Fintech News

APRIL 22, 2024

Reports indicate a concerning rise in cyberattacks, with Indonesia experiencing over 11 million attacks in the first quarter of 2022 alone – a 22% increase from the previous year. The consequences of such attacks are severe, leading to financial losses, identity theft, and reputational damage for both users and financial institutions.

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Phishing Security Blocks Cybersecurity 118

Fintech News

FEBRUARY 27, 2024

Prior to this, the Japan Virtual Currency Exchange Association (JVCEA) had been implementing Travel Rule requirements on a self-regulatory basis since April 2022, in response to a directive from the Financial Services Agency (JFSA). This development followed the 2022 collapse of Terra.

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APACS Regulations Stablecoins Cryptocurrency 126

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

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Deepfake APACS Scams Authentication 125

Accertify

AUGUST 16, 2024

According to The Identity Theft Research Center (ITRC), 422 million individuals were impacted by a data breach in 2022 in the US alone 10. link] Identity Theft Research Centre. But merchants should tread a fine line when dealing with chargeback challenges, and even more so when consumers are paying recurring fees.

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Identity Theft Disputes Account Takeovers Research 52

PYMNTS

OCTOBER 14, 2020

With the demand for touchless payments showing no signs of easing, the new Tracker notes that “Eighty-seven percent of debit cards are expected to have contactless capabilities by the end of 2022 due to this demand.”. It’s all sunny news for debit brands and users, but there’s a caveat: it’s fraud.

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Consumer Debit Card Debit Network Identity Theft 73

PYMNTS

JUNE 22, 2020

financial institutions, according to estimates by Aite, will spend as much as $781 million to battle credit application fraud in 2022. When it comes to identity and risk management, there are so many smaller hills along the way that you have to scale and figure out: Is this a fraudster? If not, are they a victim of identity theft?”

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Identity Theft Account Takeovers Database Issuers 77

VISTA InfoSec

JULY 5, 2023

With the proliferation of people paying hospital bills and health insurance using credit and debit cards, the risk of identity theft has also augmented exponentially! From March 2021 to March 2022, the average cost of a data breach in healthcare was over $10 million, up from $9.23 million between May 2020 and March 2021.

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PCI DSS Compliance Data Breach Breach 130

Fintech News

JUNE 6, 2024

From December 2021 to January 2022, close to 800 individuals fell victim to an SMS phishing scam where fraudsters impersonated OCBC. These technologies provide financial organisations with a secure and reliable way to verify the identity of their customers, reducing the risk of identity theft and account takeovers.

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Scams Phishing Deepfake Verification 109

The Fintech Times

MARCH 12, 2025

“It participates in the cybersecurity world and supports a lot of governments, as well as a large number of players globally, to prevent cyberattacks and identity theft by merging information from the deep web, but also the real web,” Khalil explained.

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Visa Identity Theft Cybersecurity Cross-Border 78

VISTA InfoSec

MAY 28, 2024

Here’s what the numbers are telling us: 73% of US consumers are worried about data safety, especially the risk of identity theft and misuse of data. Implemented in November 2022 and effective since May 2023, the DMA is designed to give consumers a lot more control than they have now. How is that?

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Privacy Regulations Legal Identity Theft 130

VISTA InfoSec

AUGUST 22, 2023

Unauthorized Access and Misuse: Insufficient protection of biometric data exposes it to unauthorized access and misuse, potentially resulting in identity theft or fraud. Fined EUR 20 Million by Italian SA for Facial Recognition Violations On 10 February 2022, Clearview AI Inc. Clearview AI Inc.

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Privacy Legal Compliance Best Practices 130

Fintech Finance

JUNE 3, 2024

. “Due to its high level of precision in identifying individuals, palm vein technology helps merchants reduce identity theft and payment card fraud, which cause significant losses. Launched in Spring 2022 in Brazil, Mastercard’s Biometric Checkout Program is set to transform in-store payments.

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Visa Identity Theft Credential CHIPS 52

FICO

MAY 27, 2022

Identity theft is one of the key drivers for the soaring levels of application fraud. In Europe specifically, organizations have seen a significant rise in identity theft over the past year. Table below from Global Fraud and Payments Survey Report 2022). Trends driving the rise in fraudulent applications.

Identity Theft 52

Identity Theft Origination Use Case Checks 52

Stax

JULY 16, 2024

A study by the Pew Research Centre found that in 2022, 41% of consumers didn’t use cash for weekly purchases of essentials like groceries and gas. Compliance with PCI Data Security Standard regulations prevents shortcomings and vulnerabilities in payment processing, thereby reducing the risk of fraud, identity theft, and cyberattacks.

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PCI DSS Compliance Credit Cards Encryption 88

FICO

DECEMBER 13, 2022

Tue, 12/13/2022 - 11:20. FICO’s 2022 Fraud and Customer Experience survey uncovered important insights about what FIs’ customers value most, particularly when opening new financial accounts or applying for loans. However, this aversion to badly thought-out identity checks extends to use of existing accounts. FICO Admin.

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Security Account Takeovers Authentication Payee 52

FICO

NOVEMBER 30, 2022

Wed, 11/30/2022 - 16:30. In the UK, it accounted for £249 million in consumer losses for the first half of 2022. Her roles have included developing a consumer authentication solution for Experian and managing credit and identity theft management applications. FICO Admin. Tue, 07/02/2019 - 02:45. by Debbie Cobb.

