The Payments Association

NOVEMBER 20, 2024

The good news is that innovations in the AI space are making chargeback prevention a much more manageable prospect. Why are AI tools especially effective at fighting fraud? AI isn’t just a buzzword in cybersecurity. First, AI tools have much higher throughput than manual or non-software-based detection methods.

AI

Seon

JANUARY 29, 2024

In this guide, we’ll see why accounts are targeted, how fraudsters acquire them, and, of course, which steps you should take to secure them. This is your complete guide to understanding and detecting account takeover (ATO) fraud in your business. What Is Account Takeover Fraud?

Account Takeovers

FICO

MARCH 22, 2022

Account takeover fraud (ATO) occurs when an unauthorized person takes control of an account. The fraudster takes steps to actively control the account, for example by applying for a new card or changing the account contact information or password. What Do Fraudsters Do with Accounts They Have Taken Over?

Account Takeovers

PYMNTS

FEBRUARY 24, 2020

Account takeovers, brute force attacks and credential stuffing are some of the most popular methods, with rewards and loyalty programs being especially tempting targets for their stored payment data and personally identifiable information. Deep Dive: How AI Helps QSRs Stop ATOs And Credential Stuffing.

Account Takeovers

The Fintech Times

DECEMBER 18, 2023

They predict that social engineering attacks will surpass ransomware in 2024 due to increased sophistication, AI tools and emerging techniques, leading organisations to bolster cybersecurity defences with AI, scenario testing and multi-factor authentication.

Cybersecurity

PYMNTS

NOVEMBER 16, 2020

Ragan noted that advanced technologies like artificial intelligence (AI) and machine learning (ML) can help FIs embed defense mechanisms that glean deeper insights into consumer behavior and recognize anomalous patterns — in the process raising red flags to better prevent unauthorized transactions, identity theft and account takeover.

Identity Theft

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 equipped with such information could then easily access victims’ online accounts using legitimate credentials and take control of the customers’ funds.

Scams

PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. Deep Dive: Keeping Digital-First Banking Secure With AI, Biometrics. About The Tracker.

Blocks

Finovate

AUGUST 14, 2024

From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. The battle against fraud is a never-ending one. “Identity verification isn’t a one-time event.

Credential

The Fintech Times

AUGUST 13, 2024

Identifying fraud in the age of artificial intelligence (AI) is much harder than it ever has been before. Fraudsters are more cunning and deceiving, taking advantage of those who either do not know or refuse to acknowledge the power of AI. What are some AI fraud trends we’re seeing in Latin America?

AI

PYMNTS

AUGUST 19, 2019

In the latest Mobile Order-Ahead Tracker , PYMNTS explores the latest developments in the world of QSR rewards programs and how credential stuffing and account takeovers are plaguing the industry. When you’re looking at account takeovers, for example, it’s predominantly automated bot attacks that have an identifiable signature.

Account Takeovers

PYMNTS

JANUARY 16, 2020

Fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. RVShare Uses AI, Machine Learning To Preserve Owner And Renter Trust. To learn more about how RVShare is using AI for greater trust, visit the Tracker’s feature story.

AI

PYMNTS

FEBRUARY 21, 2018

As added confirmation, the PYMNTS Global Fraud Index found account takeovers were up 45 percent year over year in the second quarter of 2017. Used in real time, he continued, AI can detect “what we call abnormal behavior. All told, he said, of the breach count, “it’s not 1,600 … you are talking about 10,000 or more.”

Credit Cards

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. Such tools enable users to log in using few steps, and bots are unlikely to be able to fake credentials that depend on unique physical traits.

Credential

PYMNTS

APRIL 2, 2020

The trouble, Kount ’s Chief Customer Experience Officer Rich Stuppy told PYMNTS in a recent conversation, lies in discerning a good customer from the fraudster who has stolen their payment credential, lifted their identity or taken over their account.

Account Takeovers

PYMNTS

DECEMBER 2, 2019

The newest shopping bots use artificial intelligence (AI) to fool bot detection software and CAPTCHAs. If individuals are reusing passwords across multiple sites, they are most susceptible to an account takeover attack and illicit transactions within their account,” Beckner told NBC.

