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

Fintech News

New account creation fraud refers to the act of fraudsters creating new accounts, often using stolen or synthetic identities, to access online services or obtain lines of credit. Payment fraud, in which stolen payment credentials are used to make illegal transactions, rose by 9% YoY, signaling heightened financial risks for banks.

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How P.F. Chang’s Keeps Customer Data Under (Lettuce) Wraps

PYMNTS

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. For more on these and other mobile order-ahead news items, download the Tracker.

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How To Keep Fraudsters From Scamming Banks Across Every Nook And Channel

PYMNTS

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.

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New Report: How Behavioral Analytics Help FIs Block Fraud At The ITM

PYMNTS

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. For more on these and other digital-first banking news items, download this month’s Tracker.

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SpyCloud On Making Payments Smarter And Safer

PYMNTS

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.

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LexisNexis Risk Solutions Cybercrime Report Reveals 19% Annual Increase in Global Human-Initiated Digital Attack Rate

Fintech Finance

A key component of this growth in attacks was fraudsters’ focus on account takeover of ecommerce accounts, with the attack rate at login reaching 3.3% (an increase of 119% YOY). Download a copy of Confidence Amid Chaos: The LexisNexis® Risk Solutions Cybercrime Report 2023.