PYMNTS

MARCH 3, 2020

PSCU , a payments credit union service organization (CUSO), announced that Westby Co-Op Credit Union (WCCU) has become a part of the cooperative for credit card processing support and services. Last year, PSCU prevented more than $277 million in would-be fraud, a 30 percent increase over 2018.

Cards 130

Cards Wisconsin Analytics Tools 130

PYMNTS

JANUARY 8, 2020

billion per year in incremental growth between 2018 and 2023. 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. EMV Cards Face Crucial Verification Security Gaps. About The Tracker.

Fraud 169

Fraud Cards Security National 169

PYMNTS

DECEMBER 3, 2018

According to a report in the Wall Street Journal citing cyber security specialists, the breach in which the personal information of as many as 500 million customers was exposed began in 2014, going undetected until September of 2018. A spokeswoman for Marriott said everyone involved would have preferred the incident was identified earlier.

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Cyber Security Security Cards Resources 122

PYMNTS

NOVEMBER 19, 2019

The fact that fraud is on the rise is not new, nor is it surprising that banks are turning to artificial intelligence (AI) and machine learning to fight back. In the latest Digital Banking Tracker , PYMNTS looks at how banks are currently approaching their use of AI and machine learning in fraud protection and technology innovation.

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Fraud Digital Banking Innovation Data 109

PYMNTS

NOVEMBER 12, 2019

This is just one example of how the explosion of data can increase a company’s fraud vulnerabilities, but can also provide a solution if captured and utilized. Current and Future State of Fraud. consumer records containing PII increased by 126 percent between 2017 and 2018. Too Much Data .

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Fraud Data Tools User Experience 100

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

AUGUST 29, 2019

Digital fraud continues to be one of the most pressing issues that marketplaces face today. Experts estimate that total fraud losses in 2018 totaled $3.9 Developments Around The Digital Fraud World. Businesses are turning to a variety of solutions to fight fraud, including leveraging blockchain technology.

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Fraud blockchain System Cards 158

PYMNTS

AUGUST 24, 2018

Payments fraud is, of course, no longer confined to someone swiping a credit card and running up a tab or taking money from a cash register. In corporate fraud, it is the invoice that may be the lure, with account details that facilitate the transfer of money … never to be seen again.

Fraud 104

Fraud Payments Course Software 104

PYMNTS

SEPTEMBER 14, 2020

Friendly fraud has been on the rise for years, with customers contacting their banks to falsely assert that their credit cards have been used online for unauthorized purchases. Undeserved chargebacks are no trivial issue, either, as the number of such false claims rose 41 percent between 2016 and 2018.

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Fraud Retail Cards Examples 176

Gonzobanker

NOVEMBER 28, 2017

In our travels, certain payments-related messages have surfaced over and over, and as we enter 2018, bankers need to pay attention to these five themes: 1 – Debit: In 2018, market forces will take 3% of banks’ current interchange income. 24 this year), and 2018 won’t be any different. Good grief, we’re in 2017.

Payments 79

Payments Fraud Cards Strategy 79

PYMNTS

MAY 4, 2020

Advances in technology are making consumer transactions seemingly more secure, but cybercriminals are still finding sophisticated ways to beat systems and commit financial fraud. A 2018 study on payment fraud mitigation reported that 75 percent of financial institutions (FIs) experienced fraud losses.

Analytics 141

Analytics Data Security San Diego 141

Abrigo

OCTOBER 22, 2019

Financial institutions should be proactive with their fraud prevention on the dark web. . In recent years, cybercriminals implanted malicious skimming code directly on e-commerce shops and online content management and payment platforms as a way of stealing payment card data at scale. The New Frontier on the Dark Web. get started.

Fraud 150

Fraud Cards Data Payments 150

CFPB Monitor

MARCH 12, 2019

The FTC has issued its 2018 Consumer Sentinel Network Data Book. For 2018, imposter scams top the list of reported complaint categories, accounting for 18% of the almost 3 million consumer reports summarized in the Data Book. Credit card fraud was the most common type of identity theft report. declined by 24% from 2017.

