Mapping Fraud’s DNA

PYMNTS

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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Invoice Fraud Hits Microsoft?

PYMNTS

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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Major Retailers Brace For Gift Card Fraud

PYMNTS

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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Arrested Huawei Exec Accused Of Sanctions Fraud

PYMNTS

7), Canadian prosecutors officially accused Huawei Chief Financial Officer Meng Wanzhou of sanctions fraud. Meng’s presentation was an act of fraud. Security & Fraud banking canada fraud huawei Iran News What's Hot

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Today In Data: The Rise Of Call Center Fraud

PYMNTS

Call centers are facing the potential of fraud from inside and outside their facilities, and they are taking multi-pronged approaches to tackle these security challenges. Data: 350 percent: The rate that contact center fraud has grown over the past four years.

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Data: Thanksgiving Day Will See Peak Fraud Attempts

PYMNTS

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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Reformed Fraudster Now Fighting Fraud

PYMNTS

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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Fraud’s Frightening Surge

PYMNTS

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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Noncash Payment Fraud Values On The Rise Since 2012

PYMNTS

According to data from the Federal Reserve Payments study, it found the value of noncash fraud jumped 37 percent to $8.3 According to the study in 2015, the payments fraud rate by value was more than 20 percent bigger than in 2012. to $17.13, while debit card fraud decreased from $9.61

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NCR Buys StopLift To Prevent Retail Fraud

PYMNTS

In addition to creating new value for our retail customers around the world, StopLift’s fraud detection technology will be a key enabler of our frictionless commerce product strategy.”. NCR , the banking and commerce solutions company, announced Tuesday (Nov.

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KPMG: How AI Defense Can Counter Faster Payments Fraud

PYMNTS

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.

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Removing friction and fraud from P2P payments

Insights on Business

In the emerging world of person-to-person (P2P) payments, establishing a frictionless (and “ fraud-less” ) experience is even more critical, since a bad experience early in the transaction will lead consumers to the many competitive alternatives in the market.

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Fake IDs And Fraud’s Other Face

PYMNTS

For Onfido, which verifies individual identities as people wield photo-based ID documents, tackling fraud is a matter of making sure identity documents are genuine. Fraud is evolving, so document verification techniques must evolve, too, as Trilli will illustrate.

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Europe, CNP Fraud Trendsetter?

PYMNTS

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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Google, FBI, Cybersecurity Firms Shut Down Online Ad Fraud Scam

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Google, the FBI and White Ops, along with a handful of cybersecurity companies, recently collaborated to shut down a digital ad fraud scam that used 1.7 Security & Fraud ad fraud Cybersecurity fraud Google News online ads scam What's Hot

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The Rising Tide Of Loyalty Fraud — And How To Stop It

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Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. The Rising Tide Of Rewards Fraud.

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How Worldpay Fights Fraud

PYMNTS

On the one hand, Worldpay ’s VP of Data Products Nicole Jass noted, EMV has done an awful lot to slam the door shut on card-present fraud. According to Visa, counterfeit fraud at U.S. They just found a window to open, and that window has been card-not-present (CNP) fraud. According to Javelin, CNP fraud is now 81 percent more likely to occur than point-of-sale (POS) fraud — the greatest gap the company has ever observed.

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To Fight Fake IDs And Online Fraud, Know Thy Enemy Better

PYMNTS

At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. million fraud crimes in 2017, Trilli said, and $22.1 billion worth of fraud losses. The first choice in fraud prevention , he said, comes down to risk.

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Why Using Rules Of Thumb To Predict Fraud Is A Fail

PYMNTS

When it comes to deploying corporate resources in the battle against online fraud and account takeovers (ATOs), all too often, guiding principles fail to spot what’s really happening to a business in real time. Rules of thumb are useful — until they aren’t.

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Could The Future Of Fighting Fraud On The ‘Dark Web’ Actually Be Bright?

PYMNTS

But those illegal marketplaces — often called the “Dark Web” — also present a juicy opportunity for those fighting fraud to detect and even preempt criminal activities than cost businesses revenue and, often, parts of their brand reputation.

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TRENDING: Call Centers Push With Biometrics As Fraud Soars

PYMNTS

The rate of contact center fraud has skyrocketed recently, growing by 350 percent during the past four years. For call centers, dealing with this growing issue requires a multi-pronged approached, complete with defense to beat attacks coming from both outside and inside the company.

