PYMNTS

JANUARY 4, 2019

It’s no surprise that payments fraud is on the rise. Juniper Research , for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders. Then again, the fraud may be a bit more low-tech and on-site.

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Abrigo

JUNE 13, 2022

Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Takeaway 1 Elder abuse, exploitation and fraud continue to rise as the baby boomer generation ages. Takeaway 3 Education and reporting are key to preventing this type of fraud, so know your state's policies. .

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PYMNTS

DECEMBER 16, 2020

Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector. And while promising news regarding COVID-19 vaccines may have put the end of the pandemic in sight, the restaurant industry’s growing fraud concerns will not cease as abruptly.

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PYMNTS

APRIL 22, 2020

Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors.

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PYMNTS

NOVEMBER 17, 2020

This overwhelming reliance on smartphones has generated record profits for major telecommunications companies, including AT&T , Sprint and Verizon , with the industry generating $610 billion in revenue in 2019. Customers still face potential fraud threats once they are signed up, with SIM swap fraud being a particularly common foe.

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PYMNTS

JANUARY 21, 2021

Merchants, card issuers and banks are no strangers to facing off against evolving fraud threats. Debit-related fraud is a particular concern for businesses and banks as failing to thwart such schemes could have significant and costly consequences. Debit And The Fraud Catch .

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PYMNTS

SEPTEMBER 22, 2020

One recent study estimated that roughly 44 million Americans would tap food delivery apps by the end of this year, up from 38 million in 2019, and another survey predicted that the number of smartphone delivery app users will climb 25.2 It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.

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PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic.

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PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. million in 2019.

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PYMNTS

DECEMBER 16, 2019

’Tis the season for corporate fraud? the FBI recently issued a warning for holiday shoppers of a new scam called eSkimming , in which cyber criminals hack into legitimate online retailer websites to steal shoppers’ credit and debit card details. Yet, analysts warn, as cross-border B2B payment volumes rise, so does the risk of fraud.

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PYMNTS

DECEMBER 21, 2018

Before the liability shift in 2015, the industry-wide prediction was that the onset of EMV would reduce occurrences of counterfeit card fraud in-store, but that the industry should expect to see a spike in card-not-present (CNP) fraud as fraudsters moved to easier targets. The Consumer As A Frontline Against Fraud.

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PYMNTS

DECEMBER 20, 2019

In Q3 2019 alone they made off with cryptocurrency valued at almost $4.5 More than one-third of Americans surveyed report being victims of cybercrime in 2019, and 41 percent of those incidents involved the theft of credit or debit card information. Fraud prevention tech has to scale. That’s “clean” fraud.

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Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. New account fraud.

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FICO

DECEMBER 19, 2018

As far as industry predictions go, perhaps surprisingly, one of mine actually came true: “ 2018 will be the beginning of the end for physical credit cards. However, their functionality will become even more omnipresent in our lives as more cards migrate to consumers’ mobile phones.”. Will Fewer Cash Transactions Result in More Fraud?

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.

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Fraud Payments Survey Security 223

PYMNTS

DECEMBER 20, 2019

That famous literary opener could apply to the mobile order-ahead (MOA) space in 2019. As mobile takes fast food by storm, QSRs find themselves gagging on friendly (and unfriendly) fraud. In the case of mobile order-ahead, chargeback fraud is the one to watch out for, but it’s very hard to spot. Chargebacks Bite. MOA is a Goer.

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PYMNTS

OCTOBER 14, 2020

Spend management was the focus of innovation in the commercial card space this week thanks to partnerships and investments in firms aiming to help companies keep track of expenses. Monitoring fuel purchases through both cost and location is a valuable tool for fleet managers to prevent fraud and protect margins.”.

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PYMNTS

FEBRUARY 19, 2020

In they went, stealing details of 30 million cards before the malware was discovered in December of 2019. card number. 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. Sealing It.

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PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9 Identity fraud accounted for $16.9

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PYMNTS

JULY 30, 2020

With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts. The Fatigue-Fraud Connection.

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FICO

SEPTEMBER 16, 2020

While 2020 has posed new challenges in fraud, our new European Card Fraud Map shows that many countries were battling card fraud successfully last year — with the UK leading the pack. Whilst data compromises drove up card fraud in the UK in 2018, they were not at the same scale and ferocity as 2019.

