PYMNTS

OCTOBER 17, 2018

A new report from the Federal Trade Commission (FTC) says that fraudsters are increasingly requesting to be paid with gift cards, with some even asking for certain brands such as Google Play and iTunes gift cards. Google Play cards were not reported in significant numbers until this year.

Cards 174

Cards Payments Fraud Google 174

PYMNTS

JANUARY 17, 2020

An uptick in check fraud has financial institutions considering whether they should update methods and stop using checks, according to a report Wednesday (Jan. Check fraud, or the attempt to perpetrate it, has gone up from $8.5 billion in 2016 to $15.1 Also, it makes up 60 percent of all attempted fraud against U.S.

Fraud 141

Fraud Survey California Resources 141

PYMNTS

MAY 2, 2017

Credit card fraud is a fact that will likely continue to plague retailers for the foreseeable future. It’s on the rise in the eCommerce arena, according to data released from omnichannel commerce technology and operations company Radial’s eCommerce Fraud Technology Lab. What happened was exactly what was expected.

Fraud 150

Fraud Data Cards Retail 150

PYMNTS

OCTOBER 19, 2018

Even the mightiest of tech firms are not immune to invoice fraud. Engadget reported that Jeff Tran, Microsoft ’s former director of sports marketing and alliances, was charged with five counts of wire fraud. Wire fraud has a sentence of up to 20 years’ imprisonment. Fraud On The Rise. Payments Fraud No Cakewalk.

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Fraud blockchain Cards Payments 152

PYMNTS

MARCH 27, 2020

The financial industry is particularly vulnerable to digital fraud. Application fraud, which sees cybercriminals submitting financial product applications to banks with no intention of paying them back, is among the most popular techniques. Defining Application Fraud.

Fraud 208

Fraud Technology Knowledge Base Study 208

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.

Fraud 100

Fraud Cards Company Analysis 100

Chris Skinner

SEPTEMBER 9, 2016

Things we’re reading today include … Mastercard faces £14bn card fee claim Stephen Fry: ‘Without tax, civilisation falters’ Wells Fargo will pay $190 million to settle customer fraud case Federal Reserve asks Congress to limit Wall Street merchant banking Quantum of scholars Carney’s arrogance has diminished the Bank’s (..)

Taxes 150

Taxes Fraud Cards 150

Bank Innovation

SEPTEMBER 27, 2016

Consumer card transactions will overtake cash transactions for the first time in 2016, according to global research firm Euromonitor International. Cash is expensive to manage and is extensively used in the underworld.

Cards 150

Cards Fraud Management Online 150

PYMNTS

MARCH 30, 2017

The good news about EMV is that it has drastically dropped the instance for cloned-card fraud that was far more endemic in the mag stripe era. The not as good news is that fraudsters were not discouraged — they simply switched their focus to card-not-present fraud online, according to Experian.

Fraud 100

Fraud Resources Cards Data 100

FICO

APRIL 24, 2017

Financial Fraud Action UK (FFA UK) recently released their 2016 UK fraud performance report. Whilst there were some logical changes between 2015 and 2016, I was surprised at the fluctuation and significant shifts fraudsters have made in order to circumvent existing controls.

Fraud 68

Fraud Trends Mobile Cards 68

PYMNTS

NOVEMBER 2, 2018

1) that a probe by international auditors is underway, examining a fraud that could be $200 million in scope at Aegean Marine Petroleum Network , tied to shell companies that ostensibly did business with the shipping fuel firm. Of that number, 59 were tied to gift cards, memberships, IT equipment and furniture. A Bit Of Victory.

Fraud 168

Fraud Company Massachusetts United States 168

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.

Fraud 116

Fraud United States Regional Cards 116

PYMNTS

JANUARY 8, 2020

A New York man, 39-year-old Bogdan Rusu, was sentenced to 60 months in prison on charges of using credit card skimming tactics to steal $390,141 from various New Jersey banks, according to a Department of Justice (DOJ) report. From there, they used the information to steal customers’ money from their accounts.

San Diego 130

San Diego Cards New Jersey Massachusetts 130

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 million Americans were victimized last year, a jump of eight percent from 2016. That fraud run saw $16.8 Who says you can’t teach an old criminal new tricks? They’re smarter now.

