It could be argued that it’s easier than ever for an employee to spend corporate cash, and when it comes time to reconcile transactions or request reimbursements, it’s also easy to make a mistake – or worse, commit fraud. As it turns out, expense fraud is quite common, and costly. Analysts said the most common tactic to commit fraud was submitting old expense reports as new, or expensing transactions that occurred on a weekend. MORE

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. MORE

According to data from the October 2017 Global Fraud Index , a PYMNTS and Signifyd collaboration, account takeover use recently skyrocketed, climbing 45 percent in Q2 2017 alone. billion to the popular fraud technique in only a few months, and that may only be the beginning. The increase in account takeovers is symptomatic of the larger landscape of fraud. Other key takeaways from the October 2017 Global Fraud Index ™ include: $57.8 MORE

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 MORE

Say someone is on the beach, perhaps leafing through a long-neglected stack of The New Yorker (oh, c’mon, they’re just looking at the cartoons), why worry about something as abstract as synthetic identity fraud? Synthetic identity fraud, as readers of these virtual pages know, is the practice by which criminals take information from various sources — and people, of course — and create new identities to open accounts, buy goods and get loans on someone else’s dime and reputation. MORE

Fraud is like gluten. Most organizations have resigned themselves to the fact that, despite their defenses, fraud is just a part of doing business. But fraud costs an average of 7.5 But alongside all of that opportunity comes risk of fraud.”. It found that 76 percent of eCommerce players who generated 90 percent of their revenue online used only internal resources to fight fraud. There was an eternal perception about the way to approach fraud,” said Byrnes. MORE

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. MORE

The good news about EMV is that it has drastically dropped the instance for cloned-card fraud that was far more endemic in the mag stripe era. The not as good news is that fraudsters were not discouraged — they simply switched their focus to card-not-present fraud online, according to Experian. Security & Fraud card not present EMV Identity Theft Identity Theft Resource Center Retail security and fraud MORE

When most people hear about online fraud, they tend to think about what Noa Kalechstain, Riskified ’s head of chargeback recovery, calls “classic fraud,” she explained in a recent conversation with PYMNTS. That classic fraud entails a thief swiping a card or buying a card number off of the Dark Web and using it to make a variety of online purchases. It has attained the status of “classic” because fraud using stolen financials is the most prevalent type. MORE

In just the last four quarters, fraud attacks have jumped by 137 percent, affecting over $7 out of every $100 made in retail sales. If that weren’t troubling enough, merchants are now being forced to bend over backwards to combat alarming levels of fraud originating outside the U.S. MORE

As of today, Mastercard is releasing one — it announced its new Early Fraud Detection System. With the system, issuers can now receive advance alerts about cards and accounts that are facing a higher risk of fraud due to involvement or exposure in an earlier data breach. MORE

Credit card fraud is a fact that will likely continue to plague retailers for the foreseeable future. It’s on the rise in the eCommerce arena, according to data released from omnichannel commerce technology and operations company Radial’s eCommerce Fraud Technology Lab. Radial’s data also showed that overall fraud is up 30 percent year over year. The highest increases in online fraud since August 2016 were found to be in electronics, entertainment, jewelry and sporting goods. MORE

That’s part of the general thrust of an upcoming PYMNTS webinar with Karen Webster and Sunil Madhu, founder of identity verification and fraud prevention services provider Socure. Manual fraud prevention and ID verifications systems depend on rules crafted and executed by humans, which, as one can imagine, leaves all types of opportunities for criminals and others bent on exploiting loopholes. million after failing to detect fraud between a client and a mortgage lender. MORE

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. MORE

11) the launch of its Centrix Dispute Tracking System (CentrixDTS) Fraud Alerts module, an add-on to the case management and Regulation E compliance platform financial institutions use for both fraud and non-fraud transaction disputes. When combined with the automated tracking capability of CentrixDTS, the Fraud Alerts module eliminates the uncertainty by offering significantly improved efficiencies in tracking and reporting disputed activity.”. MORE

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. MORE

CNBC reported late Friday (June 15) that Holmes, who left the CEO post that same day, was indicted on criminal wire fraud charges. The two former executives appeared in court in California to be arraigned on two counts of conspiracy to commit the aforementioned fraud and nine counts of actual wire fraud. The scope of the fraud? Security & Fraud California Court Fraud Charges investors Lawsuit News SEC Theranos What's Hot MORE

For their alleged roles in a massive stock fraud and money laundering scam involving a Picasso, the U.S. In addition, prosecutors said eight defendants, including offshore bank Loyal Bank Ltd, planned to launder proceeds from the fraud. million British pounds, which an undercover agent had said were proceeds from the fraud. Security & Fraud Beaufort Securities Ltd DoJ FCA Financial Crime fraud money laundering News SEC stocks What's Hot MORE

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. MORE

Fraud protection will likely be an ongoing task for merchants. This week, German-Israeli payment security company Fraugster debuted its answer to the fraud conundrum. The new Fraud Free Product fraud prevention solution aims to thwart future fraudulent attacks through the use of artificial intelligence (AI). Max Laemmle, the German-Israeli company’s founder and CEO, commented on the current state of eCommerce fraud and how the new offering will benefit merchants. MORE

