Battling fraud amid COVID-19

Mobile Payments Today

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 COVID-19 has let to millions of consumers transitioning to online e-commerce purchases as retail stores have been forced to close or shift to delivery and pickup.

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Study: COVID-19 Fraud Reaches $100M

PYMNTS

losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. Even small states saw huge increases in COVID-related fraud in recent months. SocialCatfish.com, the identity verification nonprofit, reported U.S.

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JPMorgan Ups Payment Fraud Protection For SMBs

PYMNTS

Morgan Chase is stepping up its payment fraud protection services for small- to medium-sized businesses (SMBs) to help them combat scam and fraud attempts, Reuters reported. B2B Payments B2B banking fraud JPMorgan Chase News SMBs What's Hot In B2B

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Invoice Fraud Strikes Amazon In $19M Scam

PYMNTS

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime.

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Decisioning AI Targets Friendly Fraud

PYMNTS

Such immense effort is expended fighting determined fraudsters that it’s easy to minimize friendly fraud — a frustrating state of affairs that leaves financial institutions (FIs) and merchants on the hook for purchases disowned, justly or otherwise, by legitimate cardholders.

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5 ways COVID-19 changed the nature of payments fraud

Payments Source

Fraud detection Payment fraud Identity theft CoronavirusAs many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime.

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Fighting Fraud with… Fake Fraud?

Bank Innovation

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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Red Flags for COVID-19 Related Fraud – What You Need to Know

Abrigo

Key Takeaways FinCEN has released three COVID-19-related advisories that remind financial institutions to stay alert to increasing fraud trends. Adjust your scenario thresholds and ensure your front line staff is aware of these fraud red flags to help detect and deter COVID-19-related fraud.

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How B2B Payments Fraud Hides Within The Enterprise

PYMNTS

When it comes to B2B payments fraud, it’s not a matter of if it happens, but when. ” Paper checks are a particularly weak spot for organizations as check fraud balloons. Fraud Captures Faster Payments Council Attention. Million Fraud Scam Leads To Charges Against CEO.

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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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5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud

Abrigo

Key Takeaways COVID-19-related fraud are not new typologies; they just have a new spin. Adjusting your velocity scenarios can help detect money mule scams and check fraud. . COVID-19-related fraud schemes are escalating at an alarming rate. Fraud Prevention. Card Fraud.

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5 Ways Your Transaction Monitoring System Can Detect Covid-19 Related Fraud

Abrigo

Key Takeaways BSA officers need to stay aware of emerging fraud trends that are a result of the pandemic. Consider a risk-based lookback for your PPP portfolio to fight fraud. COVID-19-related fraud schemes are escalating at an alarming rate. Card Fraud. Fraud Prevention.

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Funerals present a distinct risk for payment fraud

Payments Source

From a fraud prevention perspective, there are several difficulties in detecting and stopping funeral home fraud, says The ai Corporation’s James Crawshaw. Risk Payment fraud Payment processing Money laundering

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FTC Warns Taxpayers About Stimulus Fraud

PYMNTS

A recent notice from the Financial Industry Regulatory Authority (FINRA) warned that “events with such profound impact” like the coronavirus “routinely create opportunities for financial fraud.”. losses from COVID-19 fraud have reached nearly $100 million since the pandemic emerged in March.

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Report: Overcoming ID Fraud’s Technology Blind Spots

PYMNTS

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. Fighting The Rise Of Corporate Banking Fraud With AI And Machine Learning.

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Corporates See Loan Fraud By Insiders As Growing Threat

PYMNTS

Pandemic-related fraud attempts continue to climb. This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporate finance teams. 57 individuals have been charged with Paycheck Protection Program (PPP) fraud , according to Reuters reported.

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The Latest Digital Fraud Prevention Technique: Build A Selective Lock

PYMNTS

But he added that fighting fraud isn’t about building the highest possible wall. The best way to stop fraud is to look at the consumer journey more holistically and figure out how to best scale protection in places where fraudsters tend to congregate. Climbing Fraud Mountain.

