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Digital Fraud Attacks Rise 17% in Financial Services, Driven by Payment and Account Creation Fraud

Fintech News

In 2023, the financial services industry continued to sustain the most automated bot attacks, with 1.8 the number of bot attacks in the sector decreased by 6% YoY. Automated bot attacks remained stable in 2023 compared with the previous year, though the targets shifted. Despite this high volume. of all cases.

Accounts 143
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The Battle Raging Over Account Takeovers

PYMNTS

There’s a war going on in the digital world, one that most consumers are unaware of, despite the impact it could have on their money and their privacy — a battle between fraudsters and security providers over account takeovers. Account takeovers accounted for more than $2.3 billion in losses last year.

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3 Ways Fintechs are Helping Financial Institutions Fight Fraud

Finovate

Use cases for Selfie Reverification include preventing account takeover, securing high-risk transactions, streamlining account recovery and re-verification/re-validation, and more. “This view arms companies with a proactive, first line of defense to detect sophisticated fraud rings and bot attacks.

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Mapping Fraud’s DNA

PYMNTS

The various parts come together to produce a nefarious whole, one that targets personal and payment data to enable product or identity theft , account takeovers and other illegal activities that, left unchecked, can ruin lives and take down companies. It’s all about the connections, and recognizing them,” he said.

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Amid DDoS, No Smooth Sailing For Travel Firms

PYMNTS

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). Furthermore, the company said that bots are being used to abuse stolen credentials.

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Deep Dive: Securing P2P Apps Against Scams And ATOs

PYMNTS

This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). Criminals that successfully convince users to hand over login information can take control of the accounts and block out the original owners. Fraudulent Sellers.

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Mangopay Launches New AI-driven Fraud Prevention Solution for Platforms

Fintech Finance

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.