Fintech News

SEPTEMBER 29, 2024

Dang’s experience is not uncommon in Vietnam, with many others falling victim to similar scams facilitated through Facebook groups. BNPL fraud exploits Singaporean users through Singpass scams This type of scam is just one example of how BNPL platforms are being exploited. BNPL fraud is not a new phenomenon.

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

The Payments Association

NOVEMBER 20, 2024

From payment card fraud and identity theft to chargeback fraud and refund fraud, scammers are continuously devising new ways to siphon money away from cardholders and merchants illegally. Finally, AI tools also have applications in identity verification.

AI 88

AI Fraud Detection Identity Theft Account Takeovers 88

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

Account Takeovers 105

Account Takeovers MFA Fraud Detection Credit Cards 105

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

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. million cases of medical identity theft, resulting in $41 billion in losses.

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

Finovate

OCTOBER 24, 2024

Effectiv, which demoed at FinovateFall 2023, was founded in 2021 to provide an open platform that integrates a wide range of risk solutions– including identity and payment fraud controls, underwriting, Know Your Business (KYB) and anti-money laundering (AML) tools– to facilitate decisions in real-time.

Risk 63

Risk Acquirers Fraud Prevention Identity Theft 63

Accertify

NOVEMBER 16, 2023

Key topics include some of the year’s biggest trends such as identity theft and the use of synthetic identities, romantic scams, Authorised Push Payment (APP) fraud and GenAI fraud. Accertify feature on page 77 and you can access the report here.

Fraud Prevention 40

Fraud Prevention Identity Theft Account Takeovers Scams 40

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

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses.

Online and Mobile Banking 78

Online and Mobile Banking Account Takeovers Breach Data Breach 78

PYMNTS

JUNE 12, 2019

But the bad guys, armed with that very wealth of knowledge, schooled in what works in victimizing companies across sophisticated avenues such as business email compromise scams, are conducting asymmetrical warfare. There is also a wealth of public and private data that can be amassed in order to launch an offensive against a company.

Accounts 62

Accounts Email Compromise Same Day ACH Compromise 62

FICO

DECEMBER 13, 2022

Because customers value ease of use and good fraud protection most, FIs must balance scam protection with making things easy for good customers – but not TOO easy. However, this aversion to badly thought-out identity checks extends to use of existing accounts. Biometric Security Crucial for Fraud Protection and CX. FICO Admin.

Security 52

Security Account Takeovers Authentication Payee 52

FICO

SEPTEMBER 8, 2022

Why consumers are moving to banks with the best fraud and scam prevention. One such cybercrime called Authorized Push Payment (APP) fraud , is a scam where fraudsters trick a target into sending them money. Fraud and scam protection the top consideration when selecting a new financial account. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

PYMNTS

NOVEMBER 4, 2019

From counterfeiting to identity theft to phishing attacks, digital fraud takes many forms — and online shopping continues to make consumers and merchants vulnerable to such attacks. Third-party account takeovers were only responsible for 7 percent of fraud losses. International Issues.

Online and Mobile Banking 49

Online and Mobile Banking Cross-Border Federal Trade Commission Fraud Prevention 49

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

Trade Credit & Liquidity Management

MARCH 11, 2025

Common problems such as bid rigging, false billing, and subcontractor fraud can obscure accountability, making it challenging to trace responsibility for financial discrepancies. Healthcare: Companies in this industry face challenges, with billing fraud, prescription fraud, and identity theft.

Due Diligence 40

Due Diligence Fraud Prevention Phishing Identity Theft 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

FICO

MAY 19, 2020

We need to be proactive in our communications to customers around scams. Banks need to ensure that any suspicious activities on their accounts can be confirmed with them quickly and efficiently and that if they do fall victims, that the situation is managed quickly to minimize the impact on their lives.

Account Takeovers 52

Account Takeovers Identity Theft Scams Online and Mobile Banking 52