud?

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Verification Deepfake AI Identity Theft 109

Segpay

NOVEMBER 26, 2024

The Importance of Reliable Digital Identity Verification In a digital world, ID verification is a trust-building mechanism that protects both the user and the organization. Digital identity verification allows users to complete verification remotely.

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Verification Identity Theft Money Laundering Due Diligence 56

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. Don’t share your Social Security Number.

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Tax Refunds Identity Theft IRS Returns 52

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….

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Identity Theft Rules Verification Accounts 40

PYMNTS

MARCH 7, 2018

The new cards are being issued to protect consumers from identity theft. With that in mind, Medicare is removing Social Security numbers from its cards and replacing them with a unique Medicare number. The cards will be sent to the address on file with the Social Security Administration.

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FTC Scams Identity Theft Federal Trade Commission 49

Center for Payments

FEBRUARY 10, 2023

By Madison Howard, Manager, Member Communications, EPCOR Of those who have experienced identity theft, which happens when someone utilizes your personal information to commit fraud, many share that it is an overwhelming and mentally draining experience. Protect your social security number. Watch your mailbox.

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Identity Theft Federal Trade Commission Social Security Privacy 40

PYMNTS

DECEMBER 20, 2019

Wawa is getting in touch with customers and offering free credit card monitoring, as well as identity theft protection, to anyone who has been affected. The information exposed did not include any financial information, Social Security numbers or password data. We promptly reported this to authorities.

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Data Breach Breach Identity Theft Credit Cards 52

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.

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Identity Theft Data Breach Breach Verification 63

PYMNTS

NOVEMBER 12, 2018

In the letter sent to affected individuals , CMS said that some of the information that was accessible included name, date of birth, address, the last four digits of social security numbers, tax filing status, expected income among a slew of other information.

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Identity Theft Consumer Data Breach Breach 71

EBizCharge

MARCH 18, 2024

From names and addresses to medical insurance and social security, this information must be handled with the utmost care to ensure privacy and security. It mandates prompt disclosure of breaches to affected parties, enabling them to take necessary steps to mitigate potential harm, such as identity theft or fraud.

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Venmo Zelle Identity Theft Privacy 52

PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. billion by 2024.

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Blocks Identity Theft ATM Online and Mobile Banking 106

PYMNTS

FEBRUARY 18, 2020

eCommerce fraud losses, including those experienced by banking services, are projected to reach $48 billion annually by 2023, with synthetic identity theft representing a major source of loss for FIs.

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Authentication Identity Theft Multifactor Authentication Fraud Prevention 52

PYMNTS

MARCH 26, 2016

According to court documents , Montgomery, Alabama resident Wendy Huff, who worked at two different insurance companies between January 2013 and August 2015, stole personal information of her employers’ customers, including their names, social security numbers and dates of birth.

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Identity Theft Treasury Checks Debit Card IRS 56

FICO

AUGUST 12, 2019

Industry estimates attribute around 80% of credit card fraud losses to synthetic identity fraud and child identity theft. (On On a clarifying note, synthetic identity creation is sometimes considered first-party fraud, whereas identity theft is considered third-party fraud. How Fraudsters Target Children.

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Identity Theft Federal Trade Commission Credit Cards Social Security 40

PYMNTS

SEPTEMBER 11, 2017

According to a news report in the The New York Post , hackers were able to steal customers’ data — including Social Security numbers — due to a weakness in open source software developed by Apache Software Foundation. consumers, putting them at risk of identity theft. Jeffrey Meuler, an analyst at Robert W.

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Database Breach Identity Theft Data Breach 66

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.

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Account Takeovers MFA Fraud Detection Credit Cards 94

PYMNTS

JUNE 3, 2019

Over that period of time, a hacker was privy to credit card numbers, bank accounts, Social Security numbers, medical information and other personal data. Medical records are enticing targets for hackers because of all the information they contain, which can be used to commit identity theft.

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Compromise Identity Theft Data Breach Breach 53

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Synthetic Fraud Synthetic fraud occurs when criminals create fictitious identities by combining real and fake information, such as using a real Social Security Number with a fake name and address.

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Account Takeovers Fraud Detection Phishing Fraud Prevention 95

PYMNTS

DECEMBER 23, 2019

In synthetic identity theft, she explained, the fraudster is still pretending to be someone they are not, but the difference is that they aren’t so much imitating an existing person as creating one. Is the Social Security number associated with a person who is both alive and over the age of 18?

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Social Security Identity Theft Wire Transfer Security 52

Innovative Payments Association

JUNE 26, 2024

Be Aware of the Different Types of Scams Phishing Scams: Seniors may receive emails or phone calls pretending to be from their bank, asking for sensitive information like passwords or social security numbers. Identity Theft: Scammers steal seniors' personal information to open accounts or make purchases in their name.

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Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

JANUARY 2, 2019

The identity theft firm 4iQ did a study last year about password use and found that almost half of the study respondents reused their passwords over multiple sites. Macy’s said at the time that the hackers didn’t get Social Security numbers or card CVV numbers. Warby Parker said that is what happened with this breach.

