Mapping Fraud’s DNA


Payments and commerce fraud has its own ecosystem, one that includes criminals, servers and other computing devices, IP addresses, compromised payment cards and stolen personal data, and even houses and other physical locations. The Biology Of Fraud.

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Why AI Is MIA In Most FI Fraud Departments


In the old days, forged checks were the biggest problems that bank fraud departments had to manage. It is no wonder that fraud prevention is one of the problem areas that FIs hope artificial intelligence (AI) can help resolve. percent of fraud specialists use AI, while 92.5

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How False-Positives Complicate The B2B Payments Fraud Fight


Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. Machine learning] will help with generating new rules based on previous fraud or non-fraud decisions.

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Invoice Fraud Hits Microsoft?


Even the mightiest of tech firms are not immune to invoice fraud. Engadget reported that Jeff Tran, Microsoft ’s former director of sports marketing and alliances, was charged with five counts of wire fraud. Wire fraud has a sentence of up to 20 years’ imprisonment.

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Metro Bank Hit By More Fraud Probes


’s Metro Bank on behalf of investors concerned that the institution committed securities fraud. According to Pomerantz, the probe “concerns whether Metro Bank, and [certain officers] and/or directors, have engaged in securities fraud or other unlawful business practices.”

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AI Helps Businesses Get Smarter About Fraud


If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2 Fraud doesn’t impact all industries equally.

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Making P2P Payments Fraud-Free


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.

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Why Aren’t More FIs Using AI To Fight Fraud?


Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has been used by financial institutions (FIs) to great effect. percent) believe AI systems are effective in reducing fraud, yet only 5.5

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The Evolving Terrain Of Fighting Fraud


60 percent: Share of fraud experts who believe AI systems lack transparency. percent: Share of FIs that leverage true AI-based anti-fraud systems. Today In Data artificial intelligence authentication Commerce faster payments fraud News payments Security Today in Data

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In Payments Fraud, A Crypto Scam


Many of the headlines centered on payments fraud have focused on the damage done to smaller suppliers and vendors, especially in the U.K. But beyond the now-familiar conduits of fraud done across email or through fake invoices, some lures have come through ties with cryptocurrencies.

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Visa: EMV Rollout Continues; Counterfeit Fraud Down 76 Pct.


counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. Total counterfeit fraud dollars decreased by 49 percent, the payments giant said. Payment Methods chip cards counterfeit fraud EMV News payments security POS Retail Visa What's Hot

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Exposing misconceptions in payments fraud

Mobile Payments Today

In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce

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Model governance comes to fraud detection

Insights on Business

Payment fraud detection has always had a bit more latitude than its counterparts in anti-money laundering, customer due diligence and even trade surveillance compliance. It is obviously in the best interest of an institution, and its customers, to catch as much fraud as possible.

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BNY Mellon’s AI-Based Fraud Detection Initiative


Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. Using Data Science to Combat Fraud. Fraud is like looking for needles in a haystack,” Sieczkowski explained.

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GIACT Ramps Up Fraud Fight Using Equifax Analytics


Data analytics company Equifax is teaming up with identity verification solutions provider GIACT Systems to help joint corporate customers mitigate the risk of fraud.

FLEETCOR Accused Of Clean Energy Fraud


About a month after reports surfaced that commercial fleet payments technology firm FLEETCOR is facing a lawsuit over claims of anticompetitive behavior, a new report from Citron Research is accusing the company of clean energy fraud.

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Fraud’s Frightening Surge


The brand new October 2016 Global Fraud Attack Index™ , a PYMNTS and Forter collaboration, has some scary news for retailers, and it has nothing to do with Halloween. According to data revealed inside the index, fraud is rising quickly. The Fraud Index reports this in several ways.

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Payments Fraud Rides Money Mules Into 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.

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The Consumer’s Role In Battling Fraud


Before the liability shift in 2015, the industry-wide prediction was that the onset of EMV would reduce occurrences of counterfeit card fraud in-store, but that the industry should expect to see a spike in card-not-present (CNP) fraud as fraudsters moved to easier targets.

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UK Bank TSB Will Issue Refunds To Fraud Victims


million customers who were the victims of an online fraud scam. bank to say it will cover customers from online fraud losses. Such fraud reportedly impacted one in four U.K. The bank’s pledge also comes as data released last week showed financial fraud against U.K.

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Satisfaction With Anti-Fraud Systems Linked To Platform Strategy


Unfortunately, platforms that are designed to be seamless are also often attractive targets for fraud. It’s the users who often become the victims in stringent security measures when fraud detection is too broad. Payments are the backbone of many digital platforms.

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Corporate Payments Fraud Jumps Despite Stronger Internal Controls


While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights.

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How To Build A High Performing Platform Payments Fraud Team


However, digital platforms face a major barrier in delivering these experiences: poor fraud detection. For digital platforms, fraud represents a two-headed beast. percent consider their fraud detection systems extremely effective, while 62.4

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FBI Warns Of ‘Money Mule’ Fraud


The Federal Bureau of Investigation (FBI) is warning about a new form of fraud that targets companies, schools and nonprofits around the United States. As a result, law enforcement agencies around the world have increased their efforts against money mule fraud.

