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

OCTOBER 12, 2016

11) the launch of its Centrix Dispute Tracking System (CentrixDTS) Fraud Alerts module, an add-on to the case management and Regulation E compliance platform financial institutions use for both fraud and non-fraud transaction disputes. billion-asset Gesa Credit Union, in the same press release. . ”

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PYMNTS

NOVEMBER 12, 2020

“Joining forces with INFORM, we help our customers speed up the adoption of strong customer authentication for safer online purchases,” Gabriele Boni, global service line cards director at SIA, said in a statement on Thursday (Nov. The initiative will be powered by INFORM’s RiskShield, an advanced risk evaluation solution.

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Payments Compliance Fraud User Experience 165

FICO

MARCH 18, 2020

As I recently blogged , the use of prepaid cards is growing, in forms ranging from one-time gift cards to reloadable payment mechanisms for benefit distribution. Prepaid models US Prepaid and GIM Prepaid 1.0 Studies have shown that prepaid card types are closely associated with certain transaction behavior.

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FICO

MARCH 9, 2020

has become a prepaid card store, with rows and rows of gift and other prepaid debit cards on display. In April 2019 The Wall Street Journal reported , “The total amount loaded on general-use prepaid cards in the U.S. This is almost identical to the existing fraud protection provisions for credit cards.

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FICO

NOVEMBER 16, 2022

Enterprise Fraud Solution Buyers Want More Agility, More Data. Our recent global survey reveals the investment priorities and functionality requirements for enterprise-level fraud solution buyers. We asked about priorities, plans and requirements for enterprise fraud prevention and detection solutions , and the results are fascinating.

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PYMNTS

NOVEMBER 12, 2020

“Joining forces with INFORM, we help our customers speed up the adoption of strong customer authentication for safer online purchases,” Gabriele Boni, global service line cards director at SIA, said in a statement on Thursday (Nov. The initiative will be powered by INFORM’s RiskShield, an advanced risk evaluation solution.

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Payments Compliance Fraud User Experience 130

Insights on Business

JUNE 28, 2018

A recent explosion of AI applications is taking place in financial institutions, particularly in the area of risk and compliance. Some may see this as a no-brainer, but others might not think about AI applications outside the more common uses by banking and financial institutions. So how is AI helping risk and compliance processes?

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FICO

FEBRUARY 9, 2022

This shift has created significant opportunities for local banks, however with this growth comes the inevitable threat of increased fraud, exacerbated by the Covid pandemic and the explosion in ecommerce and card-not-present fraud. Expansion Brings Fraud Challenges.

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FICO

JANUARY 10, 2023

Top 5 Fraud Posts for 2022: Scams, Contactless and Money Mules. In a year that saw the word "scamdemic" coined, scams such as authorised push payment fraud were top of mind, along with various other fraud schemes. Few things change faster in the financial services space than fraud trends. FICO Admin.

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FICO

MARCH 10, 2022

I’ve been writing recently about the results of our recent global consumer fraud survey. But like most things, it’s not as simple as it sounds, as large customer groups are likely to switch banks if they are dissatisfied with their response to a fraud management incident (more on that in a moment). Possession – something you have (e.g

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NCR

JULY 13, 2017

Financial institutions should be braced for a tough fight against fraudsters this year, as they have been warned 2017 is set to be a record year for card fraud losses. For instance, it highlighted card skimming at ATMs or POS machines as an attack method that continues to be troublesome.

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PYMNTS

JULY 17, 2018

Since the migration to EMV in the largest card market in the world (the U.S. in October of 2015), the incidences of counterfeit card fraud at chip-enabled merchants have fallen sharply — some 76 percent, as reported by card networks. Sometimes the cards are ancillary to a different criminal purpose.

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Cards Fraud Regional Training 109

FICO

MARCH 30, 2023

I will sheepishly admit that since post-COVID travel has picked up again, I’ve found myself traveling with physical card or two crammed into my minimalistic ID-holder, just for rare cases where digital won’t work. Both from a cash and a fraud perspective, my curiosity was piqued, and I fell down the rabbit hole to learn more.

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FICO

FEBRUARY 18, 2020

But has this shift in consumer habits created a growing rideshare fraud problem? TNCs have gradually changed transportation preferences within the card-not-present (CNP) Taxicab and Limo service category. TNCs have gradually changed transportation preferences within the card-not-present (CNP) Taxicab and Limo service category.

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FICO

OCTOBER 12, 2020

This has yielded a rise in medical equipment fraud and put banks’ fraud detection systems into overdrive. Spending and Fraud Surge on PPE and Telemedicine. For purposes of examining fraud, medical spending comprises two main categories, the first of which is Medical and Laboratory Equipment Supplies.

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FICO

AUGUST 3, 2022

Fraud Ideas from FICO World 2022 – and Excitement for 2023! FICO World 2022 was an excellent event with a stellar fraud protection and compliance track - here's some of what we learned. Synthetic Identities and Application Fraud. Innovative Customer Communications for Fraud. Tue, 07/02/2019 - 02:45. by TJ Horan.

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FICO

JUNE 23, 2022

The Role of Data in Managing Fraud and Financial Crime Today. Here are the highlights from the fraud management data discussion I had at FICO World 2022 with Julie Conroy, Head of Risk Insights and Advisory at Aite-Novarica Group. How Did the Pandemic Change Fraud? Tue, 07/02/2019 - 02:45. by TJ Horan. expand_less Back To Top.

