Visa sees spike in unemployment insurance fraud on prepaid cards

Payments Source

Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle. Government payments Card fraud Payment fraud Prepaid cards Identity theft Visa

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Card Use Reaches New Heights, and So Does Fraud

Bank Innovation

Consumer card transactions will overtake cash transactions for the first time in 2016, according to global research firm Euromonitor International. Cards Commerce E-Commerce Online Payments Retail Risk Security Technology fraud identity theft Leumi Card Rippleshot StripeCash is expensive to manage and is extensively used in the underworld.

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InComm Taps Tender Armor to Help Prevent Card Fraud

Bank Innovation

This week it was announced that InComm, a transaction solution and prepaid solution industry leader, will be piloting fraud prevention company Tender Armor’s CVV+ product in order to better protect cardholders against card fraud. “When consumers shop online they have no idea what the merchant is doing with their card Read More. Cards Online Payments Security Startups Technology card fraud credit cards fraud prevention InComm Tender Armor

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Visa Chip Cards Reduced Counterfeit Fraud By 87 Pct

PYMNTS

Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011,” the company said. Visa uses the same technology in contactless cards that it uses in chip cards, as well. Counterfeit fraud dollars for all U.S. Also down were overall card-present fraud rates.

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Fight Card-Not-Present Fraud In A Card-Not-Present World

PYMNTS

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. This can really create a proactive communications strategy to significantly decrease the incidence of successful fraud attempts,” said Pangretic.

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As Digital Banking Advances, Denmark Sees 60% Jump in Card Fraud

Bank Innovation

In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday. Danish credit card fraud significantly increased in 2016, Bloomberg said, and reports of online fraud in the country have increased 300% from reports in 2009. […]. Cards Exclusive Online Payments Security cashless banking Credit card fraud cybersecurity Danish fintech fraud Mobile Payments online payments

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Visa pilots card-not-present security app with Michigan State University FCU

Payments Source

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

Why debit card use is on the rise—but so is fraud

Payments Source

Debit cards often lack the rewards and spending power of credit cards, and thus do not figure prominently in TV ads or direct mail flyers. Yet despite these limitations debit cards are beloved by millennials and anyone else who wants to avoid credit card debit. Debit cards Payment fraud Card fraud Fraud losses pso intraday lead Mobile wallets pso wallet lead

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Visa: EMV Cuts Card-Present Counterfeit Fraud By 80 Pct

PYMNTS

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. Also, total counterfeit fraud dollars went down by 48 percent. The number of chip cards in the U.S. Now, 71 percent of Visa credit and debit cards have chips.

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Barclays Gives Users Total Control Over Debit in Effort to Stop Card Fraud

Bank Innovation

Will giving customers more direct control over their debit cards stop fraud? Barclays customers now have the ability to shut the remote spending (online or mobile) function of their debit card, the bank announced today. Barclays bets the feature will help halt card fraud; about 25% of the U.K. population has experienced fraud […]. Barclays is optimistic.

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Virtual Debit Cards Secure Transactions And Ease Minds

PYMNTS

Consumers are increasingly concerned about protecting their payment details from fraud when shopping online,” according to PYMNTS’ November 2020 Next-Gen Debit Tracker ® done in collaboration with PULSE , a Discover company. Virtual cards are expected to facilitate $1.6

Major Retailers Brace For Gift Card Fraud

PYMNTS

To counter fraud as the holiday season approaches, Best Buy , Target and Walmart made changes to their gift card programs. With the new policies, changes include lowering the transaction limits on the sale of store-branded gift cards. At the same time, the changes also dictate that store-branded gift cards can’t be redeemed for other gift cards and place a cap on the amount of money that can be added to the cards.

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SEC Issues Corporate Fraud Warning As BEC Scams Climb

PYMNTS

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

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Payments Card Fraud: Death by a Thousand Cuts

Mobile Payments Today

Not only do card fraud losses take a dollar-for-dollar toll on bottom line profitability, card fraud blights the customer experience—undermining consumers' trust and collectively costing issuers millions annually in lost business

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Invoice Fraud Strikes Amazon In $19M Scam

PYMNTS

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime.

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More Consumers Are Concerned About Card Fraud, But Less Are Experiencing It

Bank Innovation

Customer fears about card security and fraud is increasing, but as it turns out, fewer consumers are actually experiencing that fraud. This is according to the Consumer Payment Card Data Security Perceptions survey by data solutions provider Transaction Network Services, released today. Only 23% of adults reported fraudulent card use in 2017, the survey of […].

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Security Demands Spur Virtual Debit Card Adoption

PYMNTS

More consumers than ever are turning to online shopping channels to meet their needs during the pandemic, but many are also aware that cybercriminals are looking to capitalize on this stepped-up online activity to steal their card data. Virtual Cards To Bring Greater Security To Transactions.

Revolut Designed a Virtual Card to Prevent Fraud, By Renewing User Details With Each Payment

Bank Innovation

UK-based fintech Revolut’s newest product is a “disposable” virtual card, a product that was designed with fraud protection in mind, the fintech announced today. The card, which sits inside Revolut’s mobile app, wipes a user’s details and resets them after every payment. Exclusive Mobile Online Security data security fraud fraud protection Mobile banking online banking revolut UK fintech

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April was the harshest month for credit card application fraud: Report

Payments Source

banks and merchants hardest with bogus credit card applications in April, while most consumers were in full pandemic lockdown, according to new data from New York-based fraud-detection firm Socure. Fraud detection Card fraud Coronavirus Credit cardsFraudsters hit U.S.

