Payments Dive

JANUARY 11, 2021

According to Javelin Strategy & Research’s 2019 Identity Fraud Study, the total amount of identity fraud in 2018 amounted to $14.7BB and impacted 14.4MM adults in the U.S. In 2020, amid the COVID-19 pandemic, the impact of fraud was higher than ever. — more than 5% of the total population.

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Fraud Study Strategy 239

PYMNTS

SEPTEMBER 28, 2020

Morgan Chase is stepping up its payment fraud protection services for small- to medium-sized businesses (SMBs) to help them combat scam and fraud attempts, Reuters reported. The bank is implementing a new self-service "fraud hub," which will let SMBs set alerts for unusually large payments, controlling who can get paid.

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Fraud Payments Tools Report 266

Chris Skinner

MAY 14, 2019

Things we’re reading today include … A WhatsApp Rumor Challenges Metro Bank Bank of England warned criminal charge could destabilise Barclays Fraud complaints hit record high as banks’ new anti-scam measures delayed Bank of France is Closely Watching Stablecoin Developments Bank of England calls for ‘super shield’ against cyber (..)

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Metro Fraud 241

Abrigo

MARCH 4, 2022

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

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Fraud Cards Software Trends 195

Chris Skinner

SEPTEMBER 25, 2019

Things we’re reading today include … A third of bank branches closed in less than five years Credit Suisse: watching the detectives Danske Bank: Ex-chief caught up in fraud probe found dead You never go to Pret … and 24 other signs you’ve reached financial maturity Monzo closes premium packaged … The post Things worth reading: 26th (..)

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Fraud 200

Abrigo

JANUARY 6, 2020

Key Takeaways The most popular BSA/AML and fraud blog posts in 2019 related to staying on top of regulatory changes. Here are the 10 most popular blog posts related to BSA/AML and fraud in 2019, based on pageviews: Ask the Experts: Tips on Taking the CAMS Exam Best practices for studying and being prepared for the CAMS exam.

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Fraud Compliance Training Retail 300

Chris Skinner

SEPTEMBER 22, 2019

Things we’re reading today include … Lloyds Bank’s fraud detection system ‘the Rat’ sniffs out scammers A bank you might like: apps’ unlikely pitch out to disrupt Australian habits Helena Morrissey tipped to succeed Carney at Bank of England A watershed moment for women as Alison Rose takes charge at … The post Things worth (..)

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Fraud System 200

Chris Skinner

NOVEMBER 14, 2019

Things we’re reading today include … Google set to offer banking current accounts HSBC and RBS set to launch new digital banking platforms How Jim Simons became the most successful investor of all time Stiff sentences for bank fraud capture Italy’s sour public mood PayPal halts payment support to PornHub … The post Things worth reading: (..)

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Google Fraud Digital Banking Payments 193

PYMNTS

FEBRUARY 12, 2020

According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses.

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Fraud Handbook Security Comparison 253

PYMNTS

JULY 9, 2020

Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs.

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Fraud Report Tools Security 261

Chris Skinner

OCTOBER 6, 2019

Things we’re reading today include … ‘I’m being jailed for four emails from 12 years ago’ HSBC to cut up to 10,000 jobs in drive to slash costs: FT Ex-Barclays executives face fraud trial over Qatar rescue Online wealth manager Nutmeg reveals widening losses Libra: PayPal first to drop out … The post Things worth reading: 7th October (..)

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Fraud Online Management 186

PYMNTS

DECEMBER 2, 2019

Looking back at 2019, and at cryptocurrencies, we may well make the declaration that fraudsters got a lot more brazen … which may mean 2020 is the year lawmakers and regulators clamp down through a global, concerted effort to root out financial crime. billion in fraud and theft seen last year. billion number is a huge jump from the $1.7

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Fraud Report cryptocurrency National 130

Abrigo

JUNE 13, 2022

Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Takeaway 1 Elder abuse, exploitation and fraud continue to rise as the baby boomer generation ages. Takeaway 3 Education and reporting are key to preventing this type of fraud, so know your state's policies. .

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Fraud Training United States Survey 195

Abrigo

MAY 12, 2022

This post was substantially updated from the one originally published July 19, 2019. Protect your financial institution from cybercrime With cybercrime constantly evolving, what can businesses and financial institutions do to prevent fraud? Investment fraud has been familiar to the financial world for some time.

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Fraud Training cryptocurrency Software 195

PYMNTS

DECEMBER 16, 2020

Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector. And while promising news regarding COVID-19 vaccines may have put the end of the pandemic in sight, the restaurant industry’s growing fraud concerns will not cease as abruptly.

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Fraud social media Mobile Trends 310

Chris Skinner

JANUARY 14, 2019

Things we’re reading today include … Four former Barclays executives deny fraud charges ahead of trial Global economy fears grow as China and eurozone slump Pessimism clouds UK banking as demand for services drops Javid and Hammond team up to tackle £14bn of economic crimes Barclays on wrong side of … The post Things worth reading: (..)

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Fraud 186

Chris Skinner

MARCH 27, 2019

Things we’re reading today include … Hong Kong hands out new digital banking licences Digital banking puts small lenders’ stability at risk, report finds Lloyd’s of London makes £1bn loss as it vows to tackle sexual harassment claims Swedish authorities widen Swedbank inquiry to include suspected fraud Turkey may be … The post (..)

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Digital Banking Fraud Report 179

PYMNTS

JUNE 29, 2020

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported.

