The Fintech Times

MARCH 18, 2024

The fraud prevention industry is experiencing rapid growth in response to amplified regulatory pressure and increasingly sophisticated threats of online fraud. It has revolutionised convenience for consumers and created new business opportunities, but it has also opened a Pandora’s box of fraud risks.

Fraud Prevention 59

Fraud Prevention AI Fraud Detection Payments 59

PYMNTS

OCTOBER 23, 2017

And yet, despite headlines featuring Equifax, Sonic, Deloitte and Whole Foods – and cybersecurity companies consistently preaching that attacks are not a matter of “if” but “when” – many organizations are still not taking fraud prevention seriously. Account takeover is not entry-level fraud. Growth Trajectory.

Account Takeovers 53

Account Takeovers Accounts Cybersecurity Bots 53

Fi911

JULY 8, 2024

Furthermore, the growing sophistication of fraud techniques, including synthetic identity fraud and account takeovers, exacerbates the challenge. This makes it imperative for businesses to stay ahead with robust fraud detection and prevention strategies.

Account Takeovers 105

Account Takeovers Fraud Detection Phishing Fraud Prevention 105

PYMNTS

JANUARY 24, 2019

Those questions also speak to the seemingly impossible tension in the world of payments and new card accounts: how to onboard and authenticate consumers as quickly and seamlessly as possible, while also protecting them and the institution from fraud. Fraud Getting Worse. (Hint: The criminals know the difference.)

Credit Risk 69

Credit Risk Risk Fraud Prevention Account Takeovers 69

PYMNTS

JUNE 14, 2019

Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. ATOs are arguably the most nefarious type of fraud. Younger gamers are particularly vulnerable to this type of fraud.

Account Takeovers 46

Account Takeovers Accounts Scams Phishing 46

PYMNTS

MARCH 29, 2017

XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows. number and types of data breaches associated with any individual customer. and globally.

Fraud Prevention 40

Fraud Prevention Identity Theft Account Takeovers Data Breach 40

PYMNTS

SEPTEMBER 24, 2020

Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. Fraud Threats To Digital Banking. Identity fraud accounted for $16.9 Leveraging Video-based Onboarding, AI To Prevent Identity Fraud.

Account Takeovers 82

Account Takeovers Database Authentication Crime 82

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. When you think about it, it’s the high-tech version of social engineering.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

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 40

Fraud Prevention Identity Theft Account Takeovers Scams 40

PYMNTS

MARCH 20, 2020

Many are turning to artificial intelligence (AI), machine learning (ML) and other advanced learning solutions to prevent and detect breaches before they can cause large-scale problems, but bad actors are using the same set of tools to sidestep authentication processes or impersonate legitimate customers.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

PYMNTS

OCTOBER 16, 2020

Fraudsters deploy a variety of different methods when attacking these apps, ranging from sophisticated methods like account takeovers (ATOs) to impersonation schemes that trick users into sending them money directly. Developments Around The Financial Crimes Space. About The Playbook.

Zelle 89

Zelle P2P Scams Financial Crimes 89

PYMNTS

AUGUST 22, 2018

22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumer authentication that can be vulnerable to fraud.

Consumer Authentication 40

Consumer Authentication Authentication Account Takeovers Consumer 40

PYMNTS

JANUARY 28, 2021

The latest Digital-First Banking Tracker® done in collaboration with NCR , notes that “FIs are devoting more money than ever to fraud prevention as more consumers go digital. For FIs that want to acquire new customers digitally, first and foremost they need to have an account opening/onboarding process that is quick and seamless.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

Finovate

OCTOBER 24, 2024

Socure has acquired risk decisioning company Effectiv for $136 million Socure will integrate Effectiv’s AI-powered orchestration platform into its digital identity verification and fraud solutions. Using Effectiv’s technology, firms can combat identity theft, account takeover, scams, and real-time payment fraud.

Risk 64

Risk Acquirers Fraud Prevention Identity Theft 64

PYMNTS

NOVEMBER 16, 2020

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. Financial institutions (FIs) require comprehensive strategies to fight APP fraud at this level. How The Pandemic Makes APP Fraud More Pernicious.

Authentication 72

Authentication Best Practices Multifactor Authentication Fraud Prevention 72

PYMNTS

OCTOBER 29, 2018

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. It’s about combining insight and connecting the dots” when it comes to fraud, he told Webster. Human Role.

Fraud Prevention 79

Fraud Prevention Identity Theft Third-Party Service Provider Account Takeovers 79

Neopay

FEBRUARY 27, 2025

The study, which surveyed over 1,200 financial and payment sector professionals across seven European countries, found that account takeover remains the leading type of fraud affecting customers, followed by card payment fraud and phishing. Three years ago, deepfake attacks accounted for just 0.1%

Deepfake 52

Deepfake Fraud Detection Account Takeovers Fraud Prevention 52

PYMNTS

FEBRUARY 14, 2020

The fraud prevention race is the same as it has always been, with merchants and security companies sprinting to stay ahead of cybercriminals to keep data safe and secure. Although fraud losses from banks, retailers and online platforms have continued into 2020, so has security innovation. About the Playbook.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

Accertify

OCTOBER 4, 2023

Integration of Accertify’s fraud prevention technology into PayNearMe’s MoneyLine Platform lets iGaming and sports betting operators actively detect and reduce fraudulent fund withdrawals through a unified platform. SANTA CLARA, Calif., a wholly-owned subsidiary of American Express. a licensed money transmitter.

