PYMNTS

DECEMBER 17, 2020

Digital fraud is a long-running problem for merchants, retailers, banks and businesses of all types. Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Developments From The World Of Digital Fraud.

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PYMNTS

APRIL 16, 2020

Big chains have the resources to deal with this disruption and can ride out the storm, while independent restaurants and small chains are scrambling to stay afloat in the face of dine-in bans and stay-at-home orders. “You Bad actors are taking advantage of the chaos and bringing about an upswing in digital fraud. Fighting Fraud.

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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.

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PYMNTS

JANUARY 27, 2020

percent increase from 2018. Growing attack-related expenses force businesses to remain vigilant against emerging threats, including phishing and other types of fraud that their own employees may willingly or unwillingly perpetuate. Ensuring Secure Workplace Practices. million in 2019 — a 1.5 Fighting the Phishers.

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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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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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PYMNTS

JANUARY 17, 2020

Take the issue of retail security as one example. As the new PYMNTS Merchant Fraud Decisioning Playbook shows, fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. Retail Trust and AI.

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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.

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PYMNTS

JANUARY 8, 2020

billion per year in incremental growth between 2018 and 2023. Facial authentication and cloud-based subscription services are particularly popular, with applications ranging from unlocking personal smartphones to providing secure access to top-secret government facilities. EMV Cards Face Crucial Verification Security Gaps.

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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.

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PYMNTS

JANUARY 16, 2020

The business email compromise (BEC) scam is a cybersecurity threat to businesses of all sizes, and the financial and security implications of a successful attack aren’t isolated to its target. Meanwhile, the Better Business Bureau said 80 percent of businesses received at least one kind of BEC scam email in 2018. Beyond The BEC.

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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. Security standards have largely not kept up with such threats, according to a joint study from Javelin Research and Kount. Selecting the Target. AI to the Rescue.

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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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PYMNTS

NOVEMBER 30, 2020

While the business email compromise (BEC) scam is a global pain point for businesses, this week's B2B Data Digest looks at the latest figures in B2B payments fraud and finds BEC heating up in one particular region: Australia and New Zealand. Another business, homewares company Sage and Clare, was out $7,360 after falling for such fraud.

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CFPB Monitor

MARCH 12, 2019

The FTC has issued its 2018 Consumer Sentinel Network Data Book. The report summarizes consumer complaints stored in the Consumer Sentinel Network, a secure online database. 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.

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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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PYMNTS

AUGUST 23, 2019

Security and compliance are also vital components in ensuring that payments are delivered safely and without delay. It is crucial that organizations dedicate resources to keep up with the evolution of financial crime,” Lee said. In the case of cross-border payments, these new ‘smart’ rails are in the form of a common standard.

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FICO

DECEMBER 18, 2017

Taking both ends of the spectrum into account, my cybersecurity predictions for 2018 involve cyber scores, 2FA and bio hacks. As a result of this, we've seen a big uptick in the market for security rating services, he [Wheatman] said.”. In 2018, I predict that the awareness and usage of enterprise cyber scores will skyrocket.

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Cyber Security Security Data Resources 73

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. 2022 Regulatory Focus. Anticipating change in the anti-money laundering industry.

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PYMNTS

APRIL 1, 2020

In the March Credit Union Tracker® , PYMNTS analyzes the latest developments in the CU space, such as how they are tackling fraud protection challenges in a growing online banking ecosystem. percent that said the same in 2018, indicating that digital innovation should remain a critical concern for CUs over the next several years.

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PYMNTS

JANUARY 29, 2020

A significant number of firms — notably small- to medium-sized businesses (SMBs) — still use such systems, as 25 percent of smaller firms stated in 2018 that their payroll involved pen-and-paper methods. A 2018 report found that 21 percent of the fraud SMBs see is expense reimbursement fraud from their own employees.

