PYMNTS

OCTOBER 18, 2018

In the latest Digital Banking Tracker , PYMNTS examines how customer migration to mobile and digital offerings is creating security related challenges for banks big and small — and how financial institutions (FIs) around the space are working to solve them. Elsewhere in the space, FIs are seemingly more focused on social media integrations.

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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 30, 2018

India is mulling the idea of requesting eCommerce and social media companies to only store customer data locally, which could impact the likes of Amazon and Facebook and its WhatsApp messaging service in the country. That recommendation will go before Parliament, which is coming up with a data privacy law for the company.

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social media Data Policies Regulation 101

CFPB Monitor

SEPTEMBER 22, 2020

The workshop will cover a broad array of topics within the FTC’s jurisdiction, including truth-in-advertising law, social media marketing, data security, business-to-business fraud, and other business basics. The Truth About False Advertising (an overview of the FTC’s truth-in-advertising expectations).

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PYMNTS

AUGUST 19, 2019

Through that ransomware they have been hijacking companies’ systems and demanding bitcoin payment in exchange for a decryption key. In comments reported earlier this week, cyber insurance security responder Tom Bennett of CFC Underwriting told The Financial Times that that claims surged in June and July. Corporate Wire Fraud.

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PYMNTS

OCTOBER 22, 2018

Facebook is reportedly gearing up to acquire a cybersecurity company in an effort to assure users that security is a top priority of the social media company. CNET , citing a report from The Information, reported Facebook has reached out to several security companies that could be takeover targets.

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PYMNTS

NOVEMBER 26, 2020

Many banks, utility companies and government agencies have been leveraging two-factor authentication (2FA) for several years. It appears that these stepped-up verification approaches are warranted, too, as tales of security breaches that have ensnared unsuspecting internet users are rampant. Leveraging phone-based verification.

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TheGuardian

JUNE 14, 2023

Bank says UK consumers could lose £250m from scams originating on Meta platforms in 2023 Fraud on Facebook, Instagram and WhatsApp is projected to cost victims £250m this year, a leading UK bank has said, adding to pressure on the tech firms’ parent company, Meta, to tackle scams on its platforms.

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PYMNTS

JANUARY 25, 2019

The General Data Protection Regulation (GDPR), which went into effect May of 2018, has had some serious repercussions on tech companies all over Europe, but especially in the U.K. The latest company to be affected may be food delivery app Deliveroo, according to a report in the Financial Times.

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PYMNTS

OCTOBER 15, 2020

Bloomberg said the only response from Robinhood initially was a statement that the company was referring the matter to its fraud investigation team, which would take "a few weeks" in order to get back to them. Social media saw a deluge of complaints about the attacks, Bloomberg reported.

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PYMNTS

SEPTEMBER 12, 2018

Omni Security and Authentication. Consumers expect to do business with their bank online seamlessly, without the hassle of complicated security checks, whether through their mobile phone, smart watch, home speaker or other connected device. Around The Security And Authentication Space.

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PYMNTS

JANUARY 21, 2020

Advances in fraud decisioning have cybercrooks scrambling into the new arcana of synthetic identities and fiendish mass bot attacks, looking for any possible opening to exploit. Some industries are more prone than others, as we discovered in the latest Fraud Decisioning Playbook , a PYMNTS and Simility collaboration.

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PYMNTS

DECEMBER 12, 2019

The China Securities Regulatory Commission , China’s security watchdog, is setting up a technology regulation bureau and will announce Yao Qian as its new department chief, the Chinese business publication Caijing said on Wednesday (Dec. 11), as reported by Coindesk.

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PYMNTS

AUGUST 14, 2019

Thompson , who has been accused of hacking into Capital One ’s cloud and compromising the data of 100 million people, may have also hacked into upwards of 30 other companies, according to a Bloomberg report. has revealed how many other companies were targeted. Prosecutors did not name any of the other companies involved.

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PYMNTS

MARCH 20, 2020

Fraud attacks’ frequency and complexity will likely continue to rise despite merchants’ best efforts to prevent them. The Latest Fraud Decisioning Developments. The United Kingdom’s RELX , an information and analytics firm, has meanwhile purchased fraud prevention firm Emailage to boost its own anti-fraud efforts.

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PYMNTS

DECEMBER 18, 2020

Pharmaceuticals supply chain security expert Amy Shortman reportedly told the Financial Times: “There will always be a market for people who wouldn't necessarily have access to that medicine and wanted to protect themselves and their families. There will be, certainly globally, a lot of money that can be made by criminals.”.

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PYMNTS

APRIL 22, 2020

Banks are jostling for space in the market because an expanding number of FinTechs and large-scale technology companies are competing for the same set of consumers. Banks must enable fast and seamless onboarding experiences, but these processes should also be secure.

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PYMNTS

JULY 28, 2019

A $5 million gift from Craiglist’s Craig Newmark Philanthropies will support a new program, led by former Facebook security expert Alex Stamos. Stamos, who left Facebook last August, called the power given to social media companies to police election issues “insane.”. But it’s because governments aren’t stepping up.”.