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Fraud Risk Management Report Management 327

Chris Skinner

FEBRUARY 20, 2019

Things we’re reading today include … Politicians must stand up for City after Brexit Barclays fraud trial: ex-chairman ‘not aware’ of £280m Qatar deal Standard Chartered sets aside $900 million to cover U.S.,

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Fraud 186

PYMNTS

JANUARY 4, 2019

It’s no surprise that payments fraud is on the rise. Juniper Research , for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders. Then again, the fraud may be a bit more low-tech and on-site.

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Fraud North Carolina Payments Minneapolis 158

Chris Skinner

OCTOBER 31, 2019

Things we’re reading today include … Banks face compensation claim over payment fraud New Wells Fargo CEO says he wants to fix problems, isn’t a ‘wallflower’ Why the repo market went awry… Facebook sued for age, gender bias in financial services ads A scholar of inequality ponders the future of … The post Things worth (..)

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Fraud Marketing Payments 157

Chris Skinner

OCTOBER 22, 2019

billion IPO relaunch: sources Infosys: India software giant probes whistleblower claims LSE bids show exchange world’s new priorities UK cyber-centre targets payment card fraud Revealed: The passwords putting you at most risk of cyber … The post Things worth reading: 23rd October 2019 appeared first on Chris Skinner's blog.

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Fraud Software Cards Payments 157

Chris Skinner

MARCH 27, 2019

Things we’re reading today include … Hong Kong hands out new digital banking licences Digital banking puts small lenders’ stability at risk, report finds Lloyd’s of London makes £1bn loss as it vows to tackle sexual harassment claims Swedish authorities widen Swedbank inquiry to include suspected fraud Turkey may be … The post (..)

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Digital Banking Fraud Report 165

Abrigo

AUGUST 22, 2022

Emerging Check Fraud Trends to be Aware of It seems check fraud will never go away, it just changes its approach every opportunity. Check Fraud. Still the number one type of fraud in banking. There is also usually more than one signee assigned to those accounts, making them more susceptible to fraud.

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Fraud Trends Survey Technology 195

PYMNTS

DECEMBER 15, 2020

New Jumio data indicates that new account fraud based on identity verification fell 23.2 percent globally in 2020 in contrast to 2019, according to an announcement from the identity verification and electronic know-your-customer (eKYC) provider. The company said that selfie-based fraud rates were five times above ID-based fraud.

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Fraud Video Report Trends 215

PYMNTS

JUNE 26, 2020

According to auditor Ernst & Young (EY) , German payment processor Wirecard knowingly gave false statements and was in the midst of “elaborate and sophisticated fraud involving multiple parties around the world” in regards to $2.1 billion on its books that may not exist.

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Fraud National Company Marketing 256

Chris Skinner

FEBRUARY 20, 2019

Things we’re reading today include … Politicians must stand up for City after Brexit Barclays fraud trial: ex-chairman ‘not aware’ of £280m Qatar deal Standard Chartered sets aside $900 million to cover U.S.,

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Fraud 165

PYMNTS

DECEMBER 31, 2020

Debit card issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. The Face of Fraud.

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Fraud Strategy Security Cards 273

PYMNTS

DECEMBER 18, 2020

Consumers redeemed more than $31 billion in eCommerce coupons in 2019, with untold other offers clipped from newspapers and receipts and cashed in stores. The biggest single [fraud] threat for us right now is the ability to create artificial coupons that look and feel legitimate,” Rauch said in an interview with PYMNTS.

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Fraud Retail Online Customer Experience 275

PYMNTS

JANUARY 24, 2020

Merchants have to participate in eCommerce if they want to maintain relevancy in today’s economy, but their engagement in online transactions also exposes them to new forms of fraud. And in digital fraud, phishing poses a unique threat to businesses. Data: 90 percent : Portion of data breaches caused by phishing in 2019.

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Fraud Analysis blockchain Data 141

PYMNTS

APRIL 7, 2020

The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement. Results noted a bit of a rise in ACH credit fraud.

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Survey Fraud Training Policies 153

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. million in 2019.

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Fraud Examples Online Data 150

PYMNTS

FEBRUARY 24, 2020

According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise. Meanwhile, Forbes reported separate analysis from North Carolina State University warning that as pressure mounts for chief financial officers to hit their financial targets, they’re less likely to report fraud.

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Taxes Fraud Puerto Rico North Carolina 164

PYMNTS

JUNE 22, 2020

Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. The biggest story this past week, of course, was the revelation that as much as $2.1

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Fraud Report Resources Company 198

PYMNTS

SEPTEMBER 22, 2020

One recent study estimated that roughly 44 million Americans would tap food delivery apps by the end of this year, up from 38 million in 2019, and another survey predicted that the number of smartphone delivery app users will climb 25.2 It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.

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Fraud Mobile Tools Study 255

PYMNTS

NOVEMBER 17, 2020

This overwhelming reliance on smartphones has generated record profits for major telecommunications companies, including AT&T , Sprint and Verizon , with the industry generating $610 billion in revenue in 2019. Customers still face potential fraud threats once they are signed up, with SIM swap fraud being a particularly common foe.

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Fraud Company social media Cards 267

PYMNTS

OCTOBER 21, 2020

Companies charged with protecting people’s data lost ground in 2020, after an abysmal 2019 of breathtaking data breaches. Per the Playbook, 21 percent of all fraud attacks “were waged on mobile transactions in the first half of the year and 37 percent of them originated from mobile devices.”. Real-Time, Cross-Channel Fraud Controls.

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Fraud Security Mobile Tools 140