INDUSTRY INSIGHTS YOUR PEERS ARE READING
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. MORE
Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Bank Is Using Machine Learning To Tackle Fraud. Deep Dive: How Banks Are Using AI, ML To Fight Account Opening Fraud. MORE
Though fraud technology has evolved to combat the monster of payments fraud, there is a growth threat for banks that innovators are also paying attention to as financial institutions (FIs) increase their appetite for such tools. MORE
The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Developments Around The Digital Fraud World. MORE
Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. The customer involved in the fraud is Interlogic Outsourcing, which processes payrolls and is based in Elkhart, Indiana. MORE
So now, the investigation deepens and broadens, with payroll fraud under the microscope. In another high profile incidence of payroll fraud, this past July, Cleveland based KeyCorp disclosed a massive instance of fraud that could potentially cost $90 million. MORE
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. MORE
We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. These criminals are exploiting new technologies to commit fraud, posting adverts on social media to try and recruit money mules,” he said. Corporate Wire Fraud. MORE
Fraud, for instance, is an ongoing threat, with nearly three-fourths of U.S. financial institutions reporting growing losses attributed to online and mobile fraud. But Quaine noted that, more importantly, it can keep them aware of potential fraud. MORE
Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection. Modern payment fraud schemes require modern prevention. MORE
Falcon X is intended to help pinpoint and probe potential fraud and other financial crimes. ” TJ Horan, FICO’s vice president of fraud and compliance products, said the product is something regulators across the globe have been seeking. MORE
As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters. MORE
Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. The Impact of ML on Account Opening Fraud. MORE
That said, digital technology and so-called Big Data promise to make the job of such criminals harder in the future, at least according to the story told by Tim Grace, CEO at PointPredictive and Frank McKenna, the company’s chief fraud strategist. MORE
The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world. MORE
Corporate fraud comes in many colors, but for many businesses, the most unexpected threat is the one looming from within company walls. ” B2B Payments B2B Blockchain corporate fraud Data Digest employee fraud expense fraud IBM payroll fraud scams MORE
These platforms must ensure that all parties are trustworthy, putting them in precarious positions as they work to build their user bases without alienating either side with their anti-fraud measures. . Getting Preemptive About Fraud. Digital marketplaces rely on trust to thrive. MORE
Experts estimate that total fraud losses in 2018 totaled $3.9 Fraud takes many forms, from account takeover attacks to identity theft. But ad fraud might be one of the most insidious types. Some estimates range as high as $42 billion, because ad fraud is tricky to measure. MORE
’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.” MORE
Rewards and loyalty programs also make attractive targets for fraud. Security & Fraud 7-Eleven artificial intelligence chipotle Dunkin fraud loyalty machine learning mobile order ahead News QSR Retail Rewards Security MORE
In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks , we ran out of time and weren’t able to address some great questions we had from the audience. What rules or models can you recommend to detect push-payment fraud”? MORE
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. MORE
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. MORE
Fraud is their profession. Friendly fraud, on the other hand, is a much more amorphous and heterogenous area than its criminal counterpart, Kount CEO Brad Wiskirchen told Karen Webster in a recent conversation, one that makes it much harder for merchants to spot, let alone fight. MORE
However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk. The Dark Side Of Offer Fraud . MORE
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. MORE
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. MORE
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. MORE
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 MORE
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. MORE
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. MORE
In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques. MORE
DataVisor has announced the launch of its new Feature Platform, which automates fraud detection through the use of artificial intelligence and machine learning data capabilities. MORE
billion was lost due to New Account Fraud (NAF) last year. According to the report, The Evolution of New Account Fraud , produced by Javelin Strategy & Research , NAF tactics have shifted with the growing popularity of online accounts and payments. MORE
23) in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, The Wall Street Journal reported. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said. MORE
Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . Counterfeit fraud dollars for all U.S. Also down were overall card-present fraud rates. VISA chip card counterfeit fraud credit cards fraud News Security Visa What's Hot MORE
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce MORE
Many FIs and merchants that have fallen victim to fraud traditionally respond by assessing the damage, pinpointing how the attack succeeded and implementing new measures to prevent similar schemes from happening again. Fraud losses hit $14.7 MORE
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 MORE
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. MORE
The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. The Rising Threat of Synthetic Identity Fraud. MORE
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. MORE
The competition between cybercriminals and the fraud and security teams at banks, tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right 100 percent of the time to maintain their position of trust across the financial services ecosystem. MORE
Fraud Related Topics PYMNTS
DECEMBER 10, 2019
The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. The Rising Threat of Synthetic Identity Fraud.
PYMNTS
OCTOBER 29, 2018
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.
PYMNTS
OCTOBER 19, 2018
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.
PYMNTS
JULY 22, 2019
Apps with a possible security flaw, a malware phishing scheme and possibly, payments fraud, all done in the blink of an eye? B2B Payments American Express B2B News payments fraud Security Symantec Telegram WhatsApp
PYMNTS
DECEMBER 2, 2019
As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters.
PYMNTS
OCTOBER 3, 2019
Many FIs and merchants that have fallen victim to fraud traditionally respond by assessing the damage, pinpointing how the attack succeeded and implementing new measures to prevent similar schemes from happening again. Fraud losses hit $14.7
PYMNTS
JUNE 20, 2019
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.
PYMNTS
MARCH 15, 2019
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.
