PYMNTS

JUNE 13, 2019

Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud. The Drawbacks of Complex Security. Digital IDs can be protected with common protocols, such as two-factor authentication (2FA), frequent password changes and detailed security questions. More than 4.5

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PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Financial crime is a constant worry for banks, credit unions, FinTechs and other financial institutions (FIs) and businesses, with total fraud losses totaling $1.45 trillion a year. billion) in attacks.

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PYMNTS

MARCH 18, 2020

Fraud is a perennial concern for quick-service restaurants (QSRs), and digital channels open ample new avenues for cybercrime, with hackers targeting restaurants for their cash, data and even customers’ loyalty points. The following Deep Dive explores the different types of social engineering fraud and how restaurants can combat them.

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PYMNTS

APRIL 14, 2017

While the fraud ecosystem continues to rapidly develop and advance, big data may prove itself to be a strong weapon in combatting fraud. With that thought in mind, DataVisor set off on a mission to utilize harness and analyze that could potentially detect fraud and protect billions of users around the world.

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Fraud Online Big Data Taxes 112

PYMNTS

APRIL 10, 2017

But often, stats going up — like inflation, the Federal Interest Rate, and corporate payment fraud levels — threaten the growth of small businesses. percent increase marked in February 2016. percent) coming from a mobile device as of September 2016. Corporate payments fraud , marking 2016 as the year in which more U.S.

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PYMNTS

DECEMBER 27, 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. Payments 2016: The Year Of The Emergence Of The Global Citizen. 2016 saw more people transacting across borders in larger sums than ever before.

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Payments eBook Regional Study 113

PYMNTS

JULY 22, 2019

Unfortunately, also adding heat this week was the world of fraudsters and hackers – with a few pretty sizable security blips and glitches. KeyBank’s Costly Payroll Fraud Problem . A loss for KeyCorp – but by far not the weeks’ biggest, or most explosive case of fraud. Starting with. Bulgaria’s Big Breach .

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PYMNTS

OCTOBER 17, 2018

The FTC examined fraud reported directly to the agency and excluded reports about shop-at-home purchases, finding that from January through September of this year, gift cards and reload cards were reported as a payment method in 26 percent of the fraud reports, up from just 7 percent in 2015 — a 270 percent increase.

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Cards Payments Fraud Google 174

PYMNTS

MARCH 2, 2018

Millennials are apparently reporting losing money to fraud more often than seniors. Forty percent of those aged 20-29 who reported fraud indicated they lost money, while only 18 percent of those 70 and older said they lost any funds. Overall, the FTC is seeing that consumers are losing more money due to fraud in 2017 than 2016.

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Millennials Fraud Taxes Report 138

PYMNTS

JUNE 14, 2018

million, in 2016 alone. with more than 16,800 victims recorded in 2016. “Small business identity theft – stealing a business’ identity to commit fraud – is big business for identity thieves,” warned NCSS CEO Mary Ellen Seale in a statement. That figure rose to 10,000 last year.

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PYMNTS

MARCH 26, 2018

Complex tax law has been linked to the rise in eInvoicing in B2B commerce, according to Julie Park, managing director of VAT and customs duty at The VAT Consultancy. She pointed to Latin America , which enacted some of the world’s first eInvoicing mandates for the purposes of tax rule enforcement. billion every year.

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Taxes Fraud Compliance Regulation 102

NCR

DECEMBER 19, 2016

From the gradual adjustment to EMV chip card technology in the US to the ongoing growth of fintechs and challenger banks, 2016 has been a big year for the financial services sector. For many card issuers and merchants, 2016 has been a year of transition. Getting onboard with EMV. Unpredictability in payments.

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blockchain Fraud Fintech Cards 40

PYMNTS

APRIL 7, 2017

Today, APIs have become a popular way for banks to share this financial data with other services and have given rise to more possibilities for FinTechs in how they meet their customers’ needs — and more debate about the security of such facilitated information-sharing.

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Data Technology Security Tools 191

PYMNTS

MAY 23, 2019

Stephen Calk, the founder of the Federal Savings Bank of Chicago, a mortgage lender and a former economic adviser to President Trump’s 2016 campaign, has been charged with bribing Paul Manafort, Trump’s former campaign chairman. Calk was interviewed for the undersecretary of the Army, but didn’t get the job.

