Fintech News

MARCH 20, 2024

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.

APACS 109

APACS Fraud Prevention Deepfake Account Takeovers 109

PYMNTS

OCTOBER 16, 2020

COVID-era fraudsters use scams that range from impersonating tax officials to selling fake PPE on P2P payment apps. Peer-to-peer (P2P) payment apps like CashApp , PayPal , Venmo and Zelle are especially popular targets for financial crime, with fraud attacks against these apps increasing by 733 percent since 2016.

Zelle 89

Zelle P2P Scams Financial Crimes 89

The Fintech Times

OCTOBER 21, 2024

PalawanPay , a payroll, debt collection, payments, cash transactions, and remittance service provider in the Philippines, has selected Swiss fintech, NetGuardians , known for its enterprise risk platform focused on combating bank fraud, to bolster its fraud prevention measures.

Fraud Prevention 52

Fraud Prevention Account Takeovers APACS Scams 52

The Payments Association

DECEMBER 11, 2024

Digital payments demand advanced fraud prevention, blending AI and human intelligence to counter evolving threats while ensuring seamless user experiences. These tools enable criminals to automate complex fraud schemes, allowing even less experienced criminals to execute significant scams with precision.

Fraud Prevention 88

Fraud Prevention Risk Assessment Payments Account Takeovers 88

The Fintech Times

JUNE 1, 2024

Meanwhile, the fraud landscape is rapidly changing. 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.

SWIFT 124

SWIFT AI Fraud Detection Fraud Prevention 124

The Fintech Times

MARCH 18, 2024

The fraud prevention industry is experiencing rapid growth in response to amplified regulatory pressure and increasingly sophisticated threats of online fraud. It has revolutionised convenience for consumers and created new business opportunities, but it has also opened a Pandora’s box of fraud risks.

Fraud Prevention 59

Fraud Prevention AI Fraud Detection Payments 59

The Fintech Times

MARCH 30, 2025

IronVest (New York) a cross-channel fraud prevention platform that fuses user identity with intent to eliminate account takeovers, scams, first-party fraud, and onboarding threats.

Innovation 80

Innovation FinTech AI Underwriting 80

PYMNTS

JULY 2, 2020

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

Transactions 112

Transactions Push-to-Card Account Takeovers Fraud Prevention 112

PYMNTS

JUNE 14, 2019

Online games store and centralize users’ payment information, making them prime targets for hackers who acquire data via account takeovers (ATOs). Account takeovers: the ultimate boss fight. ATOs are arguably the most nefarious type of fraud. Younger gamers are particularly vulnerable to this type of fraud.

Account Takeovers 46

Account Takeovers Accounts Scams Phishing 46

PYMNTS

APRIL 9, 2020

And that has made it more critical than ever for firms of all types and descriptions to think hard about taking a more balanced approach to fraud prevention — but think more holistically about the field they are protecting. Winning The New War With Account Takeover.

Account Takeovers 94

Account Takeovers Fraud Prevention Push-to-Card Accounts 94

PYMNTS

OCTOBER 19, 2020

These apps are not without danger, though, and fraudsters are looking to cheat and scam their way to paydays from innocent users. We split out scams and frauds,” he explained in a recent interview with PYMNTS. Fraud means someone is trying to access your device, while scams consist of people being tricked into sending money.”.

Zelle 68

Zelle Scams AI CashApp 68

PYMNTS

MAY 27, 2020

Account takeovers (ATOs) rose 347 percent from 2018 to 2019 — a problem that will only worsen if financial institutions (FIs) are not vigilant. Fraudsters seek to fly under the radar by stealing information through one channel that they then use to execute ATOs or other attacks.

Scams 98

Scams Account Takeovers Online and Mobile Banking Credit Union 98

PYMNTS

JANUARY 28, 2021

PYMNTS recently reported Federal Trade Commission (FTC) figures finding, “More than 200,000 Americans were scammed out of $145 million relating to the pandemic since the beginning of 2020.” Consumers Getting Wise To Scams. Fortunately, the general population is getting savvier about cyber scams. It’s on banks to deter them.

Federal Trade Commission 97

Federal Trade Commission Scams Account Takeovers Fincen 97

Fintech Finance

AUGUST 19, 2024

“Our new ACH fraud solution uses GenAI and machine learning to bring real-time risk monitoring and investigating tools to fraud practitioners, empowering them to mitigate risk while further gaining their customers’ trust and loyalty along the way.”

ACH 52

ACH Fraud Prevention AI Same Day ACH 52

PYMNTS

FEBRUARY 24, 2020

But even restaurants that are leveraging mobile ordering are being faced with more avenues for fraud to enter. Starbucks is one quick-service restaurant (QSR) making hay in the mobile ordering scene, with a recent earnings call revealing that digital orders accounted for a full 17 percent of its revenue during Q1 2020.

Account Takeovers 85

Account Takeovers Credential AI Fraud Prevention 85

Accertify

NOVEMBER 16, 2023

The Paypers Fraud Prevention in Ecommerce 2023 – 2024, Keeping Fraudsters Out While Balancing a Seamless Customer UX has been released and it has been made available for download. It discusses the most common, yet ever-evolving types of fraud, including chargebacks, scams, and account takeover (ATO), with their latest developments.