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PYMNTS

FEBRUARY 20, 2019

Banks, financial institutions (FIs) and other firms are grappling with a flood of application fraud and identity theft. 10 percent: Share of sales that retailers are projected to lose to card-not-present (CNP) fraud between 2018 and 2023. billion: Amount of projected synthetic credit card fraud losses in 2019.

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PYMNTS

MARCH 12, 2020

And according to Jennifer Schroeder, executive vice president of product management at PULSE, prepaid and payroll cards are proving increasingly popular among forward-thinking employers. As has been reported, the platform can help issuers manage, or restrict, transactions across groups of compromised cards.

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PYMNTS

SEPTEMBER 24, 2019

Blanco, gave a speech at the 2019 Federal Identity (FedID) Forum and Exposition on Tuesday (Sept. There are also a lot of illegal activities involved with wire, credit card and automated clearing house (ACH) fraud. “By The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth A.

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Fraud Cards Fintech Compliance 178

FICO

JANUARY 22, 2021

Last year I blogged a lot about how payments and fraud patterns have changed. But despite the COVID pandemic having effected massive changes in the ways consumers transact, credit card fraud is still a “thing,” and a big, ever-changing thing at that. Fraud Numbers Vary Widely. Credit Card Fraud Tactics and COVID-19.

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PYMNTS

JANUARY 24, 2020

trillion online in 2019 — an approximately 18 percent year-over-year increase in worldwide sales. . The Hack-to-Fraud Cycle. The [attack that is] exclusively [seen as] a cyberthreat is no longer just a cyberthreat in and of itself, [but] a means to an end from a fraud perspective,” he said. “To Security’s New Face.

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ABA Community Banking

AUGUST 10, 2020

Even before consumers’ acceleration to online shopping due to the pandemic, card-not-present debit transactions rose 21% year-on-year in 2019, according to Pulse’s debit issuer survey released today. The post P2P Payments, Card-Not-Present Drive 2019 Growth in Debit Transactions appeared first on ABA Banking Journal.

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PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. Cautious shoppers may find comfort in debit, with fraud losses associated with the payment method declining over the past several years. Card fraud is an ever-present threat. Around The Next-Gen Debit World.

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PYMNTS

JANUARY 28, 2020

Card-not-present theft — like when rideshare charges from a city you’ve never visited appear in your banking app — is traumatic enough for the typical person. billion times it happened in just the first half of 2019. That’s why low-tech approaches should always be part of a multi-layered anti-fraud strategy. Catch Me if You Can.

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PYMNTS

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Fraudsters made off with account numbers and other personal details, which could later be used for different synthetic identity fraud or related schemes. digital bank Monzo.

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PYMNTS

MARCH 18, 2019

. $130B: The total projected losses of retailers due to card-not-present fraud from 2019 to 2023. 10: The approximate number of machines that will let users exchange cash for prepaid Visa debit cards at Atlanta’s Mercedes-Benz Stadium. 80 percent: The growth in data breaches in Hong Kong over the past five years.

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FICO

NOVEMBER 24, 2020

As many of us who have long been in the industry know, fraud remains a top challenge for debit cards. In 2019 issuers faced $4.2 billion in gross (attempted) debit card fraud and ultimately incurred losses of over $1 billion on debit and ATM transactions; the need for an effective solution to this problem has never been greater.

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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

DECEMBER 22, 2020

Italian consumers are embracing a new government program aimed at boosting retail sales while tamping down on tax evasion that allows buyers to receive a 10% refund on card payments made in stores. By offering the incentive, they hope to cut down on black market deals and fraud, according to The Financial Times.

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Cards Payments Taxes Study 188

PYMNTS

NOVEMBER 4, 2019

In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. According to a new LexisNexis study , overall retail fraud attempts doubled year-over-year and tripled since 2017.

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Fraud Retail Online Study 124

PYMNTS

SEPTEMBER 23, 2020

In today’s top payments news around the world, PayPal and Mastercard are adding more European Union (EU) countries to a debit card offering, while European Central Bank (ECB) President Christine Lagarde has called for a digital euro. PayPal, Mastercard Add 5 EU Countries To Debit Card Offering. Germany and the United Kingdom.

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PYMNTS

JANUARY 15, 2021

retail sales occurred in the last two months of 2019, marking a year-over-year increase of 4.1 eCommerce’s market share has been steadily increasing over the past decade, and 15 percent of total holiday retail took place online in 2019, up 19 percent from 2018. A notable $730 billion in U.S. How Fraudsters Tried To Steal Christmas.

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