FICO

MARCH 22, 2022

Account takeover fraud (ATO) occurs when an unauthorized person takes control of an account. The fraudster takes steps to actively control the account, for example by applying for a new card or changing the account contact information or password. What Do Fraudsters Do with Accounts They Have Taken Over?

Account Takeovers

The Payments Association

NOVEMBER 20, 2024

Why are AI tools especially effective at fighting fraud? The technology is gaining traction because these tools excel at fraud detection in several ways. First, AI tools have much higher throughput than manual or non-software-based detection methods. For example, say you have an AI fraud solution configured to parse text.

AI

The Fintech Times

JUNE 1, 2024

Over a third of fraud attempts (42.5 per cent) targeting financial institutions now use AI, according to a recent study by digital identity and fraud prevention solution Signicat. Overall, around 29 per cent of these AI-driven fraud efforts are successful. This would equate to over £112million worth of fraud detected annually.

SWIFT

PYMNTS

MAY 7, 2018

In a survey of financial institutions facilitating Same-Day ACH for their customers – which collectively account for about 66 percent of ACH origination volumes – NACHA found that exactly zero percent reported an increase in fraud. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however.

Same Day ACH

Fintech Finance

AUGUST 2, 2024

ComplyTek introduces an advanced transaction screening solution for instant payments , designed to ensure compliance and mitigate fraud within the critical 10-second processing window. Leveraging machine learning and AI, the platform offers comprehensive monitoring and fraud detection capabilities.

Instant Payments

The Fintech Times

MARCH 18, 2024

These malicious scammers are growing in number and refining their strategies, employing ever more sophisticated methods, including account takeovers, synthetic identity fraud, and social engineering scams. In the UK alone, fraudsters syphoned off £1.2billion in 2022, with almost 80 per cent of app fraud cases starting online.

Fraud Prevention

The Fintech Times

AUGUST 13, 2024

While fraudsters attempt to use AI for nefarious purposes, Latin America is firmly embracing the technology to fight back with advanced fraud detection and prevention tools that learn and adapt over time. The old ways of fraud detection relied on static rules that could not keep pace with rapidly evolving fraud tactics.

AI

The Fintech Times

DECEMBER 21, 2023

Despite the continued proliferation of the above payment innovations, comprehensive solutions offering a stellar user experience, robust fraud protection, and default safeguards akin to traditional credit cards remains elusive. First is an expected uptick in utilising AI for more complex processes, like data analysis and fraud detection.

Cross-Border Payments

PYMNTS

OCTOBER 8, 2020

Even restaurants without their own in-house apps — such as many independent eateries — report that partnering with third-party service like Grubhub or Uber Eats has raised their sales volumes by up to 20 percent. Drive-Thrus. Customers’ top priority regarding restaurants is their own safety, however.

Innovation

PYMNTS

OCTOBER 13, 2017

It’s no surprise that the holidays mean increased eCommerce traffic – and therefore, increased instances of fraud. The fraudsters often get away with it, too, simply because many merchants are overwhelmed by the volume of traffic and can’t give sketchy transactions their due consideration.

Risk Assessment

BioCatch

JULY 17, 2024

In February, we published our first Digital Banking Fraud Trends in India report. With additional information from the past five months, we can now provide an update on where things currently stand.

Volume

PYMNTS

OCTOBER 1, 2019

In the latest Mobile Order-Ahead Tracker , PYMNTS explores the latest developments in the world of digital ordering, including the rise of artificial intelligence (AI) and machine learning (ML), especially for QSRs protecting themselves against fraud. Voice Ordering: The Next Fraud Frontier?

Data Breach

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

PYMNTS

JULY 30, 2020

With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. Traditional fraud-fighting approaches often fail against scammers who use synthetic IDs to trick financial institutions (FIs) into letting them open new accounts. Check it out.

Law Enforcement

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 is where you can integrate residential proxy detection to bolster bot attack mitigation.

Online and Mobile Banking

FICO

OCTOBER 7, 2022

Even more dramatic, PayPal, a relatively late arrival to the party, saw its BNPL volumes soar 226% year over year. As payments professionals well know, change creates opportunities for fraud. Account takeover (ATO) fraud is also using BNPL as an easy gateway. Application Fraud – An Open Door for Fraudsters.

BNPL

Clearly Payments

JULY 16, 2024

Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% This section provides an overview of the fraud landscape across different industries, highlighting the most common types of fraud, estimated fraud rates, and the specific risks each sector encounters. of all reported fraud cases.

Risk

PYMNTS

NOVEMBER 4, 2019

The rise of mobile commerce and selling of digital goods has added to retailers’ fraud problems. The average monthly fraud volume rose 133 percent for mid- to large sized retailers selling digital goods through the mobile channel. Third-party account takeovers were only responsible for 7 percent of fraud losses.

Online and Mobile Banking

PYMNTS

JULY 18, 2018

PSD2 is bringing higher transaction volume for banks, and more demand from consumers for mobile payments and quicker transactions. Those increases result in more pressure being put on fraud detection systems — which, in turn, provide obvious opportunity for businesses that sell fraud prevention technology.

Fraud Prevention

PYMNTS

OCTOBER 11, 2018

As members were able to access their card information online, we saw a dip in call volume,” he said. So, we expanded out from the base as a card service call center to a call-in hub for full-service calls across accounts.”. The fraud detection system obviously needs to first stop the attempted break-in at that single touchpoint.

Credit Union

Seon

JULY 10, 2024

Fraud monitoring is a broader term encompassing the overall detection and prevention of fraudulent activities within an organization. These may include various types of fraud, such as identity theft, account takeover, payment fraud and application fraud. Fraud transaction monitoring’s scope is narrow.

Transactions

Trade Credit & Liquidity Management

MARCH 11, 2025

Here are some of the most affected industries: Retail: This sector is frequently plagued by issues like inventory theft, return fraud, and credit card fraud. Issues such as fund misappropriation, grant fraud, and embezzlement can undermine their mission, highlighting the need for stronger financial controls.

Due Diligence

The Fintech Times

MAY 22, 2024

The report found that card ID theft increased, with losses up 53 per cent to £79.1million, as many criminals reverted to stealing ID and falsely applying for new credit cards or account takeovers, were they not able to trick someone through APP. ” This sentiment was shared across the industry.

Scams

Fintech Labs Insights

DECEMBER 20, 2016

And once a company is able to tell good users from bad, he said, “all the other technological attacks that are available, such as identity theft, account takeover, new account fraud … become very easy to deal within this framework.”

Security

Fintech Labs Insights

AUGUST 2, 2016

Cyberfend’s security solution detects account takeover, payment fraud, and stolen credentials. By blending human cognitive science with machine learning the company’s fraud detection system has nearly eliminated false positives or false negatives. Soon, they move away to other targets.

Bots

Fintech Labs Insights

AUGUST 22, 2024

QuickFi : Reported a 45% increase in loan volume. Spring/West 2020 (Digital): Breach Clarity (acquired by TransUnion): Cybersecurity solutions for financial fraud detection, received critical acclaim for its innovation. Spycloud : Raised $169M, cybersecurity firm focusing on preventing account takeovers, broadened offerings.

Online and Mobile Banking

PYMNTS

DECEMBER 21, 2020

As the new Tracker states, “eateries are turning to online and mobile ordering as well as delivery to stay afloat, with online order volume from food chains spiking by 225 percent since the pandemic began. These growing revenue streams carry their own risks, however, not the least of which is their propensity to be targeted by fraud.”.

Bots

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