News earlier this month that compromises at ATMs (read: fraud) were at the highest levels in 2015 than had been seen in years (according to FICO) brings back some concerns over how strong security is, or isn’t, at the point of cash dispensing. ” “Fraud is moving almost as you would squeeze a balloon. “Common update procedures would go a long way to harden the system and prevent fraud,” he said. Security & Fraud ATM fraud ATMs News skimmers TNS zirkel MORE

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. MORE

These tactics cast a wide net of fraud over the fleet card industry – from issuers and acquirers to fleet managers, employers and employees themselves. Research published in 2016 from Shell found that nearly two-thirds of surveyed fleet managers cited fuel fraud as a major problem, with professionals acknowledging an array of weak points that expose a company to losses. Goldspink recently told PYMNTS that fleet card-related fraud goes far beyond skimmers at the POS. MORE

If fraud attacks are the flu, then the Equifax data breach was a raging fever: a symptom (albeit a dramatic one) of a larger illness that will almost inevitably infect any organization that hasn’t had its shots. And yet, despite headlines featuring Equifax, Sonic, Deloitte and Whole Foods – and cybersecurity companies consistently preaching that attacks are not a matter of “if” but “when” – many organizations are still not taking fraud prevention seriously. Why Fraud? MORE

While the fraud-fighting technology available six years ago didn’t stand a chance of protecting HiGear, the current car-sharing market , which is projected to be worth $16.5 billion by 2024, continues to experience similar fraud attacks. MORE

The deputy chief of Iran’s central bank was dismissed from the position and arrested as part of the government’s crackdown on financial fraud, according to reports in The News Tribune on Sunday (Aug. Iran Supreme Leader Ayatollah Ali Khamenei previously ordered state officials to collaborate to combat financial fraud as the government ramps up efforts to strengthen the rial, Iran’s currency. MORE

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. MORE

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. MORE

As such, it would be logical to utilize machine learning to help tackle one of the largest threats to the eCommerce shopping world – online retail sales fraud. In 2016, online financial fraud hit 15.4 With a $1-billion climb from the year prior, it’s apparent that this type of fraud is not going away any time soon, especially with the increasing popularity of online purchases. Technological advances are pushing the boundaries for what’s possible in a variety of industries. 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

But of course, for our purposes, the focus is on payments – and here there are investigations, too, specifically into expense account fraud. Bloomberg reports that the bank is looking into fraud that may have occurred at investment banking and private banking units across Africa, Asia and the Middle East. There are “dozens” of cases of such fraud across those regions stretching back three years, said the newswire. MORE

As the speed of payments increases around the world, the potential scope of fraud shifts to targets beyond cards. That is among the themes of a recent discussion that Karen Webster had with two fraud experts from Vocalink , the Mastercard -owned payment company that powers real-time payments schemes in markets around the world: Gary Kearns, executive vice president and David Divitt, director of product. Faster payments does not necessarily mean more fraud,” Kearns said. “It MORE

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. MORE

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. Given volume to date, fraud is about 4 percent of that tally, according to the site – and went undetected for about a year. MORE

But in the world of identification fraud, there’s a greater sea change afoot, one that stretches farther than the impact on any one firm, or even the millions of adults targeted in the most brazen of breaches. In a conversation with PYMNTS’ Karen Webster, David Barnhardt, executive vice president of product at full-service payment and ID verification solutions provider GIACT Systems , said the estimated costs of synthetic identity fraud to credit card firms will come in at $8.5 MORE

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. MORE

One firm, IdentityMind Global, provides real-time risk management and fraud prevention through “digital identities,” collecting data across dozens of parameters and separating the financial ecosystem into good actors — those deserving of trust (and completed transactions) — and, well, bad actors. There is also a financially positive impact, via a 60 percent reduction in transactional fraud from chargebacks and a 90 percent reduction in fraud that comes at the point of account origination. MORE

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. MORE

Payment security technology provider Wibmo is rolling out an upgraded anti-fraud solution for its bank customers to safeguard their electronic payments services. The solution replaces eGuard, its first-generation fraud protection solution. Trident provides real-time fraud detection using machine learning and advanced analytics, the company explained. The technology scores each transaction based on analysis of fraud trends, customer behavior and historical data. MORE

Hitachi is teaming up with a regional bank in Japan to introduce anti-fraud ATMs. Joyo Bank, a regional lender located north of Tokyo, will begin operating the new anti-fraud ATMs early next year. We have experienced cases of elderly customers falling victim to this kind of fraud,” Satoshi Sasaki, a spokesman for Joyo Bank, told Bloomberg. “We Nonbank ATMs account for as much as 60 percent of fraud attempts in 2015, up from 39 percent in 2014. MORE

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. MORE

The problem with fighting fraud — according to GIACT EVP of Product David Barnhardt in this week’s edition of the PYMNTS Topic TBD — is how much information fraudsters have at their fingertips about regular consumers. He said, “The situation we see all of the time with our customers is they experience a fraud where almost everything looked right. In this case, it is two pieces of secondary data that trigger the discovery that this is a fraud.”. Fraud Proofing The Future. MORE

19) the launch of its set of machine learning-based tools that will help businesses to fight fraud. Stripe Radar combines data from the hundreds of thousands of businesses processing transactions on the Stripe network with intelligence from banks and credit card networks to provide users with the ability to customize the fraud defenses for their individual business. Security & Fraud fraud Stripe What's TrendingOnline commerce platform Stripe announced today (Oct. MORE