PYMNTS

NOVEMBER 30, 2020

They use their mobile devices for everything from checking the weather to posting on social media to pulling up real-time maps and using them to navigate to new destinations. There are other benefits that the function could provide, however, including more robust fraud protection. The report surveyed 2,141 U.S.

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PopularBank

APRIL 18, 2024

Yet, despite advances in bank fraud protection, scammers continue to develop and deploy sophisticated—and successful—methods. Earlier this year, the Federal Trade Commission announced over $10 million in fraud losses in 2023, up 14% from the previous year. Thieves attempting bank fraud may try one or more of the following scams.

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Independent Banker

OCTOBER 1, 2022

Financial fraud and cyber attacks aren’t a one-age-fits-all scenario. Community banks can find ways to mitigate age-related fraud through technology, as well as by educating their customers of their particular risks. We look at community banks’ options for fighting this type of crime. By Katie Kuehner-Hebert.

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PYMNTS

SEPTEMBER 21, 2020

Consumers are using mobile apps’ order-ahead features and loyalty perks more often during the COVID-19 pandemic, yet chargeback fraud — also known as friendly fraud — is unfortunately also rising. A Proactive Approach To Friendly Fraud. Friendly fraud often develops around online promotions at restaurants.

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PYMNTS

DECEMBER 18, 2020

The newspaper cited examples of vendors selling vaccines produced in Western countries and in China, ranging in price from $250 to $750. INTERPOL states on its website : "(W)e are seeing an increase in counterfeit medical products, fraud and cybercrime.".

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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. One of the most important links in the chain of e-commerce fraud is the “mule”. Fraud Prevention. Fraud Trends. Fraud Prevention.

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PYMNTS

SEPTEMBER 28, 2020

Saudi Arabia and the United Arab Emirates are attempting to square away increasing consumer use of online channels with their privacy and banking standards. Why Pandemic-Driven Online Payment Spikes Are Pushing Middle Eastern Regulators To Confront Privacy Questions.

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PYMNTS

JUNE 17, 2020

The habit of mobile ordering food for delivery hit new heights during the lockdowns, for example, and it’s one change that isn’t going anywhere. A solid fraud prevention solution is a QSR’s first line of defense against card testing attacks.”. Securing Social for the MOA Future. A Fraudster’s Feast.

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PYMNTS

MARCH 20, 2020

Fraud attacks’ frequency and complexity will likely continue to rise despite merchants’ best efforts to prevent them. The Latest Fraud Decisioning Developments. The United Kingdom’s RELX , an information and analytics firm, has meanwhile purchased fraud prevention firm Emailage to boost its own anti-fraud efforts.

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PYMNTS

JULY 10, 2020

Quick-service restaurants (QSRs) and others in the food service space are rapidly adjusting their operations during the pandemic, with many implementing new technologies online and in-store to ensure customers can seamlessly and safely place orders. Taco Bell’s Approach To Fostering Customer Loyalty And Fighting Fraud.

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PYMNTS

JANUARY 13, 2020

And beginning earlier in the month, new laws seek to tackle “rogue traders and online tricksters,” as denounced in a statement by Vera Jourova, the EU’s commissioner for values and transparency. That applies, too, to online ticket sales. In India, Too. A California CFPB? Penalties in the New Year.

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PYMNTS

OCTOBER 29, 2018

Those “could include the mass manipulation of groups through implanted or erased memories, while ‘repurposed’ cyber threats could target new opportunities for cyberespionage or the theft, deletion or ‘locking’ of memories (for example, in return for a ransom),” according to the Kaspersky report.

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FICO

DECEMBER 5, 2022

Top 5 Surprises from FICO’s Fraud and Digital Banking Survey. Our survey found that good fraud protection is paramount for customers - even though they themselves may exaggerate income or claims. A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8 FICO Admin.

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PYMNTS

JUNE 15, 2017

Can data make all the difference in the fight against payments fraud? The discussion played off the findings of a new whitepaper from the firm titled, “Driving Up Conversion with Effective Fraud Management.”. What works in preventing payments fraud at a large airline or telco system may not be germane for an electronics retailer.

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PYMNTS

SEPTEMBER 30, 2020

Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. Consumers’ changing views are prompting MENA financial authorities to reexamine how their present regulations handle online privacy.

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FICO

MARCH 26, 2018

This is the first in a series of articles in which we tackle some of the most topical fraud issues and decisions facing fraud managers today. Using the holiday example above, a customer booking connecting flights or hotels online might miss out on special offers if he or she has to verify each purchase.

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BankBazaar

MAY 18, 2020

Online transactions have witnessed an uptick since COVID-19 hit our lives. This has been accompanied by an increase in cyber frauds as well. With physical stores closing down and people wanting to reduce exposure, people are going online to complete their financial transactions. Here’s how you can stay protected. .

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FICO

APRIL 28, 2021

Early on in the pandemic, FICO detected a 3x surge in medical equipment fraud. Three men were charged with conspiracy to commit wire fraud in a criminal complaint filed Feb. A Comprehensive Fraud Checklist. government agencies have published alerts about COVID vaccine fraud. 9 in federal court in Baltimore. Numerous U.S.

