Battling fraud amid COVID-19

Mobile Payments Today

At the same time, consumers and merchants are increasingly exposed to a new level of fraud as bad actors are finding new methods and targets to take advantage of the online shift

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Study: COVID-19 Fraud Reaches $100M


losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. Even small states saw huge increases in COVID-related fraud in recent months., the identity verification nonprofit, reported U.S.

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Mitigating Mobile Fraud with Secure Subscriber Enrollment

Mobile Payments Today

To streamline the enrollment process, while reducing the potential for fraud, GIACT released a new white paper, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment , detailing the best practices in secure digital enrollment

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FTC Warns Taxpayers About Stimulus Fraud


A recent notice from the Financial Industry Regulatory Authority (FINRA) warned that “events with such profound impact” like the coronavirus “routinely create opportunities for financial fraud.”. losses from COVID-19 fraud have reached nearly $100 million since the pandemic emerged in March.

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Fraud Decisioning Goes Omnichannel


“Banking is rapidly becoming more omnichannel, and FIs need to be sure they can safeguard customers across all the products through which they access their financial services,” according to the May 2020 FI Fraud Decisioning Playbook , produced by PYMNTS and sponsored by Simility.

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How B2B Payments Fraud Hides Within The Enterprise


When it comes to B2B payments fraud, it’s not a matter of if it happens, but when. ” Paper checks are a particularly weak spot for organizations as check fraud balloons. Fraud Captures Faster Payments Council Attention. Million Fraud Scam Leads To Charges Against CEO.

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EY Accused Of Missing Alleged Wirecard Fraud


In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported.

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US DOJ Charges 14 With $28M In PPP Fraud


District Court for the Southern District of Florida with wire and bank fraud and conspiracy for seeking $24 million in forgivable PPP loans. losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March. The U.S.

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COVID-19 has upended fraud detection

Payments Source

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen. Risk Payment fraud Digital payments Coronavirus E-Commerce

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Secret Service Launches Task Force To Fight Cyber Fraud


The Electronic Crimes Task Forces and Financial Crimes Task Forces will be merged into the Cyber Fraud Task Forces (CFTF). Security & Fraud Cyber Fraud Task Forces Cybersecurity Department of Homeland Security Financial Crimes fraud News secret service security & fraud What's Hot

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Mapping Fraud’s DNA


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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FI Fraud Decisioning Outthinking Cyberthieves


With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. The Fatigue-Fraud Connection. Fraud Prevention Cybercrime FBI fraud News Pentagon Federal Credit Union Simility

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The Latest Digital Fraud Prevention Technique: Build A Selective Lock


But he added that fighting fraud isn’t about building the highest possible wall. The best way to stop fraud is to look at the consumer journey more holistically and figure out how to best scale protection in places where fraudsters tend to congregate. Climbing Fraud Mountain.

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Why The Best Fraud Defenses Need Artificial And Human Intelligence


Among the biggest challenges has been compliance, as so many organizations have had to have call centers , back-end operations and fraud teams work from home. . To gain that insight, she said it’s important to partner with firms to outsource at least some fraud prevention efforts.

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How Dropbox Fights Fraud


Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 Developments From Around The World Of Digital Fraud.

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Why Fighting Fraud Means Looking Beyond The Transaction


But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. Fraud Prevention as an End-To-End Journey.

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The Fraud That 85 Percent Of Fraud Detection Systems Miss


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.

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Invoice Fraud Hits Microsoft?


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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Fighting Fraud with… Fake Fraud?

Bank Innovation

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.

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Kount Offers Anti-Fraud Product Aimed At Insurance Industry


Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Security & Fraud Fraud Prevention Insurance Kount News What's Hot

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Why Traditional Fraud Methods Failed To Stop Public-Payout Systems Fraud


They are going to have to update how they mitigate and control fraud and risk and update their systems. With a few changes and efforts to fill in these obvious gaps, they could solve this problem and have a very comprehensive fraud and risk solution,” she said.

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Fraud costs rise as scammers overcome coronavirus setbacks

Payments Source

The “new normal” of COVID-19-influenced retail is actively being exploited by fraudsters, as LexisNexis Risk Solutions finds fraud costs for U.S. Fraud detection Payment fraud Coronavirus Fraud losses

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The Invoice Lands In The Corporate Cyber Fraud Spotlight


This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more.

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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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Fighting Fraud In The New Normal


While there is no shortage of new things in the world to get used to these days, cybercrime and fraud are, unfortunately, not among them. The good news, both Srinivasan and Awad told PYMNTS, is that while fraud attempts are up among U.S. consumers, fraud losses are not, yet.

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 Payments Fraud, Via Apps?


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

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How Visa fights fraud during the coronavirus lockdown

Payments Source

Tia Ilori, Senior Director of global fraud and breach investigations at Visa, joins us to talk with Michael Moeser, PaymentsSource's senior analyst, about the new attacks and fraud trends that have emerged since the start of the pandemic.

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Identity Fraud Hits Record High in 2016

Bank Innovation

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

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Mastercard’s Playbook On Fighting Online Fraud’s Big Surge


That rising tide of fraud will come in tandem with, and even try to mimic, legitimate activity by consumers grappling with various ways the coronavirus has impacted and will impact daily life. The Consumer As Part Of The (Anti-Fraud) Team.

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The Big Spike In ‘CEO Fraud’


As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. BEC fraud does not respect seniority, and it pays exceedingly well.”.

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Allstate On Using AI To Fight Insurance Claims Fraud


Cybersecurity experts are scrambling to fight the sheer number of different digital fraud forms that are on the rise, and the ongoing COVID-19 pandemic has only exacerbated this problem. Developments From Around The World Of Digital Fraud .

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Cyber fraud surges as COVID-19 changes banking, e-commerce

Mobile Payments Today

As millions of Americans have shifted their daily workplace and shopping to remote online networks and mobile devices, a new wave of cyber threats have emerged focused on targeting banks, e-commerce and other daily financial activities

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Bringing AI To The Fight Against Healthcare Payments Fraud


This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sector more than $200 billion annually by some estimates.

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New Report: Why FIs Are Taking A Behind-The-Scenes Approach To Fighting Fraud


The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Around The FI Fraud Decisioning World. percent of all fraud reported in 2019.

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The Hidden Costs of Synthetic Identity Fraud

Mobile Payments Today

Synthetic identity fraud (SIF) schemes create identities out of real and fake personally identifiable information. For businesses relying on static PII as a fraud stopgap, SIF accounts is hard to difficult to interdict

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