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Chicago New York Washington Video 109

PYMNTS

FEBRUARY 10, 2017

In a press release , Symantec said that more than one-third of Americans and more than 650 million people globally were victims of cybercrime in 2016 alone, making digital safety a top concern for consumers. Last year, consumers spent over 100 million hours resolving identity fraud. In fact, it is an estimated $10 billion market.

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social media Taxes Security Fraud 100

PYMNTS

OCTOBER 10, 2018

But just as it was a disruptive force when it emerged in the mid-19th century, today the wire has secured a bit of attention as players like SWIFT move to promote faster, more efficient cross-border transfers. billion via business wire fraud between October 2013 and December 2016, the FBI calculated.

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Fraud Compliance Innovation Payments 116

PYMNTS

JUNE 15, 2018

In the Middle East , RAK Bank has said it will offer Sage accounting software to business banking customers, in an agreement that helps those firms manage value-added tax (VAT) compliance mandates. The software firm, Sage, has had five of its accounting offerings focused on VAT, accredited by the UAE Federal Tax Authority.

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Fintech Compliance Software Taxes 115

CB Insights

MAY 23, 2019

Below, we take a look at some of these frauds and the lessons they can teach entrepreneurs hoping to launch their own products, companies, and funds. Mozido’s fintech fraud fiasco. Virgin Hyperloop One’s utopian vision derailed by fraud. Some companies just push their luck a little too far. Total Funding: $1.1B.

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Fraud Las Vegas Company Video 78

PYMNTS

DECEMBER 4, 2018

The center of the money laundering investigation at Deutsche Bank lies at a tiny unit that was barely able to eke out a profit and had been up for sale since the early part of 2016, reported Financial Times. In 2016, it operated trusts for around 900 clients, with €311m in assets.

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PYMNTS

DECEMBER 10, 2018

The unit, which was based in the British Virgin Islands, was part of the bank’s Global Trust Solutions (GTS) business, which had been for sale since 2016. The business was handling trusts in low-tax locations like Germany and the Virgin Islands. In October of 2017, a deal was reached to sell the unit to N.T.

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Virgin Islands Taxes America Report 167

William Mills

SEPTEMBER 7, 2016

William Mills Agency will be live blogging at Finovate Fall 2016. 09:47 am Finovate Fall 2016 Day 1 Recap. End of Day 1, check back later today for our video recap of Finovate Fall 2016! They are introducing CrossCore – First smart plug in play fraud and identity platform. About to show use case on credit card fraud.

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Mobile Cards Fraud Data 40

PYMNTS

DECEMBER 2, 2018

Since the publication of the Panama Papers in 2016 we have reviewed the whole issue and, in doing so, cooperated closely with the regulatory authorities. Late last week federal authorities in Germany raided six offices of Deutsche Bank on Thursday morning (November 29), searching for evidence about money laundering and offshore tax havens.

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Taxes Course Report US 129

PYMNTS

JUNE 17, 2019

The bank has been under investigation since 2016, and it took a 95 million euro provision in April for a potential fine related to the crime. Nordea Bank’s Danish headquarters was raided and searched by the country’s state prosecutor for potential ties to illegal money laundering, according to a report in Reuters.

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Virgin Islands Taxes Groups Report 103

PYMNTS

FEBRUARY 21, 2018

Ubin was first announced in 2016 with the central bank launching a partnership with blockchain company R3. Perhaps it isn’t surprising that analysts are now musing about how to avoid a repeat of the Punjab National Bank fraud scandal, and some are looking towards blockchain to do so. On the federal level, the U.S.

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blockchain Los Angeles Regulation Oregon 130

PYMNTS

JULY 1, 2016

The Consumer Financial Protection Bureau said Thursday (June 30) that it has, through the first four months of 2016, recovered $24.5 In other cases, some collectors were able to illegally steer consumers to affiliate companies for tax and other services. million for consumers harmed by illegal auto finance and other types of loans. .

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FICO

DECEMBER 21, 2016

Just as in adjacent spaces — fraud, cybersecurity — analytics help investigators pick the most suspicious activities based on study of a wide range of factors. Today, it’s really only Tier 1 banks that use analytics in AML, KYC and tax compliance areas. We expect that to change. We will see the next Panama Papers revelations.