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Can Behavioral Analytics Slow Online Fraud?

PYMNTS

Fraud has no choice but to roll with the punches, and the flurries are enough to daze a boxer as skilled as Ali. By now, it’s widely known that chip-enabled cards have been pushing fraud to digital conduits. The level of sophistication of online fraud is one that runs the gamut – and moves beyond simple third-party opportunistic fraud, when people run up large purchases on a card, or go to a bank and claim the person behind a transaction wasn’t them.

TRENDING: Is Sharing Cybercrime Data Key To Fighting Fraud?

PYMNTS

How Banks Are Weaponizing Data To Fight Fraud. However, while these banking players are looking to cater to customer demand, the migration to digital banking could be making them more susceptible to fraud.

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Deep Dive: Fighting Fraud With AI And Machine Learning

PYMNTS

Perhaps more troubling, however, is digital fraud’s projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. As such, businesses are now investing in their security and fraud prevention technology and solutions. CEO fraud, which targets companies with foreign suppliers or using wire payments, also often relies on bad actors’ ability to fool innocent victims.

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Worried About Digital Fraud Now? Just Wait For The Implants.

PYMNTS

And as is the case with other forms of hacking , data theft and fraud, danger can always come from the inside, or what the Kaspersky report called “insecure behavior by medical staff” who could access private patient data for criminal purposes.

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Shell Companies Eyed In Fraud At Aegean Marine

PYMNTS

1) that a probe by international auditors is underway, examining a fraud that could be $200 million in scope at Aegean Marine Petroleum Network , tied to shell companies that ostensibly did business with the shipping fuel firm.

The Demographics Of Corporate Fraud

PYMNTS

Corporate fraud has its demographic hallmarks, sorted, if you look closely, by age, position and even gender. Australia and the United Kingdom that expense fraud has significant financial impact, costing firms in the U.S. Chrome River also cited findings from the Association of Certified Fraud Examiners (ACFE) that expense reimbursement fraud makes up as much as 17 percent of business fraud in general.

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ProfitStars Targets Online Bill Pay Fraud For Banks

PYMNTS

ProfitStars , the Jack Henry & Associates division that provides risk management solutions for financial institutions, announced its latest fraud tool on Wednesday (Sept. The firm’s Gladiator iPay Enterprise Security Monitoring (iPay ESM) tool is now live for financial institutions to monitor and mitigate the risk of fraud linked to online bill payment, the company said in a press release.

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In Payments Fraud, Impersonation Gets Personal

PYMNTS

There also is the specter of payments fraud. In a recent report via Lloyd’s Bank, trends point toward growth in what is known as impersonation fraud, perhaps more commonly known as business email compromise. Invoice fraud had been encountered by about 52 percent of those surveyed, in which the fraudsters change account details amid documentation that looks legitimate. It’s on the rise, this fraud, up 58 percent year over year, said Lloyd’s.

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UK Watchdog’s Tesco Accounting Fraud Case Collapses

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Serious Fraud Office (SFO) unsuccessfully attempted to have Judge Sir John Royce’s decision overturned. “And it’s the Serious Fraud Office that is under the spotlight for its handling of this case.” B2B Payments accounting fraud B2B corporate accounting News Serious Fraud Office Tesco What's Hot In B2BThe case against two former Tesco directors initiated by U.K.

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Holiday eCommerce Fraud Attempts Jumped In 2017

PYMNTS

Attempts to commit online fraud jumped during the holiday season, increasing 22 percent from Thanksgiving to December compared to a year ago. That’s according to new data from payments company ACI Worldwide , which found that along with the fraud increase, overall online transactions also jumped 19 percent from Thanksgiving to the end of 2017. According to ACI, the number of fraud attempts was the highest on Thanksgiving Day at 1.94 percent fraud attempts up from 1.48

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FBI Sets Sights On Payroll Fraud Scheme

PYMNTS

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. As an extra measure that the fraud can persist, the criminal can also alter alert settings, which would prevent the true account owner from being given a heads-up that those details have been changed. In Europe, especially, nations must be on the lookout for payment card fraud.

