INDUSTRY INSIGHTS YOUR PEERS ARE READING
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
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
While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. 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
Because of this, traditional rules-based fraud detection systems have become outdated and no longer work.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
The verification and authentication processes of many sharing economy platforms are poorly equipped to combat the growing risk of fraud. Today In Data authentication Commerce digital identity fraud News payments Retail sharing economy Today in Data verification MORE
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. MORE
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. MORE
million customers who were the victims of an online fraud scam. bank to say it will cover customers from online fraud losses. Such fraud reportedly impacted one in four U.K. The bank’s pledge also comes as data released last week showed financial fraud against U.K. 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
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 MORE
Digital fraud prevention company Kount has launched a new artificial intelligence (AI)-driven solution to enhance payments fraud prevention. The next generation of AI in fraud prevention is much more than machine learning — supervised or unsupervised. MORE
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. MORE
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. MORE
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 MORE
More than 15 million people were affected by identity fraud in the U.S. The identity fraud incidence rate increased by 16%, a record high since the company began tracking identity fraud in 2003. DataBank Databank fraud 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
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
counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. Total counterfeit fraud dollars decreased by 49 percent, the payments giant said. Payment Methods chip cards counterfeit fraud EMV News payments security POS Retail Visa What's Hot 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
Many of the headlines centered on payments fraud have focused on the damage done to smaller suppliers and vendors, especially in the U.K. But beyond the now-familiar conduits of fraud done across email or through fake invoices, some lures have come through ties with cryptocurrencies. 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
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. 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
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
Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. MORE
Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has been used by financial institutions (FIs) to great effect. percent) believe AI systems are effective in reducing fraud, yet only 5.5 MORE
In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic MORE
Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Challengers see fraud protection as especially important, particularly as they attempt to ween customers away from legacy FIs and their own nimbler FinTech competitors. MORE
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. MORE
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. MORE
That reminder sets up a story recently told via a PYMNTS podcast discussion with Yinglian Xie, CEO and co-founder at DataVisor , a company that uses artificial intelligence (AI) to defend against online fraud and other such digital attacks. Fraud Increases. MORE
Overall digital fraud increased by 13 percent in the past year, with the food and beverage industry seeing an increase of 60 percent – nearly four times above average. Mobile order-ahead fraud is so widespread and difficult to stop because it is conducted remotely. MORE
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce MORE
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. MORE
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. MORE
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 MORE
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 MORE
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. MORE
In payments fraud, it pays — literally — to change up the game a bit. The report shows the use of malicious emails, rather than attachments, is on the rise — which darkreading.com said comes along with new variants of impersonation fraud. Individual Fraud Cases, Here and Abroad. MORE
These platforms promise fast, seamless transactions, which most deliver – but when platforms focus on reducing friction for users, it can backfire and create new vulnerabilities to fraud. By comparison, fraud itself is considered a top friction point by only 16.4 MORE
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. 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
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
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
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
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
AUGUST 16, 2019
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.
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
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
JULY 25, 2019
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.
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
AUGUST 2, 2019
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
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.
PYMNTS
JULY 1, 2019
In payments fraud, it pays — literally — to change up the game a bit. The report shows the use of malicious emails, rather than attachments, is on the rise — which darkreading.com said comes along with new variants of impersonation fraud. Individual Fraud Cases, Here and Abroad.
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.
PYMNTS
JUNE 5, 2019
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
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
JUNE 13, 2019
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.
Mobile Payments Today
FEBRUARY 21, 2019
In Part II of a blog series, Steve Villegas addresses how payments fraud impacts cross-border ecommerce
PYMNTS
JUNE 11, 2019
Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has been used by financial institutions (FIs) to great effect. percent) believe AI systems are effective in reducing fraud, yet only 5.5
PYMNTS
JANUARY 4, 2019
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.
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
JULY 25, 2019
Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Challengers see fraud protection as especially important, particularly as they attempt to ween customers away from legacy FIs and their own nimbler FinTech competitors.
PYMNTS
MAY 30, 2019
counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. Total counterfeit fraud dollars decreased by 49 percent, the payments giant said. Payment Methods chip cards counterfeit fraud EMV News payments security POS Retail Visa What's Hot
PYMNTS
APRIL 14, 2019
million customers who were the victims of an online fraud scam. bank to say it will cover customers from online fraud losses. Such fraud reportedly impacted one in four U.K. The bank’s pledge also comes as data released last week showed financial fraud against U.K.
PYMNTS
AUGUST 31, 2018
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.
PYMNTS
DECEMBER 26, 2018
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.
PYMNTS
AUGUST 5, 2019
Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living.
PYMNTS
APRIL 10, 2019
While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights.
PYMNTS
JUNE 27, 2019
Digital fraud prevention company Kount has launched a new artificial intelligence (AI)-driven solution to enhance payments fraud prevention. The next generation of AI in fraud prevention is much more than machine learning — supervised or unsupervised.
Bank Innovation
APRIL 20, 2016
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.
PYMNTS
JULY 5, 2019
That reminder sets up a story recently told via a PYMNTS podcast discussion with Yinglian Xie, CEO and co-founder at DataVisor , a company that uses artificial intelligence (AI) to defend against online fraud and other such digital attacks. Fraud Increases.
PYMNTS
JUNE 14, 2019
Many of the headlines centered on payments fraud have focused on the damage done to smaller suppliers and vendors, especially in the U.K. But beyond the now-familiar conduits of fraud done across email or through fake invoices, some lures have come through ties with cryptocurrencies.
PYMNTS
JULY 21, 2017
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.
PYMNTS
FEBRUARY 13, 2019
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
PYMNTS
AUGUST 8, 2019
The verification and authentication processes of many sharing economy platforms are poorly equipped to combat the growing risk of fraud. Today In Data authentication Commerce digital identity fraud News payments Retail sharing economy Today in Data verification
PYMNTS
JULY 10, 2019
These platforms promise fast, seamless transactions, which most deliver – but when platforms focus on reducing friction for users, it can backfire and create new vulnerabilities to fraud. By comparison, fraud itself is considered a top friction point by only 16.4
Mobile Payments Today
JANUARY 7, 2019
In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic
PYMNTS
FEBRUARY 12, 2019
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.
PYMNTS
JULY 1, 2019
Overall digital fraud increased by 13 percent in the past year, with the food and beverage industry seeing an increase of 60 percent – nearly four times above average. Mobile order-ahead fraud is so widespread and difficult to stop because it is conducted remotely.
PYMNTS
JANUARY 25, 2019
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
Bank Innovation
APRIL 5, 2017
More than 15 million people were affected by identity fraud in the U.S. The identity fraud incidence rate increased by 16%, a record high since the company began tracking identity fraud in 2003. DataBank Databank fraud
PYMNTS
NOVEMBER 23, 2018
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.
PYMNTS
JANUARY 24, 2019
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.
233 
Let's personalize your content