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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Pandemic-Proof Finance Operations Are Cloud-First And Global


Noting that some countries are able to operate more normally now than the U.S., And it’s no surprise that these transactions have to be digital for the sake of efficiency, fraud protection and auditability.”.

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Bitcoin Daily: Nigeria’s Crypto Market Surges; Alleged Crypto Capital Operator Charged With Fraud


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. ” Fowler was initially arrested for his alleged role in operating Global Trading Solutions, which may be tied to Crypto Capital. Fraud has become a concern with cryptocurrency around the world.

PSD2 Creates Turbulence For Travel Operators


More than 3,200 GDPR breaches were logged within the first seven months after the regulation went into effect, which means the open data flow it supports may need to come with better fraud protections sooner rather than late. Security & Fraud Amadeus authentication compliance consumer data data privacy Fraud Prevention GDPR Main Feature News Payment Security PSD2 regulations Tracker Series Travel Payments Whitepages Pro

Zelle operator Early Warning hires new CEO

Payments Source

P-to-P payments Fraud prevention Payment fraud Fraud detection Career moves Early Warning ZelleAlbert Ko, who had been the chief transformation officer of Intuit, says he will work to improve Zelle's interface to make it more appealing to consumers.

Trulioo: Dramatic Fraud Spike Threatens Secure Digital Future


A massive spike in fraud of all kinds has taken businesses by surprise and left them scrambling for solutions, Trulioo Chief Operating Officer Zac Cohen told Karen Webster in a recent conversation.

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Merchants, Online Fraud And The 3DS 2.0 Reset


s struggles toward universal adoption in the European Union is reminiscent of EMV chip cards’ rise — a similar journey that aimed to solve a different fraud problem. will ultimately make it over the finish line because, bumps aside, it’s effective and reduces digital sales fraud.

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Boston Market Deploys AI To Fight Fraud, Improve ROI


It can also serve as a powerful tool in restaurants’ fight against fraud, which is becoming an increasingly prevalent issue as bad actors target the flood of customers using digital channels during the COVID-19 pandemic.

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FTC?s Operation Main Street Helps Protect SMBs From Fraud


The Federal Trade Commission (FTC) has announced a new law enforcement initiative targeting operations seeking to defraud small businesses. attorneys’ offices and the Better Business Bureau (BBB), the FTC has released the results of Operation Main Street: Stopping Small Business Scams. A top FTC priority is to stem the tide of fraud against small businesses.”. BBB is pleased to partner with the FTC to help small businesses spot and avoid scams and fraud.”.

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Wirecard Makes Deals To Sell Its Brazil, Britain Operations


As Wirecard AG’s global operations close following its bankruptcy filing, the German payment company has agreed to sell what’s left, the Financial Times reported. In addition, he noted that the sale of some of the company’s operations in Britain and North America could be announced soon.

Mapping Fraud’s DNA


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. That’s what Feedzai is trying to do — it is using machine learning (ML), artificial intelligence (AI), human expertise and link analysis techniques to, in a way, map the genome of digital fraud so as to prevent it. The Biology Of Fraud.

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Why Mexico’s SMBs Need A FinTech Operating System And Not Another Bank


The world needs a FinTech operating system.”. He also cited “banks’ aversion to taking on risk and fraud” in a proactive manner that leads them to create and promote new card offerings.

Paygilant Fraud Tool Reduces Operational Costs For Mobile Wallet Transactions


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. In a press release, Paygilant, which was founded in 2014, said it provides an on-device mobile wallet fraud detection solution that reduces mobile wallet fraud and customer authentication friction.

‘Death-Spiral Financing’ Leads to SEC Fraud Charges Against Penny-Stock Operator


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. Securities and Exchange Commission has sued financier Joshua Sason for fraud.

Authentication Creates Opportunity To Solve FIs' $1 Trillion Fraud Problem


Panelists included Schalk Nolte , CEO of Entersekt ; Jen Martin , head of Fraud Operations at KeyBank ; and Karen Boyer, Fraud Intelligence Director, Financial Crimes at People’s United Bank.

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DOJ Seizes $24M In Crypto As Part Of Brazilian Internet Fraud Probe


The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. Security & Fraud brazil cryptocurrency Department of Justice fraud international legal News What's Hot

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Ready Or Not, Faster Payments Will Impact Corporate Operations


However, regardless of how corporates adopt faster payment technologies, many experts agree that the acceleration of payments in the country will have profound effects on the broader financial services space, and those changes are likely to impact how companies manage money and operate in a new ecosystem of payments innovation. Schoch pointed to that operational model as a key example.

Bitcoin Daily: Ukraine Busts Alleged Crypto Laundering Operation; Blockchain Shipping Platform TradeLens Expands


Modernizing the processes through which logistics operates is critical to building more robust and efficient supply chains which will help with economic development and value creation for all parties.”.

The Fraud That 85 Percent Of Fraud Detection Systems Miss


The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. As of today, 85 percent to 95 percent of synthetic fraud identities are easily slipping past risk detection systems that are failing to flag them. The Rising Threat of Synthetic Identity Fraud. But even more worrisome, said Barnhardt, is how much better cybercriminals are getting at this type of fraud.

