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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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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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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How False-Positives Complicate The B2B Payments Fraud Fight

PYMNTS

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.

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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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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.

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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

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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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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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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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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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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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Report: Email Variants Keep BEC Fraud Humming Along

PYMNTS

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.

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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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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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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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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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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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Why Aren’t More FIs Using AI To Fight Fraud?

PYMNTS

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

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Payments Fraud Rides Money Mules Into 2019

PYMNTS

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.

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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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Why N26 Is Keeping Fraud Top Of Mind In The US Market

PYMNTS

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.

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Visa: EMV Rollout Continues; Counterfeit Fraud Down 76 Pct.

PYMNTS

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

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UK Bank TSB Will Issue Refunds To Fraud Victims

PYMNTS

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.

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Reformed Fraudster Now Fighting Fraud

PYMNTS

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.

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FBI Warns Of ‘Money Mule’ Fraud

PYMNTS

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.

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What Check Fraud Can Teach Banks About Preparing For The Instant Payments Future

PYMNTS

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.

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Corporate Payments Fraud Jumps Despite Stronger Internal Controls

PYMNTS

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.

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Kount Launches New AI Tool To Detect Fraud

PYMNTS

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.

Tools 184

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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Why AI Is Social Media Fraud’s New Best Friend

PYMNTS

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.

In Payments Fraud, A Crypto Scam

PYMNTS

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.

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Europe, CNP Fraud Trendsetter?

PYMNTS

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.

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Visa: EMV Cuts Card-Present Counterfeit Fraud By 80 Pct

PYMNTS

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

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Fighting Fraud With Identity Verification In The Sharing Economy

PYMNTS

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

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Can Digital Platforms Solve The Fraud vs. Friction Dilemma?

PYMNTS

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

Fraud 206

USA Remote Card Fraud Trends

Mobile Payments Today

In USA card fraud is shifting from in-person fraud to remote fraud. View our latest infographic

Trends 111

How ‘Dynamic Friction’ Could Be Online Fraud’s Kryptonite

PYMNTS

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.

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Deep Dive: How Fraud Runs Rampant In Mobile Ordering

PYMNTS

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.

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Fraud Makes Headway Via ‘Payroll Diversion’

PYMNTS

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

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Identity Fraud Hits Record High in 2016

Bank Innovation

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

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Major Retailers Brace For Gift Card Fraud

PYMNTS

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.

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When Fraud Risk Is Credit Risk In Disguise

PYMNTS

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.

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