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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Making P2P Payments Fraud-Free

PYMNTS

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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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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UK Bank TSB Will Issue Refunds To Fraud Victims

PYMNTS

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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Corporate Payments Fraud Jumps Despite Stronger Internal Controls

PYMNTS

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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Payments Fraud Rides Money Mules Into 2019

PYMNTS

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

PYMNTS

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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New Wire Fraud Scam Reroutes Direct Deposit Paychecks

PYMNTS

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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Startup Riskified Seeks $200M To Fight eCommerce Fraud

PYMNTS

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

PYMNTS

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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FBI Warns Of ‘Money Mule’ Fraud

PYMNTS

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

PYMNTS

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

PYMNTS

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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Fraud Makes Headway Via ‘Payroll Diversion’

PYMNTS

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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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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Report: BEC Fraud Increasingly Goes Mobile

PYMNTS

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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Michael Avenatti Arrested For Bank, Wire Fraud

PYMNTS

Attorney Michael Avenatti has been charged in two federal cases with wire and bank fraud, as well as allegedly attempting to extort more than $20 million from Nike. Legal bank fraud California Complaint criminals federal investigation legal News Nike What's Hot wire fraud

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When Fraud Risk Is Credit Risk In Disguise

PYMNTS

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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Tackling Fraud With P2P Payments

PYMNTS

130B: The total projected losses of retailers due to card-not-present fraud from 2019 to 2023. Today In Data Commerce data data breach fitness apps fraud mobile order ahead News P2P payments payments prevention real time payments Retail subscriptions Today in Data

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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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Huawei CFO Charged With Bank Fraud

PYMNTS

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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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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Medical Equipment Cos Charged In $1.2B Healthcare Fraud

PYMNTS

authorities announced that they have charged a number of individuals in connection with one of the biggest healthcare frauds ever prosecuted in the nation. The fraud, which resulted in more than $1.2

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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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Want Better Fraud Prevention? Build A Better Team

PYMNTS

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk.

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The Latest Advances In Payments And Fraud Prevention

PYMNTS

Financial institutions are trying to crack a data problem, and there is news from the world of fraud prevention. Today In Data acquisitions Commerce consumer data data Fraud Prevention Innovation News payments POS financing PSD2 Today in Data

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How DraftKings Keeps Fraud Out Of Fantasy Sports

PYMNTS

How DraftKings Keeps Fraud Out of Fantasy S ports. Digital Onboarding Acuant Digital Consumer Onboarding Tracker DraftKings Featured News fraud identity verification News Online gambling online gaming Security Sports betting Tracker Series

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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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PwC Probe Uncovers $7.4B Steinhoff Accounting Fraud

PYMNTS

billion accounting fraud at South African retailer Steinhoff. PwC itself has faced pressure in several jurisdictions around the globe for its role in detecting such accounting fraud schemes. million for its failure to detect fraud at Colonial Bank and Taylor, Bean & Whitaker.

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Mastercard Buys Ethoca To Boost Fraud-Fighting Chops

PYMNTS

Mastercard announced Tuesday (March 12) that it has inked a deal to acquire Ethoca , a global provider of technology to identify and resolve fraud in digital commerce.

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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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Fighting Fraud In A Faster Payments Landscape

PYMNTS

The growth of Same-Day ACH seems to also suggest that previous concerns about the risk of more fraud as a result of accelerated transactions has not held the industry back from adopting the functionality.

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Study Finds Half Of UK Firms Vulnerable To Invoice Fraud

PYMNTS

Invoice fraud, where emailed requests trick employees of various firms into sending money to scammers’ bank accounts, has been making the rounds in the United Kingdom. firms are vulnerable to that type of fraud.

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Sift: Fraud Prevention Hinders Biz Growth

PYMNTS

A new report has revealed a “critical disconnect” between fraud prevention and business growth. Security & Fraud business growth consumer trust customer journey digital economy Fraud Prevention Integration News revenue risk Sift What's Hot

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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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Socure Raises $30M To Bolster Its Fight Against Identity Fraud

PYMNTS

Socure, the provider of identity verification and fraud prevention services, announced Thursday (Feb. In its press release, the company said its aim is to identify the entire human race and eliminate third-party identity fraud.

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Prosecutors Charge OneCoin Leaders With Fraud In Pyramid Scheme

PYMNTS

Ignatov is from Bulgaria and was charged with wire fraud conspiracy. His older sister Ignatova, also from Bulgaria, was charged with wire fraud, and also securities fraud and conspiracy. The scheme amounts to fraud, prosecutors say.

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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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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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UK Regulator Tackles Authorized Push Payment Fraud

PYMNTS

In an effort to help authorized push payment (APP) fraud victims, The U.K.’s FCA Executive Director of Strategy and Competition Chris Woolard said, according to FT : “The FCA takes APP fraud and the harm it causes to consumers very seriously.

Whitepages Pro CEO: Fraud 3.0 And Why Merchants Are Unprepared

PYMNTS

In a way, the world has entered a new era of fraud (and fraud prevention). He described the current era as “Fraud 3.0.”. Fraud 1.0 Fraud 2.0 Now, the explosion of “basically free computing power over the last couple of years” has led to Fraud 3.0.

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The Inverted Approach To Tackling Fraud

PYMNTS

Banks, financial institutions (FIs) and other firms are grappling with a flood of application fraud and identity theft. 10 percent: Share of sales that retailers are projected to lose to card-not-present (CNP) fraud between 2018 and 2023.

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