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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PYMNTS

MARCH 29, 2016

According to Rurik Bradbury, VP, Identity Solutions at TransUnion, as more stores start accepting chip-enabled cards, the spike in online fraud has been remarkable – as in remarkably bad. . As more stores start enforcing the use of chip-enabled cards, he said, the spike in online fraud has been remarkable.

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PYMNTS

SEPTEMBER 24, 2020

The ongoing COVID-19 pandemic and its associated social distancing and stay-at-home orders have pushed untold services online for easier consumer access, with banking serving as a prime example. Fraud Threats To Digital Banking. Identity fraud accounted for $16.9 Leveraging Video-based Onboarding, AI To Prevent Identity Fraud.

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PYMNTS

FEBRUARY 15, 2017

Signifyd Vice President of Partnerships Skye Spear predicted that within three years merchants won’t be on the hook for credit card fraud online thanks to companies like Signifyd that use real-time machine learning to prevent fraudulent transactions from going through. Signifyd charges about 1 percent of the order for its protection.

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PYMNTS

NOVEMBER 26, 2019

As consumers embrace real-time transactions, financial institutions (FIs) must recalibrate their fraud-fighting strategies. The real-time movement of money,” he told PYMNTS, “has implications on your ability to manage losses — and you have to make sure you are keeping pace with new fraud trends.”. Fraud is not static, said Srinivasan.

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PYMNTS

JULY 8, 2020

He and Nitendra Rajput , Mastercard’s vice president of product development and head of the company’s “AI Garage,” said that in many cases, AI is the only way to scale up sufficiently to meet the challenges the company faces with fraud and other business issues. “It Fighting Fraud in a Post-Pandemic World.

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PYMNTS

SEPTEMBER 19, 2019

The complexity of online and mobile advertising — and the vast sums of money involved — make those areas extremely attractive for criminals. As well, successful criminals know that their targets are often complex systems — and complex systems offer many opportunities for financial fraud and massive theft. Essential Problem.

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PYMNTS

JUNE 22, 2020

It’s the battle against fraud that can be lost right at the beginning. Bad actors, are, increasingly, targeting online card applications, using stolen personally identifiable information to apply for credit, leveraging those ill-gotten credit lines to make fraudulent purchases. alone topped $10.2 billion last year. alone topped $10.2

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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? In reference to payments, a hacker could conceivably change an invoice to help divert funds into different accounts. The apps have, cumulatively over 1.5 billion users.

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PYMNTS

NOVEMBER 22, 2019

Fraud is hardly a new phenomenon in retail — in fact, it is probably safe to assume that fraud in some form or other has been there since the beginning. Fraud, in some sense, is, was and always will be a cost of doing business in the world of retail. What we’ve seen is that fraud has gone mainstream,” Naumann said.

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PYMNTS

SEPTEMBER 18, 2020

We have deep dives on digital onboarding at universities, subscriptions and quick-service restaurant (QSR) friendly fraud. Helping QSRs Fight Food Fraud. Eateries have been combating chargeback fraud, which is also referred to as friendly fraud , for years. Top News . Fun, Cool, and Otherwise Interesting.

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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. But that goes only so far.

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PYMNTS

JULY 14, 2020

“Organizations may have had to engage in relaxation strategies, which could inversely impact their fraud appetite, as they had to let more transactions through without reviewing them. Alert rates have stayed flat and fraud detection has gone unchanged. Complete fraud and customer service teams are working from home.

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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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Abrigo

JANUARY 31, 2023

Takeaway 2 Banks should be proactive in understanding fraud trends and FinCEN priorities to prepare for future rulemaking. While a BSA/AML program is now officially referred to as an AML/CFT Program, “BSA Officer” is a title required by law and remains unchanged, as does compliance with the BSA. That represents nearly 2.8

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PYMNTS

APRIL 20, 2017

In some cases, Verifi has found that cardholders will use the dispute process as a means to seek a refund — a practice referred to as first-party or “friendly” fraud. According to research cited by Finextra , as much as 70 percent of chargebacks are the result of first-party fraud.

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Abrigo

JANUARY 29, 2021

Takeaway 3 The pandemic has increased online activity, while in-person events like sporting events and concerts waned. . January is National Slavery and Human Trafficking Prevention Month, also referred to as Human Trafficking Awareness Month. Human Trafficking Shifts Online. Fraud Prevention. Fraud Prevention.

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FICO

MAY 27, 2022

Fraud at the point of application has long been an issue for lenders. We have seen insurance, utilities and mobile phone contracts all targeted by application fraud. Application fraud soared during the pandemic and continues to grow today. In most cases, fraud controls are still not taking place at the point of application.

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PYMNTS

SEPTEMBER 16, 2020

the Shanghai-based company that calls itself the world’s largest online platform. Under the scam, alleged cybercriminals make the online purchases while the same sum is then credited to their gambling account. Zhao Yongdong, a self-described gambler, told the newspaper he became addicted to online games during the COVID-19 lockdown.

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PYMNTS

AUGUST 14, 2020

Selling an EMV 3DS (also referred to as 3DS 2.0) When PAAY , a software-as-a-service company that protects merchants from fraud and increases authorization rates first started offering EMV 3DS, it had to do a lot in educating potential clients in the face of many saying: “We don’t want to hear about this.”

