PYMNTS

DECEMBER 29, 2020

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. Find more on these and the rest of the headlines in the Tracker.

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PYMNTS

JANUARY 21, 2021

Melissa Townsley-Solis, head of GIACT , discusses one of the negative effects of COVID-19: the escalation of fraud in the payments arena. She stresses the importance of small businesses fighting back against fraud in 2021 in order to achieve economic recovery. Fraud was red-hot in 2020. Businesses across the U.S.

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PYMNTS

SEPTEMBER 25, 2020

We have deep dives on the financial health of Main Street small and medium-sized businesses (SMBs), digital accounts payable (AP), and GoodRx ’s initial public offering (IPO). . The outlook for a number of Main Street SMBs seems to be getting better, but a cash crunch is still a lingering headwind.

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PYMNTS

JANUARY 13, 2021

The prevalence of online commerce opens new doors for digital fraud, however, both from career fraudsters and opportunistic customers. Developments F rom The World Of Digital Fraud. Developments F rom The World Of Digital Fraud. For more on these and other digital fraud news items, download this month’s Tracker.

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PYMNTS

JULY 9, 2020

The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Around The FI Fraud Decisioning World. Cybercriminals have become adept at stealing customers’ usernames and passwords, details that they can then use to log in to victims’ accounts without triggering fraud alarms.

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PYMNTS

JULY 25, 2017

As such, it would be logical to utilize machine learning to help tackle one of the largest threats to the eCommerce shopping world – online retail sales fraud. In 2016, online financial fraud hit 15.4 Several companies have popped up over the last few years with the specific purpose of combatting online fraud.

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PYMNTS

JULY 8, 2020

Adding to the series of legal difficulties for Wirecard , the Justice Department is looking to see if the German payments company had an essential part in a purported $100 million bank fraud case involving a digital cannabis firm, The Wall Street Journal reported, citing unnamed sources.

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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.

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PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). From those manual reviews, these highly experienced investigators create rules, monitor suspicious activity and collaborate with law enforcement to mitigate fraud in the system, she continued. Modifying the System.

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Fraud System Security Leadership 216

TheGuardian

MAY 4, 2023

TSB says 80% of cases in its main fraud categories come from scams on Meta platforms including Instagram Meta has been urged to take action to protect customers from fraud, after TSB said scams via the social media company’s platforms Facebook, WhatsApp and Instagram have soared. Continue reading.

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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. Yet, few FIs leverage this technology in their anti-fraud efforts — only 5.5 What’s more, only 12.5

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PYMNTS

NOVEMBER 23, 2018

But those illegal marketplaces — often called the “Dark Web” — also present a juicy opportunity for those fighting fraud to detect and even preempt criminal activities than cost businesses revenue and, often, parts of their brand reputation. Early Warning Value. Enough of the basics. But that goes only so far.

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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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PYMNTS

OCTOBER 9, 2020

The October Next-Gen Debit Tracker® analyzes how both digital shopping and digital fraud are growing simultaneously, and what merchants can do to ensure that debit-based card-not-present (CNP) transactions are protected. These include running scheduled checks on their platforms to detect fraud.

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PopularBank

APRIL 18, 2024

Yet, despite advances in bank fraud protection, scammers continue to develop and deploy sophisticated—and successful—methods. Earlier this year, the Federal Trade Commission announced over $10 million in fraud losses in 2023, up 14% from the previous year. Thieves attempting bank fraud may try one or more of the following scams.

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TheGuardian

SEPTEMBER 22, 2021

UK Finance says £754m stolen from bank customers in first half of 2021 as scammers capitalised on Covid Fraud victim scammed for almost £25,000 Coronavirus – latest updates See all our coronavirus coverage Fraud in the UK has risen to a level where it poses a “national security threat”, according to the main banking body, with £754m stolen from bank (..)

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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. Australia’s CNP fraud problems seem to be part of a broader pattern. million USD).

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PYMNTS

FEBRUARY 23, 2020

Reginald Fowler, “an alleged operator behind payment processor Crypto Capital , was charged with wire fraud” on Friday (Feb. This is in addition to charges of bank fraud, an unlicensed money transfer operation and conspiracy. Fraud has become a concern with cryptocurrency around the world.