Bots

The Fintech Times

DECEMBER 18, 2023

The emergence of AI has provided fraudsters with another weapon in an already expansive arsenal of ways to attack firms. As a result of AI and other emerging technologies, the need for accurate and secure authentication is at an all-time high. As a result, it creates a more frictionless customer journey.

Authentication

PYMNTS

MAY 28, 2020

Kount’s solutions are part of a network of trust and fraud signals known as the Identity Trust Global Network, connected in real-time to the company’s next-generation AI, which brings together unsupervised and supervised ML.

Fraud Detection

PYMNTS

OCTOBER 27, 2017

Well, for one, account takeovers, which are on the rise. According to the October 2017 Global Fraud Index, a PYMNTS and Signifyd collaboration, account takeover has spiked 45 percent in Q2 2017 alone. That was before Equifax flooded the dark web with the personal credentials of every adult in the United States.

AI

PYMNTS

DECEMBER 2, 2019

The newest shopping bots use artificial intelligence (AI) to fool bot detection software and CAPTCHAs. If individuals are reusing passwords across multiple sites, they are most susceptible to an account takeover attack and illicit transactions within their account,” Beckner told NBC.

Bots

PYMNTS

MAY 8, 2020

Building that experience properly, he noted, means allowing consumers to create accounts with stored credentials and data — because to build a competitive digital service means building one that works smoothly, not one that consumers have to continually relog into.

Security

PYMNTS

MAY 20, 2020

As bad guys wrangle account details, cobble together synthetic identities and conduct account takeover attacks with ferocity, the old rules-based systems, password challenges and other lines of defense provide only part of the picture as to whether “good” customers are buying or “bad” actors are, well, getting away with it.

Issuers

PYMNTS

JANUARY 24, 2020

The degree to which an issuer is able to establish trust in a consumer’s identity … and [bind] it to strong credentials is the same degree to which you can have a trusted transaction with a merchant,” he said. Merchants can better trust transactions made with cards issued by firms with strong authentication approaches, for example. .

Issuers

PYMNTS

APRIL 12, 2019

That comes, for example, as fraudsters gain access to a firm’s internal operations and use the ACH methods for account takeovers. Said Adrien Gendre, chief solution architect for Vade Secure, on the site: the email scams “are not isolated, that’s for sure.”.

Business Email Compromise

FICO

MARCH 16, 2021

But when the consumer provides personal data and authorization credentials, the bogus service provider captures the information and uses it to commit an account takeover. . As open banking initiatives gain momentum, account providers must ensure their fraud platforms are fully fit for purpose.

Money Laundering

PYMNTS

AUGUST 19, 2019

Artificial intelligence (AI) and machine learning play key roles in assessing risky transactions, as they can analyze thousands of transactions in a fraction of the time it takes a human analyst. In many situations, an AI can do the job all on its own.

Bots

Seon

MAY 8, 2024

The rise of generative AI is a double-edged sword, yielding significant productivity benefits while empowering fraudsters to craft more intricate and convincing scams at unprecedented volumes and velocities.

Online and Mobile Banking

Seon

JUNE 24, 2024

Still, the pursuit can be defined as endeavors that ensure secure and reliable digital identity management, including preventing unauthorized access to sensitive information, such as login credentials, PII and financial information. AI-powered solutions also enable dynamic adaptation to evolving cyber threats in real time.

Risk Management

PYMNTS

OCTOBER 11, 2018

Their systems can spot fraud in a single instance, such as a user trying to break into the system with stolen credentials. Fraud, Fagan noted, is complicated — one might be looking at an account takeover, or at a fraudster attempting to access a reward system and do some points looting.

Credit Union

Seon

JULY 10, 2024

It ensures smooth processing and compliance for legitimate payments, primarily verifying transaction details, validating customer credentials, screening against sanctions and watchlists, and ensuring compliance with regulations. The focus for payment transaction monitoring is slightly adjacent. Fraud transaction monitoring’s scope is narrow.

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