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Battling fraud amid COVID-19
Mobile Payments Today
MAY 5, 2020
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
Fraud Related Topics 
Fraud Decisioning Goes Omnichannel
PYMNTS
MAY 29, 2020
“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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Mitigating Mobile Fraud with Secure Subscriber Enrollment
Mobile Payments Today
MARCH 16, 2020
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
Fraud risk could run to billions in PPP loans
Bank Innovation
APRIL 14, 2020
Fraud is a common trend with government relief programs. In fact, fraud estimates for previous stimulus programs indicate that the Small Business […].
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How Dropbox Fights Fraud
PYMNTS
FEBRUARY 27, 2020
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.
Mapping Fraud’s DNA
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.
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The Fraud That 85 Percent Of Fraud Detection Systems Miss
PYMNTS
DECEMBER 10, 2019
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.
Taking A Customer-Centric Approach To Fighting Fraud
PYMNTS
MAY 28, 2020
This means FIs must be able to ferret out and defend against an ever-more complex array of attacks, and they deploy advanced fraud detection strategies and designate additional resources to keep themselves and their customers safe. Staying ahead of fraud requires constant innovation.
Allstate On Using AI To Fight Insurance Claims Fraud
PYMNTS
APRIL 21, 2020
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 .
Invoice Fraud Hits Microsoft?
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.
Fighting Fraud with… Fake Fraud?
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.
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Fighting Fraud In The New Normal
PYMNTS
APRIL 15, 2020
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.
Bringing AI To The Fight Against Healthcare Payments Fraud
PYMNTS
APRIL 10, 2020
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.
The Big Spike In ‘CEO Fraud’
PYMNTS
FEBRUARY 12, 2020
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.”.
Different channels need different fraud controls
Payments Source
MAY 29, 2020
Merchants should also monitor fraud by channel, to see how much each channel contributes to total fraud losses, says ClearSales's Bernardo Lustosa. Risk Payment fraud Online payments Mobile payments Merchant
Stemming The SIM-Swapping Tide In Fraud Friendlier Times
PYMNTS
APRIL 22, 2020
While being the victim of fraud is never good, there is something to be said for at least being able to identify where exactly one went wrong. The scary thing about the SIM swap fraud is it’s not like the victim has done one thing wrong,” Prideaux said.
Exposing misconceptions in payments fraud
Mobile Payments Today
FEBRUARY 21, 2019
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce
Payments Fraud, Via Apps?
PYMNTS
JULY 22, 2019
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
eCommerce Fraud Presents A $12 Billion Problem
PYMNTS
MARCH 14, 2020
With the coronavirus putting eCommerce front and center, it has unfortunately been joined by its cousin: online retail fraud. percent of all eCommerce fraud , is still account takeover. Backdoor file activity, unlike other fraud attack methods, has no pattern.
The Hidden Costs of Synthetic Identity Fraud
Mobile Payments Today
FEBRUARY 12, 2020
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
DOJ Finds Evidence Of PPP Loan Fraud
PYMNTS
MAY 1, 2020
Amid rising criticism over the loan effort, the Department Of Justice has reportedly discovered potential fraud among companies seeking relief with the Paycheck Protection Program (PPP). Even so, blatant exhibits of fraud or actions that are legally questionable haven’t come to light publicly.
What Lenders Are Learning About Emerging PPP Loan Fraud
PYMNTS
MAY 12, 2020
The process was chaotic for the lenders, too, creating greater potential for fraud amid an unprecedented SMB stimulus effort. As regulators issue warnings to the lending community about the potential for such fraud, banks and FinTechs are on high alert.
Identity Fraud Hits Record High in 2016
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
BEC Tops Fraud Attempts Against Treasurers: Survey
PYMNTS
APRIL 7, 2020
The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement.
FTC Reports Over 18K Fraud Cases Linked To Coronavirus
PYMNTS
APRIL 15, 2020
According to the FTC, there have been 18,235 reports of fraudulent activity or fraud attempts related to the coronavirus since Jan. million to fraud. On its website, the FTC breaks down the numbers of fraud cases by state.
Deep Dive: Why New Hacking Technology Has Made Application Fraud More Difficult To Fight
PYMNTS
MARCH 27, 2020
The financial industry is particularly vulnerable to digital fraud. Application fraud, which sees cybercriminals submitting financial product applications to banks with no intention of paying them back, is among the most popular techniques. Defining Application Fraud.
The B2B Payments Fraud Threat Of Internal Employees
PYMNTS
JANUARY 13, 2020
Approximately $185,000 worth of payroll fraud hit a Minnesota company, with local reports noting that a bookkeeper allegedly manipulated payroll data to overpay her salary.
Fraud Decisioning Orchestrates A Response
PYMNTS
FEBRUARY 19, 2020
What’s clear is that fraud decisioning solutions have never been more necessary, as cybercrime enters a new phase of sophistication, diabolical creativity and global scale. Bottom line: Fraud losses are expected to hit $48 billion annually by 2023 – more than double the 2018 losses.
FinServ Providers Lift Some Of B2B’s Fraud Burden
PYMNTS
DECEMBER 2, 2019
As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters.
Anti-fraud tools abound, but adoption lags
Payments Source
JUNE 11, 2019
Banks and merchants absorb billions of dollars in payment card fraud annually, but it's not for a lack of tools designed to stifle that fraud. Payment fraud Card fraud Fraud detection Fraud prevention Fraud losses 3-D Secure Fiserv
Stripe offers fraud dispute protection via machine-learning tool
Payments Source
JUNE 3, 2019
Stripe has launched Chargeback Protection through its machine-learning fraud prevention system called Radar. Fraud detection Fraud prevention Payment fraud Card fraud Stripe
Making P2P Payments Fraud-Free
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.
Healthcare Looks To AI For Fraud Cure
PYMNTS
APRIL 15, 2020
Despite near universal agreement that AI holds the key to decoding numerous medical mysteries, at present one of its most valuable uses is fighting fraud, waste and abuse — FWA in the industry parlance — which threatens to worsen in the near term due to coronavirus-related cybercrime.
The Evolution of New Account Fraud
Mobile Payments Today
FEBRUARY 12, 2020
According to a newly released white paper, commissioned by GIACT, and produced by Javelin Strategy & Research, new account fraud (NAF) is evolving.
The ever changing challenge of payments fraud detection
Mobile Payments Today
AUGUST 2, 2019
While data shows that credit card fraud has decreased from the standpoint of payment volume, there remains a concern in the industry that cybercriminals are using sophisticated methods of changing tactics to avoid detection and put consumer payment information at risk
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