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PYMNTS

AUGUST 21, 2019

Dealing with the online aspect of disaster relief requires a new, tighter approach to ID verification and authentication. What can make all that so much worse is fraud. Unfortunately, where there is tragedy, there is fraud.”. Even social media is getting in on the act. Another factor?

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PYMNTS

JULY 27, 2020

Digital banking and eCommerce are making rapid gains in 2020 as consumers turn to online channels to make purchases and avoid potential exposure to COVID-19. Synthetic ID fraud can be especially hard to spot. Long-running synthetic ID schemes have illuminated gaps in FIs’ traditional fraud-fighting measures.

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Gonzobanker

JULY 13, 2023

Consumer loan decision engines are a classic example of supervised machine learning. Whether or not banks and credit unions know it, they are using unsupervised machine learning in many of their anti-money laundering and fraud software applications. Please share a brief example in the comment box below.

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PYMNTS

JULY 16, 2019

Banks are innovating their application programming interface (API) platforms to allow for more third parties, while online merchants are prepping for a potential loss in revenue due to the security frictions that SCA might bring. Fraud isn’t the only thing banks and merchants are concerned over when it comes to SCA’s upcoming deadline.

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NCR

JANUARY 4, 2018

There are many actions financial institutions can take to strengthen their defenses against fraud , such as equipping themselves with the latest machine learning and analytics solutions to identify threats before they have a major impact. The emotional implications of fraud. ” Optimizing customer engagement to fight fraud.

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PYMNTS

OCTOBER 1, 2020

Consumers in the MENA region have been flocking to online channels since the pandemic’s onset and businesses have followed suit by deploying new digital payment capabilities and offerings,” the Guide states. Questions regarding data privacy regulations are expanding in scope and scale as regulators take careful note of consumers’ concerns.”.

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PYMNTS

APRIL 22, 2020

New account fraud is a significant problem for FIs, with 48 percent of values generated from fraud attempts coming from accounts that have only been open for one day, according to a recent report. Banks must enable fast and seamless onboarding experiences, but these processes should also be secure.

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PYMNTS

JUNE 15, 2020

Attracting first-time patrons during the pandemic, when consumers are spending most of their time at home, has required enhanced online efforts, however, and review websites like Yelp have played a vital role. Online reviews are vital in today’s restaurant industry. How Fake Reviews Damage QSRs.

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PYMNTS

SEPTEMBER 16, 2019

The requests center on, for example, Amazon’s acquisition of Whole Foods — and, separately, the way Google ranks its search results. In other news this past week, Google agreed to pay a $548 million fine in France to settle a fiscal fraud probe that stretches back four years. It is an investigation to determine the facts.

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PYMNTS

JUNE 16, 2020

Social media engagement plays a central role in modern restaurants’ daily business, with eateries using platforms like Facebook, Twitter and Instagram to advertise new menu items, interact with customers and drive business to their locations and mobile apps. Social Media Schemes.

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PYMNTS

NOVEMBER 26, 2020

Social Security Administration, for example, requires recipients using its website to provide unique eight-digit codes sent via text to their smartphones in addition to their usernames and passwords when they sign up or log in. . A key facet of this shift has been an increased reliance on mobile phones.

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PYMNTS

DECEMBER 24, 2020

Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Square, for example, said in its latest earnings report that revenue from bitcoin trading came to $1.6 Keeping An Eye On Fraud. If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point.

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CFPB Monitor

JUNE 26, 2022

Similarly, the Federal Trade Commission reports that older adults account for 35 percent of the victims associated with filed fraud reports when a consumer has provided an age. An example of a “financial” red flag is when “dormant accounts with large balances begin to show constant withdrawals.”. billion in 2019 to $3.4

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South State Correspondent

OCTOBER 20, 2022

We don’t care if it is an ATM, a new branch design, a fraud database, a deposit account opening product, or a core system, time matters. A classic example of this rule is the need for the customer to call back or stop a process to go get information. For example, a customer has a mortgage and comes to the website.

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PYMNTS

APRIL 24, 2019

Attention-starved celebrities and people showing off on social media used selfies, not serious, reputable companies competing for market share in the digital economy. Trust is important to a variety of areas where significant growth is happening online.

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FICO

AUGUST 6, 2018

Identity fraud is a significant risk to your business; expense, customer satisfaction and brand reputation are all at risk. The financial impact is significant: Consumers lost more than $16B to identity theft (application and account take-over) in 2016, and annual first-party fraud losses, including synthetic ID fraud, for U.S.

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South State Correspondent

AUGUST 1, 2022

Your strength is your data, and your success comes from defending your data and applying your data at various angles – to credit, fraud, marketing, and understanding both your employees and customers. Tesla is a stark example of this. When it comes to future success in data management in banking, the same rules apply. The Database.

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PYMNTS

MARCH 28, 2018

billion due to fraud in 2016, and a significant portion of that stems from chargeback fraud. According to LexisNexis , chargeback fraud accounts for 28 percent of all fraud that occurs at an eCommerce company, tied for first place with “ friendly fraud.” Researchers estimate U.S.

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PYMNTS

JULY 16, 2019

Platforms facilitating these transactions must foster trust between property owners and renters if they want to be successful, but creating that confidence requires protecting both parties against fraud and bad actors. Marketplace Abuse. Bad actors have various tools and techniques to steal property or launder money from sharing platforms.

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