Stopping PPP Fraud

Abrigo

How Institutions Can Avoid Fraud Surprises in the Next Round of the PPP BSA and fraud professionals saw a spike in PPP fraud during the first two rounds of funding. How can they be better prepared to prevent fraud in this next round? PPP Fraud Spikes. Fraud Trends.

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Fraud: Prevention tips from Visa

Mobile Payments Today

Fraud is something that continually affects the financial industry. Mike Lemberger, senior vice president and regional risk officer for Visa, North America, explains ways that Visa is helping disrupt fraud before it costs consumers and businesses

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Identity Fraud in the Digital Age

Mobile Payments Today

The Identity Fraud in the Digital Age report, developed by Javelin Strategy & Research and sponsored by GIACT, details the challenges of preventing new and emerging fraud threats and what businesses should consider in their fraud prevention strategies for the year ahead

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Dynamic PII: The key to fighting payments fraud

Mobile Payments Today

Is your company assessing online fraud with a deterministic approach or a probabilistic approach? Beth Shulkin, VP of Global Marketing at Ekata shares her view on the best way to assess fraud risk in the payments landscape today

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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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Location verification can prevent QR code fraud

Mobile Payments Today

Mobile Payments Today interviewed André Ferraz, the CEO and co-founder of Incognia, a private identity company that provides fraud prevention by using frictionless identity location verification

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Brexit Raises The Stakes For B2B Payments Fraud

PYMNTS

Nacha is issuing a warning to accounts payable professionals with regards to the rising threat of fraud. Further, Nacha said, the survey revealed AP professionals are facing increasing fraud attempts that target AP processes specifically.

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Machine Learning Supercharges Banks’ Efforts To Fight Debit Fraud

PYMNTS

While fraud affects less than 1 percent of all card purchases, consumers who do lose funds from their bank accounts must go through lengthy and often stressful processes to get their money back. Leveraging Machine Learning, Rules-Based Analysis To Fight Debit Fraud.

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Changing Landscape of Identity Fraud: Fraudsters Strike Back

Mobile Payments Today

According to Javelin Strategy & Research’s 2019 Identity Fraud Study, the total amount of identity fraud in 2018 amounted to $14.7BB and impacted 14.4MM adults in the U.S. In 2020, amid the COVID-19 pandemic, the impact of fraud was higher than ever — more than 5% of the total population.

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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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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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Organizations' Fraud Threats Rise This Holiday Season

PYMNTS

The holidays aren't always so cheery as the risk of fraud plagues consumers and retailers alike. With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit.

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6 trends fueling 2020 holiday fraud

Payments Source

There’s no escaping fraud during one of the merriest months of the year as cyber thieves are busy trying to make their own wishes come true. Payment fraud Online payments Digital payments

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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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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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Mitigating Mobile Fraud with Secure Subscriber Enrollment

Mobile Payments Today

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

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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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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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SEC Issues Corporate Fraud Warning As BEC Scams Climb

PYMNTS

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

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Commerzbank Says It Was 'Deceived' By Wirecard Fraud

PYMNTS

Commerzbank has told lawyers that the bank was a victim of fraud in the ongoing Wirecard case, Reuters reported Thursday (Jan. Commerzbank, like many others, was a victim of an unimaginable fraud of a huge dimension,” he said, according to Reuters.

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How Walgreens Relies On Digital Deals To Fight Promotion Fraud

PYMNTS

Savvy shopping can sometimes cross the line into outright fraud , however, with bad actors violating terms of redemption, assuming false identities or conducting myriad other schemes to wage promotion abuse fraud. Fighting In-Person And Online Promotion Fraud.

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Banking Apps Shun Geolocation Data; Why Fraud Risks Could Follow

PYMNTS

Given the importance of banking, the growing prevalence of online banking and the inherent confidentiality of banking-related personal data, he said he sees the failure to use geolocation — a common but high-value fraud deterrent — as inexplicable.

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KeyBank On Fighting APP Fraud During The COVID-19 Pandemic

PYMNTS

Fraud targeting digital banking users has been around as long as digital banking itself, but it has recently become more prevalent. The pandemic is exacerbating the problem, with a study finding that 22 percent of Americans were the targets of pandemic-related fraud attempts as of March.

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Experian warns of facial recognition, synthetic ID fraud

Payments Source

The widespread shift to e-commerce and touchless payments during the pandemic has escalated fraud risk in those channels, including the possibility of fraudsters combining altered photos with synthetic ID, Experian warns. Fraud detection Biometrics Digital ID

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Turkish Authorities Search For Suspect In US Tax Fraud Scheme

PYMNTS

PYMNTS reported this month that corporate fraud schemes have been ubiquitous as of late. percent more financial crimes in areas where corporate accounting fraud has been reported. There was also a connection made between corporate fraud and local financial crimes like robberies.

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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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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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Geolocation Puts A Pin In Anti-Fraud Solutions

PYMNTS

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Unlike the crypto markets, Wingert said the banking and payments industries continue to be slow to adapt to the challenges of KYC and fraud prevention.

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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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Trulioo: Dramatic Fraud Spike Threatens Secure Digital Future

PYMNTS

A massive spike in fraud of all kinds has taken businesses by surprise and left them scrambling for solutions, Trulioo Chief Operating Officer Zac Cohen told Karen Webster in a recent conversation. Security & Fraud biometrics Coronavirus Featured News fraud News podcast Security trulioo

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Merchants, Online Fraud And The 3DS 2.0 Reset

PYMNTS

s struggles toward universal adoption in the European Union is reminiscent of EMV chip cards’ rise — a similar journey that aimed to solve a different fraud problem. will ultimately make it over the finish line because, bumps aside, it’s effective and reduces digital sales fraud.

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People's United Bank On How ML And Rules-Based Analysis Work In Tandem For Fraud Prevention

PYMNTS

Connecticut-based People’s United Bank has seen this trend in action in recent months, said Karen Boyer , the financial institution's vice president of financial crimes and fraud intelligence. This online commerce shift has brought with it an increased risk of fraud, however.

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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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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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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