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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 Payments Fraud, Via Apps?

PYMNTS

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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Deep Dive: Unsupervised Machine Learning Steps Up To Fight Fraud

PYMNTS

Many FIs and merchants that have fallen victim to fraud traditionally respond by assessing the damage, pinpointing how the attack succeeded and implementing new measures to prevent similar schemes from happening again. Fraud losses hit $14.7

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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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MyPayrollHR Founder Faces $70M Fraud Charge

PYMNTS

23) in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, The Wall Street Journal reported. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said.

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The Many Faces Of Employee Fraud

PYMNTS

Corporate fraud comes in many colors, but for many businesses, the most unexpected threat is the one looming from within company walls. ” B2B Payments B2B Blockchain corporate fraud Data Digest employee fraud expense fraud IBM payroll fraud scams

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U.S. Bank: Machine Learning Is Banks’ Best Bet Against Fraud

PYMNTS

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Bank Is Using Machine Learning To Tackle Fraud. Deep Dive: How Banks Are Using AI, ML To Fight Account Opening Fraud.

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FICO Launches Fraud-Fighting AI Tech

PYMNTS

Falcon X is intended to help pinpoint and probe potential fraud and other financial crimes. ” TJ Horan, FICO’s vice president of fraud and compliance products, said the product is something regulators across the globe have been seeking.

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How US Bank Is Using Machine Learning To Tackle Fraud

PYMNTS

Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. The Impact of ML on Account Opening Fraud.

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The Hidden Fraud That Spells Big Marketplace Losses

PYMNTS

However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk. The Dark Side Of Offer Fraud .

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Making P2P Payments Fraud-Free

PYMNTS

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.

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How FinTechs Combat Fraud Risk With Automation

PYMNTS

Fraud, for instance, is an ongoing threat, with nearly three-fourths of U.S. financial institutions reporting growing losses attributed to online and mobile fraud. But Quaine noted that, more importantly, it can keep them aware of potential fraud.

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Visa Chip Cards Reduced Counterfeit Fraud By 87 Pct

PYMNTS

Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . Counterfeit fraud dollars for all U.S. Also down were overall card-present fraud rates. VISA chip card counterfeit fraud credit cards fraud News Security Visa What's Hot

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Why AI Is MIA In Most FI Fraud Departments

PYMNTS

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

Fraud 273

Payroll Fraud Could Cost KeyCorp $90M

PYMNTS

Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. The customer involved in the fraud is Interlogic Outsourcing, which processes payrolls and is based in Elkhart, Indiana.

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Mastercard: Fraud-Fighting’s New Mantra — Test, Protect, Prevent

PYMNTS

The competition between cybercriminals and the fraud and security teams at banks, tasked with stopping their attacks, is incredibly lopsided. The fraud and security teams have to get it right 100 percent of the time to maintain their position of trust across the financial services ecosystem.

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Small Business Loan Fraud Puts FinServ On High Alert

PYMNTS

Though fraud technology has evolved to combat the monster of payments fraud, there is a growth threat for banks that innovators are also paying attention to as financial institutions (FIs) increase their appetite for such tools.

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Cracking Loan Fraud’s ‘Blind Eye’ Problem

PYMNTS

That said, digital technology and so-called Big Data promise to make the job of such criminals harder in the future, at least according to the story told by Tim Grace, CEO at PointPredictive and Frank McKenna, the company’s chief fraud strategist.

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Inside N26’s US Fraud Protection Strategy

PYMNTS

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques.

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Wirecard Denies Fraud Claims, Defends Accounting Practices

PYMNTS

But an anonymous public letter posted online warned the group’s supervisory board members that they could possibly face personal liability if they chose not to investigate credible fraud allegations.

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 Ransomware Gains Traction, UK BEC Fraud Spikes

PYMNTS

We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. These criminals are exploiting new technologies to commit fraud, posting adverts on social media to try and recruit money mules,” he said. Corporate Wire Fraud.

