Abrigo

NOVEMBER 3, 2021

FinCEN provides guidance on Cyber Fraud What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on FinCEN's AML/CTF priorities on cyber fraud. Takeaway 3 The FinCEN releases also focus on money mule schemes and imposter fraud, both increasing due to the pandemic. .

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Fraud Video Training Bitcoin 195

TheGuardian

FEBRUARY 1, 2023

Relentless selling triggers questions about how Indian conglomerate – which denies allegations – will meet its loan obligations Why has the Adani Group shed US$90bn in value and what do short sellers have to gain?

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Groups Fraud Meeting US 92

South State Correspondent

SEPTEMBER 21, 2020

Chances are, even if you limited your Paycheck Protection Program (PPP) origination to just customers, you still have some fraud. If you took on new customers, you likely have between 5% and 10% fraud, even with a medium level of screening.

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Fraud Survey Data Groups 397

Payments Dive

APRIL 19, 2023

million judgment against a group of Nexway companies over processing payments tied to tech support scams, but they’ll ultimately pay the smaller fine for defrauding consumers. A court initially imposed a $49.5

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Fraud Cards Groups Payments 367

Abrigo

JUNE 28, 2023

Share these reports on AML activities to inform directors Reporting to the board on AML and fraud compliance is an essential obligation. Takeaway 3 Recommended reports on AML and fraud metrics for the board include those on high-risk customers and trends on types of fraud and suspicious activity seen.

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Abrigo

MARCH 4, 2022

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

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Fraud Cards Software Trends 195

PYMNTS

AUGUST 21, 2020

ATMs are common avenues for fraud, however, especially those that are running outdated software. These machines can be vulnerable to fraud, however, ranging from physical techniques like card skimmers to digital methods like identity theft. Deep Dive: Keeping Digital-First Banking Secure With AI, Biometrics. About The Tracker.

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Analytics Fraud ATM Report 266

PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Kount’s fraud protection platform increases profitability and reduces fraudulent claims with digital identity verification and advanced artificial intelligence.”. In a Tuesday (Aug.

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Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. New account fraud.

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PYMNTS

APRIL 5, 2019

Dozens of cybercriminal groups have found a home on Facebook , using the platform’s online marketplace to sell illegal services such as stolen credit card information, as well as account theft and spamming tools, according to Cisco Systems’ Talos security unit.

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.

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Fraud Payments Survey Security 223

PYMNTS

JULY 15, 2020

Judges dismissed a civil suit that alleged Wirecard of fraud weeks after the company filed for insolvency in a Munich court. The judge also found that the involvement of the Mauritius’ Emerging Markets Investment Fund (EMIF) was not a reason to suspect fraud. “As Still, this is not the end of troubles for Wirecard.

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Fraud Taxes Groups Compliance 160

PYMNTS

DECEMBER 5, 2019

They are connected with a Russian hacking group known as Evil Corp., The duo allegedly — and with the help of more than a dozen others — worked to deploy malware known as Dridex (aka Cridex and Bugat) and for committing wire and bank fraud. which is the group of hackers behind the Dridex malware used in phishing email attacks.

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PYMNTS

JUNE 4, 2020

Before that, the group claimed to have attacked Michigan State University and Columbia College of Chicago, in a dark web blog accessed by Cointelegraph. billion in fraud, hacks and theft in just the first five months of 2020, according to a study by crypto intelligence company CipherTrace.

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PYMNTS

APRIL 9, 2020

The 2020 Summer Olympics, which were to take place in Tokyo, have been rescheduled for 2021 as the spread of the coronavirus leaps over international borders and outruns human efforts to contain it. But the greedy “sport” of stealing people’s money – in this case, through a blockchain scam – still has crooks going for the gold.

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blockchain Groups Fraud cryptocurrency 166

PYMNTS

AUGUST 19, 2019

Ransomware groups tend to target people in the Anglosphere, who are seen as able to pay and deserving of what they get. We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. Fraud that was in turn prevented by the unit amounted to as much as $8.2

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PYMNTS

DECEMBER 14, 2018

In an effort to help authorized push payment (APP) fraud victims, The U.K.’s FCA Executive Director of Strategy and Competition Chris Woolard said, according to FT : “The FCA takes APP fraud and the harm it causes to consumers very seriously. in February warned that APP fraud is on the rise. A press release released by Which?

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Fraud Regulation Payments Groups 166

The Paypers

OCTOBER 28, 2022

US-based fraud prevention company NICE Actimize offers its AI and cloud-based Essentials AML and anti-fraud solutions to UK-based Target Group.

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Fraud Groups US Company 36

TheGuardian

JUNE 13, 2022

HBOS, now part of Lloyds Banking Group, was involved in major fraud at its Reading branch in early 2000s Victims of one of Britain’s biggest banking frauds will each be offered £3m compensation packages, according to a source familiar with the proposed deal expected to be announced later this week. Continue reading.