Fraud Prevention 40

Fraud Prevention Account Takeovers Payment Gateways Database 40

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. To successfully address fraud, merchants need to have a fraud prevention strategy in place well before the holiday season.". Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

MARCH 18, 2020

Fraud is a perennial concern for quick-service restaurants (QSRs), and digital channels open ample new avenues for cybercrime, with hackers targeting restaurants for their cash, data and even customers’ loyalty points. Digital And Analog Fraud Prevention. The best defense systems use a combination of both.

Phishing 70

Phishing Smishing Fraud Prevention Point-of-Sale (POS) 70

PYMNTS

JUNE 25, 2018

Cybercriminals have a new favorite weapon in their quest to allude regulators, law enforcement and corporate security departments: account takeovers. Recent research reveals account takeovers have risen by 300 percent over the past year, with losses topping $5 billion. The Rise Of Account Takeovers.

Account Takeovers 46

Account Takeovers Breach Compromise Payments 46

PYMNTS

FEBRUARY 18, 2020

This opens the door to new avenues of attack by those who wish to steal data, hijack accounts and make off with ill-gotten gains, as Eric Kraus, vice president of risk, fraud and compliance at FIS , told PYMNTS in a recent interview. Proactive Fraud Prevention.

Fraud Prevention 66

Fraud Prevention Account Takeovers Online and Mobile Banking P2P 66

PYMNTS

OCTOBER 26, 2018

Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. According to Peter R.

Fraud Prevention 57

Fraud Prevention Account Takeovers Accounts Authentication 57

PYMNTS

SEPTEMBER 24, 2020

At the same time, online businesses actually invested less in fraud prevention tools as their general budgets tightened due to external pressures. Every recession leads to an increase in fraud ,” he said. And they also know that companies have fewer resources to defend themselves against fraud.”. People are desperate.

APACS 98

APACS Risk Online and Mobile Banking Verification 98

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

JULY 21, 2020

How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. Fraudsters are teaming up to rip off FIs, forming elaborate rings that work cooperatively on account takeovers and phishing attempts.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

JANUARY 11, 2021

The great digital shift – and the rising tide of eCommerce – has placed greater pressure on companies to verify their customers and guard against account takeovers. To that end, late last week Equifax said it had reached a deal to acquire fraud prevention and digital ID firm Kount for $640 million.

Fraud Prevention 63

Fraud Prevention Account Takeovers ATM Addressing 63

Fintech Finance

FEBRUARY 29, 2024

Socure , the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and Trustly , a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution.

Fraud Prevention 52

Fraud Prevention Process FinTech Online and Mobile Banking 52

PYMNTS

MAY 24, 2017

This all comes as no surprise to Brett McDowell, who is working with a team of corporations in verticals from financial services to software to take human error out of the authentication equation, as part of the FIDO Alliance. Because once hackers get their hands on the information, it’s already too late to stop them.

Authentication 40

Authentication Credential Ransomware Phishing 40

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.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

FICO

MARCH 9, 2022

The new digital environment presents a delicate balancing act between ensuring effective fraud prevention and potential risks associated with delivering frictionless customer experiences. Consumers Are Less Worried About Scams than Other Forms of Fraud. In reality, they make up only 16% and 5% of UK fraud. . .

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

PYMNTS

OCTOBER 29, 2018

In this Deep Dive, PYMNTS examines the authentication challenges posed by PSD2 and other data sharing initiatives, and the security risks that may be lurking in open banking systems. New open banking tools mean new types of financial transactions, which could make fighting digital fraud even more difficult for banks.

Security 76

Security Payment APIs and Integration API Authentication 76

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. We know neobank risk teams must stay aware of evolving threats and take an active approach to closing those routes to fraud.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

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. FIs can struggle to detect such attacks because fraudsters provide the authentication details necessary to access the accounts.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

PYMNTS

OCTOBER 1, 2019

QSRs are fighting back against bad actors by partnering with third-party payment processors and incorporating security technologies to authenticate customers. In the study, the most common challenge cited by businesses was balancing fraud prevention and customer friction (68 percent), a 65 percent increase from the previous year.

Data Breach 57

Data Breach Breach Account Takeovers Fraud Prevention 57

PYMNTS

JULY 18, 2018

How exactly fraud attacks and fraud prevention will change in the post-PSD2 world remains unclear, but change is certain, according to observers. In fact, call center fraud already costs companies $0.58 The report covers ways in which call center operations are fighting fraud — including in Europe, the home of PSD2.

Fraud Prevention 41

Fraud Prevention Account Takeovers Online and Mobile Banking On-Demand 41