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FICO

APRIL 29, 2022

With any change, fraud comes hand-in-hand. All these evolutions mean a changing landscape for retail fraud and scam trends. Will Zelle Join Apple Pay, GooglePay and Credit Cards at Point of Sale? Zelle is one of the country’s most widely used money transfer services. Multiple Channels Increase Fraud Exposure.

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FICO

JULY 1, 2022

Global Fraud Trends: What’s Happening and What’s Next? Here are the highlights from the fraud trends breakout session at FICO World 2022 with a panel of fraud professionals from Brazil, Turkey and North America. Ulisses Okamoto , Fraud Risk Management Superintendent at Itaú Unibanco (Brazil). Tue, 07/02/2019 - 02:45.

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FICO

SEPTEMBER 14, 2021

A few weeks ago US economists were surprised when the Commerce Department reported that retail sales rose by 0.6% As consumers flock back to stores , some may be surprised and delighted to learn that they can use popular person-to-person (P2P) payment apps like Venmo and PayPal at the cash register. QR Codes and Fraud.

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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. What Is a Zombie Synthetic Identity?

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FICO

DECEMBER 7, 2021

But of course I bring my smartphone, which contains more of my life than ever before: credit and debit cards, vaccine pass, car insurance, and all manner of apps that I’ve woven into daily routines: Amazon and Walmart, PayPal and Venmo, drugstore, grocery and food delivery, banking, brokerage and more. A Launch Pad for Fraudsters.

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FICO

DECEMBER 18, 2019

Card-not-present (CNP) transactions, which are primarily conducted online, have quickly become the most common transactions made among consumers. In anticipation of a dramatic increase in CNP fraud, several years ago FICO implemented new machine learning technologies in the FICO® Falcon Fraud Platform to better catch fraud in this area.

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Banking 2020

AUGUST 27, 2015

The US has been identified as the leading country for card fraud, after a new study revealed almost half of global losses to the crime last year occurred in the nation. per cent of worldwide plastic card losses – including credit, debit and prepaid cards – took place in the US, amounting to $7.86

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FICO

MARCH 5, 2021

This past year, financial institutions (along with the rest of us), had their world turned upside down. And even though fraud and the way it’s managed is constantly evolving, the impact of COVID-19 has made having a solid, adaptive, integrated enterprise fraud solution, as the backbone to your strategy, more important than ever.

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Gonzobanker

SEPTEMBER 21, 2023

CSI partnered with Dragonfly for treasury management and with Hawk AI for fraud and anti-money laundering solutions. Card issuer and processor Marqeta acquired Power Finance , an embedded fintech credit card program. Personal loan and credit card provider Avant secured funding from Ares Management Corporation.

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FICO

MARCH 8, 2021

Filing early will reduce the chances that a financial criminal will use stolen personal information (your name and Social Security Number [SSN] or Tax Identification Number [TIN]) to file a fraudulent tax return first, snatching, literally, a refund out of your hands. How do fraudsters commit tax refund fraud? File early.

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FICO

DECEMBER 20, 2022

5 Ways Digital Payments Will Change FIs and Fraud in 2023. Financial institutions (FIs) are not letting fraud trends like scams fade into background noise, but fraud awareness is rising among customers and both the banks and customers are eager to mitigate as much as possible. FICO Admin. Tue, 07/02/2019 - 02:45. by TJ Horan.

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FICO

SEPTEMBER 20, 2022

Fighting Fraud with Responsible AI: My Talk with Dr. Scott Zoldi. FICO fraud expert TJ Horan talks fraud management and responsible AI with FICO's Chief Analytics Officer, Dr. Scott Zoldi. As for me, I’m a software guy and payments professional doing my best to roll with the changes in an ever-shifting fraud landscape.

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FICO

MAY 19, 2020

History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. So, I thought I would outline my top 5 fraud manager considerations during COVID-19.

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FICO

AUGUST 21, 2020

There’s one fraud pattern that’s highly predictable: when the economy goes down, fraud goes up. When it comes to fraud and COVID-19, the Great Recession of 2008 provides some important lessons that can help banks and consumers protect themselves against the increased risk. A Resurgence of Specific Fraud Types.

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FICO

JUNE 17, 2021

Surely, not all of these mechanisms are as secure as each other, so there is a relationship between payment methods and fraud risk. In years gone by, our option was simple – which card do we use? Trusted cards. The Options. When presented with the above list, it is easy to be overwhelmed, as I was. New schemes.

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FICO

JANUARY 5, 2021

It’s no surprise that COVID-19 would be one of the subjects that drew readers to the FICO Blog last year, but for the Fraud Protection and Compliance category it wasn’t the only top draw. What else made for the hottest reads in 2020 for fraud and financial crime? 2: Fighting Fraud: How Biometrics Enhance Identity Authentication.

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FICO

FEBRUARY 28, 2018

But how can it best be used to fight application fraud? It was not much before Deep Blue, in 1992, that FICO pioneered the use of artificial intelligence and machine learning to fight credit card fraud. fraud and non-fraud) examples. Machine Learning to Fight Application Fraud.

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Fraud Analytics Regulation Examples 69

PYMNTS

JANUARY 23, 2019

Swift Prepaid is also supporting Bitty’s ability to provide immediate access to cash advances that are uploaded to business debit cards. Their collaboration links Bitty to Visa Direct functionality, allowing it to brand virtual and physical prepaid and debit cards linked to a business account.

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PYMNTS

DECEMBER 12, 2019

Fraud, Payment Regulations Are Affecting Seamless Payments. For us, that is a really big part of our business — working with regulators and entities like insurance [providers] to make mutually beneficial progress, rather than [building] an adversarial relationship.”. Payments Are Critical to Consumer Trust.

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