FICO

MARCH 11, 2020

Individuals are using their own identities to purchase phones and other equipment, with the intent of never paying. Techniques for thwarting identity theft are ineffective at predicting fraudsters that want to game the system in their own name. Here are 4 best practices to fight subscription fraud.

Best Practices

Core

FEBRUARY 6, 2024

Government fraud in payments can involve several practices, including: Altered documentation Embezzlement False billing Forgery Identity theft Kickbacks Unauthorized use of government accounts Unsubstantiated reimbursement Essentially, government fraud in payments encompasses any practice aimed at diverting public funds for unauthorized purposes.

Best Practices

PYMNTS

SEPTEMBER 23, 2020

Senior citizens are the demographic group most vulnerable to identity fraud, as they are often not as digitally savvy as their younger counterparts nor as adept in online security best practices. Deep Dive: How Banks Are Threatened With Identity Fraud.

Identity Theft

Fi911

MAY 7, 2024

Best practices for merchants include addressing concerns from processors or acquiring banks promptly, strengthening their data security measures, devising strategies for chargeback prevention, and managing chargeback risk effectively. How Do Merchants Avoid Being Added to the Terminated Merchant File?

PCI DSS

VISTA InfoSec

AUGUST 22, 2023

Unauthorized Access and Misuse: Insufficient protection of biometric data exposes it to unauthorized access and misuse, potentially resulting in identity theft or fraud. Altering or replacing compromised biometric traits is complex. Consent and Personal Control: The collection of biometric data raises consent and control concerns.

Privacy

PYMNTS

SEPTEMBER 13, 2016

– Best practices deployed by leading eBusiness to capitalize on borderless commerce. He is a noted industry expert in online fraud, cybercrime, identity theft, information security and networking technology and holds several patents in security, fraud and networking. Presenters: . Alisdair Faulkner.

Identity Theft

FICO

NOVEMBER 24, 2020

This type of fraud is less likely to be traced back to the perpetrator, but it is also self-limiting in that the fraudster needs access to a unique identity and related dataset in order to commit the crime. Keen to find a way around these limitations, fraudsters are increasingly turning to a third method – synthetic identity fraud.

Identity Theft

FICO

DECEMBER 11, 2018

Trends in Application Fraud – From Identity Theft to First-Party Fraud. Best Practices in Establishing Your Fraud Risk Appetite. Best Practices in Fraud Management: Q&A with Bob Shiflet. And for more information on application fraud and how to fight it , check out the posts in my series.

Social Security

Segpay

DECEMBER 13, 2024

ID Fraud Risks: With identity data breaches on the rise, organizations face the challenge of protecting sensitive data that could lead to identity theft. By applying strict privacy protections in identity management processes, organizations can reduce their exposure to these risks.

Privacy

PYMNTS

JANUARY 27, 2021

Some cybercriminals steal other individuals’ identities, while others construct new ones for synthetic identity fraud. The Federal Reserve determined that synthetic identity fraud costs FIs $6 billion annually , with each incident costing lenders between $10 and $15,000.

Innovation

Fi911

JULY 8, 2024

This type of fraud can take various forms, including identity theft, chargeback fraud, and phishing attacks. Merchants must combine technology, vigilance, and best practices as part of a broad, multilayered strategy.

Account Takeovers

Fintech News

JUNE 6, 2024

This collaborative approach ensures that best practices are shared across the banking industry and that a united front is presented against the common enemy of fraud. For their part, real-time notifications should enable consumers to report any suspicious activities immediately to their FIs, facilitating timely remedial action.

Scams

FICO

NOVEMBER 19, 2018

Trends in Application Fraud – From Identity Theft to First-Party Fraud. Best Practices in Establishing Your Fraud Risk Appetite. Best Practices in Fraud Management: Q&A with Bob Shiflet. For more information on application fraud and how to fight it , check out the posts in my series.

Identity Theft

FICO

DECEMBER 3, 2018

Trends in Application Fraud – From Identity Theft to First-Party Fraud Best Practices in Establishing Your Fraud Risk Appetite. Best Practices in Fraud Management: Q&A with Bob Shiflet. Trends in Application Fraud – From Identity Theft to First-Party Fraud. ELI5: How Does the Dark Web Work?

Identity Theft

Stax

AUGUST 22, 2024

Identity theft, data breaches, and chargeback fraud are some of the most common types of risks. It can also help to teach them about best practices they can follow to prevent fraudulent transactions. Follow these best practices for monitoring risks and dealing with them appropriately.

Risk Management

Clearly Payments

JANUARY 8, 2024

This can include stolen credit card information, identity theft, or fraudulent transactions. Chargeback Management Best Practices Chargebacks pose a significant challenge for merchants, impacting both financial stability and reputation. Chargebacks are generally the biggest concern that most merchants have.

Risk Management

VISTA InfoSec

JULY 5, 2023

With the proliferation of people paying hospital bills and health insurance using credit and debit cards, the risk of identity theft has also augmented exponentially! Requirement 11) Educate Employees on Security Best Practices: It’s essential to educate all employees who handle sensitive data on how to safeguard it.

PCI DSS

PYMNTS

APRIL 7, 2017

And as the financial services market gets more comfortable with the idea, regulatory bodies like the Consumer Financial Protection Bureau (CFPB) are similarly looking to gently guide the space by issuing best practices. reached a new high in 2016, with 1,093 incidents marking a 40 percent increase from 2015 levels.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JANUARY 23, 2020

The January edition of the Digital Fraud Tracker explores recent developments, including a cyberattack that caused the city of New Orleans to declare a state of emergency, new employee training techniques to fight phishing and DocuSign ’s best practices for fighting digital fraud. Developments From Around The World Of Digital Fraud.

