PYMNTS

JUNE 22, 2020

Corporate fraud continues to plague businesses large and small, and in this week’s B2B fraud tracker, many of the latest cases of nefarious activity within the enterprise can be traced back to the continued use of paper and legacy systems. The biggest story this past week, of course, was the revelation that as much as $2.1

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PYMNTS

DECEMBER 17, 2020

Fraud protection specialist Kount and Philadelphia-based payments platform FreedomPay are teaming up to offer “an integrated, complete solution to enable international expansion with fraud-free payments and frictionless customer” experiences. Before, they were limited to one or two areas. Today, they’re pretty much everywhere.”.

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PYMNTS

JULY 30, 2020

With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts. The Fatigue-Fraud Connection.

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PYMNTS

DECEMBER 8, 2020

As the holiday shopping season kicks into high gear amid an unprecedented pandemic-era surge in online shopping, banks and merchants are bracing for an associated spike in fraud , disputes and chargebacks. Fighting Friendly Fraud. For every $1 in legitimate fraud, there is $13 in transaction value that is falsely declined,” he said.

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PYMNTS

OCTOBER 8, 2020

The growing cost of online fraud – and finding ways to detect it – has long been a costly concern of financial institutions (FIs). If you beat the geolocation fraud, you beat all the fraud,” Briggs said. He said banks and payment processors already have this technology on hand – they’re just not using it correctly. .

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PYMNTS

JULY 8, 2020

He and Nitendra Rajput , Mastercard’s vice president of product development and head of the company’s “AI Garage,” said that in many cases, AI is the only way to scale up sufficiently to meet the challenges the company faces with fraud and other business issues. “It Fighting Fraud in a Post-Pandemic World.

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PYMNTS

JULY 21, 2020

Not the birds, of course, but a Nigerian hacker ring called “Scattered Canary” that has successfully lifted millions of dollars through scam unemployment filings in at least six states. They are going to have to update how they mitigate and control fraud and risk and update their systems. There’s No Time To Waste.

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PYMNTS

JUNE 24, 2020

The fraudsters, of course, want to take the path of least resistance, just as they always have. Against a backdrop where CNP transactions are up 80 percent, a success rate of only a few percentage points can yield a lucrative fraud scheme. CNP fraud, Nolte said, has become a numbers game.

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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

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BankBazaar

NOVEMBER 22, 2020

Additional Reading : How To Protect Your Money From Digital Banking Frauds. The post Covid-19 Impact | Mobile Banking Crash Course appeared first on BankBazaar - The Definitive Word on Personal Finance. So logout out of the website immediately after making transaction and avoid saving passwords on your device. Explore BankBazaar.

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PYMNTS

JANUARY 4, 2019

The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. The rest of the year will bring other such attacks, and no doubt new attacks barely imagined even by veteran fraud-prevention experts. Criminal Rings. Criminal Patience.

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PYMNTS

JANUARY 24, 2019

Here’s a test: What’s fraud? Those questions also speak to the seemingly impossible tension in the world of payments and new card accounts: how to onboard and authenticate consumers as quickly and seamlessly as possible, while also protecting them and the institution from fraud. Fraud Getting Worse. Bad Timing.

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PYMNTS

NOVEMBER 26, 2019

As consumers embrace real-time transactions, financial institutions (FIs) must recalibrate their fraud-fighting strategies. The real-time movement of money,” he told PYMNTS, “has implications on your ability to manage losses — and you have to make sure you are keeping pace with new fraud trends.”. Fraud is not static, said Srinivasan.

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PYMNTS

MAY 20, 2020

False positives are the bane of fraud fighters everywhere, as they penalize legitimate customers due to the behavior of bad actors illicitly armed with credentials, card numbers and accounts. Sixty-two percent of QSR customers are concerned about fraud when interacting with QSR apps, according to a recent study.

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FICO

NOVEMBER 15, 2021

This week is International Fraud Awareness Week — but every week is Fraud Awareness Week for FICO, as we focus on helping banks and other financial institutions worldwide detect and manage fraud. Fraud is a big burden for such organizations but there are of course other victims – people just like you and me.

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PYMNTS

SEPTEMBER 21, 2018

They are buying fraud tutorials and data from other criminals online. The 2018 holiday shopping season has already started for people and organizations bent on fraud. It’s not just about stealing products from shelves, of course. Fraud Headstart. The criminals have already started.

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PYMNTS

FEBRUARY 19, 2019

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. That sort of fraud prevention spends 100 percent of the time on that one aspect of fraud, he noted.

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PYMNTS

SEPTEMBER 19, 2019

Successful criminals, including those who ply their trade via digital and mobile channels, have certain advantages: flexible morality, of course, is one; another is determination. Welcome to the world of advertising fraud. Even so, Xie said, better cooperation could help prevent more of the particular type of fraud.

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PYMNTS

OCTOBER 14, 2019

Brands know that customers like these offers, which is, of course, why they offer them. However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk.

