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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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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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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TheGuardian

JUNE 14, 2023

Bank says UK consumers could lose £250m from scams originating on Meta platforms in 2023 Fraud on Facebook, Instagram and WhatsApp is projected to cost victims £250m this year, a leading UK bank has said, adding to pressure on the tech firms’ parent company, Meta, to tackle scams on its platforms. Continue reading.

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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

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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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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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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Abrigo

OCTOBER 19, 2023

For example, in recent years, the campaign has focused on topics such as multi-factor authentication, data backup, and protection against ransomware. Here are some ideas: Use social media platforms such as Twitter, Facebook, or LinkedIn to share cybersecurity tips, stories, or resources using the hashtag #BeCyberSmart or #SecureOurWorld.

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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

JANUARY 13, 2020

For example, firms are banned from using bots in a way that allows them to buy thousands of tickets for events and then resell them for highly marked-up prices. In other examples, end users must be informed when prices are based on their internet browsing histories. In India, Too. A California CFPB? Penalties in the New Year.

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PYMNTS

AUGUST 17, 2018

To that end, a finance platform based in Switzerland, Advanon, has grappled with fraud, as reported by p2p-banking.com. The invoices were then financed by 78 private investors – and the fraud resulted in ill-gotten gains worth about two million euros. In one example, news.com.au Underhanded Doings in the Land Down Under.

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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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PYMNTS

JULY 10, 2020

Using mobile apps to order ahead and pickup in-store has become much more popular during the health crisis, but the jump in online orders has prompted a corresponding rise in online fraud. Taco Bell’s Approach To Fostering Customer Loyalty And Fighting Fraud. Mobile Order-Ahead Developments Around The World.

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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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FICO

JULY 17, 2020

This is an extremely challenging and growing problem for fraud managers. Another approach is to communicate an informative message to the customer directly when your fraud analytics recognizes behaviour that is out of sync with their normal spending. Fraud rings that target mules are usually organised fraud rings.

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PYMNTS

SEPTEMBER 6, 2016

The rise in social media fraud was noted in new research from cybersecurity firm Proofpoint. In the report, a new form of social media-based phishing attack, referred to as “angler phishing,” is discussed, and recent example of attempts from two fraudulent PayPal Twitter accounts are shown.

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FICO

DECEMBER 17, 2020

That said, my 2021 fraud predictions have nothing to do with witchcraft – although 2020 has certainly conjured unprecedented challenges – and everything to do with the metaphorical crucible, “a place or situation in which concentrated forces interact to cause or influence change or development.” What exactly was “the crucible?”

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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. What Is Contact-Free?

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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

NOVEMBER 25, 2020

Crafting AI models that make sure people are who they say they are and prevent fraud, while eliminating identity bias and other pitfalls, comes with its own set of challenges, he said. The key to creating robust machine-learning (ML) models that also embrace biometrics lies with data. Boots on the Ground . Platforms also offer flexibility.

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FICO

MAY 20, 2021

I’m very pleased to announce the release of the FICO® Falcon® Fraud Manager Retail Banking Consumer v3.0 model, which adds a Scam Detection Score to Falcon’s existing third-party fraud detection score for retail banking transfers. How Scams Differ from Third-Party Fraudulent Transfers. Using Behavior-Sorted Lists to Detect Scams.

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BankBazaar

MAY 18, 2020

This has been accompanied by an increase in cyber frauds as well. This has been marked by an increase in digital frauds as well. Among all digital channels, the one that has seen the most rise in frauds is the Unified Payment Interface (UPI). This has been marked by an increase in digital frauds as well. Phishing scams.

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PYMNTS

JULY 7, 2020

For example, an imposter may contact potential victims to imply that they must verify personal information or send payments in return for coronavirus-related stimulus benefits under the CARES Act. In May, the agency warned that “events with such profound impact” like the coronavirus “routinely create opportunities for financial fraud.”.

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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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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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FICO

DECEMBER 20, 2022

5 Ways Digital Payments Will Change FIs and Fraud in 2023. Two quick examples — first, I thought my two favorite baseball teams would have outstanding postseason runs and I felt like I was in great shape. A thoughtful pause can help prevent fraud, keep your accounts intact and see you well positioned throughout 2023. FICO Admin.

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PYMNTS

JULY 27, 2020

Synthetic ID fraud can be especially hard to spot. Using real credentials lends authenticity to these schemes and allows them to elude many fraud detection systems, and cybercriminals can avoid tipping off victims by not using pilfered identities wholesale. Reducing false positives thus requires FIs to dig deeper for more insights.

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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

SEPTEMBER 30, 2020

The Dubai International Financial Centre ratified the original version of its Data Protection Law (DPL) in 2007, for example — about a year earlier than Europe’s official General Data Protection Regulation (GDPR) and first Payment Services Directive (PSD) launches. 1 to adjust their standards in compliance.

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PYMNTS

JANUARY 17, 2020

This increasingly sophisticated group poses a growing and costly headache to those who value the model, forcing businesses to spend billions on fraud-fighting technologies. Preventing fraud with seamless and secure onboarding solutions is key. million fraud reports in 2018, resulting in $1.48 trillion a year.

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FICO

FEBRUARY 9, 2023

As the PSR’s response to authorized push payment fraud moves towards becoming law, what will the results be? million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. A quarter of all losses to payment fraud is under £100. And what can banks do?

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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

AUGUST 21, 2019

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. For example, Instagram recently launched a Fundraiser sticker. Not to be too cynical about such efforts, they can also enable more online fraud. Another factor?

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PYMNTS

JULY 1, 2019

The industry in Haiti is a perfect example of blockchain’s application, not just for commerce, but as a catalyst for social change by ensuring quality, fair conditions and reduced economic volatility. Ignatov is accused of a conspiracy to commit wire fraud, a crime that could see him serve a maximum of 20 years in jail.

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