PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Unlike the crypto markets, Wingert said the banking and payments industries continue to be slow to adapt to the challenges of KYC and fraud prevention. In fact, a recent GeoGuard survey found that U.S.

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PYMNTS

SEPTEMBER 28, 2020

Pandemic-related fraud attempts continue to climb. This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporate finance teams. According to the report, business leaders are more concerned about data security than ever before, citing the pandemic as one factor behind the fears. 45 percent of U.S.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. The product will also, the company said, protect against identity assumption, bot quotes, and “ghost brokering,” which is when fraudsters use fake documents. In a Tuesday (Aug.

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PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. BEC fraud does not respect seniority, and it pays exceedingly well.”. billion (or slightly over half) of all losses tracked in 2019.

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Fraud Handbook Security Comparison 253

PYMNTS

APRIL 10, 2020

This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sector more than $200 billion annually by some estimates. Yet, these advanced computational systems have a long way to go in healthcare administration.

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PYMNTS

JULY 8, 2020

“In many cases, AI is fundamental to scaling and keeping up with the pace of the network transactions that are happening,” said Sudhir Jha , a Mastercard senior vice president and head of Brighterion , an AI company that Mastercard acquired in 2017. Fighting Fraud in a Post-Pandemic World. AI Also Helps Manage Credit Risk.

Fraud 274

Fraud Management Risk Management Company 274

PYMNTS

JANUARY 22, 2020

FinTech solution company Entersekt has upgraded its authentication technology in the DACH region of Europe, according to a release. The company recently announced that the software company Netcetera implemented the authentication system for Bank-Verlag, a company that makes and provides secure services for Germany’s banks.

Security 214

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PYMNTS

JUNE 23, 2020

Federal Reserve has introduced a new effort to combat payments fraud. The API supports setup, verification and initiation of direct debit, with the bank’s head of global liquidity and cash management Yvonne Yiu pointing to the cash management benefits such a tool could bring to businesses. In the U.S.,

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PYMNTS

AUGUST 21, 2020

Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. ATMs are common avenues for fraud, however, especially those that are running outdated software. billion by 2024. billion by 2024.

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Abrigo

AUGUST 22, 2022

Emerging Check Fraud Trends to be Aware of It seems check fraud will never go away, it just changes its approach every opportunity. Check Fraud. Still the number one type of fraud in banking. There is also usually more than one signee assigned to those accounts, making them more susceptible to fraud.

Fraud 195

Fraud Trends Survey Technology 195

PYMNTS

DECEMBER 7, 2020

Business email compromise (BEC) scams continue to ravage company coffers. But the BEC scam is not the only kind of business payments fraud plaguing firms today. This week's B2B Digest looks at how corporate finance scams come in all shapes and sizes, from employee expense fraud to invoice falsification.

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PYMNTS

JUNE 29, 2020

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported.

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PYMNTS

MAY 12, 2020

An internal investigation into alleged fraud at Luckin Coffee Inc. has led to the firing of several top executives at the Beijing, China-based java giant, the company announced on Tuesday (May 12). In addition, the company has placed six other employees on suspension or leave due to involvement in or knowledge of the fraud.

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PYMNTS

SEPTEMBER 10, 2019

Companies therefore must either invest in teams of AML specialists or in fraud-fighting technologies. . The September AML/KYC Tracker examines the latest fraud challenges and efforts to ensure tight security and compliance. . How Mobile Financial Startups Can Bridge the Security Gap. Around the AML/KYC Worl d.

Security 185

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PYMNTS

SEPTEMBER 8, 2020

In this week's B2B Data Digest, PYMNTS looks at some of those numbers, finding cybercriminals both within and outside of the enterprise don't discriminate across borders as attacks hit companies in New Zealand, the U.K. 1 million was stolen from the City of Industry via invoice fraud, claims officials in the California city.

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PYMNTS

NOVEMBER 10, 2020

Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud. Phixius' technology is said to help boost fraud protection, automate manual processes and deliver better customer experiences.

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PYMNTS

MARCH 14, 2020

With the coronavirus putting eCommerce front and center, it has unfortunately been joined by its cousin: online retail fraud. According to online security company Signal Sciences , eCommerce retailers deal with an average of 206,000 web attacks per month. “The percent of all eCommerce fraud , is still account takeover.

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Fraud social media Online Retail 230

PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. Cautious shoppers may find comfort in debit, with fraud losses associated with the payment method declining over the past several years. Card fraud is an ever-present threat. A Big-Picture Approach To Thwarting Debit Fraud.

Security 182

Security Fraud ATM Cards 182

PYMNTS

NOVEMBER 18, 2020

Artificial intelligence (AI) is transforming the food service sector by helping restaurants boost their sales as well as improve and automate systems that were once managed by staff. Payment protection platform Verifi has partnered with digital fraud protection firm Kount Inc. Around The Mobile Order-Ahead World.

