FICO

FEBRUARY 19, 2020

Real-time payments are used in this way not only to launder the proceeds of the authorized push payment frauds previously mentioned, but also to launder money from some of the most serious crimes such as people trafficking, terrorism and the drugs trade. Account Takeover Fraud. by Doug Clare.

Real Time Payments 92

Real Time Payments Financial Crimes Crime Account Takeovers 92

PYMNTS

MARCH 22, 2018

Fraud detection startup Sift Science has raised $53 million in a series D round, bringing its total amount raised to $107 million. Founded in 2011, Sift Science plans to use this latest round of funding to grow its fraud detection and prevention product globally.

Fraud Prevention 43

Fraud Prevention Fraud Detection Account Takeovers Data Breach 43

Finovate

AUGUST 14, 2024

Use cases for Selfie Reverification include preventing account takeover, securing high-risk transactions, streamlining account recovery and re-verification/re-validation, and more. “Our goal is to help our customers manage security while providing the best experiences for their account holders.”

Credential 65

Credential FinTech Deepfake Fraud Detection 65

M2P Fintech

MARCH 24, 2025

Enhanced fraud detection ensures security, while alternative data expands accessibility, especially for those with limited credit history. These vulnerabilities demand robust protection measures to safeguard sensitive data and maintain trust. “One-click” loans become reality through instant credit assessments.

Payment APIs and Integration 52

Payment APIs and Integration Blockchain Regulatory Compliance Underwriting 52

PYMNTS

FEBRUARY 10, 2017

The bigger and more widespread cyber threat, as opposed to shimmers, may actually be the ability for cybercriminals to use or sell stolen data for fraudulent online purchases that are typically made in groups of small purchases as to go undetected by fraud detection systems. has fallen significantly behind the curve.

Account Takeovers 56

Account Takeovers CHIPS Chip Cards FFIEC 56

PYMNTS

JANUARY 9, 2019

Stopping fraudsters can feel a bit like playing Whac-A-Mole for luxury retailers who want to protect customers and data, and no one wants to be the next retailer to experience a data breach or high-volume fraud attack. With our current fraud detection system, we are utilizing device fingerprinting,” Ciborowski said.

Fraud Detection 43

Fraud Detection Data Breach Account Takeovers Breach 43

PYMNTS

MARCH 30, 2016

TSYS’ ProPay has paired up with InfoTrax to help direct selling companies battle fraudsters by integrating ProPay’s Guardian CyberShield fraud detection and protection service into its DataTrax back-office software. It is also used to prevent account takeover, payment fraud, identity spoofing, malware and data breaches.

Account Takeovers 41

Account Takeovers Fraud Detection Best Practices Fraud Prevention 41

Clearly Payments

JULY 16, 2024

Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% Financial Services The financial services industry faces a high risk of fraud due to the nature of its operations and the sensitive information it handles. of all reported fraud cases. billion in losses.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

JANUARY 31, 2020

These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods. Doug Clare, vice president of fraud product management at FICO – a consumer credit score, analytics software and fraud detection platform provider – knows this dilemma well.

ATM 59

ATM Debit Card Fraud Detection Credential 59

PYMNTS

MARCH 5, 2019

She stated, too, that a fraud detection team is tasked with watching for and preventing account takeovers. Data breaches, identity fraud and online scams are never identical or static instances,” she said.

Economy 59

Economy Cross-Border Alternative Payment Methods Account Takeovers 59

FICO

OCTOBER 7, 2022

The threat from synthetic identity fraud is amplified as the number of identities that can be created is virtually unlimited and there is no real person that owns the identity who could spot and report the misuse.". Account takeover (ATO) fraud is also using BNPL as an easy gateway. What Is Account Takeover Fraud?

BNPL 52

BNPL Account Takeovers CFPB Consumer Financial Protection Bureau (CFPB) 52

Nanonets

MAY 31, 2023

Account Takeover: Criminals gain unauthorized access to customer accounts, allowing them to make fraudulent transactions or transfer funds. Seon reports that 22% of adults in the US were victims of this type of fraud in 2022, with average losses of around $12,000 per case. percent after 14 market days.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

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

PYMNTS

SEPTEMBER 28, 2017

Predictability breeds familiarity, and familiarity breeds breaches, losses or both. All too often, Barnhardt said, companies confuse “true name” fraud – account takeovers – with synthetic identity fraud. Models to gauge risk and combat synthetic fraud? The former has been around for a long time.

Enrollments 43

Enrollments Breach Fraud Detection Social Security 43

Fintech Labs Insights

DECEMBER 20, 2016

“These are behaviors that can’t be stolen, replayed, or reused – and so they aren’t subject to data breach.” ” The technology enables FIs to both separate good users from bad with a high degree of accuracy, while providing “actionable intelligence on interaction risk,” Capps added. .”

Security 17

Security Identity Theft Account Takeovers Fraud Detection 17

PYMNTS

APRIL 24, 2018

With the advent of technology and the prevalence of online shopping, the term eCommerce fraud has become more general and more vague. Of these, none are more insidious than Account Takeover, aka ATO. Getting Their Hands on Data. There are a few ways in which fraudsters gain access to raw customer data.

Breach 50

Breach Bots Credential Data Breach 50

PYMNTS

SEPTEMBER 6, 2019

Call centers are experimenting with hybrid methods to combat ATOs, phishing and other types of fraud. This type of MFA will combine certain KBA elements, such as usernames, with alternate authentication measures that are harder to obtain in data breaches.

MFA 49

MFA Authentication Phishing Verification 49

PYMNTS

DECEMBER 21, 2020

use smartphone apps for food delivery, with this figure rising even higher when accounting for takeout or curbside pickup,” the Tracker states , adding that by 2023, some 54 million consumers will use MOA apps. As the Tracker notes, a recent data breach of a mobile order-ahead app leaked 2.8 million accounts onto the dark web.

Bots 60

Bots Fraud Detection Account Takeovers Breach 60

The Payments Association

JANUARY 14, 2025

According to Nick Davey, OBL, who shared insights from a six-month data collection exercise covering 60% of the UK market, the threat is evenly split between authorised and unauthorised fraud. On the other hand, authorised fraud, such as impersonation and investment scams, preys on the vulnerabilities of human psychology and trust.

Fraud Prevention 88

Fraud Prevention Financial Crimes Crime Participant 88