The Payments Association

OCTOBER 28, 2024

It highlights the rising trends in fraud and stresses the need for payment leaders to implement stronger prevention strategies and collaborations. Payment leaders must focus on fraud prevention, collaboration with tech and telecom sectors, and public education to mitigate future risks. What’s next?

Scams 88

Scams Push-to-Card Fraud Detection Online and Mobile Banking 88

The Payments Association

JUNE 11, 2025

Modern platforms operate in an environment where 269 million card records were posted on dark web platforms in 2024 , and friendly fraud accounts for 75% of all chargeback losses. Consequently, the cost of fraud prevention now reaches $4.61 Static, manual-heavy models are no longer viable.

Risk 88

Risk Fraud Prevention Fraud Detection Payment APIs and Integration 88

PYMNTS

JULY 9, 2020

Fraudsters have only upped their efforts during the pandemic, with phishing attacks alone increasing 667 percent between late February and late March. The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. percent of all fraud reported in 2019.

Fraud Prevention 104

Fraud Prevention Account Takeovers Authentication Identity Theft 104

Fintech Review

APRIL 20, 2025

The risks range from phishing and account takeovers to ransomware and insider threats. Cybertech helps mitigate these risks by securing each layer of the stack from device authentication to back-end systems. It ensures trust in the system, reduces downtime, and meets increasingly strict regulatory standards.

Finance 59

Finance Security Fraud Detection Encryption 59

Neopay

JUNE 20, 2025

The increase may be due to more complex methods being used, such as social engineering methods to convince victims to divulge one-time passcodes (OTPs), which are used by criminals to authenticate illegal transactions. APP fraud losses fell by 2% in 2024 but still amounted to £450.7 million with 186,000 cases.

Continuity 52

Continuity Security Fraud Prevention Law Enforcement 52

PYMNTS

MAY 22, 2020

People are one click away from a malware download or credential phishing [website]. Almost 65 percent of incidents involve bad actors stealing login credentials to gain account access, and phishing schemes often trick credential owners into unwittingly surrendering their details.

Fraud Prevention 74

Fraud Prevention Financial Crimes Federal Trade Commission Crime 74

Seon

MAY 23, 2024

across age groups and income brackets, the volume of digital activities and transactions are on the rise – and effective fraud prevention measures have never been more critical to safeguard a business’s bottom line. Spoofing involves replicating or falsifying biometric data to deceive authentication systems.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

The Fintech Times

DECEMBER 18, 2023

They predict that social engineering attacks will surpass ransomware in 2024 due to increased sophistication, AI tools and emerging techniques, leading organisations to bolster cybersecurity defences with AI, scenario testing and multi-factor authentication. Take company-wide training to identify phishing attacks for example.

Cybersecurity 139

Cybersecurity Ransomware RDC Credential 139

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. How Big of a Problem is eCommerce Fraud? By assisting merchants in implementing effective fraud prevention measures, acquiring banks can reduce potential losses and enhance trust in the payment ecosystem.

Account Takeovers 105

Account Takeovers Fraud Detection Phishing Fraud Prevention 105

PYMNTS

MARCH 18, 2020

Other fraudsters may go directly after restaurant employees with phishing schemes, a popular method for gaining access to data. Vishing” and “smishing” are two phishing variants that have become more popular as QSR employees and consumers grow wise to the suspicious emails associated with phishing.

Phishing 70

Phishing Smishing Fraud Prevention Point-of-Sale (POS) 70

PYMNTS

JANUARY 13, 2021

The prevalence of online commerce opens new doors for digital fraud, however, both from career fraudsters and opportunistic customers. Phishing scams were on the rise all year, while a survey of online shoppers found that 40.3 For more on these and other digital fraud news items, download this month’s Tracker. About The Tracker.