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Perficient

FEBRUARY 11, 2021

Is there potential for this sign-up to commit fraud or abuse? What kind of online presence does this email have? You can refer to this link for more information about the response detail. Is this a throwaway account? Is this a trustworthy sender? EmailRep API Integration with Episerver Commerce Framework through SDK and Cloud.

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PYMNTS

SEPTEMBER 28, 2017

But in the world of identification fraud, there’s a greater sea change afoot, one that stretches farther than the impact on any one firm, or even the millions of adults targeted in the most brazen of breaches. All too often, Barnhardt said, companies confuse “true name” fraud – account takeovers – with synthetic identity fraud.

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PYMNTS

SEPTEMBER 16, 2020

We may be wondering what’s on the other side of commerce, banking, and “normal” life after the pandemic — but rest assured it will be done (at a significant and accelerating pace) online. Online identity verification has many forms,” Laing told PYMNTS. We’re trying to protect both the consumer and the merchants serving them.".

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PYMNTS

NOVEMBER 21, 2019

They poke and prod, looking for various weaknesses to be exploited on online platforms, in company emails (as in Business Email Compromise, or BEC), through text messages and even the old-fashioned phone call that induces a victim to hurry online and send some money. The notion of Nigeria as hotbed of fraud — well, that’s nothing new.

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PYMNTS

JUNE 24, 2020

As PYMNTS research has detailed, as much as $158 billion in brick-and-mortar commerce will move online. Payments orchestration – which leverages platforms to coordinate the complex range of gateways, fraud tools, rewards and partner merchants across a single view – can be one way to address the technical heavy lifting.

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FICO

JANUARY 19, 2022

From TBML to BNPL to NFTs, 2021 found fraud and financial crime professionals dealing with a plethora of new challenges and criminal schemes. Our five most popular posts of the year dealt with trade-based money laundering, non-fungible tokens, buy now pay later scams, courier scams and good old credit card fraud. Here are excerpts.

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PYMNTS

FEBRUARY 27, 2020

Enfuce Tackles Fraud In Open Banking. Open Banking FinTech Enfuce this week announced a partnership with financial crime and fraud management company Featurespace. Enfuce will use Featurespace’s ARIC Risk Hub to extend its fraud protection capabilities to Enfuce’s own clients, including banks and merchants.

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PYMNTS

JULY 27, 2020

Digital banking and eCommerce are making rapid gains in 2020 as consumers turn to online channels to make purchases and avoid potential exposure to COVID-19. Synthetic ID fraud can be especially hard to spot. Long-running synthetic ID schemes have illuminated gaps in FIs’ traditional fraud-fighting measures.

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PYMNTS

NOVEMBER 22, 2019

A variety of factors have contributed to gift cards’ popularity, including their ease of theft and the simplicity of converting them into cash via online marketplaces. QSRs and retailers are looking to stop this tide of cybercrime by adopting a variety of anti-fraud measures. Gift card fraud comes in a variety of forms.

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PYMNTS

MARCH 5, 2020

Non-Virgin Media users could have also been affected as the database included some “refer a friend” promotions. Fraud and hacking scandals have become more commonplace in the modern world as data is increasingly moved onto online databases.

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CFPB Monitor

OCTOBER 31, 2022

The American Bankers Association has sent a letter to CFPB Director Chopra in which it urges the CFPB not to shift liability to banks for peer to peer (P2P) payments using an online-money transfer platform in which the consumer who authorized the payment subsequently claims it was made to a scammer.

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PYMNTS

FEBRUARY 26, 2020

These merchants have always been vulnerable to in-person fraud, including coupon or promotion scams, but digital channels create new avenues that bad actors can exploit. This also means fraud runs relatively unchecked among quick-service restaurants (QSRs), with total fraud losses on an average order of $15 reaching as high as $36.25.

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PYMNTS

NOVEMBER 12, 2020

12) filed a lawsuit in federal court in Washington state against 13 individuals and businesses “for advertising, promoting and facilitating the sale of counterfeit luxury goods in Amazon’s store,” the online retail and tech giant announced in a press release. Amazon on Thursday (Nov.

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PYMNTS

APRIL 30, 2019

PSD2 will change – indeed is changing – online commerce in Europe and beyond. Some verticals, such as online travel companies, will be impacted more visibly, and perhaps earlier, than other niches, he said. According to Eleveld, the supposition is that, at least for online travel customers, they will pay less. a fingerprint).

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Abrigo

DECEMBER 8, 2021

Should BSA/AML board training be in person or online? A reference guide with these acronyms and what they represent can be helpful during training. Address recent fines and enforcement actions To keep up with constantly changing fines and enforcement actions, Bankers Online can be a great resource. Fraud Prevention.

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PYMNTS

AUGUST 5, 2019

Fraud comes in many flavors, and a payments-related lawsuit arising from the growing business of legal, recreational marijuana is proof of that point. That new industry is growing, and new services, including online ordering and delivery, are rising to meet consumer demands for legal pot. The good news? Onboarding Stage.

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FICO

DECEMBER 6, 2017

There has been a lot of noise in the fraud marketplace from new market entrants touting the power of machine learning (ML), artificial intelligence (AI) and “new data sources” to fight fraud. My post today is about the underlying data we use to build models using machine learning analytics, the FICO Falcon Fraud Consortium.

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