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Visa sees spike in unemployment insurance fraud on prepaid cards

Payments Source

Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle. Government payments Card fraud Payment fraud Prepaid cards Identity theft Visa

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COVID-19 has upended fraud detection

Payments Source

The rapid move online boosts false positives, false negatives and actual fraud, says Adara's Nguyen Nguyen. Risk Payment fraud Digital payments Coronavirus E-Commerce

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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. That’s what Feedzai is trying to do — it is using machine learning (ML), artificial intelligence (AI), human expertise and link analysis techniques to, in a way, map the genome of digital fraud so as to prevent it. The Biology Of Fraud.

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Fraud Decisioning Goes Omnichannel

PYMNTS

“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. It’s a game of inches, but in the financial sector, small wins add up to millions in thwarted fraud attempts.

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Fraud risk could run to billions in PPP loans

Bank Innovation

Fraud is a common trend with government relief programs. In fact, fraud estimates for previous stimulus programs indicate that the Small Business […]. Carousel Corporate Banking Innovation Strategy Lending Premium 44 Business Capital Berkshire Bank BizChecks Farm Bureau Bank fraud Happy State Bank paycheck protection program PPP SBA PPP stimulus package

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Report: FBI Cautions Homebuyers To Beware Of Wire Fraud

PYMNTS

Bank of America reportedly said the clawback was possible because the fraud was reported to the bank quickly. The FBI’s Merrill says on the agency’s website that fraud is especially prevalent during times of national stress and suggests ways to avoid being scammed.

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FI Fraud Decisioning Outthinking Cyberthieves

PYMNTS

With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. The Fatigue-Fraud Connection. Fraud Prevention Cybercrime FBI fraud News Pentagon Federal Credit Union Simility

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US DOJ Charges 14 With $28M In PPP Fraud

PYMNTS

District Court for the Southern District of Florida with wire and bank fraud and conspiracy for seeking $24 million in forgivable PPP loans. losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March. The U.S.

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Incognia adds fraud protection for QR-code transactions

Payments Source

At a time when contactless payments via QR codes are on the rise, Incognia is launching a fraud protection solution for payments providers, retailers and restaurants. Fraud detection Payment fraud Mobile payments P-to-P payments

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Financial Crime-Fighters Turning The Tide Of COVID-Era Fraud

PYMNTS

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. This fraud targets all demographics and generations, with U.S.

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Feds Charge Texas Man With CARES Act Fraud

PYMNTS

Dinesh Sah, 55, of Coppell, Texas, was charged with three counts of wire fraud, three counts of bank fraud and one count of money laundering. Security & Fraud CARES act fraud legal money laundering News PPP What's HotFederal prosecutors on Thursday (Oct.

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Why Traditional Fraud Methods Failed To Stop Public-Payout Systems Fraud

PYMNTS

They are going to have to update how they mitigate and control fraud and risk and update their systems. With a few changes and efforts to fill in these obvious gaps, they could solve this problem and have a very comprehensive fraud and risk solution,” she said.

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Fraud costs rise as scammers overcome coronavirus setbacks

Payments Source

The “new normal” of COVID-19-influenced retail is actively being exploited by fraudsters, as LexisNexis Risk Solutions finds fraud costs for U.S. Fraud detection Payment fraud Coronavirus Fraud losses

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EY Accused Of Missing Alleged Wirecard Fraud

PYMNTS

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported. Security & Fraud Audit Ernst & Young EY fraud News scandal security & fraud What's Hot Wirecard

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The Invoice Lands In The Corporate Cyber Fraud Spotlight

PYMNTS

This week’s Data Digest looks at the latest in B2B payments fraud and the invoice’s role in supplier payment redirect scams, credential theft and more.

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Helping FIs Separate The 'Reality Of Fraud Protection' From Perception

PYMNTS

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . Collaboration is the best approach FIs can take to be proactive against fraud.

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How Dropbox Fights Fraud

PYMNTS

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 billion , and phishing attacks now comprise 30 percent of all fraud attempts. Developments From Around The World Of Digital Fraud. Fraud is on the rise in a variety of forms. Card-not-present (CNP) fraud, for example, rose from $4.5

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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. In detailing the invoice fraud, Engadget said that, in one of those two cases, an invoice for $775,000 was allegedly routed to a bank account belonging to Tran. Wire fraud has a sentence of up to 20 years’ imprisonment. Fraud On The Rise.

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