PYMNTS

FEBRUARY 19, 2020

What’s clear is that fraud decisioning solutions have never been more necessary, as cybercrime enters a new phase of sophistication, diabolical creativity and global scale. Bottom line: Fraud losses are expected to hit $48 billion annually by 2023 – more than double the 2018 losses. Sealing It.

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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

JANUARY 31, 2020

A 2018 survey found that 40 percent of American financial institution (FI) customers in this age bracket reported debit cards as their go-to payment instruments, while 36 percent favored credit cards. These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods.

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PYMNTS

JANUARY 19, 2021

Fraudsters have unfortunately also carefully followed this payment trend, with skimming, prepaid card and ATM fraud all seeing upticks recently — especially in regard to debit transactions. 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

FEBRUARY 13, 2019

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. More than 3.1 million in Dec.

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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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PYMNTS

JANUARY 3, 2019

A new study has revealed that retailers will lose around $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. A layered FDP (Fraud Detection & Prevention) solution naturally helps directly preventing fraud, but it also offers major gains in terms of recovering potentially lost revenue through false positives.

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PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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PYMNTS

OCTOBER 19, 2020

Venmo users alone lost more than $40 million in 2018. Meeting this fraud threat will require in-depth knowledge of fraudsters’ techniques and advanced technology and customer vigilance, according to Jamie Armistead , vice president and business line leader for banking app Zelle. “We The Scams And Frauds Facing P2p Payment Apps.

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PYMNTS

OCTOBER 29, 2018

These initiatives could also lead to an increase in security risks, since sharing data among a range of financial service providers creates new opportunities for it to fall into the wrong hands. New open banking tools mean new types of financial transactions, which could make fighting digital fraud even more difficult for banks.

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PYMNTS

DECEMBER 31, 2018

According to the report, cybercrime touched nearly every sector throughout 2018, including those that may seem less obvious, like education or manufacturing — and for one obvious reason: the money. Facebook’s 2018 regarding the stewardship of user data and privacy was one it would like to soon forget. Department Store Hacks.

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PYMNTS

DECEMBER 28, 2020

Securities and Exchange Commission (SEC) filed an emergency asset freeze against Virgil Capital and its affiliated companies after charging the firm and its CEO, Stefan Qin , with fraud related to Virgil Sigma Fund LP, the company’s cryptocurrency trading fund, according to a press release. In other news, the U.S.

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PYMNTS

SEPTEMBER 24, 2018

Perhaps more troubling, however, is digital fraud’s projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. As such, businesses are now investing in their security and fraud prevention technology and solutions.

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PYMNTS

OCTOBER 8, 2018

They’ve tried to clarify some of their emphases — we know that cryptocurrency fraud is an issue, manipulation, insider trading is an issue, and they’re very focused on spoofing,” said Gary DeWaal, special counsel at Katten Muchin Rosenman and a former CFTC enforcement lawyer. Total fines ordered through SEC enforcement activity fell 7.2

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Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. The under-reported and growing crime.

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PYMNTS

SEPTEMBER 12, 2019

Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. The People’s Bank of China announced in March that it plans to create rules for regulating and securing the FinTech sector, for example. . imposed a full $23.52

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PYMNTS

DECEMBER 26, 2018

The following piece was written by Rob Eleveld, CEO of Whitepages Pro , as a contribution to our 2018 year-end eBook. . Payments 2018 was a year of accelerated disruption. Smart use of verification data ensures that risk models can streamline good customer experience, fight fraud and evolve with the times.

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PYMNTS

JULY 28, 2020

Fraudsters and financial institutions (FIs) are constantly evolving to best each other, and growth in synthetic ID fraud is revealing that many banks must enhance their security measures to stay in the lead. Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S.

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PYMNTS

JANUARY 14, 2021

Commerzbank has told lawyers that the bank was a victim of fraud in the ongoing Wirecard case, Reuters reported Thursday (Jan. Commerzbank Chief Risk Officer Marcus Chromik told a parliamentary committee that the bank agreed to extend credit to Wirecard in 2018, based on assurances about the company's prospects.

