Expert insights. Personalized for you.
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
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. MORE
The Hack-to-Fraud Cycle. The [attack that is] exclusively [seen as] a cyberthreat is no longer just a cyberthreat in and of itself, [but] a means to an end from a fraud perspective,” he said. “To That will be your best bet to combat fraud across an omnichannel environment.” . MORE
The subscription business model is growing sharply around the world, but the industry is also dealing with the twin challenges of fraud and subscriber churn. As a result, companies are increasingly turning to high-tech fraud-busting solutions to entice and keep subscribers. MORE
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. MORE
Among the inventive ways that companies are fighting digital fraud in 2020 is Teradata’s new concept of analyzing computer mouse movements, as it turns out that hackers move their mice very differently than regular people. Fraud prevention tech has to scale. That’s “clean” fraud. 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
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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. MORE
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 MORE
Fraud detection company DataVisor has teamed up with Experian to integrate the company’s “unsupervised machine learning powered transactional risk assessment capabilities” into the Experian CrossCore platform. The move will help detect fraud patterns, the companies said in a press release. “We MORE
These platforms must ensure that all parties are trustworthy, putting them in precarious positions as they work to build their user bases without alienating either side with their anti-fraud measures. . Getting Preemptive About Fraud. Digital marketplaces rely on trust to thrive. MORE
’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.” MORE
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 MORE
Advances in fraud decisioning have cybercrooks scrambling into the new arcana of synthetic identities and fiendish mass bot attacks, looking for any possible opening to exploit. MORE
However, to do so, these companies will need to make some adjustments to their fraud protection strategies. Implementing a layered anti-fraud approach that utilizes several technologies could help protect against bad actors looking for vulnerabilities. MORE
Fraud is their profession. Friendly fraud, on the other hand, is a much more amorphous and heterogenous area than its criminal counterpart, Kount CEO Brad Wiskirchen told Karen Webster in a recent conversation, one that makes it much harder for merchants to spot, let alone fight. MORE
Merchants have to participate in eCommerce if they want to maintain relevancy in today’s economy, but their engagement in online transactions also exposes them to new forms of fraud. And in digital fraud, phishing poses a unique threat to businesses. MORE
As consumers embrace real-time transactions, financial institutions (FIs) must recalibrate their fraud-fighting strategies. Most FIs deploy anomaly detection during login to detect fraud attacks. The mindset governing anti-fraud efforts has had to evolve, he noted. MORE
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. MORE
Fraud protection techniques have advanced rapidly over the past decade to keep pace with fraudsters preying on emerging weak points. Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. 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
Fraud detection company DataVisor, which uses artificial intelligence (AI) to help find fraud activity and correct it, has released a new anti-fraud solution called dEdge, which can detect attacks and malicious operations in real time, according to a press release. . MORE
Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. Machine learning] will help with generating new rules based on previous fraud or non-fraud decisions. MORE
In a new PYMNTS discussion, she and Karen Webster spoke about online fraud trends for the 2019 holiday season — and the prospect that the 2019 winter holidays will see the worst levels of online fraud ever. “We Reshipping fraud is more complicated. MORE
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 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
Impersonation fraud — where a cybercriminal pretends to be someone they aren’t in an attempt to make off with funds — gets a lot of attention, and for good reason. More insidious and much harder to track, Townsley-Solis told Webster, is synthetic ID fraud. MORE
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. MORE
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. MORE
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 MORE
’Tis the season for corporate fraud? Unfortunately, this time of year fails to bring relief for businesses that fall victim to corporate and B2B payments fraud, too. Yet, analysts warn, as cross-border B2B payment volumes rise, so does the risk of fraud. MORE
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce MORE
Fraud comes in many forms, and the fight against it never ends. The latter, synthetic identity fraud, is largely on the decline thanks to advanced artificial intelligence (AI) systems that recognize tiny inconsistencies in fake user profiles. How Clean Fraud Cleans House. MORE
In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. Asia made up the largest share of fraud costs (28 percent) for U.S. MORE
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 MORE
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. MORE
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. MORE
Fraud Related Topics 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.
PYMNTS
JANUARY 24, 2020
Merchants have to participate in eCommerce if they want to maintain relevancy in today’s economy, but their engagement in online transactions also exposes them to new forms of fraud. And in digital fraud, phishing poses a unique threat to businesses.
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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
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.
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
PYMNTS
NOVEMBER 5, 2019
Fraud is their profession. Friendly fraud, on the other hand, is a much more amorphous and heterogenous area than its criminal counterpart, Kount CEO Brad Wiskirchen told Karen Webster in a recent conversation, one that makes it much harder for merchants to spot, let alone fight.