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Why Mobile Rewards Programs Attract Fraud

PYMNTS

Rewards and loyalty programs also make attractive targets for fraud. Security & Fraud 7-Eleven artificial intelligence chipotle Dunkin fraud loyalty machine learning mobile order ahead News QSR Retail Rewards Security

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Chase On Using Machine Learning To Crack Fraud’s Goldilocks Conundrum

PYMNTS

The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. Developments Around The Digital Fraud World.

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 Plot Thickens as FBI Probes Alleged MyPayrollHR Fraud

PYMNTS

So now, the investigation deepens and broadens, with payroll fraud under the microscope. In another high profile incidence of payroll fraud, this past July, Cleveland based KeyCorp disclosed a massive instance of fraud that could potentially cost $90 million.

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A Focus On Ad Fraud And Solutions

PYMNTS

Experts estimate that total fraud losses in 2018 totaled $3.9 Fraud takes many forms, from account takeover attacks to identity theft. But ad fraud might be one of the most insidious types. Some estimates range as high as $42 billion, because ad fraud is tricky to measure.

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DataVisor Launches Feature Platform To Automate Fraud Detection

PYMNTS

DataVisor has announced the launch of its new Feature Platform, which automates fraud detection through the use of artificial intelligence and machine learning data capabilities.

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Metro Bank Hit By More Fraud Probes

PYMNTS

’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.”

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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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Indian Pharma Mogul Arrested For Fraud

PYMNTS

Indian pharma mogul Shivinder Singh was taken into custody in Delhi on charges of fraud and the misappropriation of funds. The brothers have both denied all the fraud allegations against them. Security & Fraud fraud funds india legal News Religare Enterprises Limited What's HotOne Singh brother has been arrested, while the other is still on the run.

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Ask the expert: 20 questions fraud fighters want to know

Insights on Business

In our webinar yesterday, the first in the series AI Fraud Detection — Beyond the Textbooks , we ran out of time and weren’t able to address some great questions we had from the audience. What rules or models can you recommend to detect push-payment fraud”?

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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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Chase Taps Machine Learning For Proactive Approach To Fraud

PYMNTS

Andrew Sloper, head of digital identity and authentication at Chase, recently spoke to PYMNTS about how these solutions allow the bank to deliver seamless and secure user experiences while enabling a preventative approach to fraud.

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GIACT Report: $3.4B Lost To New Account Fraud In 2018

PYMNTS

billion was lost due to New Account Fraud (NAF) last year. According to the report, The Evolution of New Account Fraud , produced by Javelin Strategy & Research , NAF tactics have shifted with the growing popularity of online accounts and payments.

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Beware of data “science projects” turned fraud prevention solutions

Insights on Business

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.

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The Consumer’s Role In Battling Fraud

PYMNTS

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.

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Model governance comes to fraud detection

Insights on Business

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.

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Visa: New Cyber Threats Require New Fraud Tools

PYMNTS

The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world.

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Curbing Digital Advertising’s Big Payments Fraud Problem

PYMNTS

As well, successful criminals know that their targets are often complex systems — and complex systems offer many opportunities for financial fraud and massive theft. Welcome to the world of advertising fraud.

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The Evolving Terrain Of Fighting Fraud

PYMNTS

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

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GE Accused Of $38B Accounting Fraud

PYMNTS

General Electric has been targeted in accusations of massive accounting fraud by the whistleblower that called out Bernard Madoff’s Ponzi scheme, reports in CNBC said on Thursday (Aug.

Fraud 208

Amazon Launches New Program To Prevent eCommerce Fraud

PYMNTS

In its ongoing efforts to prevent fraud on its site, on Tuesday (Oct. Participating sellers will get discounts from the firms, and when they file for trademarks, they will be able to use Amazon’s fraud prevention tools.

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The ever changing challenge of payments fraud detection

Mobile Payments Today

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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AI Helps Businesses Get Smarter About Fraud

PYMNTS

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.

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