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PYMNTS

DECEMBER 6, 2018

Such a scenario stands as a terrifying example of not only the sophistication of criminals, but also the threat of fraud in a real-time payments environment. And those criminals are experts at social engineering, enabling them to con people who might be on high alert for fraud attempts. That doesn’t mean all is hopeless, of course.

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PYMNTS

OCTOBER 19, 2018

At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. Every business must decide its comfort level with fraud and how much risk to take on, a concept discussed in depth during a new PYMNTS digital discussion, featuring Karen Webster and Kevin Trilli, chief product officer at Onfido.

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PYMNTS

JULY 1, 2019

In payments fraud, it pays — literally — to change up the game a bit. The report shows the use of malicious emails, rather than attachments, is on the rise — which darkreading.com said comes along with new variants of impersonation fraud. Individual Fraud Cases, Here and Abroad. The data across a sample set of 1.3

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PYMNTS

JANUARY 4, 2019

It’s no surprise that payments fraud is on the rise. Juniper Research , for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders. Then again, the fraud may be a bit more low-tech and on-site.

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PYMNTS

SEPTEMBER 21, 2018

To that end, the the Internet Crime Complaint Center (IC3), a hub to bring complaints to the Federal Bureau of Investigation (FBI), is eyeing payroll fraud. Beyond the confines of one methodology (payroll fraud, as detailed above), Europol has issued a cybercrime report that has taken note of certain attack methods. The deposits?

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PYMNTS

MARCH 8, 2019

Invoice fraud, where emailed requests trick employees of various firms into sending money to scammers’ bank accounts, has been making the rounds in the United Kingdom. firms are vulnerable to that type of fraud. According to research from Santander Business , as much as half of all U.K. Department of Justice.

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PYMNTS

JUNE 19, 2018

Fraud has no choice but to roll with the punches, and the flurries are enough to daze a boxer as skilled as Ali. We’re being tongue in cheek, of course. By now, it’s widely known that chip-enabled cards have been pushing fraud to digital conduits. This is the estimate of global card fraud losses by 2020.

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PYMNTS

AUGUST 24, 2018

Payments fraud is, of course, no longer confined to someone swiping a credit card and running up a tab or taking money from a cash register. The social engineering gambit is, of course, known as phishing, and lures the unwitting into giving away sensitive data or sending money to the fraudster.

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PYMNTS

AUGUST 31, 2018

Fraud, on the other hand, paid extremely well, a fact he learned at the age of 13 when he embarked on his first subscription scam. None of these events were real, of course, and Sales pocketed the money. None of these events were real, of course, and Sales pocketed the money. That is the part of the story one might expect.

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PYMNTS

DECEMBER 13, 2019

Platforms are doubling down on security in the wake of embarrassing data breaches and steady consumer fraud complaints, but it’s a fluid situation. Fraud detection and prevention, bolstered by AI and machine learning, are removing friction from RV rentals simply by making Outdoorsy an online marketplace where people feel safe spending.

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Matt Wilcox Pro

OCTOBER 15, 2018

CHANCES ARE that identity fraud appeared the moment that presenting valid ID first became needful. Since the advent of the minimum drinking age, underage youth out to purchase alcohol have resorted to ID fraud. And, of course, early credit cards [.] history fake IDs were used to stuff ballot boxes.

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PYMNTS

OCTOBER 25, 2017

Account takeovers have become a new favorite for fraudsters over the course of just a quarter. According to data from the October 2017 Global Fraud Index , a PYMNTS and Signifyd collaboration, account takeover use recently skyrocketed, climbing 45 percent in Q2 2017 alone. percent: increase in total fraud from Q2 2016 to Q2 2017.

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Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Of course, banks and credit unions are highly regulated industries, and this is increasing. Learn about some of the important considerations for financial institutions to remember when combining fraud and AML department s.

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Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Of course, banks and credit unions are highly regulated industries, and this is increasing. Learn about some of the important considerations for financial institutions to remember when combining fraud and AML department s.

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FICO

MARCH 25, 2022

While it may seem like an esoteric topic, explainability in fraud management is important – and it’s especially relevant when it comes to using AI and machine learning in fraud detection and prevention. In other words, a fraud management system isn’t a black box. Effective Fraud Management Requires Explainable Technology.

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PYMNTS

OCTOBER 29, 2018

It’s already happening, of course, albeit tentatively. Those devices are not the microchips from those programs in Wisconsin and Sweden — nor, of course, the chips implanted into pets. It’s no big news that microchip implants are part of the future of humanity. But those gains come with fresh concerns about digital security.

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PYMNTS

JUNE 14, 2018

But of course, for our purposes, the focus is on payments – and here there are investigations, too, specifically into expense account fraud. Bloomberg reports that the bank is looking into fraud that may have occurred at investment banking and private banking units across Africa, Asia and the Middle East.

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PYMNTS

JUNE 5, 2020

In the United States alone, he noted, the eCommerce penetration rate rose from about 17 percent to about 27 percent over the course of the eight weeks or so of stay-at-home orders. Where consumers go, fraudsters will always follow, Cohen said – and worldwide, Payoneer has seen a consistent uptick in attempts at fraud of various types.

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