PYMNTS

FEBRUARY 18, 2019

So much of the focus on fraud these days involves exploiting holes in software, hacking into systems to steal personal information and payment data, or otherwise using digital methods in heists. But recent news involving “death-spiral financing” reminds us that fraud is still conducted in other, relatively old-fashioned ways.

Fraud 122

Fraud Operations Security Software 122

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.

Fraud 160

Fraud Strategy Community Bank New York City 160

PYMNTS

APRIL 5, 2017

Paygilant, the frictionless mobile payments fraud detection company, announced Tuesday (April 4) it was able to show how Citi was able to reduce operational costs associated with mobile wallet transactions. With mobile wallet transactions worldwide expected to exceed $1.5 This is extremely valuable to Citi,” he said.

Fraud 101

Fraud Operations Tools Mobile 101

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.

Fraud 160

Fraud Taxes Groups Compliance 160

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.

Fraud 223

Fraud Payments Survey Security 223

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

Fraud 180

Fraud Delaware Maryland social media 180

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.

Fraud 141

Fraud Survey California Resources 141

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.

Fraud 169

Fraud Payments ATM Cards 169

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. He accuses GE of undertaking “a bigger fraud than Enron” that has left the company “on the verge of insolvency.”

Fraud 125

Fraud Capital Operations Report 125

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.

Fraud 131

Fraud social media ATM Industry 131

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.

Fraud 194

Fraud Data Resources Tools 194

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.

Groups 131

Groups Regulation Fraud Security 131

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.

Fraud 182

Fraud Payments Cards Strategy 182

PYMNTS

DECEMBER 23, 2019

The initiative enables 2,000 corporate groups on the SWIFT network to utilize the KYC Registry by uploading and maintaining their KYC data with financial institutions. SWIFT’s decision to open up the registry also reflects the growing threat of fraud in corporate payments. Canada, Mexico, Sweden, Australia and South Africa.

Fraud 131

Fraud Maryland Payments New York 131

PYMNTS

NOVEMBER 28, 2018

Google, the FBI and White Ops, along with a handful of cybersecurity companies, recently collaborated to shut down a digital ad fraud scam that used 1.7 According to the report, 3ve (pronounced “Eve”), which is what the group called its online ad fraud campaign, was active since 2014 but could have been around for longer.

Google 128

Google Fraud Online Operations 128

PYMNTS

OCTOBER 6, 2020

A fact of our new reality that has snapped sharply into focus over the last half year as restaurants of all sizes and descriptions have had to rapidly reset their operations for a world where restaurants were first closed down entirely and, even when they reopened, customers have remained reticent about dining out. Dining has gone digital.

Fraud 195

Fraud Data Mobile Cards 195

PYMNTS

JULY 2, 2020

As scrutiny over Wirecard and EY continue to grow, a broader debate is seeing a resurgence over what role, if any, auditors play in identifying and preventing corporate fraud. Fraud Concerns Arise. India’s Serious Fraud Investigation Office said both auditors “miserably failed to fulfill the duty entrusted to them.”

Fraud 152

Fraud Report Company Regional 152

PYMNTS

JULY 6, 2017

With the speed of payments accelerating and Same Day ACH initiatives continuing to roll out, NACHA has pulled together a group of industry experts to explore API standardization as a way to facilitate faster payment speeds and greater transaction security, among other use cases.

Fraud 198

Fraud Payments Groups Industry 198

PYMNTS

DECEMBER 21, 2020

with money laundering, fraudulent banking and computer fraud, Reuters reported. “It Using the platform, VTB issued a guarantee for a payment of 392 million rubles ($5 million USD) to telecommunications group MTS PJSC last Wednesday (Dec. They allege that F.F. 16), in the first blockchain-supported bank guarantee in Russia.

blockchain 206

blockchain Bitcoin Fraud Report 206

PYMNTS

FEBRUARY 19, 2019

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. That’s where Kevin Lee comes in. Changing Scope. The stakes could hardly be higher. Insult Rate.

Fraud 169

Fraud Data Maine System 169

Gonzobanker

MARCH 6, 2020

Addressing common loan and deposit operations process inefficiencies can help financial institutions deliver optimized value to customers and stockholders. In recent years, many financial institutions have been focused on improving their digital delivery capabilities, often at the expense of their operational groups.

Operations 93

Operations System Groups Technology 93

PYMNTS

OCTOBER 21, 2019

But an anonymous public letter posted online warned the group’s supervisory board members that they could possibly face personal liability if they chose not to investigate credible fraud allegations. This isn’t the first time FT has published a report accusing Wirecard of accounting fraud.

Fraud 103

Fraud Operations Groups Report 103

PYMNTS

APRIL 29, 2019

Indianapolis-based freight trucking company Celadon Group has agreed to pay its investors $42.2 As part of the agreement, the company must pay restitution to shareholders, as well as implement internal controls and cooperate with the investigations of the former executives allegedly involved in the fraud.