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Scams Push-to-Card CashApp Fraud Prevention 52

FICO

NOVEMBER 1, 2022

FICO’s Fraud, Identity and Digital Banking Survey 2022 shows that customers in Canada want slick onboarding processes, where fraud controls work but don’t delay account opening. Tue, 11/01/2022 - 10:40. To learn more about the results from Canada, download: Consumer Survey 2022: Fraud, Identity and Digital Banking in Canada.

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Checks Identity Theft Risk Accounts 52

PYMNTS

JULY 31, 2019

consumers are afraid hackers might access their personal, credit card or financial information, and that 67 percent were afraid of identity theft. These figures considerably outweighed those of non-digital crimes like burglary and car theft, which came in at 40 percent and 37 percent, respectively. .

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Credit Union AI Identity Theft Money Laundering 49

FICO

DECEMBER 5, 2022

Mon, 12/05/2022 - 15:10. A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8 A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8 Tue, 07/02/2019 - 02:45. by Sarah Rutherford.

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Online and Mobile Banking Authentication Identity Theft CashApp 52

FICO

JULY 6, 2023

billion in estimated authorized user/scam losses in the US in 2022, £485 million lost in the UK in 2022, 125 million scam victims in Brazil in 2021 (a shocking 59% of the population). Her roles have included developing a consumer authentication solution for Experian and managing credit and identity theft management applications.

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Demand Deposit Account (DDA) Scams Real Time Payments AI 52

FICO

APRIL 20, 2023

S&P Global Market Intelligence reports that in the second quarter of 2022 alone, real-time payroll payments more than doubled compared to the prior quarter and accounted for nearly 15% of total RTP volume. billion in scams in 2022, a 30% increase over 2021. Debbie holds a B.A.

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Real Time Payments Scams RTP Payments 52

Seon

JUNE 15, 2023

Accordingly, BEC is not just limited to account takeovers and identity theft, but can also be a means for fraudsters to become imposters looking to subject the target company to further data breaches. billion in 2022.

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Email Compromise Compromise Business Email Compromise Risk 52

FICO

SEPTEMBER 8, 2022

Thu, 09/08/2022 - 01:00. Asian consumers are also becoming more aware of the efforts banks are making to protect them against crimes such as identity theft, account takeover and card fraud. Why consumers are moving to banks with the best fraud and scam prevention. Saxon Shirley. Thu, 06/17/2021 - 06:40. expand_less Back To Top.

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Posting Real Time Payments Scams Push-to-Card 52

FICO

OCTOBER 7, 2022

Fri, 10/07/2022 - 14:10. FICO’s EMEA general manager Matt Cox recently blogged : "Another rapidly rising phenomenon that has been highlighted by financial services organizations as even more challenging to identify and address than identity theft is synthetic fraud. by TJ Horan. expand_less Back To Top.

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BNPL Account Takeovers CFPB Consumer Financial Protection Bureau (CFPB) 52

FICO

MAY 19, 2021

Mon, 07/25/2022 - 11:00. For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. From banks to telcos to debt collection agencies, what looks like unrecoverable bad debt may in fact be first-party fraud. Tue, 07/02/2019 - 02:45.

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Cross-Border Crime Credential Money Laundering 52

Nanonets

MAY 31, 2023

million individuals in the United States fell victim to identity theft in 2021. Seon reports that 22% of adults in the US were victims of this type of fraud in 2022, with average losses of around $12,000 per case. billion in 2022 alone. According to the Federal Trade Commission, USA, over 1.4

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Fraud Detection Payments Audit Fraud Prevention 52

Seon

JUNE 21, 2023

trillion in 2022, and Juniper predicts that their worth will increase by 280% by 2027 – meaning the market could have a value of $9.1 Those people can be enticed by the offer of a VCC and ultimately tricked into providing their financial information, leading to cases of phishing and/or identity theft.

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Credit Cards Risk Online and Mobile Banking Phishing 52

VISTA InfoSec

SEPTEMBER 15, 2023

Clause 3(a)) The 2022 Bill applied beyond India if it involved profiling Indian data principals (Clause 4(2), DPDP Act). Conclusion: The DPDP Act is a necessary response to the increasing threat of cyber-crimes and identity thefts. (Clause 3(b)) Anyplace Format of the data Digitized or non-digital, if digitized subsequently.

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Data Breach Breach Governance Government 130

The Fintech Times

JANUARY 20, 2024

Particularly since the release of OpenAI ‘s ChatGPT at the back-end of 2022, the world has sat up and taken notice of the potential of artificial intelligence (AI) to disrupt all industries in countless ways. For banks, threats like synthetic identity theft feel more tangible in the short term.

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AI NFTs Identity Theft Non-Bank 80

Segpay

DECEMBER 19, 2024

With growing concerns around data breaches, identity theft, and unauthorized access, organizations need to ensure that only authenticated users can access their systems and sensitive information. Ping Identity (USA) In 2022, Thoma Bravo, a private equity firm, bought Ping Identity, a leading provider of IDaaS, in a deal valued at $2.8

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Verification Authentication MFA Compliance 104