Decisioning AI Targets Friendly Fraud

PYMNTS

Such immense effort is expended fighting determined fraudsters that it’s easy to minimize friendly fraud — a frustrating state of affairs that leaves financial institutions (FIs) and merchants on the hook for purchases disowned, justly or otherwise, by legitimate cardholders.

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ATM Debit Card Fraud Hit 10 Percent In 2017

PYMNTS

A new report has revealed that there was a 10 percent increase in the number of payment cards compromised at U.S. The number of compromises and the number of card members impacted set a new record last year,” said TJ Horan, vice president of fraud solutions at FICO. This is why it’s important for consumers to be cautious when withdrawing cash, and also for them to check their account regularly and confirm that all the transactions on their debit card are legitimate.”.

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What 98 Pct Of Consumers Miss About Protecting Their Cards From Fraud

PYMNTS

These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud. Location controls can be used to prevent merchants from charging consumers’ credit cards if their smartphones aren’t close by, and restrict purchases to a particular geographic area or country. In the latest installment of the Mobile Card Services Playbook series, a collaboration with Ondot Systems , PYMNTS surveyed 9,500 U.S.

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 Netspend On How Increased Security Demands Spur Virtual Card Adoption

PYMNTS

Shoppers may be reluctant to hand over their card details to every online retailer, as each transaction represents another risk that consumers’ information could be exposed in a breach. Virtual Card Payment Trends.

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Invoice Fraud Hits Microsoft?

PYMNTS

Even the mightiest of tech firms are not immune to invoice fraud. Engadget reported that Jeff Tran, Microsoft ’s former director of sports marketing and alliances, was charged with five counts of wire fraud. In detailing the invoice fraud, Engadget said that, in one of those two cases, an invoice for $775,000 was allegedly routed to a bank account belonging to Tran. Wire fraud has a sentence of up to 20 years’ imprisonment. Fraud On The Rise.

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Merchants, Online Fraud And The 3DS 2.0 Reset

PYMNTS

That] keeps them from getting in trouble with the card brands, and obviously avoids the significant costs that come along with fighting, investigating and resolving chargebacks. When the card networks first started mandating EMV, McCutcheon said, there was heavy resistance.

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PULSE Network Reduces Debit Card Fraud by 40% with FICO

Fico Collections

As many of us who have long been in the industry know, fraud remains a top challenge for debit cards. All this while protecting network participants and addressing card issuers’ unique risk tolerances and needs. We consider FICO the experts on all things analytics and fraud.

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The AI Method To Fighting Fleet Card Fraud

PYMNTS

Credit card skimmers are a headache for fuel retailers, but there is more than one way that fraudulent actors can target fleet spend. In addition to stolen credentials and skimmed cards at the fuel point-of-sale, employees are often able to overspend with their commercial fleet card products, or file fraudulent expense reports. Goldspink recently told PYMNTS that fleet card-related fraud goes far beyond skimmers at the POS.

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Business email fraud makes gift card fraud even worse

Payments Source

Crooks can impersonate IRS officials, tricking people into using gift cards to pay for a fake penalty, says Chargeback 911’s Monica Eaton-Cardone. ISO and agent Payment fraud Retailers Risk

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Synthetic Fraud Slows as Cybersecurity Awareness Increases

Bank Innovation

EXCLUSIVE—The growth of synthetic fraud, or the method by which fraudsters use a combination of real and false details to open malicious accounts, is slowing as lenders, issuers, and consumers all grow more attentive to cybersecurity methods, a study conducted by credit bureau TransUnion found. Cards Exclusive Lending Mobile Online Premium Security credit cards cybersecurity digital payments fraud prevention lending Mobile Payments online payments personal loans synthetic fraud TransUnio

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How False-Positives Complicate The B2B Payments Fraud Fight

PYMNTS

Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. Between data breaches exposing customer details and card information and the rise of card-not-present fraud as operations move online, digital businesses are challenged to stay abreast of payment security trends — and fraud is a massive issue for firms large and small. But ramping up the war on card fraud can introduce a new risk to companies: false positives.

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In Australia, Card (And Other Payments) Fraud Is Big Business

PYMNTS

In Australia, a new report shows just how widespread internal fraud in the Commonwealth, aimed at government agencies, has become. This past week it was reported that, per an investigation by the Australian Institute of Criminology, such fraud amounted to $42 million over the past year. That fraud spans, among other methods, misuse of government credit cards and procurement payments, reported itnews.com. The report said the fraud had been identified and addressed.

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Why Fighting Fraud Means Looking Beyond The Transaction

PYMNTS

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted. Account takeover fraud, phishing scams and friendly fraud have all seen upticks of late. Fraud Prevention as an End-To-End Journey.

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Partners Against Crime: Visa Leads Effort To Fight Fraud With New Dynamic CVV Codes

PYMNTS

The rising trend of digitization in commerce and the increased occurrence of card-not-present fraud were not created by the COVID-19 pandemic. Those dynamics have made the dangers of fraud far less abstract to consumers.

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Is UK contactless card fraud overblown?

Mobile Payments Today

At least one executive believes the recent stats are misleading

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FTC Warns Taxpayers About Stimulus Fraud

PYMNTS

No one will call to ask for your bank account, credit card or Social Security number, the FTC said. As in the first distribution of $1,200 checks in the spring, most people will get money direct deposited, or via a debit card or check will be mailed to the address where your taxes were filed.

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