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PYMNTS

AUGUST 19, 2019

In comments reported earlier this week, cyber insurance security responder Tom Bennett of CFC Underwriting told The Financial Times that that claims surged in June and July. We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. Corporate Wire Fraud.

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PYMNTS

JULY 24, 2019

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques. Around the Digital Fraud World.

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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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TheGuardian

AUGUST 14, 2023

The civil action was filed in November 2018 alleging misconduct related to UBS’s underwriting and issuance of residential mortgage-backed securities (RMBS) issued in 2006 and 2007, according to the justice department. Continue reading.

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PYMNTS

NOVEMBER 15, 2018

New data shows a projected 14 percent increase in fraud attempts during the upcoming 2018 holiday season — with fraud likely to peak on Thanksgiving Day. The first step to fighting fraud is knowing what you’re up against,” Erika Dietrich, global director of payments risk at ACI Worldwide, said in a press release. “The

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PYMNTS

APRIL 14, 2019

million customers who were the victims of an online fraud scam. bank to say it will cover customers from online fraud losses. Such fraud reportedly impacted one in four U.K. Such fraud reportedly impacted one in four U.K. The bank’s pledge also comes as data released last week showed financial fraud against U.K.

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PYMNTS

MAY 30, 2019

counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. The latest stats show that the continued upgrade to chip card acceptance – which began in 2015 – has led to a decrease in counterfeit fraud dollars on the order of 76 percent, as measured in December of 2018 vs. September of 2015.

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Bobsguide

MARCH 30, 2020

In 2016, the global fraud detection market was valued by Allied Marked Research at $13.6bn. Fast forward to today: according to Fortune Business Insight, the global market for anti-fraud solutions will grow from $19.3bn in 2018 to $110bn in 2026. The growth is exponential, and the banking,

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PYMNTS

NOVEMBER 26, 2018

Call centers are facing the potential of fraud from inside and outside their facilities, and they are taking multi-pronged approaches to tackle these security challenges. Data: 350 percent: The rate that contact center fraud has grown over the past four years. history.

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PYMNTS

MARCH 5, 2019

million in 2018, according to a press release from the company. Cybercriminals have steadily been increasing their use of mobile malware , aiming to take advantage of those who do not have security solutions installed on their phones.”. In 2018, the number of mobile users who interacted with malware went up 774,000, reaching 9,895,774.

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PYMNTS

JULY 10, 2020

In a filing with the Securities and Exchange Board of India, the country’s second largest state-owned lender said it had reported the Dewan Housing loss to the Reserve Bank of India, the nation’s central bank. Punjab National failed to provide details of the alleged fraud and declined to comment, the Journal reported.

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PYMNTS

FEBRUARY 23, 2020

In one major example in 2018, Frank Krasovec, the chairman of Dash Brands, owner of Domino’s Pizza franchises in China, lost $450,000 when a fraudster intercepted his email. Krasovec is now suing the Dallas, Texas bank, maintaining that PlainsCapital didn’t have anti-fraud protocols in place. billion in 2018. Close to $1.8

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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

APRIL 8, 2019

An Israeli startup that creates anti-fraud services that deal with online transactions wants to raise $200 million for expansion, according to a report in Bloomberg. Fraud is becoming an increasingly more common problem in the eCommerce sector, and is estimated to cost merchants about $130 billion over the next five years. “At

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PYMNTS

OCTOBER 18, 2018

First Data’s 2018 Consumer Cybersecurity Study is based on data from 1,767 U.S. Advances in technology are opening new opportunities for fraudsters to obtain PII, and businesses must proactively respond by implementing technology solutions that keep consumer data safe and secure.”.

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PYMNTS

DECEMBER 8, 2019

But the people who write the code for those better, richer sites don’t always put enough focus on security — either from ignorance or because of the pressure of tight deadlines — and that leaves what amounts to holes in the digital fence that criminals can use to steal personal data. New Problem. Consumer Awareness.

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PYMNTS

AUGUST 16, 2019

Capital One employees raised red flags over security risks before the company suffered a massive data breach. The sources pointed out that about one-third of its employees left in 2018. Seattle-based Thompson was charged with one count of computer fraud and abuse following her arrest on July 30.

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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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