Fraud Prevention 75

Fraud Prevention Posting Multifactor Authentication Scams 75

PYMNTS

APRIL 22, 2019

Gaming companies are taking digital authentication to the next level. Smart agents are rising to bring better customer service and fraud prevention to financial institutions (FI) and other digital players. 66 percent: Increase in phishing attempts this year to date. Data: 1933: The year prohibition ended in the U.S.

Authentication 43

Authentication Fraud Prevention Phishing Security 43

PYMNTS

NOVEMBER 16, 2016

‘Tis the season … to be very, very wary of phishing and other types of fraud. Research suggests that financial phishing scams jump up nearly 10 percent in frequency during the holiday shopping season. The eCommerce fraud protection company, headquartered in Cleveland, Ohio, announced last Friday (Nov.

Phishing 64

Phishing Authentication Scams Fraud Prevention 64

PYMNTS

MARCH 20, 2020

Many are turning to artificial intelligence (AI), machine learning (ML) and other advanced learning solutions to prevent and detect breaches before they can cause large-scale problems, but bad actors are using the same set of tools to sidestep authentication processes or impersonate legitimate customers.

Fraud Prevention 90

Fraud Prevention Account Takeovers Phishing AI 90

Fintech Review

JANUARY 21, 2025

Phishing attacks, ransomware, and data breaches are increasing in both frequency and sophistication. By analysing transaction history and behaviour, AI enhances fraud prevention measures. Furthermore, continuous authentication systems powered by AI monitor user behaviour, offering an additional layer of security.

Cybersecurity 103

Cybersecurity FinTech Identity Theft AI 103

The Payments Association

OCTOBER 22, 2024

According to the Payment Systems Regulator (PSR) , the volume of APP fraud cases rose by 12% last year. This increase was driven by fraudsters leveraging sophisticated techniques, such as fraud networks, phishing scams and AI-generated deepfakes, to trick victims into authorising payments.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

Fintech Finance

JULY 7, 2025

Europol’s 2023 report on cyber-enabled fraud also highlighted an increase in social engineering tactics, including fraudulent payment instruction scams, phishing, and identity theft that specifically exploit the slow and fragmented nature of international property payments.

Multi-Currency 52

Multi-Currency Identity Theft Cross-Border Payments 52

Fintech Finance

OCTOBER 24, 2024

The rise of authentication bypass scams: Looking for a way to get around two-factor authentication, fraudsters are doubling down on one-time-password phishing scams, which allow criminals access to full account funds and information via increasingly convincing texts, emails or phone calls.

Scams 98

Scams Ransomware Governance Government 98

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. This would have led to $2.1

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

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. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9 billion in 2019, a 15 percent increase over 2018.

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

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.".

Volume 72

Volume Transactions Account Takeovers Phishing 72

PYMNTS

MAY 24, 2017

According to recent research , 71 percent of breaches occur using passwords that were either weak enough to be cracked by bad actors or stolen from an usually unwitting human via a phishing scam. They will come in, do a fake phishing scam, a fake malware download, a fake password request and see how many people follow through with it.

Authentication 40

Authentication Credential Ransomware Phishing 40

PYMNTS

SEPTEMBER 28, 2020

The Financial Crimes Enforcement Network (FinCEN) recently issued a warning that fraudsters are leveraging various illicit methods, including malware, phishing schemes, extortion and business email compromise (BEC) scams, all with a COVID-19 twist. Strong consumer authentication comes in several forms, and it’s time to pick one.

Financial Crimes 81

Financial Crimes Crime Due Diligence Federal Trade Commission 81

Fintech Review

DECEMBER 3, 2024

Businesses also faced logistical challenges, including cash handling and fraud prevention. Phishing attacks and malware remain prevalent, undermining consumer confidence. Two-factor authentication (2FA) and biometric verification add additional layers of protection. Another innovation is biometric authentication.

Payment Solutions 97

Payment Solutions Payments Contactless Payments Online and Mobile Banking 97

Neopay

FEBRUARY 27, 2025

The study, which surveyed over 1,200 financial and payment sector professionals across seven European countries, found that account takeover remains the leading type of fraud affecting customers, followed by card payment fraud and phishing. of all fraud cases we detected.

