PYMNTS

DECEMBER 17, 2020

Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Digital fraud is a long-running problem for merchants, retailers, banks and businesses of all types.

Fraud Prevention

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.

Scams

PYMNTS

JANUARY 1, 2019

Gerhard Oosthuizen, CTO of Entersekt , contributed the following piece as part of PYMNTS’ 2018 year-end eBook. As 2018 rolled along, bitcoin dipped. At the close of 2018, a lot of people are hurting, either from climbing in too late or having lost their savings through account takeovers or hacking.

Account Takeovers

PYMNTS

SEPTEMBER 21, 2018

The 2018 holiday shopping season has already started for people and organizations bent on fraud. This year, fraud will probably bring more account takeovers than last year, according to experts — along with the theft of gift cards, loyalty points and other consumer data ID. Account Takeovers.

Account Takeovers

PYMNTS

NOVEMBER 17, 2020

They can use fraudulent invoices to scam unsuspecting businesses and consumers or hijack legitimate email correspondence during property transactions to divert funds into the bank accounts of their choosing, for example. targeting both individuals and merchants during the first half of 2018, hitting £148 million ($191 million USD) in losses.

Scams

PYMNTS

NOVEMBER 9, 2018

In fact, more than one-third of consumers had their PII compromised in the last year, First Data’s 2018 Consumer Cybersecurity Study found. Fraudsters are using this data to pull off card-not-present (CNP) fraud schemes, such as account takeovers.

AI

PYMNTS

SEPTEMBER 24, 2018

Fraudsters also use customers’ or executives’ lack of knowledge about security protocols to their advantage, and that’s where account takeovers come in. Account takeovers have skyrocketed in recent months, as a flood of consumer records have hit the dark web.

AI

PYMNTS

AUGUST 29, 2019

Experts estimate that total fraud losses in 2018 totaled $3.9 Account takeovers (ATOs), identity theft and phishing were found to be the most common methods of attack in this region. The network found that Australia’s 2018 card fraud rate was 72.8 percent in 2018 from 13.9 trillion — an increase of 49.5

Account Takeovers

PYMNTS

AUGUST 22, 2018

New for Fiserv credit clients is the ability to access real-time identity verification analysis that triggers protective actions to help mitigate account takeover, evaluating high-risk cardholder behavior within the interactive voice response (IVR) system. What’s more, Fiserv said that account takeover losses in the U.S.

Consumer Authentication

PYMNTS

JULY 7, 2020

Also in April, PYMNTS reported incidences of account takeover increased 347 percent while shipping fraud skyrocketed 391 percent, respectively, from 2018 to 2019, and that was before COVID-19 became a household name. Greg Firestone, data science vice president at Allstate Corp.,

Federal Trade Commission

PYMNTS

OCTOBER 13, 2017

138 | Percentage increase in cosmetics account takeover fraud losses in Q2 2017. 87 | Percentage increase in consumer electronics account takeover fraud losses in Q2 2017. 55 | Percentage increase in account takeover fraud losses in Q2 2017.

Data Security

PYMNTS

APRIL 24, 2020

Incidences of account takeover (ATO) were up 347 percent and shipping fraud skyrocketed 391 percent, respectively, from 2018 to 2019, before anyone except virologists had ever heard of COVID-19. But isn’t it just like hackers to exploit a terrible situation?

Account Takeovers

PYMNTS

JUNE 11, 2019

trillion in 2018, or slightly less than the gross domestic product (GDP) of Germany. One of the most insidious forms of fraud is account takeovers (ATOs). With 83 percent of consumers in the U.S. owning laptops and 91 percent owning mobile devices, there’s never been greater opportunity for digital fraud.

AI

PYMNTS

JUNE 13, 2019

One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. acquire personal data via account takeovers.

AI

Finovate

OCTOBER 24, 2024

Using Effectiv’s technology, firms can combat identity theft, account takeover, scams, and real-time payment fraud. “Now we can review and analyze the user’s risk profile across transactions and accounts over time, maintaining an up-to-date perspective which was impossible before.”

Risk

PYMNTS

FEBRUARY 22, 2018

Al Pascual, Javelin’s research director and head of fraud and security, expects 2018 to be another record year. Also having a record breaking year — powered by all those stolen social security numbers — was new account fraud, which rocketed up 70 percent in 2017. Account takeover surged 120 percent to hit $5.1

Identity Theft

PYMNTS

FEBRUARY 26, 2020

Coffee giant Dunkin’ fell victim to a credential stuffing attack in October 2018, and the fraudsters who initiated the scheme were soon after selling users’ loyalty credits on dark web marketplaces for a fraction of their values. Rewards points are also valuable as bad actors can either spend them or sell them on dark web marketplaces.

Credential

PYMNTS

MARCH 10, 2020

The conversation came against a backdrop where, at the end of February, Fiserv said that nearly 600 banks and credit unions (CUs) have joined the turnkey service from Zelle to enable person-to-person (P2P) payment capabilities, and that the number of participants accessing the network via Fiserv has increased ten-fold in 2019 from 2018.

P2P

PYMNTS

NOVEMBER 8, 2019

Data: 1.4M: Number of fraud reports the FTC received in 2018. 1.5M: Number of individuals who have had new accounts opened in their names in connection with account takeover attacks. It’s no easy task, as the recent Fraud Decisioning Playbook shows. 400: Average amount lost by millennial consumers per fraud incident.

