Mitigating Mobile Fraud with Secure Subscriber Enrollment

Mobile Payments Today

To streamline the enrollment process, while reducing the potential for fraud, GIACT released a new white paper, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment , detailing the best practices in secure digital enrollment

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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. Security & Fraud biometrics Coronavirus Featured News fraud News podcast Security trulioo

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To reduce cyber fraud, banks must shatter their security silos

Accenture

When the global pandemic ends, banks should anticipate that the rate of fraud will likely have grown faster than at any other point in history. The post To reduce cyber fraud, banks must shatter their security silos appeared first on Accenture Banking Blog.

Fraud Fighters Focusing On Better P2P Security

PYMNTS

This year has been even worse on the fraud front,” we learn from the new PYMNTS Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , “as financial crime stresses FIs that are already confronting the pandemic, economic struggles and an unpredictable political climate.

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Mastercard’s Cyber Secure Uses AI To Help Banks Fight Cyber Fraud

PYMNTS

Mastercard has unveiled its artificial intelligence (AI)-fueled Cyber Secure tool suite, which lets banks evaluate cyber risk throughout their ecosystems and stop possible breaches from occurring, according to a Friday (Oct.

SEC Issues Corporate Fraud Warning As BEC Scams Climb

PYMNTS

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

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Device ID Helps Fight Holiday Fraud Amid Record Online Shopping

PYMNTS

At a time when COVID-19 has seen global eCommerce and digital traffic grow by nearly 70 percent, security experts have braced for a commensurate surge in online fraud as the holiday shopping season continues.

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Virtual Debit Cards Secure Transactions And Ease Minds

PYMNTS

Consumers are increasingly concerned about protecting their payment details from fraud when shopping online,” according to PYMNTS’ November 2020 Next-Gen Debit Tracker ® done in collaboration with PULSE , a Discover company.

KeyBank On Fighting APP Fraud During The COVID-19 Pandemic

PYMNTS

Fraud targeting digital banking users has been around as long as digital banking itself, but it has recently become more prevalent. The pandemic is exacerbating the problem, with a study finding that 22 percent of Americans were the targets of pandemic-related fraud attempts as of March.

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Companies See Work From Home As A Security Threat

PYMNTS

About 70 percent of the 500 companies surveyed said that they expected remote working during the pandemic to increase the cost of a breach; four-fifths told researchers said they expected it will take longer to notice and secure a breach.

Visa pilots card-not-present security app with Michigan State University FCU

Payments Source

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

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. . With the proliferation of mobile phones and always connected devices, identifying fraud is becoming more difficult, the company said, and it can span “multiple vectors.”.

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Mastercard extends AI security tools to banks

Payments Source

Mastercard has rolled out a set of AI-powered tools to thwart fraud and data breaches across banks' ecosystems, particularly to benefit acquirers’ online merchants. Acquirers Artificial intelligence Fraud detection Data security Fraud prevention M&A Mastercard

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The Latest Digital Fraud Prevention Technique: Build A Selective Lock

PYMNTS

But he added that fighting fraud isn’t about building the highest possible wall. After all, fraudsters will always find a way to build a ladder, and firms that impose too-onerous security run the risk of losing legitimate consumers by adding excess friction to the process.

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Security Demands Spur Virtual Debit Card Adoption

PYMNTS

Businesses are also examining virtual card options that can allow employees to make company payments securely and conveniently during the pandemic. Firms are also prioritizing security as they transact online more heavily as well. Virtual Cards To Bring Greater Security To Transactions.

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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Loyalty fraud wave sparks security tech collaboration

Payments Source

Hackers are flocking to loyalty and rewards programs, pushing marketers to embed extra fraud technology to stem financial losses. Payment fraud Loyalty and rewards Retailers

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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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3D secure can put a lid on friendly fraud

Payments Source

The security method offers real-time authentication checks to combat phony chargebacks, says Paay CEO Yitz Mendlowitz. Risk Payment fraud Digital payments Merchant E-Commerce

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Invoice Fraud Strikes Amazon In $19M Scam

PYMNTS

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime.

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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. However, several crypto exchanges and wallet providers have decided to shutter or relocate to countries with weaker security regulations, rather than comply with the new obligations.

