The Payments Association

JUNE 11, 2025

The volume of Magecart e-skimmer infections reached nearly 11,000 unique e-commerce domains in 2024, representing a threefold increase from 2023. These attacks inject malicious code into checkout processes to harvest credit card data, with threat actors earning $1,950-$2,400 per month per infected site. million.

Risk

The Payments Association

MAY 21, 2025

Organised crime groups target FIs and their customers, adapting attack methods across payment channels to bypass fraud detection systems, with authorised push payment fraud (APPF), account takeover (ATO) fraud, and AI-enabled deep fake scams. trillion in illicit funds flowing through the global financial system.

Fraud Prevention

Finextra

JUNE 26, 2025

billion by 2027, with e-commerce businesses alone anticipated to incur an estimated $48 billion in losses to online payment fraud in 2023. The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. Problem 1: Mistrust in Sellers. Problem 2: Mistrust in Buyers.

Stablecoins

The Payments Association

JULY 15, 2025

Account takeover fraud (8%) and chargeback fraud (6%) rounded out the most commonly cited high-impact types of fraud. Payments leaders must prioritise AI integration to empower teams—not replace them—while embedding strong data management and ontology frameworks.

Financial Crimes

Finextra

JULY 13, 2025

Fast forward to 2023 and Monzo had swelled to around 7½ million personal customers (plus hundreds of thousands of business users) and was ranked as the 7th largest UK bank by customer numbers. On the business side, Monzo launched its business accounts in 2020 after a period of testing.

Payment APIs and Integration

M2P Fintech

MARCH 24, 2025

from 2023 to 2032. Emphasis on Cybersecurity and Data Privacy Digital lending faces rising threats: data breaches from hacking, fraud via synthetic identities, account takeovers exploiting weak security , ransomware disrupting operations, and insider threats. With the market projected to soar to $ 71.8

Payment APIs and Integration

Finextra

JUNE 26, 2025

billion by 2027, with e-commerce businesses alone anticipated to incur an estimated $48 billion in losses to online payment fraud in 2023. The Federal Trade Commission (FTC) alone documented nearly 266,000 cases of online shopping and negative review scams in 2023. Problem 1: Mistrust in Sellers. Problem 2: Mistrust in Buyers.

Stablecoins

Fintech Finance

OCTOBER 22, 2024

The innovative SmarterPay Secure Signup service from the independent Hull-based payment solutions provider for businesses, slams the door shut on fraudsters using account takeover to drain bank accounts. The impact of having your bank account compromised and your hard-earned money siphoned off must not be underestimated. .”

Account Takeovers

Bank Automation

NOVEMBER 21, 2023

Account takeovers using stolen credentials and related financial crime increased by 354% year over year in the second quarter, according to the September “Q3 2023 digital trust and safety index” report by […]

Account Takeovers

Fintech News

SEPTEMBER 22, 2024

A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. In 2023, the financial services industry continued to sustain the most automated bot attacks, with 1.8 last year, up 8% year-over-year (YoY). of all cases.

Accounts

The Payments Association

JANUARY 17, 2025

Account takeover and multi-accounting are on the rise Account takeover, where cybercriminals take ownership of online accounts using stolen passwords and usernames, and multi-accounting, the practice of opening multiple accounts to take advantage of promotions or playing bonuses, both saw a huge surge in 2024.

Account Takeovers

Fintech News

SEPTEMBER 29, 2024

In Singapore, a different scheme came to light in September 2023 when police arrested two men and a woman for their involvement in job scams using a BNPL service. At least 32 victims were tricked into registering for a BNPL account using Singpass, Singapore’s national digital identity system, and handing over their account details.

BNPL

Accertify

MAY 30, 2023

Account takeovers and mistaking legitimate shoppers for fraudsters can cause damage to your reputation, not to mention lost customers. And with 2023 here, there are more advanced technologies than ever to provide payment fraud protection. Fraud can cause widespread damage to your eCommerce businesses.

Fraud Prevention

Fintech News

MARCH 20, 2024

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. Research by Sumsub shows that one in every 100 users of digital platforms globally became a victim of fraud ring activities in 2023.

APACS

The Fintech Times

DECEMBER 18, 2023

We’re pleased to share the thoughts of fintech CEOs and industry leaders from across the globe to 2023’s key takeaways and what we should expect to be top of the agenda in 2024. “A similarly damaging trend is account takeovers (ATOs) where a bad actor gains access and takes over an online account using stolen or hacked credentials.

Cybersecurity

Cardfellow

OCTOBER 26, 2022

It does state that Recurly’s fraud prevention technology minimizes chargebacks, stops card-not-present fraud, and halts account takeovers. However, its website doesn’t offer many details. Reporting As a business owner, you want access to data to make better decisions.

PCI DSS

The Fintech Times

FEBRUARY 21, 2024

In fact, nearly three in four consumers (73 per cent) rank good fraud protection as a top three consideration when opening a new account according to FICO research. Identity theft to open a new account is the top-ranked concern at 30 per cent. Bank account takeover was ranked the crime most feared by 20 per cent of respondents.

Consumer

The Payments Association

NOVEMBER 20, 2024

Data from Visa suggests that friendly fraud could account for as many as 75% of all disputes. In 2023, merchants worldwide lost an estimated $117.46 Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft.

AI

FICO

FEBRUARY 19, 2020

The Clearing House Association’s RTP as well as The Automated Clearing House offer same day clearing and the Federal Reserve is looking to launch instant payments with their FedNow scheme in 2023. Account Takeover Fraud.

Real Time Payments

Fintech Finance

MAY 22, 2024

LexisNexis® Risk Solutions today released the results of its annual Cybercrime Report, an analysis of data from 92 billion transactions processed through its LexisNexis® Digital Identity Network® throughout 2023. Download a copy of Confidence Amid Chaos: The LexisNexis® Risk Solutions Cybercrime Report 2023.

