FICO

JULY 23, 2019

Here, I will broaden the focus to include account takeover fraud. As CSPs have looked to introduce additional controls and checks at the front-end onboarding process, fraudsters have moved to account takeover. In my next post I’ll look at analytics that can help CSPs manage subscription fraud and account takeover fraud.

Account Takeovers

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. Merchants can further up their game by tapping into advanced fraud tools that enable [them] to investigate suspicious activity, create custom rules using complex logic and pass custom fields.”.

Volume

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

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

Seon

JUNE 15, 2023

A BEC attack is when a fraudster gains unauthorized access to a business’s account. The most damaging form of BEC is account takeover (ATO) attacks. Ask an Expert CEO Fraud CEO fraud is a catch-all term for the exploitation of the account of a high-ranking organizational official, such as a CEO or an investor.

Email Compromise

PYMNTS

FEBRUARY 22, 2019

The fallout hits everyone involved via a fraudulent transaction, and, as the data shows, account takeovers are on the rise. For example, the Illinois Supreme Court ruled earlier this year that companies can be sued for biometric data collected without users’ consent. Introducing Biometrics Into the Mix.

Credential

PYMNTS

SEPTEMBER 24, 2020

Those lines of defense can indeed be effective, said Donlea, “as long as details in that consumer's account have not already been changed through an account takeover.”. Traditional wallets in the APAC region market have relied on two-factor authentication or one-time passwords.

APACS

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

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. In the loyalty area, there’s no equivalent to the card schemes.

Fraud Prevention

FICO

JULY 28, 2021

In response to a rise in fraudulent activity targeting ACH and other electronic transactions, the WEB Debit Account Validation Rule was put into effect by NACHA on March 19, 2021. The supplemental requirement applies to the first use of an account number or changes to the account number.

NACHA

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. Decision-making to flag, or even stop, a transaction can be made on a case-by-case basis, without resorting to universally applied rules, he said. You can see how it all starts to add up.

Credit Cards

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.

Transactions

The Fintech Times

AUGUST 13, 2024

Brazil and Mexico were the most affected, recording millions of phishing attempts aimed at stealing financial data and credentials. The old ways of fraud detection relied on static rules that could not keep pace with rapidly evolving fraud tactics.

AI

Seon

JUNE 21, 2023

Like any online account, virtual credit card accounts, the mobile wallets they are kept in, and even the online bank accounts they may be connected to are vulnerable to account takeover (ATO) fraud , phishing, and more sophisticated attacks, such as man-in-the-middle attacks.

Credit Cards