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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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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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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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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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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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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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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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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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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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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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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Fraud’s New Paradigm: Let Fraudsters In, But Never Let Them Leave

PYMNTS

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.

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Fraud’s Frightening Surge

PYMNTS

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.

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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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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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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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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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Inverting The Fraud Approach: Fraudsters Can Check In, But Never Leave

PYMNTS

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.

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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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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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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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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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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.

Study: Merchants To Lose $130B In Digital CNP Fraud

PYMNTS

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.

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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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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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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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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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How do you solve a $48 billion payment fraud problem?

Insights on Business

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.

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EMVCo Updates Protocol To Prevent CNP Fraud

PYMNTS

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

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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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USA Remote Card Fraud Trends

Mobile Payments Today

In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic

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Venmo Payment Fraud Led To $40M In Losses

PYMNTS

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.

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KPMG: How AI Defense Can Counter Faster Payments Fraud

PYMNTS

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.

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Arrested Huawei Exec Accused Of Sanctions Fraud

PYMNTS

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

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Coupa Eyes Fraud, Compliance In Spend Management Updates

PYMNTS

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

The Rising Tide Of Loyalty Fraud — And How To Stop It

PYMNTS

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.

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Can Behavioral Analytics Slow Online Fraud?

PYMNTS

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.

UK’s Metro Bank Attacked By Cyber Fraud

PYMNTS

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.

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Luxury Retail, Luxury Fraud: How Neiman Marcus Is Battling Fraudsters

PYMNTS

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.

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Crypto’s $2.5 Million Daily Fraud Problem

PYMNTS

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.

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How To Fight Online Fraud: Ruin Cybercrime’s ROI

PYMNTS

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.

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To Fight Fake IDs And Online Fraud, Know Thy Enemy Better

PYMNTS

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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