Fraud Prevention 40

Fraud Prevention Identity Theft Account Takeovers Scams 40

PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. Most of the victims who did report such fraud contacted their banks, credit card companies or the police rather than regulatory authorities.

Scams 89

Scams Account Takeovers Federal Trade Commission Real Time Payments 89

FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But the online shift has also created opportunities for financial institutions to demonstrate their strong fraud controls in the digital space.

Fraud Prevention 59

Fraud Prevention Scams Online and Mobile Banking Account Takeovers 59

PYMNTS

MARCH 20, 2020

Madrid, Spain-based security firm buguroo is combatting account opening fraud with its bugFraud solution, which uses deep learning to detect fraud by measuring how application processes compare to legitimate transactions. A surp rising tactic is emerging to thwart such preventative efforts, however.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

Finovate

OCTOBER 24, 2024

Socure has acquired risk decisioning company Effectiv for $136 million Socure will integrate Effectiv’s AI-powered orchestration platform into its digital identity verification and fraud solutions. Using Effectiv’s technology, firms can combat identity theft, account takeover, scams, and real-time payment fraud.

Risk 64

Risk Acquirers Fraud Prevention Identity Theft 64

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. is facing fraud problems as well.

Phishing 64

Phishing Data Breach Breach Scams 64

The Fintech Times

DECEMBER 18, 2023

Rise in social engineering Doriel Abrahams, head of risk, Forter Doriel Abrahams , head of risk at payment optimisation and fraud prevention platform Forter, also expects social engineering will “take a giant leap forward” in 2024. Our expectation is that social engineering attacks will only increase further in 2024.”

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

PYMNTS

NOVEMBER 17, 2020

During this hectic time of year, merchants are particularly vulnerable to promotion abuse, account takeover and transaction fraud. To successfully address fraud, merchants need to have a fraud prevention strategy in place well before the holiday season.". Behavioral Biometrics Ensure You Are You .

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction.

Fraud Detection 78

Fraud Detection Online and Mobile Banking Scams Issuers 78

PYMNTS

FEBRUARY 14, 2020

The fraud prevention race is the same as it has always been, with merchants and security companies sprinting to stay ahead of cybercriminals to keep data safe and secure. Although fraud losses from banks, retailers and online platforms have continued into 2020, so has security innovation.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. FICO published our 2021 Digital Consumer Banking and Fraud Survey today that emphasizes consumer perspectives on customer experience and fraud prevention management. .

Consumer 52

Consumer Scams Fraud Detection Fraud Prevention 52

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. FICO published our 2021 Digital Consumer Banking and Fraud Survey today that emphasizes consumer perspectives on customer experience and fraud prevention management. .

Verification 52

Verification Consumer Scams Fraud Detection 52

PYMNTS

FEBRUARY 26, 2020

These merchants have always been vulnerable to in-person fraud, including coupon or promotion scams, but digital channels create new avenues that bad actors can exploit. AI systems can prevent these attacks and are inexpensive when compared to the cost of human fraud prevention teams. AI to the Rescue.

Credential 56

Credential AI Account Takeovers Fraud Detection 56

PYMNTS

JULY 21, 2020

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. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention. Developments Around The Financial Crimes Space.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

BioCatch

JULY 30, 2024

Bank imposter schemes emerged as an asymmetric threat for fraud managers following the rapid consumer uptake of real-time peer-to-peer (P2P) channels starting in 2019. It was accepted that taking on a real-time P2P payment capability would create significant fraud exposure.

Scams 59

Scams P2P Consumer Account Takeovers 59

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. Source: NACHA. favorites”).

NACHA 52

NACHA ACH Scams Account Validation 52

PYMNTS

JANUARY 27, 2020

Payment service providers (PSPs) must carefully attend to their know your customer (KYC) and know your customer’s customer (KYCC) checks, anti-money laundering (AML) strategies and other fraud prevention approaches. PSPs provide high-demand services that must be delivered safely and conveniently.

AML 62

AML Service Provider Real Time Payments Money Laundering 62

Seon

MAY 8, 2024

Fueled by technology advancements and the widespread availability of affordable cloud computing, this evolution has democratized the ability to launch large-scale cyberattacks and fraud schemes, enabling virtually anyone to orchestrate them. 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

PYMNTS

NOVEMBER 6, 2019

Even the most aggressive fraud prevention efforts are often behind the times, so to speak – and that creates another vulnerability in the form of blind spots from which fraudsters can attack. Fraud is a massive global problem, and you can bet that right now, fraudsters are thinking up new ways to defraud consumers and businesses.

Romance Scams 41

Romance Scams Account Takeovers Federal Trade Commission FTC 41

PYMNTS

AUGUST 7, 2020

Eighty-eight percent of surveyed managers expect the health crisis to increase the threat of financial fraud in regulated industries, including online gambling. . 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.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

Clearly Payments

JULY 16, 2024

Fraud Rate by Industry in 2023 Credit card fraud is a pervasive issue impacting various industries, each with unique vulnerabilities and estimated fraud rates. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2%

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

FICO

SEPTEMBER 8, 2022

Payments Fraud in Asia Post Pandemic. Why consumers are moving to banks with the best fraud and scam prevention. Senior Consultant, Fraud and Financial Crime. The growth of real-time payments and fraud in Asia. This makes this scheme particularly difficult to detect and prevent. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52