PYMNTS

MAY 12, 2020

An internal investigation into alleged fraud at Luckin Coffee Inc. In addition, the company has placed six other employees on suspension or leave due to involvement in or knowledge of the fraud. Cao has served as senior vice president in charge of store operations and customer service since 2018.

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PYMNTS

NOVEMBER 25, 2018

Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year. While that helps reduce fraud, the WSJ noted that real users were also impacted when their transactions were declined.

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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 2018. Also, it makes up 60 percent of all attempted fraud against U.S.

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PYMNTS

AUGUST 19, 2019

We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. These criminals are exploiting new technologies to commit fraud, posting adverts on social media to try and recruit money mules,” he said. Fraud that was in turn prevented by the unit amounted to as much as $8.2

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PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. A team of analysts can only handle so many potential fraud cases at a time, after all. . million. .

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

JUNE 20, 2019

Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. This isn’t merely an issue for the B2C world, however. The False Positive Threat.

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Fraud Payments Cards Strategy 182

PYMNTS

MARCH 11, 2020

Fines related to noncompliance increased 160 percent between September 2018 and December 2019, in fact. FIs in the United Arab Emirates are also looking to get ahead of fraud with improved digital KYC practices. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide. Download the Tracker to read the Feature Story.

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PYMNTS

JUNE 13, 2019

Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud. It helps.”.

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Bank Innovation

NOVEMBER 26, 2018

2018 has been a challenging year for the peer-to-peer payment service Venmo, owned and operated by PayPal Holdings.

Fraud 150

Fraud Payments Cards Operations 150

PYMNTS

JANUARY 19, 2021

A new year has begun, but the pandemic continues to throw financial and operational curveballs at banks, businesses and their consumers regarding how they conduct daily tasks or routine payments. Another study indicated that debit-related fraud is on the rise across the U.S. Around The Next-Gen Debit World. The report noted that U.S.

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PYMNTS

SEPTEMBER 26, 2019

TSB is teaming up with Mastercard’s Vocalink to roll out a solution to help prevent fraud and payment mix-ups, Vocalink announced in a press release on Thursday (Sept. There were 84,624 incidents of Authorized Push Payment (APP) fraud in the U.K. in 2018 totaling £354.3 Such fraud reportedly impacted one in four U.K.

Fraud 128

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PYMNTS

JANUARY 4, 2019

The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. The rest of the year will bring other such attacks, and no doubt new attacks barely imagined even by veteran fraud-prevention experts. Criminal Rings. Criminal Patience.

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PYMNTS

JUNE 13, 2019

If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018.

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Fraud Security Retail Tools 110

PYMNTS

JULY 2, 2020

As scrutiny over Wirecard and EY continue to grow, a broader debate is seeing a resurgence over what role, if any, auditors play in identifying and preventing corporate fraud. Fraud Concerns Arise. India’s Serious Fraud Investigation Office said both auditors “miserably failed to fulfill the duty entrusted to them.”

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PYMNTS

NOVEMBER 12, 2019

PULSE , the debit/ATM network that operates as a Discover Financial Services company, said in a press release that it has adopted the FICO Falcon Platform to bring new fraud detection services to its network of more than 4,100 debit issuers. percent in 2018, reaching an estimated 68.5 billion debit card transactions in 2018.

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PYMNTS

JANUARY 30, 2020

This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns. By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes.

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PYMNTS

APRIL 16, 2020

Not only do industry giants have innate name recognition, but they also have colossal advertising budgets and access to cutting-edge mobile ordering technology and features that small operations cannot match. Bad actors are taking advantage of the chaos and bringing about an upswing in digital fraud. Fighting Fraud.

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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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Abrigo

DECEMBER 17, 2019

The expected outcome of greater inventory at a lower cost, as we have seen in prior years, is an increase in fraud activity and cyberattacks heading into the end of the calendar year. One of the most important links in the chain of e-commerce fraud is the “mule”. Fraud Prevention. Fraud Trends. Fraud Prevention.

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PYMNTS

MARCH 12, 2020

Payment processors expanding their operations into new industries and markets have their work cut out for them, however. Each sector and country encounters different fraud types that providers must be ready to detect and thwart. Understanding The Merchant Sector. Attuning To New Markets .

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Insights on Business

MARCH 19, 2018

To a maximum capacity audience and kicking off an exciting week of IBM Think 2018 in Las Vegas, IBM VP Saket Sinha led the “Intelligent Automation in Financial Services” breakout session. Many operations within financial services could be improved with machine learning. Intelligent automation’s ascent in financial services.

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PYMNTS

OCTOBER 30, 2020

billion of these payments in 2018 alone for a total of $97.04 Most customers bypass dealing with merchants entirely when trying to stage chargeback fraud, with 76 percent of cardholders going directly to the payment card issuer. Cash payments are quickly falling to the wayside, with only 26 percent of all U.S.