Cards 140

Cards Fraud Security Data 140

PYMNTS

SEPTEMBER 23, 2019

As we noted in the recent Digital Banking Tracker, the CNP fraud has taken a leg down in favor of fraud that looks to snag credit card numbers. They took the details and applied for credit cards. Check Fraud, Too. She also submitted a false tax return in 2016, omitting those funds as income.

Cards 124

Cards Data Florida Fraud 124

PYMNTS

JUNE 19, 2017

The company believes that exposure of cardholder data that could be used to create counterfeit cards – including names, addresses, emails and Social Security numbers – was limited, but some credit card numbers may have been compromised. The breach may affect users who paid via credit card at affected Buckle store locations between Oct.

Cards 158

Cards Data Fraud System 158

PYMNTS

NOVEMBER 13, 2020

Authorities allege that over a period of years, Wells Fargo allegedly opened new credit cards and other accounts without permission for existing customers with different accounts, so as to meet “cross-sales” targets. In 2016, Stumpf announced his resignation as chairman and chief executive of Well Fargo in the scandal’s wake.

Fraud 230

Fraud California Community Bank Security 230

PYMNTS

DECEMBER 23, 2016

PYMNTS consulted 21 payments executives from across the industry to share their insights on the biggest takeaways from 2016 as part of the “Payments 2016, The Year Of…” eBook. Here is the response from Steven Cole, Senior Product Manager, EMV, Vantiv … Payments 2016: The Year Of The Chip.

Payments 100

Payments eBook Fraud Cards 100

PYMNTS

FEBRUARY 25, 2020

These three main segments of the Fleet Solution are said to provide better control over operations and increased protection against fraud. billion in 2016 and is projected to grow at a rate of 7.6 Shell employs 8,500 people in India and retails fuel in six states. . Shell employs 8,500 people in India and retails fuel in six states. .

Cards 159

Cards Fraud Operations Management 159

PYMNTS

OCTOBER 17, 2018

Today’s coverage includes the latest developments in fraud, along with Volkswagen’s eCommerce plans. Fraudsters Prize Payment Via iTunes, Walmart Gift Cards. Losses due to this type of fraud reached $40 million in 2017, an increase from $20 million in 2015 and $27 million in 2016. Volkswagen Eyes eCommerce Sales.

Cards 155

Cards Fraud Payments Online 155

PYMNTS

JANUARY 2, 2019

While commercial card innovation certainly accelerated in 2018, progress can always continue. Morgan Managing Director and Head of Commercial Card Product Management Naney Pandit says should be a focus this year is in mobilizing the corporate card. One area of development that J.P. Following The Consumer Trend.

Mobile 211

Mobile Cards Samsung America 211

PYMNTS

FEBRUARY 2, 2017

Most people never dream that identity fraud could happen to them in their lifetime. Research firm Javelin Strategy & Research just released its 2017 Identity Fraud Survey, showing that it found a 16 percent increase in identity fraud victims for the year 2016. 31 percent | Increase in fraud incident occurrences.

Fraud 100

Fraud Data Strategy Security 100

PYMNTS

JULY 1, 2019

In payments fraud, it pays — literally — to change up the game a bit. The report shows the use of malicious emails, rather than attachments, is on the rise — which darkreading.com said comes along with new variants of impersonation fraud. The aim is to steal credentials or credit card data. The data across a sample set of 1.3

Fraud 154

Fraud Report Minnesota Branding 154

Abrigo

JANUARY 3, 2024

As explained further below, financial institutions should comply with the 2016 regulatory definition of beneficial owners. One important aspect to reconcile between the 2016 CDD rule and the new final rule is the definition of the “control” prong. Stay up to date on AML/CFT and fraud trends with more professional development.

Fraud 221

Fraud Regulation Report Compliance 221

PYMNTS

FEBRUARY 10, 2017

Just when payment card data seemed somewhat protected by EMV technology, hackers have found yet another way to steal information and gain access to PINs. As Datablink CEO Alex Cagnoni pointed out, card cloning devices are not something new; however, with the use of a chip, the attack has become more complex but still quite effective.

