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

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

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

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

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. The solution to this complexity is cutting-edge technology that can keep pace with modern transformation: machine learning.

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PYMNTS

AUGUST 19, 2019

Aided by technology – and emboldened by the rise of cryptocurrencies – fraudsters are stepping up ransomware campaigns. 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. Corporate Wire Fraud.

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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

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

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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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

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

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

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

SEPTEMBER 11, 2019

Fraudsters have been increasingly focused on mobile services, with one-third of all fraud attacks worldwide reportedly targeting mobile during the first half of 2018 — a 24 percent year-over-year increase. Fighting Fraud Visibly and Invisibly. Partnering With Established Players.

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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 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. Grocery AI.

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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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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.

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PYMNTS

SEPTEMBER 17, 2020

Securities and Exchange Commission ( SEC ) filed an “emergency action” against former NS8 Inc. which is based in Nevada, purportedly provides online retailers with fraud detection and prevention technology, according to the statement. 17) statement. Gottschall said in a statement.

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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. But those gains come with fresh concerns about digital security.

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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

DECEMBER 12, 2019

The China Securities Regulatory Commission , China’s security watchdog, is setting up a technology regulation bureau and will announce Yao Qian as its new department chief, the Chinese business publication Caijing said on Wednesday (Dec. 11), as reported by Coindesk.

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PYMNTS

DECEMBER 18, 2018

18) that it achieved 342 percent sales growth in 2018 compared with 2017 and that it has a four-year growth rate of 3,857 percent. In a press release, Onfido said 2018 was a landmark year for the company which not only enjoyed strong growth but named key members to its senior team and won accolades from within the industry.

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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.

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PYMNTS

APRIL 4, 2019

Credit union (CU) associations and service providers are pushing for the adoption of technology to help with security and compliance. as of December 2018. 20 percent: Share of CUs that prioritized growing mortgage loans in 2019, down from 52 percent in 2018. million: Number of credit union members in the U.S.

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PYMNTS

JUNE 13, 2019

Digital identification technology continues to advance, bringing both benefits and drawbacks. Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud. Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud.

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PYMNTS

NOVEMBER 9, 2016

A revamp, a redo, a new and improved model — from technology to your latest spouse. Enter 3-D Secure 2.0. The roadmap here extends across a few years and the initial rollout, in Europe anyway, is slated for the second quarter of 2018. CA Technologies’ Rendell noted that 3-D Secure 2.0 It’s ubiquitous.

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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

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

SEPTEMBER 19, 2019

This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. billion stolen credentials.

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PYMNTS

JANUARY 17, 2020

This increasingly sophisticated group poses a growing and costly headache to those who value the model, forcing businesses to spend billions on fraud-fighting technologies. Preventing fraud with seamless and secure onboarding solutions is key. million fraud reports in 2018, resulting in $1.48

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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

AUGUST 31, 2018

Fraud, on the other hand, paid extremely well, a fact he learned at the age of 13 when he embarked on his first subscription scam. The part where he comes back to work as director of strategic development at We Fight Fraud , a security firm dedicated to helping businesses fend off fraudsters? Less expected.

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Insights on Business

JUNE 18, 2018

Some important financial technologies are changing the way the world is doing business and that change is now reaching the securities industry. At the SIFMA Fintech Conference this week these powerful technologies will be on display in the Big Apple. IBM keynote.

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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

NOVEMBER 6, 2019

When it comes to fighting fraud, it’s not really what you know – not exactly, at least. It’s what you don’t know, and how you go about finding those gaps and putting up defenses via better data and new technology. Fraud is big business, with online losses topping some $14.7 New vs. Old Fraud. Big Business.

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Insights on Business

MARCH 13, 2018

Regulatory pressure, in terms of policy changes and increased scrutiny, is forcing banks to seek technological changes and advancements to meet evolving regulatory and compliance requirements. IBM is committed to bring the newest and best advances in technology to tackle these challenges. New Approaches to Anti-Money Laundering.

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