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Compliance Analytics Taxes Groups 40

PYMNTS

JUNE 23, 2016

It gives them that sense of security that you don’t have otherwise.”. I don’t think that’s something they should decide on their own,” said Bjorn Eriksson, head of the Association of Swedish Private Security Companies, a lobbying group that provides companies security for cash transfers, in an interview with The New York Times.

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ATM Cards Analysis Trends 102

FICO

MARCH 31, 2016

As FICO’s premiere client conference, FICO World 2016 , heads to the nation’s capital at the end of next month, it is not surprising that regulatory compliance strategies and solutions will be a hot topic of discussion. Global privacy and information security topics are dominating global headlines.

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Compliance DC Washington Regulation 40

NCR

DECEMBER 18, 2015

A pilot phase for the Identity Verification Service will start in mid-November 2015 and run until February 2016, with payment service providers (PSPs) invited to take part. The possible use scenarios for this are endless, from performing a simple age check when buying alcohol online to filling out tax returns and applying for a passport.

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Data social media Online Security 40

PYMNTS

JANUARY 26, 2018

In 2016, almost a third of the complaints into this office related to debt collection,” he wrote. Biometrics in India: Aadhaar may not be all that was hoped for India, writes an economist in the NYT , noting that fraud has not decreased. South Korea is levying heavy duty taxes on trades. The reason?

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Lending Cards Millennials Data 101

NCR

NOVEMBER 4, 2016

According to the Q2 2016 Global Cash Index from PYMNTS.com and CardTronics, €2.2 trillion in cash circulating around the US economy as of June 1st 2016, according to the Federal Reserve , so it’s clearly going to be some time before society becomes cashless, if indeed that ever happens. Why consumers still love cash.

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Chicago Taxes Payments US 40

Fintech Labs Insights

OCTOBER 3, 2016

With the third annual FinDEVr Silicon Valley 2016 only a few weeks away (and tickets still available ), it’s a great time to look back and see what the FinDEVr alums have been up to this year. Alums presenting at FinDEVr Silicon Valley 2016: Aerospike ( FD15 ). Demoed at FinovateFall 2016. Earned a spot on the Big Data 50.

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San Francisco Taxes Lending Colorado 18

CB Insights

FEBRUARY 13, 2020

These APIs handle everything from acceptance and processing to settlement and reconciliation, while ensuring compliance and security. Fraud prevention tools. Additionally, the company must underwrite risk, and is on the hook in the event of fraud or returned items. Funding, valuation, and investors. Leadership and board members.

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Online Company Retail Payments 98

PYMNTS

APRIL 30, 2018

In this world, the only things certain are death and taxes. trillion; on security-related hardware, software and services at 10 percent a year from a 2018 base of $91.4 Launched in October of 2016 , Marcus is Goldman’s $2 billion annual hedge on threats to its core commercial banking and trading businesses. Benjamin Franklin.

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Fintech blockchain Lending Digital Banking 183

Fintech Labs Insights

MARCH 22, 2016

And if that holds true, 2016 is going to be a banner year as total deals are double the pace of 2015—285 vs. 139 in 2015. Emailage raised an undisclosed sum for its fraud prevention technology keyed off email address. Here are the fintech deals by size from 12 March to 18 March 2016: Future Finance. Alt-lender to students.

Company 12

Company New York City Fintech Colorado 12

CB Insights

JUNE 6, 2019

Accusations of fraud and mismanagement, and criticisms of the government’s decision to invest in Solyndra, were rampant in the days following news of Solyndra’s impending bankruptcy proceedings — but the core mistake here involved ignorance of a key aspect of Solyndra’s business. Declared Bankruptcy: 2016.

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Apple Branding Google Company 78

CB Insights

SEPTEMBER 10, 2019

Millennials were almost four times as likely as other generations to find themselves unemployed during the recession, and households headed by millennials born in the 1980s actually lost net worth between 2010 and 2016. Meanwhile, 41% of millennials have student loan debt, compared with 26% for Generation X and 13% for baby boomers.

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Millennials Mobile Lending Cards 77