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PYMNTS

MAY 29, 2020

We have deep dives on Main Street’s digital shift, ATM innovation and PPP loans. NEW DATA: Inside Main Street SMBs’ Digital Shift. FIs need to have the ability to find and thwart fraud, without accidentally sweeping up legitimate clients. FinTechs Help Main Street Find Its Footing. The Flaw In Demonizing Big Tech.

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PYMNTS

JANUARY 30, 2020

This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns. By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes.

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PYMNTS

OCTOBER 14, 2019

However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk. The Dark Side Of Offer Fraud . Beating Back Opportunistic Offer Fraud .

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PYMNTS

SEPTEMBER 19, 2019

This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. billion stolen credentials.

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PYMNTS

JULY 15, 2019

In Australia, a new report shows just how widespread internal fraud in the Commonwealth, aimed at government agencies, has become. This past week it was reported that, per an investigation by the Australian Institute of Criminology, such fraud amounted to $42 million over the past year. Grayson Jr., owner of Zealcon Corp.,

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PYMNTS

JANUARY 4, 2019

The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. The rest of the year will bring other such attacks, and no doubt new attacks barely imagined even by veteran fraud-prevention experts. Criminal Rings. Criminal Patience.

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American Banker

MARCH 21, 2024

A recent survey showed a majority of banks use generative AI, mainly for tasks like writing emails and detecting fraud, but few say they have built customer-facing products with it.

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PYMNTS

JULY 24, 2019

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. Around the Digital Fraud World.

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PYMNTS

JANUARY 23, 2020

The January AML/KYC Tracker examines 5AMLD’s significance, as well as other efforts to thwart the fraud attempts challenging the financial sector. Worldpay On Modernizing Security To Foil eCommerce Fraud. Around The AML/KYC World. Fiat-focused digital wallets must also boost their security. Get the full story in the Tracker.

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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. The part where he comes back to work as director of strategic development at We Fight Fraud , a security firm dedicated to helping businesses fend off fraudsters? Less expected. Hacking the Humans.

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Payments Source

APRIL 22, 2020

There is no denying that the upgrade to EMV will reduce certain types of fraud by noticeable amounts, but there should be no illusion that this is a “silver bullet” to a growing fraud trend, says The ai Corporation's James Crawshaw.

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PYMNTS

OCTOBER 18, 2018

How Banks Are Weaponizing Data To Fight Fraud. However, while these banking players are looking to cater to customer demand, the migration to digital banking could be making them more susceptible to fraud. To read the full story, download this month’s edition of the Digital Banking Tracker. . About the Tracker.

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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. Unlike the latter areas, fraud prevention is an area not as heavily governed by regulations or specific rules of what a financial institution should or should not allow.

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PYMNTS

MAY 16, 2019

These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud. As a part of fraud protection efforts, card issuers and financial institutions (FIs) already flag unusual locations for potentially fraudulent payments. The research shows that 52.9

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PYMNTS

MAY 15, 2018

The Central Bureau of Investigation (CBI), India’s main investigative agency in the country, has filed charges in the Punjab National Bank fraud case against Nirav Modi, the jewelry retail owner, and his uncle Mehul Choksi, as well as senior executives at the state-run lender.

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PYMNTS

JUNE 17, 2019

However, digital platforms face a major barrier in delivering these experiences: poor fraud detection. For digital platforms, fraud represents a two-headed beast. As largely online operations, they are tempting targets for fraudsters and hackers — therefore, robust anti-fraud systems are vital. According to PYMNTS’ research, 60.8

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PYMNTS

OCTOBER 29, 2018

The main areas of security risk? And as is the case with other forms of hacking , data theft and fraud, danger can always come from the inside, or what the Kaspersky report called “insecure behavior by medical staff” who could access private patient data for criminal purposes. Security Vulnerabilities.

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PYMNTS

MAY 22, 2019

With fraud ramping up, regulators around the globe are starting to take a closer look at everything from typical threats to the use of new technologies, like blockchain. However, most of these security risks will be familiar to banks, which have protected against digital fraud for decades now.

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PYMNTS

OCTOBER 12, 2018

For all the buzz about the advent of real-time payments, and the various opportunities it can reportedly unlock, the lingering uneasiness is that speed also brings the potential for more fraud. That fear, according to David Barnhardt, EVP of product at fraud prevention firm GIACT , is not unwarranted or unreasonable.

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