Trulioo: Dramatic Fraud Spike Threatens Secure Digital Future

PYMNTS

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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Ferry Operator Serving Cape Cod, Martha's Vineyard Attacked With Ransomware

PYMNTS

Eastern time stated, “The Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority has been the target of a ransomware attack that is affecting operations as of Wednesday morning. Security & Fraud Cybersecurity fraud Massachusetts Steamship Authority News Security What's Hot

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DataVisor Introduces Anti-Fraud Security Solution dEdge

PYMNTS

Fraud detection company DataVisor, which uses artificial intelligence (AI) to help find fraud activity and correct it, has released a new anti-fraud solution called dEdge, which can detect attacks and malicious operations in real time, according to a press release. .

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Worldpay On Modernizing Security Defenses To Foil eCommerce Fraud

PYMNTS

The European Union’s long-anticipated 5th Anti-Money Laundering Directive (5AMLD), which modernizes security rules to reflect the needs and threats facing today’s economy, took effect in mid-January, and its impacts are already being felt across the payments space.

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Advanced Fraud Solutions Debuts Tool To Fight Vendor Fraud

PYMNTS

Advanced Fraud Solutions (AFS), which works in deposit fraud detection software, has rolled out AFS Positive Pay, which will help financial institutions (FIs) and enterprise customers look at changes in payments information to prevent fraud, according to a press release.

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PSD2 Creates Turbulence For Travel Operators

PYMNTS

PSD2 may have a greater effect on payments, even outside the EU, as consumers all over the globe are clamoring for more data security. 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.

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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UK’s Law Enforcement Expects Uptick In Crypto Fraud

PYMNTS

England's national fraud-reporting operation, Action Fraud , reported that cryptocurrency-related scams totaled 5,581 in calendar 2020 — a 57 percent increase over the prior year, according to the Financial Times.

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Bitcoin Daily: Bitcoin Mine Operator Planning IPO; Swedish Financial Authority Warns Consumers Of Crypto Risks

PYMNTS

Bitcoin mine operator Northern Data AG is planning to go public and could raise up to $500 million in the initial public offering (IPO), Bloomberg reported. SEBI has been communicating the directive with company executives, bankers and securities lawyers.

Three success factors in security operations

Insights on Business

The expansion of channels expands the threat of money laundering, fraud, and hacks — as well as regulatory requirements for necessary protections. The model delivers better customer experiences, creates operational efficiencies, and can lead to new revenue sources. Financial institutions are leading the charge in building security immune systems, knowing they are most threatened. In my mind, success follows with three operational goals: 1.

The Fraud That 85 Percent Of Fraud Detection Systems Miss

PYMNTS

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. Whenever a new thing in security comes along, they come out and see if they can beat it.

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MonetaGo, GUUD Team On Secure Transactions

PYMNTS

MonetaGo , which specializes in blockchain technologies, and GUUD Company , which focuses on making international trade smooth, have teamed up on international financial transaction security, MonetaGo announced in a press release.

Uncovering the Hidden Efficiencies in Loan and Deposit Operations

Gonzobanker

Addressing common loan and deposit operations process inefficiencies can help financial institutions deliver optimized value to customers and stockholders. Now, a shift is under way in FIs’ operational units as the conversation turns to transforming legacy banks into “smarter banks.”.

Deep Dive: How 2020’s Fraud Trends Will Shape Security Measures Going Forward

PYMNTS

This revenue free fall could result in 100,000 restaurants nationwide closing either temporarily or permanently, with 40 percent of all restaurant operators unsure whether they can survive six months into the future. The Fraud Threats Of 2020.

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Mapping Fraud’s DNA

PYMNTS

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 The Best Fraud Defenses Need Artificial And Human Intelligence

PYMNTS

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. . To gain that insight, she said it’s important to partner with firms to outsource at least some fraud prevention efforts.

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Organizations' Fraud Threats Rise This Holiday Season

PYMNTS

The holidays aren't always so cheery as the risk of fraud plagues consumers and retailers alike. With the pandemic accelerating a surge in eCommerce volumes, online fraud threats are at their peak, and everything from chargeback fraud to online product scams are dampening the holiday spirit.

