TheGuardian

NOVEMBER 8, 2022

Less verification for someone to set up fraudulent shell firm than to borrow a library book, risk managers say The anti-fraud leader at the trade body UK Finance has said the government needs to fix the “dysfunctional” Companies House because it is helping to facilitate business fraud.

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PYMNTS

AUGUST 25, 2019

Uber is trying to reassure its customers before a tell-all book about the company is released.

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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

AUGUST 4, 2020

He was booked and transported to a local jail without incident, the Post said. Mobile deposit fraud was a $2 billion-a-year problem for banks before we were in a crisis where everybody’s desperate and people are fighting over bottles of water and toilet paper …,” Edwards said. So, the fraud goes up, not down.”.

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PYMNTS

NOVEMBER 22, 2019

These marketplaces must be vigilant about not only verifying those listing the properties, but authenticating the homes themselves, explained Chung-Man Tam, CEO of P2P business travel booking site 2nd Address , in a recent interview with PYMNTS. The wider home rental space has been seeing increased fraud in recent years.

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PYMNTS

DECEMBER 26, 2019

Thwarting fraud in one area is not enough to prevent it from cropping up elsewhere, and businesses are essentially playing whack-a-mole as fraudsters’ attacks move across channels. Digital fraud rose 30 percent in Q3 2019, with one out of every five new accounts revealed to be illegitimate.

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PYMNTS

DECEMBER 26, 2019

Companies are getting much better at fraud detection and prevention, partly in response to its rapid spread. A leading index of digital theft found that loyalty fraud exploded by 89 percent over 2018, opening a vast new front in the battle. For their part, the anti-fraud community is hitting back hard. Fighting Fakes With Fire.

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PYMNTS

JULY 10, 2020

Punjab National failed to provide details of the alleged fraud and declined to comment, the Journal reported. The company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks,” Punjab National Bank said at the time.

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PYMNTS

APRIL 23, 2020

The health insurance market is even more vulnerable: Up to $68 billion is lost to health insurance fraud each year. Fraud doesn’t just hurt insurance companies, however, as the losses are largely passed on to legitimate customers in the form of increased premiums. Types of Insurance Fraud. How AI Can Limit Insurance Fraud.

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PYMNTS

DECEMBER 13, 2019

Enter the platforms, complete with algorithms and tools to discover and price-compare any experience or item that can be booked or rented online. Platforms are doubling down on security in the wake of embarrassing data breaches and steady consumer fraud complaints, but it’s a fluid situation.

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PYMNTS

AUGUST 21, 2020

How does a travel company increase bookings almost 4,000 percent in just four months in the middle of a global pandemic? For instance, he told PYMNTS that GetMyBoat is partnering with FareHarbor , a local activities-and-experiences booking platform. But the company takes keeping boat owners and renters safe from fraud seriously.

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PYMNTS

DECEMBER 28, 2016

New research from Security Research Labs (SR Labs) has revealed fundamental security and authentication weaknesses across major flight booking systems, leaving them vulnerable to hacking. Instead, the booking code (aka PNR locator, a six-digit alphanumeric string such as 8EI29V) is used to access and change travelers’ information.”.

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PopularBank

APRIL 18, 2024

Yet, despite advances in bank fraud protection, scammers continue to develop and deploy sophisticated—and successful—methods. Earlier this year, the Federal Trade Commission announced over $10 million in fraud losses in 2023, up 14% from the previous year. Thieves attempting bank fraud may try one or more of the following scams.

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PYMNTS

FEBRUARY 27, 2018

The latest report from eNett International , “ It Pays To Know: Fraud In Travel Payments ,” warns that payments fraud is plaguing the global travel space, though, in this case, the issue is imbedded deep within the travel supply chain itself. B2B Payments a Major Pain Point.

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PYMNTS

JULY 10, 2019

Digital platforms facilitate everything from online shopping to ridesharing to booking a hotel. These platforms promise fast, seamless transactions, which most deliver – but when platforms focus on reducing friction for users, it can backfire and create new vulnerabilities to fraud. Only chargebacks are factored in by more (87.2

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PYMNTS

OCTOBER 14, 2019

However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk. The Dark Side Of Offer Fraud . Beating Back Opportunistic Offer Fraud .

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Payments Source

FEBRUARY 8, 2019

A bounty of stolen payment credentials and complex processing makes online travel booking a crook's delight, but machine learning could be the tonic to combat a wave of fraud.

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PYMNTS

SEPTEMBER 22, 2020

The regulator said earlier that forged "merchandise vouchers" had been used by employees to book revenue by recording sales of the vouchers, which could be exchanged for cups of coffee or other products. That prompted the regulator to start the investigation.

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PYMNTS

MAY 10, 2019

Following a claim of fraud by a short seller, shares in eCommerce firm Jumia fell by almost 25 percent by midday New York time on Friday (May 10) and traded at $20.30 Some of the brands in its lineup encompass travel booking service Jumia Flights, online takeout service Jumia Food and classified services Jumia Deals.

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FICO

NOVEMBER 15, 2021

This week is International Fraud Awareness Week — but every week is Fraud Awareness Week for FICO, as we focus on helping banks and other financial institutions worldwide detect and manage fraud. Fraud is a big burden for such organizations but there are of course other victims – people just like you and me.