Fraud 100

Fraud Cards ATM Trends 100

PYMNTS

OCTOBER 1, 2018

in a settlement with the Financial Conduct Authority (FCA) due to a cyberattack at the lender in 2016. We are very sorry for the impact that this fraud attack had on our customers. I apologize to our customers for the inconvenience caused in 2016.”. Tesco Bank agreed on Monday (Oct. 1) to pay £16.4m

Fraud 134

Fraud Security Resources Operations 134

PYMNTS

JUNE 5, 2017

billion EMV cards in circulation worldwide as of the end of 2016. billion cards over the last 12 months. percent of all card-present transactions globally were handled with EMV tech — a 35.8 and Asia demonstrated notable increases as they continued migrating card-present based payments to EMV chip technology.

Cards 146

Cards Regional America Fraud 146

FICO

NOVEMBER 14, 2017

UBS Card Center, which processes roughly 25% of the credit cards in Switzerland, has cut the amount of fraud write-offs per compromised card, stopped more fraudulent transactions and reduced false-positive rates using the FICO ® Falcon ® Platform.

Fraud 58

Fraud Cards Analytics Customer Experience 58

PYMNTS

APRIL 25, 2016

Plus, the latest analysis on alternative lending demand, expense management fraud and the gap between what CFOs have for their companies and what they need. Of course, we have the quarterly numbers, too, including insight into how American Express’ commercial card business is holding up.

Fraud 100

Fraud Cards Lending Analysis 100

PYMNTS

OCTOBER 26, 2018

Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. The Rising Tide Of Rewards Fraud. According to Peter R. billion worldwide.

Fraud 143

Fraud How To Cards Security 143

PYMNTS

MAY 26, 2016

Million | The number of chip-active merchant locations as of April 30, 2016. issued, MasterCard-branded chip-enabled consumer credit cards. 39 | The percentage by which counterfeit card fraud basis points at EMV-enabled merchants dropped between January 2015 and January 2016. 1 deadline.

Cards 117

Cards Data Fraud Branding 117

PYMNTS

JUNE 22, 2017

There’s another way, though, in which the fear of fraud bears down on the enterprise. A new report from Vesta Corporation finds fraud positions itself in the way of innovation and growth, even compliance. to understand how payments fraud is limiting corporates’ path to success. percent increase from 2016.

Fraud 108

Fraud Innovation Survey eBook 108

PYMNTS

FEBRUARY 22, 2019

Facebook actually settled a class-action suit about the allegations in 2016, but the issue was complicated by unsealed court documents requested by the Center for Investigative Reporting. A coalition of consumer groups allege that Facebook used deceptive means to encourage children to buy in-game purchases without their parents’ permission.

Fraud 115

Fraud Resources Groups Cards 115

PYMNTS

MARCH 10, 2017

On the other hand, around that same time the IRS released data showing that phishing and malware incidents in the 2016 tax season increased by 400 percent. In response, the external digital risk management team recently released its research assessing dark web and criminal chatter related to tax fraud so far this year.

Taxes 144

Taxes Fraud Risk Management Data 144

PYMNTS

MAY 13, 2016

A new personal chip card reader will soon hit the market with the goal of protecting consumers while shopping and banking online and ultimately preventing online fraud — at an introductory price of just $20. It’s time to start extending chip-based security to protect us online and reverse the rapid growth of fraud and identity theft.”.

Fraud 100

Fraud Online Cards Security 100

PYMNTS

SEPTEMBER 13, 2016

One year into the shift to chip-enabled cards — for the U.S., The card giant said that, as of July of this year, 88 percent of its U.S.-based based consumer credit cards are chip cards, a tally that represents a 105 percent boost in chip card adoption since the liability shift took root on Oct. 1 of last year.

Fraud 100

Fraud Cards Customer Experience Regional 100

PYMNTS

DECEMBER 30, 2016

Bank heists and data breaches saw no shortage in 2016, and corporates large and small could no longer avoid the risk of a cyberattack. The movement to attack small to medium-sized businesses will continue to increase in 2017, with about half of small businesses experiencing a security incident in 2016. Simply put: Crooks love checks.

Fraud 145

Fraud Security Survey Technology 145