Deepfake 52

Deepfake Fraud Detection Account Takeovers Fraud Prevention 52

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2

Fraud Prevention 60

Fraud Prevention Account Takeovers Best Practices Data Breach 60

PYMNTS

OCTOBER 9, 2020

found that 32 percent of consumers have been targeted by some type of pandemic-related fraud , for example. state employment programs to phishing scams with bad actors claiming to represent retailers — such as luxury brand Vince Camuto in one recent email scam — to good old-fashioned identity theft. The Future of Email Verification.

Verification 83

Verification Consumer Online and Mobile Banking Scams 83

The Fintech Times

NOVEMBER 20, 2024

For example, charity, gift card, imposter, invoicing, pet deposit, phishing, and romance scams. Be aware of account activity by ensuring your account notifications, such as two-factor authentication and alerts for new device logins, are turned on. Webster , global chief risk officer at PayPal.

Scams 64

Scams Romance Scams Technology Venmo 64

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. billion personal records exposed in a variety of ways: 52 percent through hacking; 33 percent via phishing; and 32 percent through social engineering, with many involving more than one method.

Bots 59

Bots Cybersecurity Phishing Fraud Prevention 59

FICO

MAY 27, 2021

Like many modern card and e-commerce frauds, the scam itself contains a range of attack vectors in a single place. This includes phishing of personal and account-level information as well as compromising the PAN / CVV for use in a fast-following fraud attack. FICO is investing heavily in the global fight against fraud scams.

Scams 98

Scams Law Enforcement Compromise Fraud Prevention 98

PYMNTS

MAY 6, 2020

FIs must thus reconsider how they employ AI to protect against new account fraud or high-risk transactions. is one FI using AI and deep learning to detect phishing, malware and trojan software, tactics upon which fraudsters rely to collect more sensitive information once they gain entry into banking systems. JPMorgan Chase & Co.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

PYMNTS

AUGUST 7, 2020

The research also noted a 40 percent increase compared to February in the number of blocked attempts to guide users to phishing websites for one of the most-visited gaming platforms. . Other bad actors rely on phishing, in which potential victims receive links that direct them to fake login pages and ask them to input their account details.

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

Seon

JUNE 7, 2024

How AI-Generated Fraud Works: Understanding the Threats AI-generated fraud represents a significant evolution in malicious activities, leaning on advanced technologies to create and execute sophisticated schemes. Other AI applications include enhancements to traditional scams, such as phishing and social engineering attacks.

AI 52

AI Innovation Fraud Prevention Fraud Detection 52

PYMNTS

FEBRUARY 28, 2020

File hosting service Dropbox is devoting substantial efforts to its fraud prevention measures, seeking to protect its more than 600 million users — who have 400 billon stored files, and upload 1.2 That works when users reuse passwords across different services, and they don’t have two-factor authentication turned on.

Credential 52

Credential Phishing Fraud Prevention Best Practices 52

Seon

SEPTEMBER 28, 2023

Verizon Business estimates that 74% of data breaches are down to individuals being absent-minded or tricked by social engineering attacks such as phishing emails. Reduce Fraud Rates by 70–99% Partner with SEON to reduce fraud in your business with real-time data enrichment, whitebox machine learning, and advanced APIs.

Security 52

Security Phishing Best Practices Data Breach 52

PYMNTS

JANUARY 20, 2020

Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. These scams can both leave consumers vulnerable and force them to suffer through complex anti-fraud measures.

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54

Seon

JANUARY 29, 2024

There are many paths to successful ATO fraud. This could be accidental, or more sophisticated, for example following a mass phishing email campaign. To target these accounts, fraudsters often rely on spear-phishing techniques (targeted phishing), or SIM-Swapping attacks.

Account Takeovers 52

Account Takeovers Accounts Fraud Prevention Phishing 52