PYMNTS

OCTOBER 4, 2017

Fighting payments fraud can be a daunting battle – especially if the battle is waged with reactions. To that end, Mastercard announced on Monday the debut of its Early Fraud Detection System. The service seeks to give issuers advance alerts for cards and accounts that are put at higher risk due to data breaches.

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FICO

JUNE 21, 2021

In a year that presented fraudsters with new opportunities to exploit consumers, UK financial institutions continued to lead the charge to reduce European card fraud. Source: FICO European Fraud Map. . UK Led European Fraud Reduction. UK Led European Fraud Reduction. Source: FICO European Fraud Map.

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PYMNTS

FEBRUARY 19, 2020

Not so long ago, payments cyber fraud was done primarily by brute force, through guessing passwords and usernames — a scattershot approach akin to trial and error, conducted by lone individuals or small groups. Fraud is an industry for the crooks now. With the evolution of fraud, the detection and prevention efforts also change.

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NCR

JULY 17, 2017

In today’s environment, setting up a fraud prevention program is a hugely complex process. One area that must not be overlooked is the impact of non-financial events and activities on a fraud prevention strategy. So what non-financial signals should banks be looking for in order to enhance their fraud prevention efforts?

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South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. Money 20/20 cocktail parties started at noon, and events from sponsored race car driving to helicopter tours were common.

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PYMNTS

NOVEMBER 17, 2020

Over 60 percent of banks say fraud volumes are rising, with over 40 percent reporting that average fraud hit value is going up. Under COVID, one study finds that 22 percent of Americans had been targeted by pandemic-related fraud attempts as of April.

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FICO

JUNE 23, 2023

Home Blog Feed test Is Hyper-Personalization a Game Changer for Fraud Management? But fraud must be a consideration here too. Done right, a hyper-personalized experience is the key to some major challenges faced by fraud departments today. It has the potential to positively transform the customer’s experience of fraud controls.

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FICO

JULY 6, 2023

Beyond the pleasure of leading a FICO Falcon Fraud Manager User Forum and moderating a couple of panel breakout sessions, I I was also able to catch up with many of the fraud-focused attendees from around the world. Scams: A Top Fraud Concern Scams are becoming a leading fraud concern, all around the world.

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PYMNTS

JUNE 23, 2016

Though victims of fraud attacks may never be able to beat cybercriminals at their own game, it’s clear that knowledge is power. ” In this month’s installment of the Anatomy of a Fraud Attack series with Kount , we take a look at an increasingly favorite type of fraud among cybercriminals: carding or card testing.

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FICO

MAY 18, 2023

The innovative pay-as-you-go solution allows Dock’s clients, including banks, fintechs, and retailers, to intercept fraudulent transactions and protect their operations, while also improving the user experience. The fraud prevention solution is based on FICO® Falcon® Fraud Manager and FICO® Customer Communication Services (CCS).

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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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PYMNTS

MAY 7, 2020

Emerging uses of adaptive AI and other new tech is set out in the new FI Fraud Decisioning Playbook , a PYMNTS and Simility collaboration, as financial institutions (FIs) and their clients ready for reopening by modeling good customer behavior to help identify bad actors. Learn by Example.

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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 14, 2022

Fraud Trends for 2022: Top 5 Includes "Scamdemic" and Bad Bots. FICO's annual conference exposed some of the biggest fraud trends today, from the "scamdemic" to bot attacks. In May, 800 FICO customers and partners joined FICO colleagues at the first FICO World since the pre-pandemic event in New York in 2019.

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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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Insights on Business

NOVEMBER 22, 2017

The same technology that has helped change the world of payments has also fueled fraud complexity, requiring an increasingly sophisticated anti-fraud response – payments fraud has become a €20Bn ($23Bn) worldwide problem for financial institutions while the fraud detection and prevention market will be worth €28.49Bn ($33.19Bn) by 2021 [1].

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FICO

MAY 19, 2021

What Is First-Party Fraud? From banks to telcos to debt collection agencies, what looks like unrecoverable bad debt may in fact be first-party fraud. For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. by Matt Cox.

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Insights on Business

NOVEMBER 1, 2018

Enterprise Fraud Management is being reinvented. Here are some key questions that should be asked of Enterprise Fraud Management vendors: Question #1: How versatile is your data model? Most fraud detection solutions only ingest out-of-the-box transactional data and basic customer and account information.

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PYMNTS

JANUARY 30, 2020

An employee’s accidental use of her corporate card to pay for groceries isn’t a crime, but it does fall under the heading of “ friendly fraud ,” which creates friction for the accounting department. Weddings and events are another sector experimenting with card-based spend management efforts.

