PYMNTS

MARCH 8, 2019

Invoice fraud, where emailed requests trick employees of various firms into sending money to scammers’ bank accounts, has been making the rounds in the United Kingdom. firms are vulnerable to that type of fraud. In one case, a scammer asked for help via text message to purchase iTunes gift cards.

Fraud 149

Fraud Study San Francisco Denver 149

PYMNTS

SEPTEMBER 19, 2019

As well, successful criminals know that their targets are often complex systems — and complex systems offer many opportunities for financial fraud and massive theft. Welcome to the world of advertising fraud. As PYMNTS research has documented , advertisers will lose a projected $5.8 Delayed Response.

Fraud 132

Fraud Payments Online Mobile 132

PYMNTS

APRIL 9, 2019

Dubbed Genesis, the marketplace emerged in the fall of last year when the creators started advertising it on forums where hackers sell payment card details they’ve stolen. Operators of the marketplace sell the data to cybercriminals who use it for identity theft, online fraud, and other crimes.

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Fraud Security Operations System 235

PYMNTS

JUNE 17, 2020

The military’s need for tracking its multi-part, expensive operations has only increased with the introduction of 3D printing, according to Coindesk. The goal of using blockchain is to hopefully cultivate a reliable source of information, documenting every data point necessary to keep track of the supply chain.

blockchain 132

blockchain Fraud Indiana Bitcoin 132

Abrigo

MARCH 22, 2023

Read now Means and methods How trade-based money laundering works In recent years, investigations have documented how terrorist organizations work with transnational organized crime groups to facilitate terrorist financing. Stay up-to-date on the latest FinCEN priorities. See Part I: Implications for Community Financial Institutions.

Training 195

Training Fraud New Jersey Regulation 195

PYMNTS

SEPTEMBER 18, 2018

The federal agency said it shut down websites where consumers could buy “fake financial and other documents – such as pay stubs, income tax forms, and medical statements – which can be used to facilitate identity theft, tax fraud, and other crimes,” according to an FTC statement. Federal Trade Commission on Tuesday (Sept.

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Taxes Fraud Operations Security 134

FICO

MARCH 1, 2022

Fiserv, a leading global provider of payments and financial services technology solutions, has developed a new fraud mitigation service that has reduced fraud losses, which were already low by industry standards, by 10 to 15% for its small to midsize credit union and bank clients. Keeping Up With The Fraudsters.

Fraud 52

Fraud Analytics Cards Tools 52

PYMNTS

JANUARY 27, 2020

New analysis from Bank Info Security , for instance, revealed that BEC scammers have begun to target corporates’ financial documents from accounts receivable departments to identify unpaid invoices, as well as information regarding Days Sales Outstanding and clients.

Fraud 178

Fraud Analysis Cards Texas 178

PYMNTS

JUNE 20, 2019

According to the new Credit Union Tracker , as of March 2019 there were an estimated 5,572 CUs in operation and in the same month 324,000 consumers joined CUs. percent of those focused on data analytics said they also focused on fraud management solutions in the previous three years, compared to only 60.6 In the study, 91.7

Innovation 100

Innovation Cards Analytics Video 100

PYMNTS

SEPTEMBER 17, 2020

Documents obtained by Bloomberg mention NFC, which is used to handle wireless signals that let users make payments on their devices at store terminals instead of on cards.

Apple 281

Apple Payments Technology Fraud 281

South State Correspondent

JULY 12, 2023

This will allow a richer message than any other payment rail so that senders can attach documents and data within the payment message. While there are slight differences in operations, the only material difference is that The Clearing House supports transactions up to $1M, while FedNow currently goes to a $500k limit.

Payments 370

Payments Management Fraud Data 370

FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud.

Fraud 52

Fraud Cards Report Analytics 52

PYMNTS

SEPTEMBER 20, 2019

Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud. The group’s connected commerce behaviors are well-documented in the annual PYMNTS/Visa How We Will Pay 2019 study. Construction Payments: Building the House With Virtual Cards. Bank: Machine Learning Is Banks’ Best Bet Against Fraud. Trackers and Reports.

