Seon

JANUARY 29, 2024

In this guide, we’ll see why accounts are targeted, how fraudsters acquire them, and, of course, which steps you should take to secure them. This is your complete guide to understanding and detecting account takeover (ATO) fraud in your business. What Is Account Takeover Fraud?

Account Takeovers

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

Fraud.net

DECEMBER 1, 2023

Modern account takeover protection requires implementing machine learning, geolocation, and anomaly detection to spot and prevent ATO fraud.

Account Takeovers

PYMNTS

JUNE 22, 2018

A new report from cybersecurity firm Kaspersky Lab found more than four out of five Americans and nearly three out of every four Canadians report being stressed out about the recent pattern of data breaches. The company recently partnered with cybersecurity firm SpyCloud to scan the dark web and roughly 4.5

Account Takeovers

PYMNTS

DECEMBER 27, 2016

Account takeovers, even of high-profile people, has become a common occurrence in this era of sophisticated cyberattacks and hacks, but researchers think they’ve found a way to fight back against account takeovers : cryptographically based security keys.

Account Takeovers

The Paypers

JUNE 7, 2024

Cybersecurity startup SpyCloud has secured USD 35 million in a funding round aimed at improving its account takeover prevention capabilities.

Account Takeovers

PYMNTS

NOVEMBER 6, 2017

To mark this annual occasion, DHS holds a campaign to raise awareness of cybersecurity issues and to help companies and financial institutions take steps against the type of threats with consequences significantly more serious than perpetrating a Halloween prank. At the time, they were seeing about 80 cases a week,” Nelson said. “It

FS-ISAC

PYMNTS

FEBRUARY 24, 2020

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.

Account Takeovers

The Fintech Times

FEBRUARY 21, 2024

FICO, the analytics company, published a report , titled Fraud, Identity, and Digital Banking Consumer Survey 2023 – United Kingdom uncovering Brits’ attitudes towards fraud and cybersecurity measures. Identity theft to open a new account is the top-ranked concern at 30 per cent.

Consumer

ACI Worldwide Blog

NOVEMBER 5, 2024

New and more complex cybersecurity threats have emerged, leading to phishing, vishing, account takeovers (ATO), synthetic identity fraud, and more. The rise of artificial intelligence (AI) has brought about significant advancements across various sectors, including fraud.

AI

PYMNTS

NOVEMBER 9, 2018

In fact, more than one-third of consumers had their PII compromised in the last year, First Data’s 2018 Consumer Cybersecurity Study found. Fraudsters are using this data to pull off card-not-present (CNP) fraud schemes, such as account takeovers. How Neiman Marcus Safeguards Purchases When Sales Surge .

AI

The Payments Association

NOVEMBER 20, 2024

AI isn’t just a buzzword in cybersecurity. Merchants who invest in these tools may be able to reduce instances of account takeover fraud or identity theft. which blends multi-factor authentication measures with AI risk analysis, can help merchants mitigate the effects of account takeover fraud.

AI

PYMNTS

SEPTEMBER 24, 2018

Fraudsters also use customers’ or executives’ lack of knowledge about security protocols to their advantage, and that’s where account takeovers come in. Account takeovers have skyrocketed in recent months, as a flood of consumer records have hit the dark web. An AI-Assisted Approach.

AI

PYMNTS

JANUARY 28, 2021

Banks are expected to boost their cybersecurity budgets by 15 percent in 2021 compared to previous years, some spending more than $3,000 per employee on these upgrades. 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

PYMNTS

AUGUST 27, 2020

Account takeovers can be common on online gaming and social networking sites, but gaming accounts can be valuable. Troia said the reasons people go on the black market and pay such fees isn't always complicated, and that “maybe somebody just doesn't want to spend 100 hours of effort to get there," Bloomberg reported.

Accounts

PYMNTS

SEPTEMBER 24, 2020

Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. The major cybersecurity issues that will continue to increase as digital becomes more prominent is fraudsters managing to get control of customers’ accounts,” he said.

Account Takeovers

PYMNTS

DECEMBER 2, 2019

Cybersecurity firm Radware told NBC that as much as 97 percent of online retail traffic comes from bots in the week leading up to Black Friday and Cyber Monday. 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.

Bots

PYMNTS

APRIL 9, 2020

Winning The New War With Account Takeover. Brands, he noted, have every incentive to give their best customers the VIP experience — hence they let them create accounts so their credit information, past purchases and associated data can be kept and used to curate and customize the consumer experience.

Account Takeovers

PYMNTS

MARCH 14, 2020

“The goal of the attack is generally to steal credit card information, guess shopping cart tokens to take over the shopping session, or exfiltrate consumer account PII (personally identifiable information) that can be used to perpetrate other fraud.”. percent of all eCommerce fraud , is still account takeover.

