Apto Payments, Sardine team on anti-fraud tools
Payments Dive
MARCH 20, 2023
Apto Payments and Sardine are joining forces to offer commercial customers issuing cards better anti-fraud tools.
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Abrigo
MARCH 8, 2024
Bank wire fraud is growing and becoming more complex. Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims. Investment scams were #1, with over $4.6
Abrigo
JANUARY 24, 2024
Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. Use this guide to understand available tools and the steps AML and fraud teams should take. You might also like this FedNow implementation guide with details on appropriate AML/CFT and fraud considerations.
PYMNTS
MAY 18, 2020
Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Mastercard said.
PYMNTS
MAY 5, 2020
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. Interacting With The Cardmember.
PYMNTS
JANUARY 19, 2021
This includes shifts in which consumers are shopping and paying, and in the payment tools or methods they are using to finalize their transactions. consumers now count themselves as “ debit-centric ” users, a sizable jump over the 33 percent who said the same about credit cards. Another study found that 55 percent of U.S.
PYMNTS
AUGUST 26, 2019
The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world.
PYMNTS
SEPTEMBER 4, 2019
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. Counterfeit fraud dollars for all U.S.
Abrigo
JULY 13, 2023
Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022. billion in 2021.
PYMNTS
DECEMBER 29, 2020
Consumers have more heavily leaned on debit during the pandemic, with the economic downturn making shoppers more cautious than ever about the prospect of taking on credit card debt. A recent study even estimates that shoppers could ultimately shift $100 billion worth of annual spending from credit cards to debit cards.
Abrigo
MAY 20, 2022
Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.
PYMNTS
FEBRUARY 3, 2020
Fraudsters have grown adept at finding debit cards’ weak points, and merchants are struggling to keep up. Losses due to false credit and debit card declines — in which merchants reject legitimate orders on the mistaken belief that they are fraudulent — grew to $118 billion last year and are projected to reach $443 billion by 2021.
PYMNTS
JULY 2, 2020
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.
PYMNTS
DECEMBER 31, 2020
Debit card issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. The Face of Fraud.
Abrigo
MARCH 4, 2022
Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.
PYMNTS
MAY 16, 2019
These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud. As a part of fraud protection efforts, card issuers and financial institutions (FIs) already flag unusual locations for potentially fraudulent payments. While only 1.4
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.
PYMNTS
SEPTEMBER 9, 2020
Consumers who previously paid for purchases by swiping or inserting their cards at in-store point-of-sale (POS) terminals are now turning to contactless cards and online shopping to safely and easily obtain needed goods. Deep Dive: Keeping Security Present Even When Cards Are N ot. Around The Next-Gen Debit World.
PYMNTS
SEPTEMBER 22, 2020
The growth in digital transactions is also spurring a boost in friendly fraud, which occurs when legitimate customers either knowingly or unwittingly claim that they did not make legitimate purchases and seek reimbursement for them. It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.
Payments Source
JUNE 11, 2019
Banks and merchants absorb billions of dollars in payment card fraud annually, but it's not for a lack of tools designed to stifle that fraud. It's becoming increasingly apparent that those tools simply aren't being used to their fullest capabilities.
BankInovation
NOVEMBER 24, 2021
Why virtual cards matter: The cost of accounts payable (AP) fraud can be high for businesses. Nearly one in four companies report a payment fraud attack each year, according to Ardent Partners.
PYMNTS
JUNE 22, 2020
A cyberattack from Maze ransomware against global business and tech firm Cognizant mostly hit the company’s corporate cards that had been issued to employees, the company told authorities, according to The Times of India. Also, the FBI has been called to assist with finding out the perpetrator.
PYMNTS
OCTOBER 9, 2020
These wallets are connected to familiar debit or credit cards, the details of which must also be kept safe from enterprising fraudsters. It also looks at the role that debit cards are continuing to play in commerce, and why protecting these payment details is essential for retailers. Around The Next-Gen Debit World.
Abrigo
NOVEMBER 7, 2022
Elder fraud prevention and education Learn strategies for recognizing and reporting elder fraud and exploitation. . Takeaway 1 Elder abuse, exploitation, and fraud are rising in the veteran population and can devastate older Americans. A growing target for elder fraud and exploitation. Cybercrime and the Dark Web.
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.
