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
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 MORE
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. 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
Because of this, traditional rules-based fraud detection systems have become outdated and no longer work.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
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. MORE
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. MORE
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. 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
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 MORE
Data analytics company Equifax is teaming up with identity verification solutions provider GIACT Systems to help joint corporate customers mitigate the risk of fraud. MORE
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. MORE
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. 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
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. MORE
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 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
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. MORE
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 MORE
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. 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
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 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
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. 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
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. 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
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 MORE
In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic MORE
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 MORE
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. MORE
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. MORE
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. MORE
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce MORE
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. 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
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 MORE
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. MORE
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 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 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
Fraud Related Topics 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
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
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
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
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
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
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
JUNE 11, 2019
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
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 14, 2019
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.
PYMNTS
MAY 30, 2019
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
Mobile Payments Today
FEBRUARY 21, 2019
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce
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
JUNE 13, 2019
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.
PYMNTS
JUNE 20, 2019
Data analytics company Equifax is teaming up with identity verification solutions provider GIACT Systems to help joint corporate customers mitigate the risk of fraud.
PYMNTS
JUNE 10, 2019
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.
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
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
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
APRIL 14, 2019
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.
PYMNTS
JUNE 18, 2019
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.
PYMNTS
APRIL 10, 2019
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.
PYMNTS
JUNE 17, 2019
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
PYMNTS
DECEMBER 26, 2018
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.
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
FEBRUARY 13, 2019
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
PYMNTS
MAY 22, 2019
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.
PYMNTS
FEBRUARY 12, 2019
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.
Mobile Payments Today
JANUARY 7, 2019
In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic
PYMNTS
JANUARY 25, 2019
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
PYMNTS
JULY 21, 2017
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.
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
NOVEMBER 23, 2018
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.
PYMNTS
JUNE 11, 2019
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.
PYMNTS
JANUARY 24, 2019
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.
Insights on Business
FEBRUARY 11, 2019
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.
PYMNTS
MARCH 21, 2019
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.
PYMNTS
MARCH 25, 2019
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.
PYMNTS
APRIL 8, 2019
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.
PYMNTS
JANUARY 29, 2019
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
Bank Innovation
APRIL 5, 2017
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
PYMNTS
APRIL 9, 2019
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
PYMNTS
NOVEMBER 15, 2018
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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