Account Takeovers

Accertify

NOVEMBER 16, 2023

The Paypers Fraud Prevention in Ecommerce 2023 – 2024, Keeping Fraudsters Out While Balancing a Seamless Customer UX has been released and it has been made available for download. It discusses the most common, yet ever-evolving types of fraud, including chargebacks, scams, and account takeover (ATO), with their latest developments.

Fraud Prevention

Finovate

JUNE 10, 2024

The capital will be used to expand the company’s solutions to help businesses investigate and defend themselves against cybercrime in general and account takeover fraud in specific. SpyCloud specializes in helping firms combat account takeover. Foremost among these strategies is better password hygiene.

Account Takeovers

The Fintech Times

JUNE 1, 2024

UK Finance recently revealed that criminals stole over £1billion in 2023 alone. The standards body confirmed the pilot in June 2023, after contacting industry partners to test the benefits of the service with a group of participating banks and payment service providers. “In 2023, the UK saw 232,429 people falling victim to fraud.

SWIFT

The Fintech Times

DECEMBER 21, 2023

We’re excited to share the thoughts of fintech CEOs and industry leaders from across the globe to 2023’s key takeaways and what we should expect to be top of the agenda in 2024. “As hackers continue to gain access to powerful AI tools, we can expect this trend to gain greater prominence in 2024.

Cross-Border Payments

Fintech News

JUNE 6, 2024

The bank’s customers also fell victim to a phishing scheme involving WhatsApp Web that ensnared more than 90 individuals in 2023, causing losses totalling S$176,000 (approx. US$129,841). DBS isn’t the only bank making news for phishing scams. Losses exceeded S$13 million (US$9.59

Scams

Clearly Payments

JULY 16, 2024

Fraud Rate by Industry in 2023 Credit card fraud is a pervasive issue impacting various industries, each with unique vulnerabilities and estimated fraud rates. In 2023, CNP fraud accounted for 81% of all fraud losses in the retail sector, amounting to over $4.5 ATO fraud increased by 72% in 2023, with losses totaling $11.4

Risk

Finovate

SEPTEMBER 30, 2024

-based tech companies in Q3 of this year fell , both in comparison to the previous quarter as well as when compared to Q3 2023. Tracxn also reported that the number of tech unicorns actually increased this year compared to last year, with 13 new unicorns acknowledged in Q3 2024 compared to just five in Q3 2023.

Account Takeovers

Finovate

OCTOBER 24, 2024

Effectiv will provide a unified approach to enhancing identity verification for Socure, automating risk and trust decisions across various processes, including onboarding, authentication, payments, account updates, account recovery, and regulatory filings.

Risk

The Fintech Times

NOVEMBER 20, 2024

The capacity for malicious usage is widespread and includes fraudulent account openings, account takeovers, phishing scams, and misinformation campaigns. per cent in 2023 to 9.5 Deepfake attacks occurred at a rate of one every five minutes in 2024. per cent), followed by lending and mortgages (5.4 per cent in 2024.

Deepfake

Fintech Finance

AUGUST 19, 2024

According to the National Automated Clearinghouse Association (Nacha), same-day ACH volume saw a 47% year-over-year growth when comparing the first quarters of 2023 and 2024, due to factors such as the continual increase in real-time payments usage among consumers and businesses.

ACH

Seon

SEPTEMBER 11, 2023

As neobanks evolve, the one downside of their innovation is that it opens up many new methods of attack for fraudsters, such as identity theft, fraud rings, and account takeover attacks. Account takeover (ATO) fraud: Brute force or stolen information is used to access an existing, legitimate bank account.

Identity Theft

Finovate

MAY 2, 2024

The company leverages behavioral biometric intelligence to offer account opening fraud detection, mule account detection, account takeover protection, customer authentication solutions, and more. .” BioCatch was founded in 2011 and has since raised around $324 million in disclosed funding.

Acquirers

Accertify

AUGUST 22, 2024

billion to returns fraud alone after the 2023 holiday season 1 Gift card fraud, the most common type of fraud, caused total losses of more than $228 million in 2022 2. Account takeover (ATO) attacks are a common threat to subscription service profits. The US-based National Retail Federation estimates that retailers will lose $3.68

Federal Trade Commission

Fintech Finance

MAY 30, 2024

Mangopay’s Fraud Prevention solution provides a fully integrated and payment processor-agnostic AI-driven cybersecurity solution to guard against an evolving range of threats, including account takeover by both bots and humans, reseller fraud, payment fraud, chargebacks, and return abuse.

Fraud Prevention

Accertify

AUGUST 16, 2024

It sometimes felt like 2023 was the year of the chargeback. We’ll have to wait a while for definitive figures, but it’s been estimated that the cost of chargebacks to the payments industry is likely to have topped $1 billion in 2023 1. trillion in 2023 2 , fuelling an unprecedented rise in cancelled payments. link] Accertify.

Identity Theft

PYMNTS

MARCH 22, 2018

The company uses big data and machine learning to detect fake accounts, payment fraud, account takeover and content abuse. In fact, some estimate that the industry will become a $43 billion market by 2023 – and Sift Science is not the only player. Clients include Twitter, Airbnb, Twilio, Instacart, Zillow and Yelp.

Fraud Prevention

PYMNTS

JUNE 13, 2019

One of the more widespread solutions to strike this balance is artificial intelligence (AI), which can analyze hundreds of variables to determine unusual patterns that may signal account takeovers (ATOs). Platforms can use AI to define typical customer behaviors and detect anomalies that stray from the norm in real time.

Security