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Cybersecurity Accounts Identity Theft Law Enforcement 74

PYMNTS

MARCH 27, 2020

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. The bad actors then cut off all contact with the bank, preventing it from recouping its losses.

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Identity Theft Technology Authentication Credit Cards 83

PYMNTS

FEBRUARY 6, 2018

He noted that in all the news reports detailing the ravages of identity theft, one thing is notably missing: A list of free services – from the government and elsewhere – that can help individuals monitor whether they have been compromised and how to protect themselves. Data Point Number Two: 15.4

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Identity Theft Social Security Addressing Consumer 48

PYMNTS

DECEMBER 17, 2020

million in coronavirus-related fraud this year and 38,792 cases of identity theft. If someone typically uses a Social Security phone scam, they might now modify that to say, ‘this is the Social Security Administration, this is how we’re going to get you signed up so you can get your COVID-19 vaccine.’”.

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Scams IRS Federal Trade Commission FTC 84

PYMNTS

OCTOBER 18, 2019

It’s been said that fraudsters are always evolving, and always looking for the path of least resistance in their efforts to steal identities and credentials to remain anonymous and … keep stealing. No surprise, then, that identity theft is on the rise. Well, it can take years to discover.

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Identity Theft Social Security Money Laundering Fraud Prevention 42

PYMNTS

FEBRUARY 22, 2018

Hackers who used to amuse themselves stealing credit cards have raised the level of their identity theft game such that 2017 was a record year — 16.7 Also having a record breaking year — powered by all those stolen social security numbers — was new account fraud, which rocketed up 70 percent in 2017. billion last year.

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Identity Theft Account Takeovers Push-to-Card Social Security 56

PYMNTS

DECEMBER 13, 2019

Payroll information for tens of thousands of Facebook employees, including banking information, names, bank account numbers and the last four digits of Social Security numbers, was stolen from an employee’s car in an apparent smash and grab, according to a report by Bloomberg. .

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Payroll Identity Theft Law Enforcement NOV 52

FICO

DECEMBER 3, 2018

In this continuation of my recent video interview with Jesse Gossman , — a police detective in South Florida, Certified Fraud Examiner, and president of the counter-fraud consulting group Bottom Line Fraud — we discuss how synthetic identity fraud is perpetrated, how the synthetic identities are created, and why they look so real.

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Identity Theft Best Practices Fraud Detection Social Security 40

Exact Payments

JULY 1, 2024

For cookie hijacking, HSTS enforces secure connections, protecting users from attackers who might steal sensitive cookies sent over insecure links. Cookies often contain session data that can authenticate a user to a website, and securing these is crucial to preventing identity theft.

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Data Security Security Encryption Payment APIs and Integration 52

VISTA InfoSec

JUNE 21, 2023

Communicate clearly A data breach can expose people’s personal, financial, and health information, and in some cases, social security numbers can be taken too. You can also include links to up-to-date information on identity theft if appropriate.

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Data Breach Breach Law Enforcement Cybersecurity 130

PYMNTS

DECEMBER 10, 2019

More than 446 million consumer records were exposed in data breaches in 2018, an increase of 126 percent compared to 2017, according to a 2018 Identity Theft Resource Center report. They are establishing synthetic identities, opening bank accounts and cards, and then acting like legitimate customers. “In

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Fraud Detection Data Breach Identity Theft Social Security 63

VISTA InfoSec

JULY 5, 2023

With the proliferation of people paying hospital bills and health insurance using credit and debit cards, the risk of identity theft has also augmented exponentially! Adherence to these regulations is paramount for safeguarding sensitive patient information from data breaches and cyber attacks. million between May 2020 and March 2021.

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PCI DSS Compliance Data Breach Breach 130

PYMNTS

MAY 10, 2019

businesses. The allegations in the indictment unsealed today outline the activities of a brazen China-based computer hacking group that committed one of the worst data breaches in history,” Assistant Attorney General Brian A.

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Data Breach Breach Identity Theft Law Enforcement 46

PYMNTS

DECEMBER 16, 2018

Underwood said all five companies had mobile apps that had 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.

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Security Identity Theft Settlement Encryption 55

PYMNTS

JUNE 22, 2020

And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data. Against that backdrop, FIs must walk a tightrope, balancing customer security with the customer experience, minimizing onboarding friction while meeting regulatory requirements.

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Identity Theft Database Account Takeovers Issuers 77

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. Cybercriminals often use these identities to set up bank accounts and apply for credit cards and loans. billion from the nation’s consumers in 2018.

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Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

DECEMBER 28, 2016

The Identity Theft Resource Center, which Bloomberg cited in its report, pegs the number of data breaches in the U.S. at close to 1,000 this year alone, potentially impacting more than 35 million personal records, such as Social Security numbers and bank account information.

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Identity Theft Data Breach Breach Social Security 43