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PYMNTS

OCTOBER 19, 2018

They are able to use cutting-edge technology, black-market websites and top-level, nimble and well-secured global networks to work their craft. Those fraudsters can learn new techniques and keep a step ahead of companies, regulators, law enforcement and governments. million fraud crimes in 2017, Trilli said, and $22.1

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PYMNTS

JANUARY 17, 2020

Subscription’s promises of recurring revenue streams for companies and convenience for customers offer powerful benefits, but an unwelcome group is also subscribing to such services: fraudsters. Preventing fraud with seamless and secure onboarding solutions is key. million fraud reports in 2018, resulting in $1.48

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PYMNTS

NOVEMBER 16, 2020

Leslie Ragan manages transaction fraud prevention for Elan Financial Services , a unit of U.S. Bancorp, which is the parent company of U.S. Effective cyber-fraud strategies must be comprehensive, nimble and intelligence-driven,” she said. Bank , one of the largest commercial banks in the United States. At The Consumer Level.

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PYMNTS

APRIL 21, 2020

Ripple announced on Tuesday (April 21) that it is filing a lawsuit against YouTube , alleging that the popular video platform isn’t doing its due diligence to identify and remove crypto-related scams, according to a company blog post. The scams often impersonate legitimate companies and have fake social media accounts.

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PYMNTS

JANUARY 1, 2021

If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.

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PYMNTS

AUGUST 20, 2019

Instagram is inviting a group of security researchers known as white hat hackers to stress-test its Checkout feature before it launches outside the United States. It’s a place to experience the pleasure of shopping versus the chore of buying,” the company said at the time. The rewards can go up to $40,000 per case.

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PYMNTS

MARCH 28, 2018

eCommerce companies lost $6.7 billion due to fraud in 2016, and a significant portion of that stems from chargeback fraud. According to LexisNexis , chargeback fraud accounts for 28 percent of all fraud that occurs at an eCommerce company, tied for first place with “ friendly fraud.”

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PYMNTS

AUGUST 20, 2020

A database of nearly a quarter-million YouTube, Instagram and TikTok public profiles that was held by a now-shuttered company called Deep Social has made its way onto the Dark Web, The Next Web reported on Thursday (Aug. ” Deep Social provided, among other things, social media data. A Wednesday (Aug.

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PYMNTS

DECEMBER 18, 2018

According to a report in Reuters , citing a blog post by Twitter , the social media company said it discovered the traffic to a customer support forum while looking into a security hole that makes user data, such as phone country codes, accessible to hackers. Twitter said it fixed that security vulnerability on Nov.

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PYMNTS

MAY 25, 2020

Digital fraud and other forms of financial crime are also on the rise due to the uncertainty and confusion surrounding the crisis. Twenty-two percent of Americans have reported being targeted by COVID-19-related fraud, and these scams have seen more than $1.2 COVID-19-Related Fraud. Secret Service.

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PYMNTS

APRIL 3, 2018

Securities and Exchange Commission (SEC) has charged two founders of a cryptocurrency company for an allegedly fraudulent initial coin offering (ICO) that raised more than $32 million. The SEC alleges their company didn’t have a relationship with either brand. Their firm, Centra Tech Inc.,

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social media Fraud cryptocurrency Branding 101

Insights on Business

FEBRUARY 13, 2019

Gary Meshell, WW Leader Financial Services, IBM Security, opened his IBM Think 2019 talk, How Financial Services Companies Should Respond to Cyber Security Attacks with a bold assertion and truism. IBM and TD Bank jointly developed cyber security incident response solution for the financial services industry.

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PYMNTS

MARCH 8, 2019

Last month, Twitter’s first-quarter sales forecast showed weak user growth as the company aims to improve its services. Twitter isn’t the only social media site looking to boost its privacy measures. In addition, the company will not store “sensitive data” in countries that have weak track records on privacy or human rights.

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PYMNTS

DECEMBER 5, 2017

He conspired with a group of other hackers who would hack into companies to steal passwords and other sensitive data to gain access to corporate bank accounts. Senate Intelligence Committee has also raised alarms about Russian social media bots’ alleged influence over the U.S. Mollachiev, who spent money stolen from U.K.

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PYMNTS

OCTOBER 25, 2018

after the Information Commissioner’s Office ( ICO ) ruled that the social media network operator was engaged in “serious breaches of data protection.” Information Commissioner Elizabeth Denham confirmed the action with CNBC, saying that Facebook failed to keep the personal information of its users secure.

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PYMNTS

FEBRUARY 6, 2018

Perhaps the last and best hope in the battle against ID fraud – the kind that brings ruin to credit reports and billions of dollars in losses to card companies and merchants. This is the percentage of new account fraud victims who discover they are, well, victims when they are contacted by a debt collector. Digital DNA.

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Abrigo

APRIL 2, 2020

Key Takeaways Elderly persons are more susceptible to fraud during crises like the coronavirus pandemic. As the coronavirus pandemic takes a powerful hold on the United States, illicit activity such as cybercrime, check fraud, and other scams are rapidly increasing and is expected to continue throughout this difficult period.

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PYMNTS

OCTOBER 5, 2020

No Cash App employee will ask for a person's sign-in code over the phone or social media, and they would never ask for payment or work with sensitive information like one's full bank account number. In response to the numerous incidents, the BBB has laid out some guidelines for how to approach potential scams, the report stated.

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The Paypers

JULY 22, 2016

(The Paypers) A report from payment processing company Worldpay has explored how social media activities could be used as a powerful tool for identity verification and fraud prevention.

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