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PYMNTS

JANUARY 10, 2018

Oversight Systems has updated its Insights On Demand software-as-a-service (SaaS) solutions to provide managers with quicker ways to identify expense report fraud. 9), the company said the upgrades will provide one-click visibility into employees who are repeat offenders of booking non-compliant travel and making non-compliant purchases.

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FICO

DECEMBER 13, 2022

Biometric Security Crucial for Fraud Protection and CX. Because customers value ease of use and good fraud protection most, FIs must balance scam protection with making things easy for good customers – but not TOO easy. How FICO Can Help You Fight Application Fraud. FICO Admin. Tue, 07/02/2019 - 02:45. by Sarah Rutherford.

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FICO

MARCH 30, 2023

And I don’t have to worry about back problems from sitting on a small phone book! Both from a cash and a fraud perspective, my curiosity was piqued, and I fell down the rabbit hole to learn more. Fraudsters Love Digital Real-Time Payments All this rapid change is great for one thing — fraud. Where Did My Cash Go?

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PYMNTS

JUNE 21, 2019

Former Barclays boss John Varley has been acquitted in a fraud trial regarding payments made to Qatar while the financial crisis was in full swing, according to a report by the Financial Times. The deal will enable PFS to offer an enhanced service to existing and future payroll and corporate clients.

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PYMNTS

MAY 8, 2019

Williams reportedly was president of a Celadon subsidiary called Quality Companies during the period of alleged fraud. Fraud Allegations. million for filing materially false and misleading statements to investors and falsifying books, records and accounts.”. Here is what happened, at least according to the U.S.

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FICO

MAY 17, 2019

In the past 6-12 months, synthetic identity fraud has skyrocketed and has been one of the hottest topics in the financial crimes domain. Many of us remember 2013 when the FBI announced that they had dismantled a major criminal ring committing credit card fraud. Bad customers can come back from the dead as zombie synthetic identities.

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FICO

MARCH 26, 2018

This is the first in a series of articles in which we tackle some of the most topical fraud issues and decisions facing fraud managers today. Materials need to be bought and suppliers paid, or flights and hotels booked. Is your focus more on genuine customer decline rates or more on the fraud prevention aspect?

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TheGuardian

DECEMBER 3, 2022

Now the number of firms on its books has soared – and so have the complaints It was in June, when she went to get a credit check for a mortgage, that the 20-year-old employee at Japanese beauty brand Shiseido realised something had gone badly wrong.

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PYMNTS

JANUARY 8, 2020

In a new PYMNTS interview, Karen Webster talked with Yinglian Xie, CEO and co-founder of DataVisor , about some of the new trends in fraud, and why the travel industry is a big target for increasingly sophisticated criminals. Fraud Types. They are just in the early stages of realizing that nobody is immune to (fraud),” she noted.

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PYMNTS

JULY 16, 2020

One of the unnamed jailed executives in the Wirecard scandal has reportedly admitted guilt to the multi-billion-dollar fraud and money laundering case, according to Reuters. The subject was arrested on suspicion of conspiracy to commit fraud, attempted fraud and aiding and abetting other crimes, according to Reuters.

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PYMNTS

JANUARY 31, 2020

Travel industry services are catering to the thousands of millennial and Gen Z travelers who are booking big trips by augmenting their platforms with online and mobile support. Travel platforms are enabling more online bookings than ever, and 83 percent of U.S. Merchants Need To Rethink Booking.

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PYMNTS

JUNE 26, 2020

According to auditor Ernst & Young (EY) , German payment processor Wirecard knowingly gave false statements and was in the midst of “elaborate and sophisticated fraud involving multiple parties around the world” in regards to $2.1 billion on its books that may not exist. The matter concerns the $2.1

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FICO

JULY 30, 2019

Before getting started, CSPs should determine who “own”’ and is accountable for subscription fraud. Is it the fraud team? Also, is there a clear and agreed fraud risk appetite that has exec sponsorship and is agreed by all stakeholders? In part, this is due to the ever-changing nature of fraud. Credit risk?

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PYMNTS

JUNE 30, 2020

However, problems like high costs, fraud risk and manual work taking time away from other tasks still exist. PayParc specifically touts its ability to read booking data and convert it to automatic payment execution as a way to help save costs.

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FICO

JULY 13, 2020

But for criminals, working individually or in fraud rings, these vehicles (or any vehicle, for that matter), present an attractive opportunity: finance the vehicle, sell it illicitly, and pocket the cash. An estimated 10% to 15% of auto finance companies’ bad debt book actually classifiable as first-party fraud.

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PYMNTS

DECEMBER 28, 2020

Cryptocurrency lending platform Vauld raised $2 million to expand into full banking services, including issuing credit and debit cards and providing fiat and crypto order books, CoinDesk reported. The funding round was led by Pantera Capital and included Coinbase Ventures and LuneX Ventures.

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FICO

SEPTEMBER 16, 2019

In recent years there has been much talk of the fraud and financial crime departments at banks working together more closely. FICO commissioned research and analyst company Ovum to carry out an independent research survey to uncover the main concerns and issues banks face when fighting fraud and complying with financial crime legislation.

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