Nevada 74

Nevada Georgia Florida Delaware 74

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. Organizations and security developers are investing billions of dollars in fighting these fraud attempts. Developments From Around the World of Digital Fraud.

Fraud 148

Fraud Security Resources Survey 148

FICO

APRIL 29, 2022

With any change, fraud comes hand-in-hand. All these evolutions mean a changing landscape for retail fraud and scam trends. Will Zelle Join Apple Pay, GooglePay and Credit Cards at Point of Sale? Multiple Channels Increase Fraud Exposure. While fraud rates over ACH remain small, just four basis points (.04%),

Fraud 52

Fraud Retail Payments cryptocurrency 52

PYMNTS

OCTOBER 1, 2019

The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Developments Around The Digital Fraud World. consumers lose more to romance-based fraud than any other type of scheme.

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Fraud Millennials Regulation Trends 156

PYMNTS

FEBRUARY 26, 2020

These merchants have always been vulnerable to in-person fraud, including coupon or promotion scams, but digital channels create new avenues that bad actors can exploit. This also means fraud runs relatively unchecked among quick-service restaurants (QSRs), with total fraud losses on an average order of $15 reaching as high as $36.25.

Fraud 141

Fraud Mobile Security System 141

PYMNTS

JUNE 27, 2019

The volume of food and beverage orders placed via mobile apps grew by 130 percent between 2016 and 2018, while 60 percent of U.S. This move follows the 2018 launch of the Starbucks Delivers program in the region. Card-not-present (CNP) fraud is a particular nemesis, as digital ordering leaves few means for physical verification.

Analytics 122

Analytics Data Los Angeles Mobile 122

PYMNTS

MAY 6, 2020

Financial fraud costs businesses an estimated $1.45 trillion, and it resulted in almost half of global organizations noting they were victims of fraud in 2018. This includes exploring emerging anti-fraud solutions and the challenges arising in this space as fraud grows more complex. One recent breach at U.S.

Data 181

Data Fraud Tools Technology 181

PYMNTS

JANUARY 12, 2018

That shift, for contact or contactless payments, goes into effect April 2018. Over the last seven years, as chip technology has entered the market, Visa has deployed more than 460 million chip cards and readers at more than 2.5 The company directed merchants and partners to find information and resources at: [link]. .

America 153

America United States Analytics Cards 153

FICO

DECEMBER 18, 2017

Taking both ends of the spectrum into account, my cybersecurity predictions for 2018 involve cyber scores, 2FA and bio hacks. In 2018, I predict that the awareness and usage of enterprise cyber scores will skyrocket. We’ll See Our First Biometrics Hack in 2018. Biometrics are neither fool-proof nor fraud-proof.

Cyber Security 73

Cyber Security Security Data Resources 73

Gonzobanker

JANUARY 5, 2018

In 2018, contact center managers should start with a focus on “small data.” In 2018, contact centers should aspire to become the internal hub and standard-bearer for utilizing customer data. Most financial institutions have an intranet solution in place, and 2018 should be the year this investment is put to work.

Data 60

Data Policies Tools Management 60

Abrigo

MARCH 7, 2022

The world of FinCrime is more dynamic than ever, with fraud escalating thanks to an increase in mobile payments precipitated by the pandemic and security concerns rising over the Russian conflict in Ukraine. Assess your institution's resources with this calculator tool. . Fraud Prevention. Card Fraud. Learn More.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

PYMNTS

NOVEMBER 23, 2020

Most of those solutions still rely heavily on checks and business credit cards — which are resource-consuming processes with higher risk[s] of misuse, fraud and theft,” Gitesh Athavale , head of product (cards) at Nium, told PYMNTS. Now, the trick is to make smart choices with urgency because cybercrooks never sleep.