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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

OCTOBER 30, 2017

Identity theft is growing at an exponential rate, leading to a rise in application fraud. Identity theft, also known as third-party fraud losses, is just the tip of the iceberg. First-party fraud losses - including true name and synthetic identity fraud - can peak to 10 times the size of third party fraud.

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PYMNTS

DECEMBER 16, 2019

Credit/debit card pilferage is their core trade, so naturally, they’ve latched onto gift cards in a big way. Gift cards now boast the highest rate of fraud attempts of all retail-issued cards – a dubious distinction that proves their popularity with everyone, including crooks. Would You Like Hacking with That?

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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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PYMNTS

JUNE 3, 2019

Stripe , the payments company, announced Monday (June 2) the launch of Chargeback Protection, a new service that provides customers with machine learning-based fraud protection. In a press release, Stripe said the new tool is based on Radar , its tool that prevents fraud and protects against future chargebacks.

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South State Correspondent

OCTOBER 25, 2023

The rise of card-not-present transactions for phone and then e-commerce, starting in 1994, cannibalized check volume, as did Paypal, retail ACH for phone and internet transactions in 1998. The debit card started to rise in popularity in 2004, as did an explosion of ATMs in 2005, affording the general population more access to cash.

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South State Correspondent

AUGUST 10, 2023

Banks will move that money from a “master account” via an internal transfer, wire, ACH, card, or other rail to the appropriate destination later that day. Fraud detection, for example, must either be run in a separate application and then brought back into the core, or all core processes must stop to run a fraud sequence.

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PYMNTS

MAY 6, 2020

Financial fraud costs businesses an estimated $1.45 trillion, and it resulted in almost half of global organizations noting they were victims of fraud in 2018. This includes exploring emerging anti-fraud solutions and the challenges arising in this space as fraud grows more complex. One recent breach at U.S.

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FICO

DECEMBER 14, 2021

But European fraud and financial crime have continued to evolve. Vaccine passports and certificates are now in use as proof of vaccination when travelling or attending certain events and venues. Despite their views, many still want to travel and attend those events that require proof of vaccination.

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FICO

MAY 19, 2021

For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. Perhaps surprisingly, consumers sometimes use their own personal information to commit fraud. Both of these crimes are first-party fraud.

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FirstInternet

JUNE 30, 2021

Here is a list of 10 simple, cost-effective steps small business owners can take to prevent fraud, or mitigate its effects in their operations if it does occur. Review finances regularly: Check bank and credit card statements frequently (at least monthly). They can help keep your business safe and in compliance.

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PYMNTS

DECEMBER 17, 2019

Headlines are filled with reports of service outages and data breaches , and both banks and consumers are contending with rising fraud concerns as digital banking takes off. Fraud threatens everyone, yet customers rely on their banks for protection. Bigger Banks And The Problems With Data Security.

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PYMNTS

MAY 16, 2019

A recent report from KrebsonSecurity said that “until quite recently, credit card data stolen from online merchants has been worth far less in the cybercrime underground than cards pilfered from hacked brick-and-mortar stores. These attacks are not one-time events, one particular way. One big reason, according to the report?

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PYMNTS

JANUARY 30, 2018

29), ThreatMetrix will be folded into RELX’s Risk & Business Analytics operations, which does business under the LexisNexis Risk Solutions brand. Each company, said the CEO, comes at the fraud problem from a different perspective. Each company, said the CEO, comes at the fraud problem from a different perspective.

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South State Correspondent

JULY 12, 2023

While there are slight differences in operations, the only material difference is that The Clearing House supports transactions up to $1M, while FedNow currently goes to a $500k limit. Faster payment networks are one of the only payment networks outside of some of the card rails that allow for the tokenization of account numbers.

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Abrigo

SEPTEMBER 3, 2021

Takeaway 2 Fraud prevention, AML, and IT must communicate regularly and cross-monitor for cybercrime threats. Takeaway 3 Fraud monitoring software and other preventative measures can help financial institutions protect themselves against cyber attacks. . Would you like others articles like this in your inbox?

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PYMNTS

OCTOBER 1, 2020

Security and fraud risk is also reduced, he said. The emergence, and embrace, of platforms, he said, can help bridge the great divide between the in-store, hardware laden (via terminals and NFC readers) and online payment processes, which revolve around tokenization, card not present transactions and other digital hallmarks.

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PYMNTS

MARCH 25, 2020

That means card portfolios can experience changing returns for financial institutions (FIs). For example, having tools that monitor cardholder behavior and automatically trigger actions that drive faster card activation helps get revenue through the door sooner. In dealing with multiple vendors, FIs often operate less efficiently.

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