PYMNTS
SEPTEMBER 17, 2019
Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Bank Is Using Machine Learning To Tackle Fraud. Deep Dive: How Banks Are Using AI, ML To Fight Account Opening Fraud.
PYMNTS
JUNE 4, 2019
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
PYMNTS
AUGUST 22, 2019
Fraud, for instance, is an ongoing threat, with nearly three-fourths of U.S. financial institutions reporting growing losses attributed to online and mobile fraud. But Quaine noted that, more importantly, it can keep them aware of potential fraud.
PYMNTS
NOVEMBER 5, 2019
Fraud is their profession. Friendly fraud, on the other hand, is a much more amorphous and heterogenous area than its criminal counterpart, Kount CEO Brad Wiskirchen told Karen Webster in a recent conversation, one that makes it much harder for merchants to spot, let alone fight.
PYMNTS
SEPTEMBER 23, 2019
Falcon X is intended to help pinpoint and probe potential fraud and other financial crimes. ” TJ Horan, FICO’s vice president of fraud and compliance products, said the product is something regulators across the globe have been seeking.
PYMNTS
SEPTEMBER 18, 2019
Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. The Impact of ML on Account Opening Fraud.
PYMNTS
JULY 16, 2019
Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. The customer involved in the fraud is Interlogic Outsourcing, which processes payrolls and is based in Elkhart, Indiana.
PYMNTS
SEPTEMBER 4, 2019
Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . Counterfeit fraud dollars for all U.S. Also down were overall card-present fraud rates. VISA chip card counterfeit fraud credit cards fraud News Security Visa What's Hot
PYMNTS
OCTOBER 26, 2016
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.
PYMNTS
JULY 24, 2019
In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques.
PYMNTS
MAY 31, 2019
’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.”
PYMNTS
AUGUST 19, 2019
We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. These criminals are exploiting new technologies to commit fraud, posting adverts on social media to try and recruit money mules,” he said. Corporate Wire Fraud.
Mobile Payments Today
FEBRUARY 21, 2019
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce
PYMNTS
AUGUST 19, 2019
Rewards and loyalty programs also make attractive targets for fraud. Security & Fraud 7-Eleven artificial intelligence chipotle Dunkin fraud loyalty machine learning mobile order ahead News QSR Retail Rewards Security
PYMNTS
SEPTEMBER 13, 2019
That said, digital technology and so-called Big Data promise to make the job of such criminals harder in the future, at least according to the story told by Tim Grace, CEO at PointPredictive and Frank McKenna, the company’s chief fraud strategist.
PYMNTS
DECEMBER 21, 2018
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.
PYMNTS
SEPTEMBER 3, 2019
Experts estimate that total fraud losses in 2018 totaled $3.9 Fraud takes many forms, from account takeover attacks to identity theft. But ad fraud might be one of the most insidious types. Some estimates range as high as $42 billion, because ad fraud is tricky to measure.
PYMNTS
OCTOBER 3, 2019
The competition between cybercriminals and the fraud and security teams at banks, tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right 100 percent of the time to maintain their position of trust across the financial services ecosystem.
PYMNTS
OCTOBER 14, 2019
However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk. The Dark Side Of Offer Fraud .
Insights on Business
JUNE 3, 2019
Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection. Modern payment fraud schemes require modern prevention.
Insights on Business
MAY 6, 2019
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.
PYMNTS
SEPTEMBER 16, 2019
So now, the investigation deepens and broadens, with payroll fraud under the microscope. In another high profile incidence of payroll fraud, this past July, Cleveland based KeyCorp disclosed a massive instance of fraud that could potentially cost $90 million.
PYMNTS
SEPTEMBER 17, 2019
DataVisor has announced the launch of its new Feature Platform, which automates fraud detection through the use of artificial intelligence and machine learning data capabilities.
PYMNTS
JULY 25, 2019
billion was lost due to New Account Fraud (NAF) last year. According to the report, The Evolution of New Account Fraud , produced by Javelin Strategy & Research , NAF tactics have shifted with the growing popularity of online accounts and payments.
Insights on Business
AUGUST 28, 2019
In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks , we ran out of time and weren’t able to address some great questions we had from the audience. What rules or models can you recommend to detect push-payment fraud”?
PYMNTS
JANUARY 4, 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.
PYMNTS
OCTOBER 3, 2019
Though fraud technology has evolved to combat the monster of payments fraud, there is a growth threat for banks that innovators are also paying attention to as financial institutions (FIs) increase their appetite for such tools.
PYMNTS
NOVEMBER 8, 2019
These platforms must ensure that all parties are trustworthy, putting them in precarious positions as they work to build their user bases without alienating either side with their anti-fraud measures. . Getting Preemptive About Fraud. Digital marketplaces rely on trust to thrive.
PYMNTS
JUNE 5, 2019
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
PYMNTS
JUNE 13, 2019
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.
PYMNTS
OCTOBER 1, 2019
The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Developments Around The Digital Fraud World.
Bank Innovation
APRIL 20, 2016
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.
PYMNTS
OCTOBER 21, 2019
Corporate fraud comes in many colors, but for many businesses, the most unexpected threat is the one looming from within company walls. ” B2B Payments B2B Blockchain corporate fraud Data Digest employee fraud expense fraud IBM payroll fraud scams
PYMNTS
AUGUST 31, 2018
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.
PYMNTS
AUGUST 26, 2019
The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world.
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