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
A new study has revealed that retailers will lose around $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. were caught up “in a perfect storm” of rapid online sales growth and the transition to EMV chip technology , leaving merchants vulnerable to CNP fraud. MORE
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. MORE
At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. million fraud crimes in 2017, Trilli said, and $22.1 billion worth of fraud losses. The first choice in fraud prevention , he said, comes down to risk. 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
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
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
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. MORE
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. MORE
Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. The Rising Tide Of Rewards 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
Corporate expense management solution provider Coupa has updated its platform with new features targeting compliance and fraud prevention. B2B Payments B2B compliance Coupa employee spend expense management fraud News What's Hot In B2B MORE
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. 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
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. MORE
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 MORE
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. 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
Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year. MORE
And, he noted, there are lots of ways to mess with crypto firms — particularly those that aren’t regularly auditing their systems with penetration testing against fraud — including smart contract hacking or order book manipulation. MORE
Fraud is rampant and thriving. In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are capitalizing on stolen data, as well as how banks and retailers are responding to a world where many of the credentials they use for online verification have been compromised. 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
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 MORE
4) that the fraud was also perpetrated on other British banks. Of those customers impacted by this type of fraud, an extremely small number have been Metro Bank customers and none have been left out of pocket as a result,” a bank spokesperson said. MORE
Stopping fraudsters can feel a bit like playing Whac-A-Mole for luxury retailers who want to protect customers and data, and no one wants to be the next retailer to experience a data breach or high-volume fraud attack. How Omnichannel Is Changing The Way Luxury Retailers Respond To Fraud. MORE
The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. The rest of the year will bring other such attacks, and no doubt new attacks barely imagined even by veteran fraud-prevention experts. 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
Inverting the Fraud Approach For Better Security. Banks tend to view fraud as an authentication problem, he explained, and focus on preventing it by identifying criminals before their defenses are breached. MORE
In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic MORE
Such a scenario stands as a terrifying example of not only the sophistication of criminals, but also the threat of fraud in a real-time payments environment. And those criminals are experts at social engineering, enabling them to con people who might be on high alert for fraud attempts. 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
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
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
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce 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
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. 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
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. 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
According to EMVCo, the additional security level helps stop unauthorized card not present transactions and provides more protection for the merchants from fraud. Security & Fraud 3D Secure authentication card payments cnp digital payments EMV fraud News Security What's Hot MORE
7), Canadian prosecutors officially accused Huawei Chief Financial Officer Meng Wanzhou of sanctions fraud. Meng’s presentation was an act of fraud. Security & Fraud banking canada fraud huawei Iran News What's Hot 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
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
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
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.
PYMNTS
FEBRUARY 19, 2019
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.
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
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
FEBRUARY 20, 2019
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.
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
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
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.
PYMNTS
FEBRUARY 19, 2019
Fraud is rampant and thriving. In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are capitalizing on stolen data, as well as how banks and retailers are responding to a world where many of the credentials they use for online verification have been compromised.
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.
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 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
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
JANUARY 29, 2019
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
PYMNTS
FEBRUARY 20, 2019
Inverting the Fraud Approach For Better Security. Banks tend to view fraud as an authentication problem, he explained, and focus on preventing it by identifying criminals before their defenses are breached.
PYMNTS
JANUARY 31, 2019
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.
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
PYMNTS
NOVEMBER 26, 2018
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.
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.
PYMNTS
DECEMBER 14, 2018
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.
PYMNTS
JANUARY 3, 2019
A new study has revealed that retailers will lose around $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. were caught up “in a perfect storm” of rapid online sales growth and the transition to EMV chip technology , leaving merchants vulnerable to CNP fraud.
PYMNTS
DECEMBER 13, 2018
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.
PYMNTS
NOVEMBER 6, 2018
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.
PYMNTS
OCTOBER 17, 2018
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
PYMNTS
APRIL 12, 2018
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.
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
DECEMBER 17, 2018
According to EMVCo, the additional security level helps stop unauthorized card not present transactions and provides more protection for the merchants from fraud. Security & Fraud 3D Secure authentication card payments cnp digital payments EMV fraud News Security What's Hot
PYMNTS
OCTOBER 8, 2018
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.
Mobile Payments Today
JANUARY 7, 2019
In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic
PYMNTS
NOVEMBER 25, 2018
Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year.
PYMNTS
DECEMBER 6, 2018
Such a scenario stands as a terrifying example of not only the sophistication of criminals, but also the threat of fraud in a real-time payments environment. And those criminals are experts at social engineering, enabling them to con people who might be on high alert for fraud attempts.
PYMNTS
DECEMBER 7, 2018
7), Canadian prosecutors officially accused Huawei Chief Financial Officer Meng Wanzhou of sanctions fraud. Meng’s presentation was an act of fraud. Security & Fraud banking canada fraud huawei Iran News What's Hot
PYMNTS
FEBRUARY 7, 2019
Corporate expense management solution provider Coupa has updated its platform with new features targeting compliance and fraud prevention. B2B Payments B2B compliance Coupa employee spend expense management fraud News What's Hot In B2B
PYMNTS
OCTOBER 26, 2018
Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. The Rising Tide Of Rewards Fraud.
PYMNTS
JUNE 19, 2018
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.
PYMNTS
FEBRUARY 4, 2019
4) that the fraud was also perpetrated on other British banks. Of those customers impacted by this type of fraud, an extremely small number have been Metro Bank customers and none have been left out of pocket as a result,” a bank spokesperson said.
PYMNTS
JANUARY 9, 2019
Stopping fraudsters can feel a bit like playing Whac-A-Mole for luxury retailers who want to protect customers and data, and no one wants to be the next retailer to experience a data breach or high-volume fraud attack. How Omnichannel Is Changing The Way Luxury Retailers Respond To Fraud.
PYMNTS
JANUARY 23, 2019
And, he noted, there are lots of ways to mess with crypto firms — particularly those that aren’t regularly auditing their systems with penetration testing against fraud — including smart contract hacking or order book manipulation.
PYMNTS
JANUARY 4, 2019
The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. The rest of the year will bring other such attacks, and no doubt new attacks barely imagined even by veteran fraud-prevention experts.
PYMNTS
OCTOBER 19, 2018
At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. million fraud crimes in 2017, Trilli said, and $22.1 billion worth of fraud losses. The first choice in fraud prevention , he said, comes down to risk.
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