Account Takeovers

PYMNTS

FEBRUARY 10, 2019

All websites constantly experience account takeover attempts. There has been no increase in account takeovers on OkCupid.”. In fact, the company says on its support pages that account takeovers often happen because someone obtains a user’s login information. “If

Accounts

PYMNTS

JULY 21, 2020

The CRI aims to create cybersecurity standards and strategies by promoting a common language for cybersecurity risk assessments, and also plans to develop a new list of cybersecurity guidelines and best practices for FIs to follow. For more on these and other financial crime news items, download this month’s Playbook.

Crime

Finovate

JUNE 10, 2024

Austin, Texas-based cybersecurity firm SpyCloud has raised $35 million in funding. The capital will be used to expand the company’s solutions to help businesses investigate and defend themselves against cybercrime in general and account takeover fraud in specific.

Account Takeovers

PYMNTS

OCTOBER 13, 2017

With countless incidents of fraud occurring every day, some of which have made international headlines and impacted millions, cybersecurity and fraud prevention are top-of-mind for individuals and companies alike. For more from these nine payments industry leaders and their views on cybersecurity, take a look at this eBook.

Data Security

The Fintech Times

JUNE 2, 2024

The digital identity firm revealed that account takeover attacks are the most popular type of fraud, often taking advantage of weak or reused passwords. Deepfakes, often used to impersonate the holder of an account rather than creating a new or synthetic identity, are far more popular, accounting for one in 15 fraud attempts.

AI

PYMNTS

DECEMBER 2, 2019

Cybersecurity firm Radware told NBC that as much as 97 percent of online retail traffic comes from bots in the week leading up to Black Friday and Cyber Monday. 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.

Bots

PYMNTS

AUGUST 21, 2020

When it comes to venture capital, this week’s roundup includes new investments in B2B FinTechs targeting the logistics and supply chain spaces, cybersecurity and more, totaling more than a combined $109 million. In the U.K., million in new funding , U.K.-based

B2B

The Fintech Times

NOVEMBER 20, 2024

However, it is unfortunately being used by both sides as AI-assisted fraud is growing more frequent and more sophisticated according to a new report from the think tank that provides insights to help organizations protect themselves, adapt, and grow, The Entrust Cybersecurity Institute.

Deepfake

PYMNTS

FEBRUARY 10, 2017

In this week’s Hacker Tracker , PYMNTS was joined by Alex Cagnoni, CEO of Datablink , who shared some interesting insights on some of the latest news across the cybersecurity landscape. It’s expected that the number of account takeover attacks will also continue to grow. Old Tools, New Tricks .

Account Takeovers

PYMNTS

AUGUST 18, 2017

Between account takeovers, business logic abuse, loyalty and reward points fraud and other cybersecurity attack methods, companies are not only suffering financial damages but brand image damages too. Not according to Angel Grant, director of Global Product Marketing and Strategy for cybersecurity firm RSA.

Security

FICO

FEBRUARY 8, 2018

As an adult with a serious professional interest in security, I am surprised as to why bright, well-informed data and cybersecurity professionals don’t feel more insecure about the efficacy of biometric information as a security device. Is it because biometrics are today's security blanket? The Myth of Biometric “Security Blankets”.

Security

PYMNTS

JUNE 11, 2019

One of the most insidious forms of fraud is account takeovers (ATOs). The Digital Fraud Tracker™ , powered by DataVisor , offers a monthly look at the latest data, news and trends surrounding fraud and cybersecurity. Total losses due to fraud were a staggering $4.2 About the Tracker.

AI

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

Fintech News

JUNE 6, 2024

A robust cybersecurity approach should include consumer education and sophisticated technology to address the complex threats posed by cybercriminals,” said Frederic. By sharing important intelligence on emerging fraud trends, banks can stay ahead of the curve and adapt their security measures accordingly. “A

Scams

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

PYMNTS

MARCH 28, 2018

According to LexisNexis , chargeback fraud accounts for 28 percent of all fraud that occurs at an eCommerce company, tied for first place with “ friendly fraud.” ” The impact of chargeback fraud and other transaction-related fraud — like account takeovers or payments fraud — on the bottom line is clear.

Security

PYMNTS

OCTOBER 29, 2018

The very tools used to transmit customer data could also pose a cybersecurity risk. If those attacks are successful, cybercriminals would acquire unauthorized customer data that could possibly be used in an account takeover (ATO) or another form of cyberattack.

Security

The Fintech Times

JUNE 20, 2024

David Atkinson , CEO of SenseOn , the cybersecurity firm, explains why financial organisations should understand vulnerabilities, defend against evolving cyber threats and how leveraging technology that can actively flag and isolate serious threats will decrease the damage. So what can firms do to better mitigate this risk?

Risk