Fraud 108

Fraud Payments Bitcoin Lending 108

PYMNTS

APRIL 15, 2019

The site first emerged in fall of last year, when the creators started advertising it on forums where hackers sell stolen payment card details. 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.

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Fraud Data Security Ohio 129

PYMNTS

APRIL 19, 2019

Tech giant Apple recently released a new way to keep credit card numbers away from the prying eyes of cybercriminals. Apple’s new offering, a biometric credit card, comes with security features that make fraud difficult for bad actors. The scan is then compared against data from the service provider’s identity document library.

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Seattle Fraud Security Cards 155

PYMNTS

JUNE 30, 2020

However, the internal document hints that the firm’s client base was significantly less sizable and the revenue from it much more uneven, per the report viewed by FT. The UK’s Financial Conduct Authority (FCA) gave consent for Wirecard Card Solutions to open again.

Regulation 222

Regulation Report Operations Payments 222

PYMNTS

OCTOBER 24, 2018

Fewer consumers use physical currency when making purchases, and are instead turning to more modern, digital methods of payment, particularly when making purchases online with debit cards. Fraud is a huge consideration for us,” Bonkowski said. The Future of Fraud Protection. and around the globe. Onboarding Global Consumers.

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Fraud Cards Online Data 166

PYMNTS

NOVEMBER 11, 2019

Governments are tightening know your customer (KYC) and anti-money laundering (AML) requirements on various industries out of increasing concern over fraud threats. System integration provider NEC XON is also looking into biometric KYC for mobile network operators and financial institutions (FIs). How Zillow Co mbats Real Estate Fraud.

Video 161

Video Fraud Compliance Security 161

Abrigo

SEPTEMBER 3, 2021

Takeaway 2 Fraud prevention, AML, and IT must communicate regularly and cross-monitor for cybercrime threats. Takeaway 3 Fraud monitoring software and other preventative measures can help financial institutions protect themselves against cyber attacks. . Would you like others articles like this in your inbox? FinCrime Priorities.

Training 195

Training Software Fraud Security 195

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

cryptocurrency 193

cryptocurrency Fraud Security Bitcoin 193

PYMNTS

SEPTEMBER 11, 2019

Fraudsters have been increasingly focused on mobile services, with one-third of all fraud attacks worldwide reportedly targeting mobile during the first half of 2018 — a 24 percent year-over-year increase. Fighting Fraud Visibly and Invisibly. Such caution presents a high bar that app-based startups must overcome.

Security 113

Security Fraud Mobile Cards 113

PYMNTS

FEBRUARY 19, 2019

Further proof of that came recently from a young company based in San Francisco called Castle , which helps eCommerce operators such as Touch of Modern and Rue La La to defend against that type of fraud. The specific problem the company aims to solve is one that is increasingly familiar to other digital and eCommerce operations. “We

Retail 118

Retail Fraud Case Study San Francisco 118

PYMNTS

JANUARY 14, 2021

What's unique about the diamond space, however, is that there is an opportunity to drive value through the digitization of B2B commerce that goes beyond the electronification of documents or the streamlining of processes. B2B eCommerce operations, dubbed Jewel Fleet.

Industry 204

Industry Strategy Retail Trends 204

PYMNTS

MARCH 13, 2020

Individuals rushing to escape danger may not have the time or presence of mind to grab birth certificates, Social Security cards and driver’s licenses, yet they may face serious problems restarting their lives without identification. The World Bank estimated that one billion people lacked formal identity documents as of 2018.

Mobile 158

Mobile blockchain Regional Data 158

PYMNTS

OCTOBER 7, 2019

Among the most recent is the emergence of remote deposit capture , enabling employees to automatically capture receipt data by taking a picture of the document with their mobile device. Commercial Cards’ Role in Data Integration. That functionality can only occur when an expense platform is able to integrate card data directly.

Cards 129

Cards Analytics Management Data 129

PYMNTS

JANUARY 22, 2021

Morgan's Single-Use Accounts (SUA) virtual card payments offering, provides fraud protection and card rebates to OSV's finance and accounting clients, per the announcement. The platform in question, according to the release, will also help with things like simplifying IT infrastructure and lowering operating costs.