Account Takeovers

PYMNTS

JUNE 26, 2018

Account takeovers are finding favor among fraudsters. Account takeovers have the double-barreled effect of being easier to complete successfully — for the bad guys — and are harder to head off (by the good guys). These attacks are up 300 percent through the past year, with a financial impact of $5 billion.

Account Takeovers

PYMNTS

JULY 13, 2020

Account takeovers (ATOs) are a growing source of pain for financial institutions (FIs) and their customers, with losses from these attacks rising 164 percent in 2018. This is a serious problem, as ATOs reportedly led to $4 billion worth of losses in 2018. Detecting And Thwarting Attacks.

Credential

PYMNTS

JANUARY 24, 2019

Precognitive equips our partners with industry-leading algorithms to detect and combat online fraud and account takeover issues taking a toll on their e-commerce revenue and interfering with their ability to offer a seamless and safe shopping experience for customers.”

Acquirers

PYMNTS

JANUARY 10, 2019

trillion) in 2018 alone, and growing at double digits into the current year. This gives entrée to new markets for an existing installed base of tens of thousands of online merchants globally, with GMV in 2018 in the high single digit of billions. Top markets include Japan, the United States and Korea.

Cross-Border

Finovate

AUGUST 14, 2024

Use cases for Selfie Reverification include preventing account takeover, securing high-risk transactions, streamlining account recovery and re-verification/re-validation, and more. ” A Finovate alum since 2011, Experian most recently demoed its technology at FinovateFall in New York in 2018.

Credential

PYMNTS

NOVEMBER 17, 2020

million active listings across 4 million hosts, with 84 percent of revenues coming from hosts that had at least one check-in model before December 2018 and 79 percent of hosts coming directly to the company’s platform to sign up. The Platform Model: The company had 5.6 As for chargebacks, they totaled $92.2 31, 2019 and $95.1

Cross-Border

PYMNTS

OCTOBER 29, 2018

If those attacks are successful, cybercriminals would acquire unauthorized customer data that could possibly be used in an account takeover (ATO) or another form of cyberattack. million times in June 2018 alone — up from 720,000 uses per month prior. Digital fraudsters could target data as it’s being transmitted by APIs.

Security

PYMNTS

FEBRUARY 14, 2020

Australia reported a 5 percent drop in online fraud from 2018 to 2019, for example, with losses decreasing from the $479 million reported for 2017 to 2018 to $455 million. The movement of customers to different platforms and payment types also means that security software and protection measures are increasing in complexity.

Online and Mobile Banking

PYMNTS

SEPTEMBER 5, 2019

According to a survey by TRUSTID , this year, 17 percent of call centers plan to replace KBA methods with MFA, double the figure (8 percent) from 2018. A majority (51 percent) of call center leaders cited the phone channel as the primary source of account takeover (ATO) attacks. Call centers are especially vulnerable.

MFA

PYMNTS

OCTOBER 1, 2019

The PYMNTS’ Order To Eat Tracker found that the volume of mobile app orders soared 130 percent from 2016 to 2018, and the overall mobile order market value is set to reach $38 billion by 2020. There’s no question that consumers are increasingly using mobile apps to order food. What’s being done about the increase in mobile attacks?

Data Breach

FICO

MARCH 26, 2018

In February 2018 Australia launched their New Payments Platform for use by consumers. The ability to move funds rapidly across accounts, at different institutions, makes it more difficult for law-enforcement to trace where proceeds of crime have gone and easier for the criminals to move money and then extract it.

Real Time Payments

PYMNTS

OCTOBER 8, 2020

This builds on a trend that has been brewing for the past few years, the study found, as 39 percent of quick-service restaurant (QSR) customers reported that they used drive-thrus more in 2019 than in 2018. Customers’ top priority regarding restaurants is their own safety, however.

Innovation

PYMNTS

JULY 21, 2020

billion in 2019, a 15 percent increase over 2018. The agency recently warned against a variety of different mobile banking hacking attempts, with some hackers deploying fake apps that steal users’ login information, and others leveraging trojan viruses to infiltrate user accounts and pilfer their data.

Crime

PYMNTS

AUGUST 10, 2020

Three out of four American consumers are now interacting with gaming platforms, spending up to 14 hours a week on them — up from 12 hours in 2018. In-game theft often isn’t the true target of fraudsters – it’s the access to more lucrative financial information and other such credentials that can be used for account takeovers and worse.

Credential

PYMNTS

NOVEMBER 25, 2019

banks are losing more than $31 billion every year to fraud, including account takeover and new account application fraud. LaSala pointed to data from Kaspersky Labs that show the number of mobile banking Trojans increased by 138 percent between 2017 and 2018. By way of one example, U.S.

Account Takeovers

PYMNTS

JUNE 27, 2019

The volume of food and beverage orders placed via mobile apps grew by 130 percent between 2016 and 2018, while 60 percent of U.S. This move follows the 2018 launch of the Starbucks Delivers program in the region. Mobile ordering is more popular than ever. consumers currently order delivery or takeout once a week.

Account Takeovers

PYMNTS

FEBRUARY 11, 2020

The year-over-year increase in food and beverage industry fraud attacks reported in 2018 was 79 percent. A slightly fewer share – 41 percent – are worried that dining apps might cause an account takeover (ATO). The increase in the popularity of cauliflower crust pizza orders on Grubhub from 2018 to 2019 was 650 percent.

Innovation

PYMNTS

JUNE 13, 2019

billion digital records in the United States were compromised during the first half of 2018 – 291 records every second – with only six social media breaches accounting for more than half of all at-risk data. Experiencing such gains comes with risks, however, as digital IDs have presented new and underexplored avenues for fraud.

Security