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PYMNTS

FEBRUARY 19, 2020

Not so long ago, payments cyber fraud was done primarily by brute force, through guessing passwords and usernames — a scattershot approach akin to trial and error, conducted by lone individuals or small groups. Fraud is an industry for the crooks now. With the evolution of fraud, the detection and prevention efforts also change.

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PYMNTS

JANUARY 17, 2020

An uptick in check fraud has financial institutions considering whether they should update methods and stop using checks, according to a report Wednesday (Jan. Check fraud, or the attempt to perpetrate it, has gone up from $8.5 Also, it makes up 60 percent of all attempted fraud against U.S. 15) by The Wall Street Journal.

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PYMNTS

MAY 28, 2020

Digital-fraud-protection company Kount said Thursday (May 28) that Mercator Advisory Group has named it the best eCommerce Fraud Detection Solution from among more than 40 products ranked. As fraud threats evolve, we will continue to advance our products to protect our customers.”.

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PYMNTS

FEBRUARY 24, 2020

According to the latest research from Bottomline Technologies, businesses said the fraud threat is on the rise. Meanwhile, Forbes reported separate analysis from North Carolina State University warning that as pressure mounts for chief financial officers to hit their financial targets, they’re less likely to report fraud.

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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. Some industries are more prone than others, as we discovered in the latest Fraud Decisioning Playbook , a PYMNTS and Simility collaboration.

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Fraud social media ATM Industry 131

Abrigo

JULY 10, 2020

Community banks and credit unions partnered with their communities to help families and businesses through these unprecedented times , causing spikes in consumer fraud that must be faced head on. According to the new advisory , t wo fraud typologies are trending: imposter scams and money mule schemes. Member Business Lending.

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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. The push for more intelligent anti-fraud solutions comes as the costs of such attacks are reaching new heights.

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Fraud Data Resources Tools 194

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. This isn’t merely an issue for the B2C world, however. The False Positive Threat.

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Fraud Payments Cards Strategy 182

PYMNTS

FEBRUARY 9, 2020

5) to one charge of conspiracy to commit wire fraud, stating that he assisted New York-based MyPayrollHR CEO and Founder Michael Mann defraud two companies, according to multiple reports last week. Mann allegedly was the leader of a bank fraud racket worth millions, which eventually cost him MyPayrollHR, his Clifton Park, N.Y.

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PYMNTS

MARCH 9, 2020

The group, which represents brands including Clorox and Colgate-Palmolive, among others, wants the Justice Department to stop merchants from heavily increasing prices on key coronavirus prevention supplies, such as masks and hand sanitizer, CNBC reported.

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Groups Branding Fraud Compliance 144

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic. billion pounds ($5.2

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Fraud United States Cards Industry 167

PYMNTS

NOVEMBER 3, 2020

One of Sweden’s largest private insurers, Folksam Group , says a data breach affected one million of its clients. Folksam said it had accidentally allowed big tech companies to access customers’ private data, Bloomberg reported.

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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. Clean’ and ‘Friendly’ Fraud are Neither. That’s “clean” fraud.

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PYMNTS

APRIL 9, 2019

The All-Party Parliamentary Group (APPG) on Fair Business Banking is calling for a new investigation into Lloyds and how much its executives knew about the ongoing mistreatment of small business customers by its HBOS unit. Reports in City A.M. That will be conducted by retired high court judge Linda Dobbs.

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Fraud Groups Report Regulation 122

PYMNTS

JUNE 18, 2020

The London-based trade group for Europe’s ePayments community is waiting for the European Banking Authority , the European Union (EU) banking regulator, to provide the 27-nation bloc with an update on Strong Customer Authentication (SCA). In addition, he said, barriers should be removed from eCommerce and more must be done to prevent fraud.

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Groups Regulation Fraud Security 131

PYMNTS

MAY 29, 2019

A group of U.K. financial institutions are signing a voluntary code to refund consumer and small business victims for fraud schemes, the BBC reported on Tuesday (May 28). Reports said an estimated 84,000 bank customers lost money to fraud schemes, which tricked victims into transferring money to cybercriminals.

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Fraud Groups Report Meeting 122

PYMNTS

OCTOBER 1, 2019

A new report by the Federal Trade Commission (FTC) has revealed that millennials are 25 percent more likely to report losing money to fraud than consumers ages 40 and over. Online shopping fraud reports include complaints about items that are never delivered or are not as they were advertised.

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Millennials Fraud Report social media 149

PYMNTS

OCTOBER 8, 2020

Ugandan police are investigating the hacking of a third-party processor of phone-based transactions, Bloomberg reported, that affected MTN Group and Standard Bank Group 's local units. While some services had to be suspended because of the hack, MTN said in a statement that no users' funds were affected.

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