Fraud 108

Fraud Indianapolis New York Operations 108

PYMNTS

MARCH 20, 2020

Fraud attacks’ frequency and complexity will likely continue to rise despite merchants’ best efforts to prevent them. The Latest Fraud Decisioning Developments. Malware targeting computers running the Windows 7 operating system were especially hard-hit, rising 125 percent, according to the report.

Industry 225

Industry Fraud social media Security 225

PYMNTS

JULY 23, 2019

China’s banking regulator is introducing stricter requirements on banks and insurance institutions that provide supply chain financial solutions in an effort to curb fraud, according to China Daily reports last week. JD.com, Suning.com Spark Concerns. for Finance and Development’s Deputy Director Zeng Gang in an interview with China Daily.

Fraud 128

Fraud Regulation Report Management 128

PYMNTS

NOVEMBER 12, 2019

PULSE , the debit/ATM network that operates as a Discover Financial Services company, said in a press release that it has adopted the FICO Falcon Platform to bring new fraud detection services to its network of more than 4,100 debit issuers. The platform also helps allow — or restrict — transactions for individual or multiple accounts.

Fraud 101

Fraud Study ATM Training 101

PYMNTS

OCTOBER 29, 2018

There may come a day, a generation or two from now, when stories about the data breaches and other hacking threats faced by payments and commerce operators in 2018 seem quaint — or, at the least, like relatively primitive foreshadowing of a new type of digital criminality. It’s already happening, of course, albeit tentatively.

Fraud 176

Fraud Wisconsin Data social media 176

Payments Source

AUGUST 22, 2018

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand.

Fraud 92

Fraud Data Mobile Payments 92

PYMNTS

DECEMBER 26, 2018

Iran has created a fraud court to combat rampant financial malfeasance and attempt to aid its flagging economy. Hundreds of foreign-exchange dealers have also been arrested for black-market currency operations. Since the court’s inception, dozens have been sentenced and many have been executed. sanctions being re-imposed last month.

Fraud 159

Fraud Washington Marketing Groups 159

PYMNTS

JUNE 14, 2020

The three companies charged are Richmond Capital Group, Ram Capital Funding and Viceroy Capital Funding. Three merchant cash advance companies are facing a lawsuit from New York Attorney General Letitia James over reportedly practicing illicit measures when loaning money to clients, according to a press release.

Company 198

Company Fraud New York Capital 198

FICO

NOVEMBER 16, 2022

Enterprise Fraud Solution Buyers Want More Agility, More Data. Our recent global survey reveals the investment priorities and functionality requirements for enterprise-level fraud solution buyers. We asked about priorities, plans and requirements for enterprise fraud prevention and detection solutions , and the results are fascinating.

Fraud 52

Fraud Data Survey Regional 52

PYMNTS

MARCH 12, 2020

Payment processors expanding their operations into new industries and markets have their work cut out for them, however. Each sector and country encounters different fraud types that providers must be ready to detect and thwart. The different social dynamics and payer behaviors change the way fraud behavior works,” he explained. .

Fraud 130

Fraud Analysis Regional Examples 130

PYMNTS

MAY 8, 2019

The Indianapolis-based firm, which works to accelerate B2B payments to truck operators, apparently has removed its CEO and COO — the result of a financial accounting scandal at another trucking firm where FreightRover executives had worked. The problems reportedly stem not from FreightRover, but from Celadon Group Inc.,

Fraud 135

Fraud Report Indianapolis Leadership 135

PYMNTS

AUGUST 1, 2018

Three people associated with the hacking group FIN7 — also known as Carbanak — were arrested in Europe and are facing charges in the United States. The group was able to steal $1.2 Europol contended that the group has been operating since 2013 and has members in 40 countries around the globe. Hladyr is already in U.S.

Groups 101

Groups United States ATM Fraud 101

PYMNTS

JUNE 6, 2017

From some guy’s garage in San Francisco, a group of math nerds has grown into one of the world’s finest-tuned machine learning operations. SigOpt now helps optimize fraud detection and investments like beer brewing and even the manufacturing of synthetic rhino horns. PYMNTS: Can you explain the business?

Operations 168

Operations Tools Data San Francisco 168

PYMNTS

AUGUST 18, 2020

The platform said that “suspicious activity” that its Sentry workforce found and examined in conjunction with Ukraine’s Cyber Police brought about the identification and detention of a purported cybercriminal group behind alleged ransomware activities and laundering of over $42 million in digital currencies during the past two years. “We

blockchain 142

blockchain Operations Bitcoin cryptocurrency 142

PYMNTS

JULY 11, 2016

Late last week, The Register reported that 105 suspects of credit card fraud were arrested in Asia and Europe after a cybercrime ring was busted by authorities. The investigation spanned two continents and targeted the fraud gang, which was led out of Malaysia and eventually reached 14 countries in Europe.

Fraud 100

Fraud Cards ATM Groups 100