PYMNTS
MAY 4, 2020
Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that could indicate something is amiss. Around The FI Fraud Decisioning World.
PYMNTS
OCTOBER 28, 2020
PSCU , the credit union service organization (CUSO), is teaming up with FICO Customer Communications Services (CCS) to develop a fraud alert tool for credit unions (CUs), PSCU said in a statement on Wednesday (Oct. In the event of possible fraud, members are alerted quickly and securely using their preferred method of communication.
PYMNTS
DECEMBER 30, 2020
Connecticut-based People’s United Bank has seen this trend in action in recent months, said Karen Boyer , the financial institution's vice president of financial crimes and fraud intelligence. Cash users [shifted] to physical cards and the physical card users [shifted] more to. Debit Fraud Threats In The Time Of eCommerce.
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. .
PYMNTS
MARCH 27, 2020
The financial industry is particularly vulnerable to digital fraud. Application fraud, which sees cybercriminals submitting financial product applications to banks with no intention of paying them back, is among the most popular techniques. Defining Application Fraud.
PYMNTS
JULY 3, 2020
Financial institutions can keep customers safe by accurately determining when attempted transactions are legitimate versus when they are being made by fraudsters who have stolen customers’ cards or taken over accounts. Defending Agains Fraud During Periods Of Reopening . Understanding Customers Amid The COVID-19 Pandemic.
PYMNTS
MAY 29, 2020
“Banking is rapidly becoming more omnichannel, and FIs need to be sure they can safeguard customers across all the products through which they access their financial services,” according to the May 2020 FI Fraud Decisioning Playbook , produced by PYMNTS and sponsored by Simility. In With the New.
PYMNTS
SEPTEMBER 15, 2020
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. Spotting The Fakers.
Accenture
APRIL 23, 2019
Advances in technology and a push towards “consumerization” in business-to-business (B2B) payments is resulting in providers offering more digital tools than ever before. As shown in Figure 1, commercial payment product investment has been most prominently related to virtual cards and accounts payable/receivable automation.
PYMNTS
OCTOBER 1, 2020
Kount , the Boise, Idaho-based Software as a Service (SaaS) platform designed to simplify fraud detection and improve profitability, announced it has partnered with Verifi , the payment protection and management company. In June, Visa signed an acquisition agreement with Verifi. “The
PYMNTS
OCTOBER 22, 2020
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. s struggles toward universal adoption in the European Union is reminiscent of EMV chip cards’ rise — a similar journey that aimed to solve a different fraud problem.
PYMNTS
FEBRUARY 20, 2020
Fraud prevention and identity verification firm Kount is launching Email First Seen, a tool that serves as an indicator of email trust, the company announced on Thursday (Feb. The network consists of fraud and trust signals from over half a billion email addresses, 32 billion interactions and 17.5
PYMNTS
SEPTEMBER 10, 2019
Canada’s Everlink Payment Services , a payment solution and service provider for banks, credit unions and small businesses, is strengthening its fraud controls for clients through a collaboration with ACI Worldwide. In a press release Monday (Sept.
Abrigo
DECEMBER 17, 2019
The expected outcome of greater inventory at a lower cost, as we have seen in prior years, is an increase in fraud activity and cyberattacks heading into the end of the calendar year. Carding shops offer bulk sales on compromised payment card data. One of the most important links in the chain of e-commerce fraud is the “mule”.
PYMNTS
SEPTEMBER 7, 2020
In B2B payments, the commercial card has experienced a dramatic spike in adoption this year as organizations accelerated their digital transformations and, unable to physically enter the office, began to rely on electronic payments to conduct their business. Winter Blues. Spring’s SMB Support. Spring began in dramatic fashion.
PYMNTS
JUNE 22, 2020
It’s the battle against fraud that can be lost right at the beginning. Bad actors, are, increasingly, targeting online card applications, using stolen personally identifiable information to apply for credit, leveraging those ill-gotten credit lines to make fraudulent purchases. alone topped $10.2 billion last year. alone topped $10.2
PYMNTS
MAY 28, 2020
The bank robbers who decades ago would have pulled off in-person heists have in many cases instead become cybercriminals who hack into mobile accounts, purchase stolen credit card information on the dark web and impersonate customers online or over the phone. Staying ahead of fraud requires constant innovation. Red Flag Behaviors.
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