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Fraud’s $50B Identity Crisis

PYMNTS

Who needs real identity data when you can commit just as much fraud (and commit it successfully) with the fake stuff? Research has found that new-account fraud more than doubled from 2014 to 2015, with nearly 7 million individuals having their Social Security numbers (SSN) compromised in 2015, an increase of more than 63 percent from the previous year. PP: Fraud is constantly evolving and changing. However, businesses have lost countless millions of dollars to such fraud.

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PNC Bank Tests CNP Fraud Solution For Commercial Cards

PYMNTS

PNC Bank’s Treasury Management unit is testing a new solution to address card-not-present (CNP) fraud for commercial clients. The company said in a press release Wednesday (Nov. 7) that it is piloting Dynamic CVV2 technology for commercial card customers.

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Banks Turn To 3D Secure 2.0 To Fight Fraud

PYMNTS

Both solutions provide increased fraud protection to online transactions made via debit or credit cards. The changes also include enhanced fraud protections for merchants. Security & Fraud 3D-Secure 2.0

Signifyd Data Shows Fraud Is Actually Declining

PYMNTS

Fraud isn’t perpetrated by a random assortment of individuals; it’s organized crime. It’s “fraud as a Service.” It’s a very unfair match, if you ask Skye Spear, VP of eCommerce fraud-fighting firm Signifyd. “I I would not want to be a merchant responsible for managing fraud today,” Spear told Karen Webster in a live online discussion on the topic held last week with an audience of online retailers. “It Classic fraud deflection is rules-based. Fraud is dynamic.

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Online Fraud Attack Rates Soar Since October

PYMNTS

The Global Fraud Index, a PYMNTS and Forter collaboration , shows that online fraud attacks have jumped by 11 percent since the shift. The PYMNTS and Forter The Global Fraud Attack Index™ provides a quarter by quarter indexing of on how fraud attempts , reflected as a percent of U.S.

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Fraud, In A Factory Setting

PYMNTS

In the latest iteration of the Meet The Fraudster Podcast Series, Forter fraud analyst Gilit Saporta takes PYMNTS inside another class of cybercriminals, those known simply as the “factory fraudsters.”. One wrinkle here that belies the typical fraudster profile: These workers can actually garner the fraud expert’s sympathy since they are unsophisticated, fairly beginner-type fraudsters who are typically living in third-world countries. Meet the newest factory worker: the fraudster.

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Nine Questions to ask an Enterprise Fraud Management Vendor

Insights on Business

Enterprise Fraud Management is being reinvented. Here are some key questions that should be asked of Enterprise Fraud Management vendors: Question #1: How versatile is your data model? The faster a financial institution can do this, the better it can adapt to new fraud patterns.

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Fighting Fraud, In Real Time, Dynamically Duoed

PYMNTS

Fighting fraud is a lot harder online, and a lot harder for merchants and consumers, as card-not-present transactions become the preferred method of malfeasance. In one recent announcement, payments provider TSYS and real-time learning technology platform Featurespace said they were joining forces to offer fraud prevention tools. Said Ahmad, “The partnership is about using machine learning to identify and improve risk and fraud performance.

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Automatic Ads: An Invitation For Fraud?

PYMNTS

It’s called ad fraud, and according to PK4 Media CEO and Co-Founder Tom Alexander, it’s a way bigger problem than people realize. According to a study by Adloox, ad fraud cost brands $12.5 The study predicted an ad fraud decrease to $6.5 The search engine giant is reportedly looking into which partners are placing ads on sites with fake traffic so that it can automatically refund advertisers who may fall victim to ad fraud in the future.

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The ‘Nine Deadly Costs Of Fraud’

PYMNTS

Online merchants know very well that fraud costs them in many ways – in chargebacks, in false positives, in the friction that’s introduced at checkout that can cost a sale. But there’s nothing like putting the cost of fraud into the parlance that merchants know really well: units sold.

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ATM Debit Card Fraud Hit 10 Percent In 2017

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The number of compromises and the number of card members impacted set a new record last year,” said TJ Horan, vice president of fraud solutions at FICO. Security & Fraud ATM fraud ATM Security credit card fraud Debit Card Fraud FICO Fraud Alert Hacking ATMs Money Machines News What's HotA new report has revealed that there was a 10 percent increase in the number of payment cards compromised at U.S. ATMs and merchants in 2017.

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