The Fintech Times

DECEMBER 18, 2023

“But with the popularity of generative AI (shout out to ChatGPT and FraudGPT), fraudsters can now make their social engineering scams even more convincing at an unheard of scale. A few years ago, this would be a homerun for consumers and a major deterrent for fraudsters,” says Abrahams.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

PYMNTS

JULY 21, 2020

This problem puts many at risk of falling victim to scams. This month’s Deep Dive examines the ways that bad actors try to exploit P2P payment app users via scams and account takeovers (ATOs). It also details how payment service providers can up their defenses against such threats. Fraudulent Sellers.

P2P 60

P2P Scams Security Account Takeovers 60

The Payments Association

NOVEMBER 20, 2024

After analysing emails, live chat sessions, and other communications between merchants and sellers, the tool can then pick up on words or phrases commonly used in scams. Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

Fintech Finance

MAY 22, 2024

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). The volume of human-initiated attacks surged 80% YOY, resulting in an attack rate of 2.8% (up by 59% YOY).

Account Takeovers 52

Account Takeovers Risk Bots Scams 52

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. “Fraudsters know that higher transaction volumes and a demand for fast processing times leave merchants vulnerable to attacks. Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

DECEMBER 2, 2019

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. They mimic human browsing behaviors and distribute activity across devices to duck exposure.

Bots 52

Bots Account Takeovers Cybersecurity Credential 52

PYMNTS

JANUARY 23, 2020

Many of these data breaches are the result of phishing, which dupes victims into giving up login credentials or other sensitive information that is either used for account takeovers or sold on dark-web marketplaces. This comes to approximately one hack every 39 seconds, and affects a wide range of businesses and customers.

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

JULY 1, 2019

Account Takeovers Plague the QSR Industry. Cybercriminals can obtain stolen identities for as little as $4, meaning it’s easier than ever for them to launch account takeover (ATO) attacks. Scamming, the Old-fashioned Way.

Account Takeovers 66

Account Takeovers Online and Mobile Banking Data Breach Credit Cards 66

Innovative Payments Association

JUNE 26, 2024

Fraud and scam activity can happen to anyone. Just a few days ago I learned that my mother was the victim of bank account fraud. There are a lot of senior citizens who are not as lucky or haven’t been that fortunate when it comes to scams or fraud. Use contact information from official sources.

Scams 52

Scams Federal Trade Commission Identity Theft Law Enforcement 52

PYMNTS

APRIL 18, 2017

On top of the recent issues with hackers stealing account credentials of legitimate but inactive merchants and selling non-existent items, a report from Inc suggests that fraudsters are also making new accounts. Dubbed the “just launched” scam, fraudsters take advantage of naive buyers by creating new fraudulent accounts.

Account Takeovers 40

Account Takeovers Scams Credential Data Breach 40

PYMNTS

DECEMBER 2, 2019

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. They mimic human browsing behaviors and distribute activity across devices to duck exposure.

Bots 43

Bots Account Takeovers Cybersecurity Credential 43

PYMNTS

AUGUST 7, 2020

The following Deep Dive examines how fraudsters’ schemes target gamers as well as how data breaches enable bad actors to commit account takeover (ATO) fraud. The data concluded that fraudsters were initiating attacks of varying complexity to steal payment information, take over accounts and even pilfer and sell video game assets. .

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

PYMNTS

MAY 16, 2019

Members of the group located in Bulgaria and Ukraine then took control of victims’ online bank accounts and stole money out of their accounts. Reuters reported that 10 of the network’s members have been charged with conspiracy to steal online banking credentials. The scam started in 2016 with an attack in Ukraine.

Phishing 46

Phishing Account Takeovers Credential Encryption 46

FICO

JULY 28, 2021

million fraud reports from consumers , with imposter scams remaining the most common type of fraud reported to the agency. These scams are typically Authorized Push Payment (APP) schemes in which the transaction is executed by the customer directly, often via—wait for it—ACH payments. Federal Trade Commission received more than 2.2

NACHA 52

NACHA ACH Scams Account Validation 52

Seon

JUNE 15, 2023

The report states that these victims mostly lost their money to BEC scams. 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. Reported losses in 2020 exceeded $4.2 What Is a Business Email Compromise Attack?

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. Credit card fraud is just one of many techniques that fraudsters leverage to scam FIs and their customers, but it is on the rise amid the pandemic.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

FICO

DECEMBER 19, 2022

How they determine whether a customer’s behavior signals potential for fraud or whether the customer is the potential victim of a scam. Digital identity authentication has become crucial when designing frictionless experiences for anything from real-time payments to simple account access. What actions to take in response. .

Assessments 52

Assessments Scams Authentication Authorization 52

Clearly Payments

JULY 16, 2024

According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% Account Takeover (ATO): Fraudsters gain unauthorized access to customer accounts to steal funds or conduct illicit transactions. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2%

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

APRIL 12, 2019

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

Business Email Compromise 46

Business Email Compromise AFP ACH Email Compromise 46

PYMNTS

MARCH 3, 2020

Of all the dirty rotten scandalous schemes fraudsters get up to, one of the worst is the old “lonely hearts” scam, dressed up in smartphone attire. Retail fraud attempts have doubled year over year and tripled since 2017, for example, while account takeover (ATO) fraud losses recently hit $14.7

Federal Trade Commission 53

Federal Trade Commission FTC Account Takeovers Ransomware 53

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. This feature is invaluable in detecting phishing scams, especially in the financial service industry.

Online and Mobile Banking 52

Online and Mobile Banking Fraud Prevention Account Takeovers Bots 52

FICO

JUNE 8, 2020

Fraudsters buy compromised data (credentials, ID documents, personally identifiable information or payment details). This can include credentials, such as usernames and passwords, identity documents, knowledge-based information and payment details. Convergence in these areas is imperative in controlling account takeover risk.

Compromise 52

Compromise Financial Crimes Breach Credential 52

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

PYMNTS

APRIL 9, 2018

Gemini Advisory, which first identified the breach at Hudson’s Bay, suggests human error was to blame: An employee likely clicked on a malicious link sent via a phishing scam. To err is human,” IBM said in its report. Unfortunately, the lasting effects of a simple mistake in a digital world can be catastrophic.

Data Breach 49

Data Breach Breach Cybersecurity Phishing 49

FICO

JUNE 4, 2018

Authorized push payment scams manipulate the account holder into making the payment to an account controlled by fraudster—hence the term ‘’. After gaining access to a victim’s account, a fraudster might go one step further to carry out account takeover fraud.

Demand Deposit Account (DDA) 40

Demand Deposit Account (DDA) Smishing Payer IRS 40

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 52

Credit Cards Risk Online and Mobile Banking Phishing 52