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Payments blockchain Software Tools 165

PYMNTS

JUNE 29, 2020

As things now stand, Wirecard is shaping up to be one of the biggest financial frauds in years, drawing at least some comparisons to Enron from decades past. The New York Times noted on June 26 that stock research services targeting short sellers (who bet that prices will decline) had been signaling that Wirecard was a “house of cards.”

New York 178

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PYMNTS

MAY 13, 2019

The proposed credit card interest rate cap legislation , courtesy of Democratic presidential hopeful Senator Bernie Sanders and Rep. Any station found selling gasoline at a price higher than the cap could be found guilty of fraud. Gas station operators followed the government’s rules. Here’s why. So who got hurt the most?

Cards 195

Cards Operations Course Regulation 195

PYMNTS

MAY 4, 2020

AP departments, leaving plenty of room for leaked spend, errors, fraud and a lack of cash flow visibility for both buyers and suppliers. The Rise Of The Virtual Card. “The ultimate B2B payment is really a virtual card,” he said. “Any strategic CFO will recognize the need for digital transformation.”

Cards 165

Cards Payments Data Fraud 165

PYMNTS

JANUARY 15, 2021

Many companies have been forced to adjust their business operations during the pandemic as they transact and cooperate remotely to reduce the risks of viral transmission. Companies have numerous technologies at their disposal for obtaining digital copies of legally required identity documents during onboarding and verification, O’Brien said.

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Video Tools Tampa Operations 151

PYMNTS

NOVEMBER 11, 2019

Data holds the key to helping modern enterprises develop effective anti-fraud strategies. Many businesses are sitting on massive troves of it, but they are also facing down the three “V’s” of data complexity — velocity, variety and volume — which can make tackling fraud even harder. . Structured Versus Unstructured Data.

Analytics 116

Analytics Data Fraud Tools 116

Insights on Business

OCTOBER 18, 2017

With petabytes of data now generated daily, we’ve gone well beyond the limits of human understanding or capacity and a new operating model is necessary. We’ve seen two areas where Cognitive capabilities have proven critical: fraud detection and regulatory compliance. There are over 40,000 regulatory changes annually.

Compliance 101

Compliance Fraud Regulation Technology 101

PYMNTS

JUNE 26, 2020

Banking solution provider FTSI recently released contactless self-service lockers that allow customers to pick up payment cards, cashier’s checks and other important documents without interacting with bank staff. Banks and financial developers are exploring a variety of contactless solutions to respond to the pandemic.

Digital Banking 220

Digital Banking Guidelines Trends Online 220

PYMNTS

NOVEMBER 7, 2018

But it’s worth looking at some of the details that have been illuminated to date, to get a sense of how accounting fraud, rendered through fake documents including invoices and other means, can mean ill-gotten gains that span a significant number of decimal places. Daniel Plants, an activist investor, told the Journal. Remember Enron?

Fraud 116

Fraud Examples United States Groups 116

Abrigo

NOVEMBER 22, 2021

Takeaway 1 Risk tied to consumer lending compliance has been elevated as a result of the pandemic and associated operating challenges. They also had to ensure adequate documentation of borrowers’ payments under any loan modifications or accommodations, as well as any changes to collateral values or advances on new or existing loans.

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Compliance Lending Risk Management Regulation 195

PYMNTS

APRIL 30, 2019

As has been well-documented in these digital pages, SCA mandates that some 300 million consumers will need to confirm their identities for most of their online purchases using two of the following: something they know (e.g., a password), something they possess (e.g., a phone) or something they are (e.g., a fingerprint).

Fraud 171

Fraud Online Cards Payments 171

PYMNTS

JANUARY 22, 2021

Westlake has already sent several million dollars over the RTP network during the pandemic, according to Westlake’s Director of Accounting Operations Raul Alvarez. As with any payment method, fraud attacks and human errors can upend customer experiences unless companies have strong security strategies in place.

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Security Fraud Tools Customer Experience 141