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Reformed Fraudster Now Fighting Fraud


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. From there, it quickly escalated into credit card fraud, and from there we moved into making IDs, which means you can get into stuff like identity theft, mortgage fraud and loads and loads of different crimes you can commit just from learning the basic skills of one crime,” he said. I don’t like fraud that targets vulnerable people.

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Visa: EMV Cuts Card-Present Counterfeit Fraud By 80 Pct


Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Also, total counterfeit fraud dollars went down by 48 percent. Security & Fraud counterfeit EMV cards Fraud reduction News Security Visa What's Ho

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Real-Time Payments Fraud: An FI Infrastructure Issue


With fraud ramping up, regulators around the globe are starting to take a closer look at everything from typical threats to the use of new technologies, like blockchain. However, most of these security risks will be familiar to banks, which have protected against digital fraud for decades now.

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How ‘Dynamic Friction’ Could Be Online Fraud’s Kryptonite


But it’s in service of a larger, very important point: Online fraudsters are much smarter than they were just a decade ago, and slavish adherence to rule-based fraud prevention systems will, essentially, leave a door or two open for those criminals to come through. Fraud Evolution.

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USA Remote Card Fraud Trends

Mobile Payments Today

In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic

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Fraud Makes Headway Via ‘Payroll Diversion’


Corporate fraud – from within the company, and from without – continues to make headlines and headway, with the past week having seen some revisits on stories from even a few years back. B2B Payments B2B B2B fraud corporate fraud Editors' Picks News payroll fraud security & fraud

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Europe, CNP Fraud Trendsetter?


If a data breach is a sprint — where a fraudster grabs as much data as he or she can, as quickly as possible, in an effort to maximize ill-gotten gains — the fight against fraud is a marathon. Fraud varies country to country, region to region.

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Fighting Fraud with… Fake Fraud?

Bank Innovation

Online Operations Security Technology Aite Group fdic fraud hackers JPMorgan Chase phishing Q2The most vulnerable point in a bank’s network today might just be Bill over in marketing — or any employee. Humans are by nature vulnerable to social engineering and may discuss where they work on social media — LinkedIn is a treasure trove for would-be bank hackers. A common attack against a Read More.

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Major Retailers Brace For Gift Card Fraud


To counter fraud as the holiday season approaches, Best Buy , Target and Walmart made changes to their gift card programs. The FTC examined fraud reported directly to the agency, but it did not include reports in regards to shop-at-home purchases.

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Patisserie Valerie Ex-Chairman Claims No Knowledge Of Fraud


café chain Patisserie Valerie said he had no idea of any fraud occurring within the business, distancing himself from the ongoing financial scandal that has pushed the company into administration. “I was unaware of fraud.” The former chairman of U.K.

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When Fraud Risk Is Credit Risk In Disguise


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.

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How do you solve a $48 billion payment fraud problem?

Insights on Business

According to recent information from Juniper Research , online payment fraud losses from e-commerce, airline ticketing, and money transfer and banking services are expected to reach $48 billion by 2023, more than double the $22 billion in losses estimated for 2018.

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Report: BEC Fraud Increasingly Goes Mobile


Separately, in reference to general fraud trends, Trend Micro reported that Singapore was the most “vulnerable” country in Southeast Asia last year, where there were more than three million malicious URLs affecting 15 million victims.

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UK Businesses Lost £93M Last Year Due To Invoice Fraud


A new report has revealed that invoice fraud cost U.K. Invoice fraud happens when criminals pose as a regular supplier and make a request for their bank account information to be changed, usually via email. Invoice fraud could happen to businesses of all sizes.

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Startup Riskified Seeks $200M To Fight eCommerce Fraud


An Israeli startup that creates anti-fraud services that deal with online transactions wants to raise $200 million for expansion, according to a report in Bloomberg. In a blog post , the company outlined its views on fraud in eCommerce.

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Huawei CFO Charged With Bank Fraud


prosecutors have filed criminal charges against China’s largest technology company, accusing it of stealing trade secrets and committing bank fraud. 1 in Canada on fraud allegations. Legal bank fraud china FBI huawei international Iran News t-mobile trade war What's Hot wire fraud

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Identity Fraud Hits Record High in 2016

Bank Innovation

More than 15 million people were affected by identity fraud in the U.S. The identity fraud incidence rate increased by 16%, a record high since the company began tracking identity fraud in 2003. DataBank Databank fraud

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New Wire Fraud Scam Reroutes Direct Deposit Paychecks


The fraud is fairly easy to pull off because it ignores and bypasses many existing controls for capturing it. Security & Fraud direct deposit email scam HR News phishing scam What's Hot

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Data: Thanksgiving Day Will See Peak Fraud Attempts


New data shows a projected 14 percent increase in fraud attempts during the upcoming 2018 holiday season — with fraud likely to peak on Thanksgiving Day. And Cyber Monday’s volume of transactions will increase 14 percent, with the volume of fraud attempts expected to be 0.93

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