PYMNTS
AUGUST 5, 2020
losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. The five most targeted states by the scams include the ones with the biggest populations: California, Florida, New York, Texas and Pennsylvania. Those cases have cost victims a total of $97.5
PYMNTS
APRIL 15, 2020
According to the FTC, there have been 18,235 reports of fraudulent activity or fraud attempts related to the coronavirus since Jan. million to fraud. The FTC says the top categories of these scams entail travel and vacation-related items, online shopping and bogus text messaging, along with “all kinds of imposters.”
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PYMNTS
JUNE 9, 2020
Cybercrime is surging during the COVID-19 pandemic as fraudsters seize on increased online activity to steal consumers’ sensitive personal details. As much as 22 percent of consumers have now been targeted by COVID-19 digital fraud scams, driving a mounting need for new ways to mitigate digital fraud risks.
PYMNTS
JULY 3, 2020
FIs confronting this new reality have worked hard to redesign their fraud-fighting approaches to suit the new commercial landscape. . Banks have worked to build detailed customer profiles over the past several months as consumers adjust to their new financial situations and develop clearer online habits.
PYMNTS
NOVEMBER 16, 2020
Multifactor authentication (MFA) has become commonplace for online accounts, with users confirming their identities via text messages sent to their phones. Such security methods can be critical to preventing fraud that targets mobile users, of which one of the most prevalent types is SIM swap fraud.
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.
PYMNTS
JULY 2, 2020
This can be a significant help for consumers who may be unable to make purchases during the pandemic unless they have cards for checking out online or digital wallets to use with any brick-and-mortar merchants who have stopped accepting cash. How FIs Adapt Fraud Detection During Times of Behavioral Upheaval.
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