Phishing

FICO

FEBRUARY 28, 2018

In the meanwhile, check out our previous posts on application fraud, including: Trends in Application Fraud – From Identity Theft to First-Party Fraud. Best Practices in Establishing Your Fraud Risk Appetite. Best Practices in Fraud Management: Q & A with Bob Shiflet. ELI5: How Does the Dark Web Work?

AI

PYMNTS

OCTOBER 12, 2020

Credit card fraud and identity theft volumes have both ballooned in recent months, and fraudsters have targeted in-store pickup as well, shooting fraud attempts up by 55 percent, according to one report.

Automation

PYMNTS

SEPTEMBER 10, 2019

What we have a responsibility to do is keep things up to date and adopt the best practices for locking the bad guys out.”. So those best practices, he noted, aren’t necessarily about building the highest possible wall. Increasingly they are about finding ways to make the cleverest possible lock. Security With Simplicity

Consumer Authentication

Seon

JUNE 24, 2024

The rise of online transactions and evolving cybercrime tactics highlight the urgent need for strong identity risk management and monitoring. Identity theft presents significant challenges to businesses, making proactive risk mitigation essential for regulatory compliance, trust, asset protection, and operational integrity.

Risk Management

Seon

SEPTEMBER 11, 2023

As neobanks evolve, the one downside of their innovation is that it opens up many new methods of attack for fraudsters, such as identity theft, fraud rings, and account takeover attacks. Identity theft: Scammers can commit identity theft by using methods like phishing and vishing to impersonate genuine users.

Identity Theft

Seon

JUNE 27, 2024

Find Out More The use of AI in fraud is not limited to the digital space; it extends to financial crimes, money laundering, identity theft and other illicit activities. A-driven tools can analyze financial transactions, detect unusual patterns and facilitate money-laundering schemes.

Cybersecurity

Clearly Payments

MARCH 22, 2024

Biometric authentication, including fingerprint scanning and facial recognition, provides a highly secure and convenient method for user verification, reducing the risk of fraud and identity theft. Despite these technological advancements, maintaining trust in mobile payment systems also depends on user education and awareness.

Contactless Payments

EBizCharge

APRIL 26, 2024

By implementing these best practices, you can ensure smoother operations and better financial outcomes for your business. Now that you know the best practices for managing accounts receivable, you can learn how to measure AR performance.

Accounts

Center for Payments

SEPTEMBER 1, 2023

This collaboration encourages the sharing of best practices, emerging threats, and mitigation strategies. Collaboration and Information Sharing National Preparedness Month fosters collaboration among various stakeholders in the payment ecosystem.

Payment Security

FICO

JUNE 20, 2018

In the meanwhile, be sure to check out our previous posts on application fraud: Trends in Application Fraud – From Identity Theft to First-Party Fraud. Best Practices in Establishing Your Fraud Risk Appetite. Next up in my blog series is an interview with data scientist and application fraud domain expert Derek Dempsey.

Fraud Detection

FICO

SEPTEMBER 18, 2018

For more on application fraud, check out the other posts in our series: Trends in Application Fraud – From Identity Theft to First-Party Fraud. Best Practices in Establishing Your Fraud Risk Appetite. The post How To Fight Identity-Based Application Fraud: Andy Procter appeared first on FICO.

Fraud Detection

FICO

DECEMBER 13, 2022

Our survey data shows, that even a little too much friction in the process, especially relating to identity checks, dissuades many customers from completing an originations process. However, this aversion to badly thought-out identity checks extends to use of existing accounts.

Security

FICO

SEPTEMBER 20, 2018

For more on application fraud, check out the other posts in our series: Trends in Application Fraud – From Identity Theft to First-Party Fraud. Best Practices in Establishing Your Fraud Risk Appetite. The post How To Fight Identity Fraud: Q&A with Andy Procter appeared first on FICO.

Fraud Detection

PYMNTS

OCTOBER 19, 2018

Much like the response to payments fraud over the years, the commerce and payments industries will have to find ways to work more closely to learn best practices, as well as share ideas and case studies. A good defense against ongoing and emerging fraud comes down to cooperation, and perhaps some governmental prodding.

Fraud Prevention

Stax

JULY 16, 2024

Compliance with PCI Data Security Standard regulations prevents shortcomings and vulnerabilities in payment processing, thereby reducing the risk of fraud, identity theft, and cyberattacks. However, in 2004, these companies came together to set up best practices to ensure data security for rising digital payments globally.

PCI DSS

FICO

JULY 13, 2020

Yes, synthetic identities, even those based on young children’s identity information , are widely used to fraudulently finance vehicles. But stolen identities, not so much. Identity theft victims typically become aware of and report this crime quickly, due to highly available credit-watch apps such as myFICO.

Finance

FICO

DECEMBER 5, 2022

million identity theft reports filed in 2021, many of which relate back to banks and lenders. But it may also require education on how to use the technology and why it helps prevent, rather than promote, identity theft. Combatting First-Party and Synthetic Identity Fraud : Five best practices you need now.

Online and Mobile Banking

FICO

APRIL 26, 2023

Logic and best practices suggest the more a bank can communicate the dangers of scams and how to avoid them, the less likely customers will be to fall for scams in which they otherwise participate willfully, if unwittingly. Debbie holds a B.A. from UCLA and an MBA from the Merage School of Business at University of California, Irvine.

Scams