System 165

System Management Tools Cards 165

FICO

AUGUST 12, 2019

Child identity fraud is an alarmingly large and growing problem. . A 2018 report released by Javelin Strategy & Research found that more than one million children were victims of identity fraud in 2017. As I’ve blogged about previously, synthetic identity fraud is rampant , and fraudsters are growing ever-more sophisticated.

Fraud 40

Fraud How To Resources Report 40

PYMNTS

JANUARY 31, 2020

s Ticketmaster site in June 2018. Herb Stapleton, section chief for the FBI’s cyber division, said per CNBC, “If you are a company that has a heavy volume of credit card numbers being inputted into your website, at that point, you’re probably at a higher risk. The FBI says it has been monitoring eSkimming for almost seven years.

Resources 131

Resources ATM Data Branding 131

PYMNTS

JANUARY 18, 2019

New year, new reason to fear fraud — especially through digital means? The funds are being siphoned off in attacks that mislead human resource (HR) professionals. The mechanics of the fraud work this way: The criminal establishes an email account ostensibly in the name of the chief executive officer of the firm under attack.

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Study Fraud Report Resources 173

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

Abrigo

JULY 17, 2019

Cybercrime is on the rise within financial institutions and other businesses and continues to be at the forefront of the minds of those in the fraud prevention field. Although not all of the following types of fraud are fully internet-based, the IC3 statistics represent the cybercrime side of these crimes.

Fraud 150

Fraud Training Software System 150

PYMNTS

FEBRUARY 22, 2019

In other attempts, noted at the time, fraudsters impersonated company executives and tried to solicit W-2s from payroll or human resources (HR) employees, with the aim of filing fraudulent returns on behalf of those employees. News comes this week from Mississippi that state workers are being targeted by similar fraud attempts.

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Mississippi Minnesota Fraud Report 135

PYMNTS

JUNE 19, 2016

On the EMV front, Home Depot decided it felt strongly enough about Chip and PIN that that it sue MasterCard and Visa over it.Walmart Canada decided it would stop accepting Visa cards since they say they are too expensive. and Canada affected 56 million debit and credit cards, far more than the attack on Target customers.

Retail 100

Retail Cards Data Atlanta 100

William Mills

MAY 9, 2018

Welcome to FinovateSpring 2018. What if improving security was rewarding for consumers and super simple to do – while the payments ecosystem saw reduced fraud and new revenue opportunities? I really like this kind of tech: why use a card with an ATM when you have your mobile banking app on your mobile phone? Jonathan Crossman.

Security 40

Security Samsung Strategy San Jose 40

PYMNTS

MARCH 7, 2019

Concerns from consumers outside the EU on how data is handled are growing as well, though many continue to have concerns regarding fraud. The card network has partnered with Open Banking service Konsentus to add an identity and regulatory checking service to its roster of Open Banking tools and technologies. About the Tracker.

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Lending Regulation Regional Data 198

CB Insights

FEBRUARY 13, 2020

As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Fraud prevention tools. Virtual card issuance. Business lending and corporate cards. Broadly enabling online commerce. rate per transaction.

Online 98

Online Company Retail Payments 98

PYMNTS

DECEMBER 10, 2019

The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. As of today, 85 percent to 95 percent of synthetic fraud identities are easily slipping past risk detection systems that are failing to flag them.

Fraud 158

Fraud System Data Tools 158

PYMNTS

JANUARY 16, 2020

Meanwhile, the Better Business Bureau said 80 percent of businesses received at least one kind of BEC scam email in 2018. Electronic payment technologies, too, are increasingly focused on security and fraud mitigation efforts. It really comes down to where you’re directing that payment,” he said. “A

Security 111

Security Strategy Payments Examples 111

PYMNTS

JUNE 16, 2016

According to Visa, there are at present 300 million chips card in circulation in the U.S. That funding will both help some VARs and acquirers with specific resource needs, but more importantly the funding will also mean software can be precertified in a manner that will lower subsequent testing. million merchant locations.

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Software Fraud Policies System 100