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PYMNTS

SEPTEMBER 14, 2020

Criminals are not the only security threats financial institutions (FIs) and their merchant clients face — these entities often need to defend themselves against consumers as well. Undeserved chargebacks are no trivial issue, either, as the number of such false claims rose 41 percent between 2016 and 2018. Combining Friendly Fraud.

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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.

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PYMNTS

JANUARY 12, 2018

That shift, for contact or contactless payments, goes into effect April 2018. Those investments and focus, the company said, will help “define the future of payments security.”. As has been noted by the firm and in this space , in the two years since EMV chip cards launched in the United States, fraud has declined by 66 percent.

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Abrigo

OCTOBER 22, 2019

Financial institutions should be proactive with their fraud prevention on the dark web. . With prominent victims such as British Airways, Ticketmaster, and Newegg, among others, this type of attack became known as “Magecart” and gained notoriety within information security circles and beyond. Merchants of all sizes are being targeted.

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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.

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PYMNTS

FEBRUARY 20, 2019

19), Mastercard announced the launch of its Cybersecurity Toolkit for SMBs, an online resource developed in partnership with the Global Cyber Alliance (GCA) that provides entrepreneurs and business executives with guidance and tools to address the threat of cyberattacks on their companies. In a press release on Tuesday (Feb.

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PYMNTS

JANUARY 18, 2019

New year, new reason to fear fraud — especially through digital means? As reported late this week in Dark Reading , and as estimated by security research firm Agari , efforts are “ramping up” wherein criminals look to “divert payrolls” of senior executives. There were expenses traced to strip clubs, gambling and even tattoos.

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Study Fraud Report Resources 173

PYMNTS

DECEMBER 19, 2018

NASA has suffered a data breach that exposed its employees’ Social Security numbers and other personal information. “Upon discovery of the incidents, NASA cybersecurity personnel took immediate action to secure the servers and the data contained within,” the memo stated. Information security remains a top priority for NASA.

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Abrigo

MARCH 11, 2022

Thanks to an increase in mobile payments precipitated by the pandemic and rising security concerns due to the Russian conflict in Ukraine, the world of financial fraud prevention is more dynamic than ever. Recently, the Secure and Fair Enforcement Banking Act of 2021 (SAFE Act) passed the house for the third time.

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PYMNTS

SEPTEMBER 9, 2019

The cybersecurity world is witnessing a potentially new, dangerous threat: according to insurance firm Euler Hermes, one of its corporates fell victim to cyber fraud after attackers used sophisticated artificial intelligence (AI) technology to impersonate the firm’s chief executive officer by mimicking his voice on the phone.

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Strategy Security Technology Data 180

CFPB Monitor

JULY 6, 2021

The Priorities, listed according to FinCEN “[i]n no particular order,” are as follows: Corruption; Cybercrime; Domestic and international terrorist financing; Fraud; Transnational criminal organizations; Drug trafficking organizations; Human trafficking and human smuggling; and. The Priorities and Their Utility. Proliferation financing.

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United States Fraud Regulation Compliance 78

PYMNTS

NOVEMBER 5, 2019

Increased technology adoption brings along additional security concerns, however. Identity companies and third-party security providers are exploring several options to keep these methods secure, but many have been met with consumer skepticism. billion in Q2 2018 to $1.02 Its balance rose from only $1.01

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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.

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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.

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PYMNTS

APRIL 27, 2018

Kaspersky Lab saw an increase in activity by both old and new botnets as well an increase in popularity of amplification distributed-denial-of-service (DDoS) attacks in the first quarter of 2018. The company also noticed the return of long-lasting (multiday) DDoS attacks, according to its 2018 DDoS Intelligence Report.

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PYMNTS

MAY 28, 2020

In the May Digital-First Banking Tracker® , PYMNTS explores the latest in the world of digital-first banking, including the challenges facing deployment of APIs amid the COVID-19 pandemic, new online initiatives from nationwide FI chains and community banks and the security challenges that are plaguing digital banking programs.

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