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Operations Payments Compliance System 228

PYMNTS

OCTOBER 29, 2018

There may come a day, a generation or two from now, when stories about the data breaches and other hacking threats faced by payments and commerce operators in 2018 seem quaint — or, at the least, like relatively primitive foreshadowing of a new type of digital criminality. It’s already happening, of course, albeit tentatively.

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Insights on Business

JUNE 18, 2018

Below are just a few of the sessions surrounding IBM Banking and Financial technologies you won’t want to miss at SIFMA 2018. This session will also be a great opportunity to hear how early adopters have benefited by increasing their commercial efficiency, operational transparency, regulatory rigor and reducing fraud, delays, and paperwork.

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PYMNTS

MARCH 15, 2019

Barclays said this week that as many as one in seven small businesses (SMBs) have been victimized by invoice fraud within the past 12 months. Emailage CEO Rei Carvalho said in a statement, “This research shows a lack of concern among many SMB owners when it comes to fraud prevention.

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PYMNTS

JANUARY 9, 2019

Retailers raked in more than $850 billion during the 2018 holiday season, marking the fastest holiday retail sales growth seen in the past six years. PYMNTS recently spoke with Siddiqui as well as Kyle Ciborowski — director of security architecture — on the ways in which the retailer is fighting fraud.

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PYMNTS

DECEMBER 11, 2019

Fraud detection systems have a big problem with at least one type of lucrative scam, while blockchain is set to reinvent lending and APIs change finance. banks in 2018 that planned to provide real-time payments. 40 percent: Share of travel operators struggling to manage multiple payment service providers. 80 percent: U.S.

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Insights on Business

FEBRUARY 11, 2019

According to recent information from Juniper Research , online payment fraud losses from e-commerce, airline ticketing, and money transfer and banking services are expected to reach $48 billion by 2023, more than double the $22 billion in losses estimated for 2018. Synthetic identities and new account fraud.

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Fraud Payments Data Study 111

PYMNTS

APRIL 13, 2020

Fraud was all over the headlines this past week, with top stories related to Travelex’s ransomware payment , Luckin Coffee’s internal accounting fraud investigation, and new research anticipating an ongoing surge in payments fraud.

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PYMNTS

JANUARY 31, 2019

NACHA recently released new figures on ACH network volume, revealing earlier this week that Same-Day ACH volume grew 46 percent between Q4 2017 and Q4 2018, surpassing 50 million transactions for the first time. Accelerated payments are taking off in several markets around the world, and NACHA’s latest figures demonstrate U.S.

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Fraud Payments Compliance Regulation 182

PYMNTS

JUNE 14, 2019

The good news in the world of fighting fraud and cybercrime is that, by the numbers, the battle against the thieves has shown to be tipping toward the white hats. As GIACT EVP David Barnhardt noted in a recent conversation with Karen Webster, overall fraud dropped 15 percent between 2017 and 2018.

Fraud 100

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Insights on Business

AUGUST 10, 2018

Given IBM’s experiences helping clients accelerate their digital transformation journey with Cloud and AI, we’re particularly excited that “Enabling the digital economy” is the Sibos 2018 conference theme. IBM at Sibos 2018. Stay tuned for more blogs on Sibos 2018! Using IBM QRadar Advisor with Watson, Cargills Bank Ltd.

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PYMNTS

JANUARY 14, 2020

One of the factors behind this may be financial leaders’ rising expectations for how payment systems should operate. In this sense, RTP may be seen as an integral part of wider efforts to streamline treasury and accounts payable operations, as well as shed the inefficiencies of manual and paper-based processes. percent in 2018.

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PYMNTS

NOVEMBER 15, 2017

EY Ops Chain and SAP Leonardo will help companies quickly develop and deploy blockchain solutions that connect business operations across their systems, on a platform already widely used by companies worldwide.”. “This data is often collected across a disconnected, fragmented infrastructure,” he added. “EY Hewlett Packard Enterprise.

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Insights on Business

DECEMBER 6, 2018

In the emerging world of person-to-person (P2P) payments, establishing a frictionless (and “ fraud-less” ) experience is even more critical, since a bad experience early in the transaction will lead consumers to the many competitive alternatives in the market. Fraud prevention: The first line of defense.

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PYMNTS

MARCH 14, 2019

“Ten percent fewer organizations expect the GDP of their headquarter country to increase in 2019 than they did in 2018,” the companies noted in the announcement of the report. On the whole, corporate sentiment has deteriorated since last year’s report, according to Strategic Treasurer and TD Bank.

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Fraud Survey Taxes Regulation 115

PYMNTS

SEPTEMBER 27, 2019

MyPayrollHR Founder Faces $70M Fraud Charge. The CEO and founder of the New York payroll company MyPayrollHR was arrested and charged in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling. Visa Partner Launch Eyes $17T Digital Payments Opportunity For FinTechs.

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