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PYMNTS

DECEMBER 30, 2016

Still, researchers have found, many businesses do just that: RedSeal released a report this month that described the state of corporates’ approach to enterprise security as one of “cyber naïveté,” with many executives believing that their existing strategies are sufficient to ward off a cyberattack.

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Fraud Security Survey Technology 145

PYMNTS

MARCH 15, 2019

The new Digital Fraud Tracker highlights the latest developments in payments fraud, and how different companies are working to keep funds safe from bad actors as payment solutions grow increasingly faster. Around the World of Digital Fraud. Australia’s CNP fraud problems seem to be part of a broader pattern.

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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

Fraud 183

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PYMNTS

MAY 9, 2018

CO-OP Financial Services said Tuesday (May 9) that it is releasing fraud-fighting tools for its client credit unions, a move that would beef up the role of artificial intelligence in helping those financial institutions become more secure. COOPER is not the only recent financial services enhancement introduced by CO-OP.

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PYMNTS

FEBRUARY 19, 2020

What’s clear is that fraud decisioning solutions have never been more necessary, as cybercrime enters a new phase of sophistication, diabolical creativity and global scale. Bottom line: Fraud losses are expected to hit $48 billion annually by 2023 – more than double the 2018 losses. Sealing It.

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PYMNTS

OCTOBER 19, 2020

19) announced that its Sigma Instant Desktop Issuance product will set “the standard for simple, secure and smart instant-ID solutions across enterprise, healthcare, government, higher education and financial institutions (FIs)." The Entrust website describes the company as “the leader in credit card production systems.”

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PYMNTS

JULY 31, 2020

Corporate travel manager CWT paid $4.5 million worth of bitcoin in ransom this week to hackers who said they seized control of 30,000 company computers and two terabytes of data, Reuters reported on Friday (July 31). According to computer security firm McAfee, criminals have been using RagnarLocker since late 2019.

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Bitcoin Management Minnesota Security 262

PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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PYMNTS

JUNE 22, 2020

It’s the battle against fraud that can be lost right at the beginning. There’s increased urgency on the part of financial institutions (FIs) to spend more time and money on battling fraud at the point of onboarding, especially as card-not-present transactions surge in the lingering wake of the coronavirus. alone topped $10.2

Fraud 193

Fraud Cards Risk Management Customer Experience 193

PYMNTS

JUNE 5, 2020

Open banking provides opportunities such as upgraded customer convenience and customized financial solutions that can help consumers access bank account details, send payments, manage their budgets and more. We need to manage risk appropriately, but open banking is a good thing,” Davies said.

Security 174

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PYMNTS

OCTOBER 15, 2020

It also includes some pretty intuitive and compelling case management and investigation functionality that streamlines the process of reviewing suspicious activity. The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled. The Pandemic Creates A Growing AML Need.

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PYMNTS

DECEMBER 28, 2020

Securities and Exchange Commission (SEC) filed an emergency asset freeze against Virgil Capital and its affiliated companies after charging the firm and its CEO, Stefan Qin , with fraud related to Virgil Sigma Fund LP, the company’s cryptocurrency trading fund, according to a press release. In other news, the U.S.

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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

FEBRUARY 17, 2020

The travel industry may have seen exceptional growth in recent years, but the space has also toted the heavy baggage of rising fraud costs. Fraud could cost the market more than $25 billion this year, and approximately 20 percent of attempted travel-related transactions are confirmed to be fraudulent.

Security 141

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PYMNTS

SEPTEMBER 29, 2020

An EY whistleblower has alleged the global accounting firm was warned as far back as 2016 that senior managers at Wirecard may have committed fraud and one had tried to bribe an auditor, the Financial Times (FT) reported. EY was Wirecard’s auditor for more than a decade.

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PYMNTS

FEBRUARY 18, 2020

This creates new security challenges as firms must learn to centrally manage their fraud protection methods while also gauging threats across many different channels. Fraud orchestration can help solve this issue as it allows banks to build holistic fraud prevention defense systems and gain 360-degree views of their customers.

Fraud 131

Fraud Customer Experience Compliance Survey 131

PYMNTS

AUGUST 19, 2019

Through that ransomware they have been hijacking companies’ systems and demanding bitcoin payment in exchange for a decryption key. In comments reported earlier this week, cyber insurance security responder Tom Bennett of CFC Underwriting told The Financial Times that that claims surged in June and July. Corporate Wire Fraud.

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PYMNTS

DECEMBER 7, 2020

Today in B2B payments, Revolut launches a new solution for its business customers, and MonetaGo collaborates to combat trade finance fraud. Plus, Pioneer Bank sues over MyPayrollHR scandal, Procurement Partners secures new funding, and ImagineTime partners on FinTech for accountants. MonetaGo, GUUD Team On Secure Transactions.

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