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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PYMNTS

DECEMBER 16, 2020

More than 100,000 eateries — or about one in six restaurants nationwide — have closed due to the pandemic, according to National Restaurant Association estimates. Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector. ChowNow's Fraud-Fighting Lessons Amid The Pandemic.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Kount’s fraud protection platform increases profitability and reduces fraudulent claims with digital identity verification and advanced artificial intelligence.”. In a Tuesday (Aug.

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PYMNTS

NOVEMBER 13, 2020

The telecommunications industry is but one of many sectors looking to more securely verify customers and avoid fraud, which remains a growing problem. Robust digital ID verification practices could make many fraud schemes a thing of the past, but many banks and businesses have yet to adopt them. More than 6.2 About The Tracker.

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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

PYMNTS

JULY 2, 2020

Financial institutions (FIs) are therefore expected to offer more contactless cards this year and some are also unveiling services intended to help consumers easily add cards to their digital wallets. consumers to shift as much as $100 billion in annual spending from credit to debit cards. Around the Next-Gen Debit World.

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PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9 Shetty explained.

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PYMNTS

NOVEMBER 23, 2020

And even before then, as evidenced by an earlier conversation between Karen Webster and Drew Edwards , CEO of Ingo Money , mobile deposit fraud was increasingly becoming a favorite vector for criminals. Back then, Edwards noted that mobile check fraud was escalating so much that some banks were shutting off the feature entirely.

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PYMNTS

JULY 3, 2020

Financial institutions can keep customers safe by accurately determining when attempted transactions are legitimate versus when they are being made by fraudsters who have stolen customers’ cards or taken over accounts. Defending Agains Fraud During Periods Of Reopening . Reopenings could also lead to rises in certain kinds of fraud.

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PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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PYMNTS

DECEMBER 18, 2020

The National Restaurant Association ’s initial 2020 outlook was bright, as it projected sales just shy of $900 billion. These growing revenue streams carry their own risks, however, not the least of which is their propensity to be targeted by fraud. The Fraud Threats Of 2020.

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PYMNTS

APRIL 21, 2016

area grocery story chain is only allowing customers to purchase reloadable or prepaid gift cards with cash or bank PIN-based debit due to a significant increase in credit card fraud. This change has been made in order to mitigate potential fraud risk.”. Because new credit card rules have put them on the hook for fraud.

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Abrigo

MAY 8, 2024

You might also like this webinar, "The check's in the mail: Understanding and preventing check fraud." Many financial institutions have been using artificial intelligence (AI) for years, particularly in supporting cybersecurity and anti-fraud efforts. How banks and credit unions use genAI today Short supporting copy.

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Examples Fraud Resources Risk Management 222

PYMNTS

OCTOBER 13, 2017

Australian government agencies are reportedly plagued by company card fraud and misuse, according to new analysis from media company Fairfax Media. The ABS had 156 cases of inappropriate spend on its cards, Fairfax found, valuing more than $43,000 in misspend. Reports in the Sydney Morning Herald on Thursday (Oct.

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Fraud Cards Company Analysis 100

South State Correspondent

MAY 13, 2024

The major themes of fraud, artificial intelligence (AI), expansion of instant payments, open banking, and regulation were particularly relevant to your roles as executives, risk managers, compliance officers, and technology leaders. Unfortunately, most banks don’t gather fraud data across payment channels or track “pre-crime events.”

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PYMNTS

JULY 30, 2020

With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. On the FBI’s Cyber Most-Wanted list are nationals of at least a half-dozen countries, some with state-level backing. The Fatigue-Fraud Connection. Check it out. These attacks cost FIs $10.2

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PYMNTS

JUNE 24, 2020

Those less tech-savvy individuals represent juicy targets for fraudsters, who have been fine-tuning card-not-present (CNP) schemes to work across all manner of channels during the pandemic as we wield smartphones to make transactions or bank over the phone. CNP fraud, Nolte said, has become a numbers game.

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Fraud Security Cards Course 262

PopularBank

APRIL 18, 2024

Yet, despite advances in bank fraud protection, scammers continue to develop and deploy sophisticated—and successful—methods. Earlier this year, the Federal Trade Commission announced over $10 million in fraud losses in 2023, up 14% from the previous year. Thieves attempting bank fraud may try one or more of the following scams.

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PYMNTS

JULY 27, 2016

Credit card fraud complaints in the U.S. ValuePenguin analyzed data collected by the Consumer Financial Protection Bureau and found that there were approximately 70,000 credit card fraud complaints submitted in 2015. At the state level, the number of credit card fraud complaints were much more pronounced.

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Fraud Cards South Dakota West Virginia 100

Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. The under-reported and growing crime.

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PYMNTS

JULY 11, 2016

Late last week, The Register reported that 105 suspects of credit card fraud were arrested in Asia and Europe after a cybercrime ring was busted by authorities. The investigation spanned two continents and targeted the fraud gang, which was led out of Malaysia and eventually reached 14 countries in Europe.