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Partners Against Crime: Visa Leads Effort To Fight Fraud With New Dynamic CVV Codes

PYMNTS

The rising trend of digitization in commerce and the increased occurrence of card-not-present fraud were not created by the COVID-19 pandemic. Those dynamics have made the dangers of fraud far less abstract to consumers.

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Mastercard Rolls Out Security Tools To Prevent Gas Station Fraud

PYMNTS

Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The New York payment network giant said fraud was up 17 percent at gas pumps through the end of last year through its Europay, Mastercard and Visa ( EMV ) credit card terminals that allow chip cards and smart cards. Security & Fraud Editors' Picks fraud Fraud Prevention Fuel Payments gas stations MasterCard News Security What's Hot

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Ingo CEO: Technology Plays Defensive Role Against Mobile Deposit Check Fraud

PYMNTS

And even before then, as evidenced by an earlier conversation between Karen Webster and Drew Edwards , CEO of Ingo Money , mobile deposit fraud was increasingly becoming a favorite vector for criminals. Overall, check fraud is costing banks billions of dollars annually, noted Edwards.

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Hack Of C-Suite Email Addresses Portends Surge In BEC Fraud

PYMNTS

Securities and Exchange Commission (SEC) Chairman Jay Clayton , speaking on CNBC , said businesses need to be more aware of the threats posed to their companies from attacks. Security & Fraud Cybersecurity fraud Microsoft News What's Hot

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Visa: Minimizing Fraud Risk And Protecting Merchants Amid The Digital Shift

PYMNTS

Here, Machicao explains how his firm helped clients protect themselves from escalating fraud risks with the COVID-triggered wave of CNP payments. The payment and fraud landscape is almost unrecognizable today compared to just a few short months ago.

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PSCU Unveils Enhanced Fraud Services To Help Protect Credit

PYMNTS

According to an emailed press release, “this advanced service focuses on providing credit union users with concierge-like fraud consulting.” Credit unions can pick and choose what kinds of fraud they would like to focus on.

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FTC Warns Taxpayers About Stimulus Fraud

PYMNTS

No one will call to ask for your bank account, credit card or Social Security number, the FTC said. losses from COVID-19 fraud have reached nearly $100 million since the pandemic emerged in March.

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Secret Service Launches Task Force To Fight Cyber Fraud

PYMNTS

The Electronic Crimes Task Forces and Financial Crimes Task Forces will be merged into the Cyber Fraud Task Forces (CFTF). Since the onset of the pandemic, the Secret Service, a division of the Department of Homeland Security , said it has focused on deterring criminal activity related to the pandemic and recovering stolen funds from Americans. Meanwhile, “traditional financial crimes investigators worked to secure and protect the U.S.

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Fraud Decisioning Goes Omnichannel

PYMNTS

“Banking is rapidly becoming more omnichannel, and FIs need to be sure they can safeguard customers across all the products through which they access their financial services,” according to the May 2020 FI Fraud Decisioning Playbook , produced by PYMNTS and sponsored by Simility. It’s a game of inches, but in the financial sector, small wins add up to millions in thwarted fraud attempts.

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EY Accused Of Missing Alleged Wirecard Fraud

PYMNTS

In the ongoing scandal of Wirecard , under fire for fraud, the focus is now turning to auditors Ernst & Young (EY), which reportedly failed to report Wirecard’s “unorthodox financial arrangements” as far back as 2016, The Wall Street Journal (WSJ) reported. Security & Fraud Audit Ernst & Young EY fraud News scandal security & fraud What's Hot Wirecard

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Corporates See Loan Fraud By Insiders As Growing Threat

PYMNTS

Pandemic-related fraud attempts continue to climb. This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporate finance teams. 57 individuals have been charged with Paycheck Protection Program (PPP) fraud , according to Reuters reported.

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Why Traditional Fraud Methods Failed To Stop Public-Payout Systems Fraud

PYMNTS

They are going to have to update how they mitigate and control fraud and risk and update their systems. With a few changes and efforts to fill in these obvious gaps, they could solve this problem and have a very comprehensive fraud and risk solution,” she said.

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New Cloud-Based Card-Issuing System Aims To Standardize Payments Security

PYMNTS

19) announced that its Sigma Instant Desktop Issuance product will set “the standard for simple, secure and smart instant-ID solutions across enterprise, healthcare, government, higher education and financial institutions (FIs)." All the while, security is a paramount need.

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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