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Mastercard: Digital Identity Aligns Security With Consumer Experience

PYMNTS

After countless data breaches and hacker attempts on their personal data, consumers are pretty well fed-up with the problem and have taken on a zero-tolerance stance, the recent PYMNTS and NuData Securing eCommerce study said. Smoothing Out The Secure eCommerce Journey .

Securing The New Commerce Normal

PYMNTS

For all that has changed dramatically in the last several weeks due to the coronavirus pandemic, consumers are still looking for the same two core offerings in every transaction, no matter what it is or where it takes place: seamlessness and security. Fighting Fraud On All Fronts.

Data Security’s Secret Sauce? ‘Zero Data’

PYMNTS

Mahmoud Abdelkader , co-founder and CEO of Very Good Security , said the current security and compliance approach is fundamentally flawed — it doesn’t keep people safe, and it hamstrings businesses. To protect what you’ve got — lock it away, build a wall, maybe a moat.

FTC?s Operation Main Street Helps Protect SMBs From Fraud

PYMNTS

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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Sift Upgrades Digital Trust & Safety Suite For Enhanced Fraud Prevention

PYMNTS

Fraud prevention firm Sift has expanded its Digital Trust & Safety Suite to help businesses fight fraud and abuse, the firm announced on Tuesday (April 20). Now, amid the eCommerce boom, the fraud economy has become more robust and sophisticated.

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Swap.com Uses Data Analytics To Fight Post-Holiday Fraud Surge

PYMNTS

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. For more on these and other digital fraud news items, download this month’s Tracker.

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

PYMNTS

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.

GIACT: It’s Time To Fight Back Against Fraud

PYMNTS

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.

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David’s Bridal Marries Security And Omnichannel Payments To Build Consumer Trust

PYMNTS

Retailers operating in each of these channels — or across both — must be especially sure to meet consumers’ payment requirements, but this comes with its own challenges. It also analyzes why robust security and digital identification measures are necessary in this regard.

Bringing AI To The Fight Against Healthcare Payments Fraud

PYMNTS

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.

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Paygilant Fraud Tool Reduces Operational Costs For Mobile Wallet Transactions

PYMNTS

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.

Merchants, Online Fraud And The 3DS 2.0 Reset

PYMNTS

As has historically been the case with commerce security upgrades that roll in by government mandate, the path to European Union adoption of 3D Secure 2.0 will ultimately make it over the finish line because, bumps aside, it’s effective and reduces digital sales fraud.

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IoT Device Security Flaws Stalk Medical Providers, Blunt Innovation

PYMNTS

Unfortunately, these devices are a challenge to secure, and hackers have taken note. Tshuva even goes so far as to say that hacking concerns due to security flaws have held innovation back. Security Before Connectivity.

Yelp Details Fraud Initiatives In Trust & Safety Report

PYMNTS

Yelp has debuted its new Trust and Safety website to help bolster knowledge about its fraud-fighting measures and released its 2020 Trust and Safety Report , according to a press release. Security & Fraud Editors' Picks fraud News Security What's Hot Yelp

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Synthetic Fraud’s Slow Roll Across FIs

PYMNTS

Impersonation fraud — where a cybercriminal pretends to be someone they aren’t in an attempt to make off with funds — gets a lot of attention, and for good reason. More insidious and much harder to track, Townsley-Solis told Webster, is synthetic ID fraud.

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 Payments Fraud, Via Apps?

PYMNTS

Apps with a possible security flaw, a malware phishing scheme and possibly, payments fraud, all done in the blink of an eye? Security firm Symantec said this past week that it found a security flaw in Android apps for WhatsApp and Telegram, which can allow hackers to manipulate data that flows between users. B2B Payments American Express B2B News payments fraud Security Symantec Telegram WhatsApp

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Debit Account Validation Manages ACH Fraud Amid Faster Payment Changes

PYMNTS

Coinciding with these gains, fraud has grown increasingly more sophisticated and effective, inflicting damaging losses. And what more can businesses do to truly address fraud? But we also saw fraud increase — and the fraud looks different.”.

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Operational holes cause breaches more than security glitches

Payments Source

ISO and agent Data breaches Payment fraud Capital OneWith lots of day-to-day IT tasks and countless systems to configure, it's easy to make mistakes, says Brian Kelly, CEO of CloudBolt.