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Fraud Cards ATM Groups 100

PYMNTS

JULY 21, 2017

If a data breach is a sprint — where a fraudster grabs as much data as he or she can, as quickly as possible, in an effort to maximize ill-gotten gains — the fight against fraud is a marathon. Fraud varies country to country, region to region. Europe may offer a tell on the fraud to come. A marathon that never ends.

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CFPB Monitor

JULY 19, 2022

On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.” Malini Mithal testified that the FTC received over 200,000 reports of military fraud in 2021, totaling over $267 million in losses.

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PYMNTS

JANUARY 31, 2018

Following a malware attack that allowed “unauthorized parties” to access customer credit card information, off-price retailer National Stores is seeking to prevent fraudulent activity and improve the security of its point-of-sale (POS) systems, the company said in an announcement. “We 11 may be involved in the breach.

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PYMNTS

DECEMBER 8, 2017

They say gift cards are the gift that always fits. Thieves simply walk into Walmart, Target, Home Depot, Lowe’s or another big-name retailer, steal an item, return it at a different store without a receipt and receive a gift card in return, which they can then turn around and sell to a pawn shop or secondary store for a lower price.

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PYMNTS

SEPTEMBER 23, 2020

In today’s top payments news around the world, PayPal and Mastercard are adding more European Union (EU) countries to a debit card offering, while European Central Bank (ECB) President Christine Lagarde has called for a digital euro. PayPal, Mastercard Add 5 EU Countries To Debit Card Offering. Germany and the United Kingdom.

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PYMNTS

JULY 15, 2020

With the National Restaurant Association projecting up to $240 billion in losses by the end of 2020 and millions of restaurant jobs gone, along with their former workplaces, a nation mourns our glorious gastronomic past. Another involves heightened fraud vectors swimming like sharks around digital-first first-timers.

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PYMNTS

JANUARY 8, 2020

Credit card payments are increasingly enabled via EMV chips rather than magnetic stripes, but these methods frequently suffer from a lack of diligent digital identity verification. Nations around the world are continuing to implement digital ID systems. EMV Cards Face Crucial Verification Security Gaps.

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PYMNTS

SEPTEMBER 21, 2018

To that end, the the Internet Crime Complaint Center (IC3), a hub to bring complaints to the Federal Bureau of Investigation (FBI), is eyeing payroll fraud. Often steered toward a prepaid card owned by the cybercriminal, said IC3. In Europe, especially, nations must be on the lookout for payment card fraud.

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PYMNTS

DECEMBER 11, 2017

It appears the ever-inventive thieves of the world have found a new way to make gift card fraud work for them this holiday season, according to the Better Business Bureau (BBB). This year the scam relies on thieves grabbing cards off the rack, scratching the film that covers the card PIN underneath and copying the relevant numbers.

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PYMNTS

FEBRUARY 1, 2021

At the same time, as this week's B2B Data Digest reveals, fraud can come from many sources, not only outside of the enterprise. From commercial card misuse to invoice fraud, internal employees can be the bad actors, too. An individual has pleaded guilty to wire fraud, bank fraud and money laundering charges.

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PYMNTS

JULY 25, 2017

The impact of online fraud reaches far beyond the dollar count of sales lost. . In recent studies, as noted by EKN Research and Radial, developed nations are seeing an increase in card not present (CNP) fraud, which now accounts for as much as 70 percent of all card fraud and is growing at double-digit percentage rates in some nations. .

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PYMNTS

OCTOBER 21, 2019

Corporate fraud comes in many colors, but for many businesses, the most unexpected threat is the one looming from within company walls. This week, IBM announced a collaboration with Raw Seafoods to develop a blockchain solution to address supply chain fraud in the seafood industry, including cases of incomplete documentation and mislabeling.

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The Paypers

OCTOBER 24, 2019

(Telecompaper) The National Cyber Security Centre (NCSC) , Britain's cyber-defence centre has prevented more than one million cases of suspected payment card fraud in 2018, its annual review reveals.

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Cyber Security National Fraud Security 28

Abrigo

MAY 15, 2019

May 15 is National Senior Fraud Awareness Day , and while it is crucial to have a date to call attention to the nefarious actors that target the elderly, it is even more critical to make sure your institution is catching all forms of fraud that affect your customers or members, no matter their age.

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PYMNTS

AUGUST 22, 2019

The Navajo Nation announced that it has settled its lawsuit against Wells Fargo & Co for $6.5 The Navajo Nation sued Wells Fargo in federal and tribal courts in 2017, claiming it targeted tribal members with “predatory sales tactics.”

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CFPB Monitor

DECEMBER 6, 2022

Earlier this year, New York delayed the effective date of its new law requiring card issuers to provide a grace period for using credit card rewards points that was slated to be effective later this week. The last three bullets of the definition of “modification” extend beyond rewards to the underlying credit card account.

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