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Deep Dive: How FIs And Merchants Are Pushing Back Against Push Payment Fraud


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. Fighting Back Against APP Fraud.

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Helping FIs Separate The 'Reality Of Fraud Protection' From Perception


Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . Collaboration is the best approach FIs can take to be proactive against fraud.

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Sinemia Shuts Down U.S. Operations Amid Lawsuits


operations. In a letter on its webpage, Sinemia said it was ending operations in the U.S. While we are proud to have created a best-in-market service, our efforts to cover the cost of unexpected legal proceedings and raise the funds required to continue operations have not been sufficient. operations,” Sinemia wrote in the letter. Just like any other FinTech company, Sinemia also faces its own challenges of fraud,” the company said at the time.

Corporate Fraud Reveals The Breadth Of Scammer Tactics


When it comes to fraud threats, no company — large or small — is immune. PYMNTS breaks down the numbers of the latest in B2B fraud below. The Financial Times cited documents that suggest the invoice fraud scheme allowed NMC to secure loans in the UAE via Neopharma.

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 Payments Fraud, Via Apps?


Apps with a possible security flaw, a malware phishing scheme and possibly, payments fraud, all done in the blink of an eye? WhatsApp follows current best practices provided by operating systems for media storage, and looks forward to providing updates in line with Android’s ongoing development. B2B Payments American Express B2B News payments fraud Security Symantec Telegram WhatsApp

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Combatting The Two-Sided Headache Of Invoice Fraud


Even with the digitization of the invoice, fraud remains a rampant problem, and it's not only the buy-side of the B2B equation faced with the consequences. The technology exists today to combat not only the problem of invoice fraud, but the friction of these investigations.

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Why The Best Fraud Defenses Need Artificial And Human Intelligence


Mari Anne Bayliss , senior director of solution management at CyberSource , told Karen Webster that simply relying on machine learning as a weapon against fraud is not enough — not in an age where managing fraud risk during the great digital shift (and unprecedented transaction volumes) is so challenging. . Among the biggest challenges has been compliance, as so many organizations have had to have call centers , back-end operations and fraud teams work from home. .

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Major U.K. Bank Has Signed on to Use Clinc’s Latest Fraud Tool

Bank Innovation

bank to use its new AI-based fraud tool, Bank Innovation has learned. Operations Premium Security & Risk Startups artificial intelligence clinc Facebook Messenger fraudClinc, a conversational AI company, has signed a deal with a major U.K. Clinc could not disclose the bank's name, but Gualberto Camacho, director of product at the company, told Bank Innovation that it is "one of the three largest FIs in the […].

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Data Can Fight Fraud And Remove Friction For Holiday Season


Merchants are adapting quickly to a rapidly digitizing environment, caught between trying to build a smooth, seamless experience for their good customers and trying to prevent fraud of all sorts as attacks increase in both number and activity level. Sevounts said there are no silver-bullet solutions, but there are data to be leveraged to build a better, more secure experience and improve business operations as a whole.

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How Blaze Pizza Fires Up Friendly Fraud Defenses


Consumers are using mobile apps’ order-ahead features and loyalty perks more often during the COVID-19 pandemic, yet chargeback fraud — also known as friendly fraud — is unfortunately also rising. A Proactive Approach To Friendly Fraud.

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Deep Dive: How Biometrics Help Telecommunication Companies Fight Onboarding Challenges, SIM Swap Fraud


Telecommunications companies face a number of challenges in their day-to-day operations, however. Onboarding these customers can be a tedious challenge prone to fraud and consumer frustrations, and the industry faces the ever-looming threat of SIM swap fraud.

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Deep Dive: How Automation And The Cloud Can Improve Operational Efficiency In Payments Processing


Most customers bypass dealing with merchants entirely when trying to stage chargeback fraud, with 76 percent of cardholders going directly to the payment card issuer.

Qdoba On Curbing Chargeback Fraud With Data Analytics


Consumers around the globe appear to support these integrations with a recent report finding that 71 percent of QSR customers are in favor of their favorite eateries incorporating AI into their business operations.

The B2B Payments Fraud Threat Of Internal Employees


The currency exchange company continues in the grips of a ransomware attack that has crippled its operations, as well as the foreign currency operations of its corporate clients, including HSBC and Barclays. As Travelex works to regain control of its systems, restore operations and mitigate any future fallout from the incident, the cyberattack is yet another reminder that one company’s cyber vulnerabilities can have far-reaching effects throughout the B2B supply chain.

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FinServ Providers Lift Some Of B2B’s Fraud Burden


As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters. Indeed, the latest cases rounded up by PYMNTS show that the threats of external BEC scams and internal accounts payable fraud are alive and well. Officials noted that invoice fraud occurs on a “regular basis,” according to 3FM reports.

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Bringing AI To The Fight Against Healthcare Payments Fraud


This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sector more than $200 billion annually by some estimates. The study is part of the larger Unlocking AI series by PYMNTS, examining how AI and other computational systems are being used to manage critical business functions, including payments, regulatory compliance, risk assessment and fraud protection.

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