PYMNTS
DECEMBER 17, 2019
In a new PYMNTS discussion, she and Karen Webster spoke about online fraud trends for the 2019 holiday season — and the prospect that the 2019 winter holidays will see the worst levels of online fraud ever. “We Reshipping fraud is more complicated.
PYMNTS
JANUARY 21, 2020
Advances in fraud decisioning have cybercrooks scrambling into the new arcana of synthetic identities and fiendish mass bot attacks, looking for any possible opening to exploit.
PYMNTS
JANUARY 15, 2020
Fraud detection company DataVisor, which uses artificial intelligence (AI) to help find fraud activity and correct it, has released a new anti-fraud solution called dEdge, which can detect attacks and malicious operations in real time, according to a press release. .
PYMNTS
OCTOBER 21, 2019
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
PYMNTS
JUNE 20, 2019
Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. Machine learning] will help with generating new rules based on previous fraud or non-fraud decisions.
PYMNTS
JANUARY 20, 2020
Fraud protection techniques have advanced rapidly over the past decade to keep pace with fraudsters preying on emerging weak points. Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft.
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.
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.
PYMNTS
JANUARY 16, 2020
However, to do so, these companies will need to make some adjustments to their fraud protection strategies. Implementing a layered anti-fraud approach that utilizes several technologies could help protect against bad actors looking for vulnerabilities.
PYMNTS
OCTOBER 3, 2019
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
PYMNTS
SEPTEMBER 24, 2019
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.
PYMNTS
NOVEMBER 5, 2019
Fraud detection company DataVisor has teamed up with Experian to integrate the company’s “unsupervised machine learning powered transactional risk assessment capabilities” into the Experian CrossCore platform. The move will help detect fraud patterns, the companies said in a press release. “We
PYMNTS
JUNE 4, 2019
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
PYMNTS
DECEMBER 16, 2019
’Tis the season for corporate fraud? Unfortunately, this time of year fails to bring relief for businesses that fall victim to corporate and B2B payments fraud, too. Yet, analysts warn, as cross-border B2B payment volumes rise, so does the risk of fraud.
PYMNTS
SEPTEMBER 17, 2019
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.
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.
PYMNTS
JANUARY 15, 2020
The subscription business model is growing sharply around the world, but the industry is also dealing with the twin challenges of fraud and subscriber churn. As a result, companies are increasingly turning to high-tech fraud-busting solutions to entice and keep subscribers.
PYMNTS
AUGUST 22, 2019
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.
PYMNTS
JULY 16, 2019
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.
PYMNTS
SEPTEMBER 4, 2019
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
PYMNTS
JANUARY 24, 2020
The Hack-to-Fraud Cycle. The [attack that is] exclusively [seen as] a cyberthreat is no longer just a cyberthreat in and of itself, [but] a means to an end from a fraud perspective,” he said. “To That will be your best bet to combat fraud across an omnichannel environment.” .
PYMNTS
SEPTEMBER 18, 2019
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.
PYMNTS
SEPTEMBER 23, 2019
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.
PYMNTS
NOVEMBER 8, 2019
These platforms must ensure that all parties are trustworthy, putting them in precarious positions as they work to build their user bases without alienating either side with their anti-fraud measures. . Getting Preemptive About Fraud. Digital marketplaces rely on trust to thrive.
PYMNTS
NOVEMBER 26, 2019
As consumers embrace real-time transactions, financial institutions (FIs) must recalibrate their fraud-fighting strategies. Most FIs deploy anomaly detection during login to detect fraud attacks. The mindset governing anti-fraud efforts has had to evolve, he noted.
PYMNTS
MAY 31, 2019
’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.”
Mobile Payments Today
FEBRUARY 21, 2019
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce
PYMNTS
DECEMBER 20, 2019
Fraud comes in many forms, and the fight against it never ends. The latter, synthetic identity fraud, is largely on the decline thanks to advanced artificial intelligence (AI) systems that recognize tiny inconsistencies in fake user profiles. How Clean Fraud Cleans House.
PYMNTS
JULY 24, 2019
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.
PYMNTS
DECEMBER 20, 2019
Among the inventive ways that companies are fighting digital fraud in 2020 is Teradata’s new concept of analyzing computer mouse movements, as it turns out that hackers move their mice very differently than regular people. Fraud prevention tech has to scale. That’s “clean” fraud.
PYMNTS
DECEMBER 21, 2018
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.
PYMNTS
AUGUST 19, 2019
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
PYMNTS
AUGUST 19, 2019
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.
PYMNTS
NOVEMBER 4, 2019
In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. Asia made up the largest share of fraud costs (28 percent) for U.S.
Insights on Business
MAY 6, 2019
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.
Insights on Business
JUNE 3, 2019
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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