Fintech News

MAY 8, 2024

Key benefits of the VAAI Score include enhanced fraud prevention and reduced operational losses by detecting complex enumeration patterns swiftly. Michael Jabbara “With access to advanced technology, fraudsters are monetising stolen credentials faster than ever before.

Bots

PYMNTS

NOVEMBER 16, 2020

Leslie Ragan manages transaction fraud prevention for Elan Financial Services , a unit of U.S. In an interview with PYMNTS, Ragan said technology developments have enhanced the industry’s fraud-fighting strategies, but customer awareness is still a critical component of preventing bad actors from succeeding.

Identity Theft

The Payments Association

APRIL 23, 2025

To address the money mule problem, organisations must combine elements of fraud prevention, cyber threat intelligence, and anti-money laundering capabilities. Heres an example of this convergence: A small incoming transfer is scored as high risk by the fraud prevention system. Is AML a real-time problem?

AML

PYMNTS

MARCH 29, 2017

XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows. Along with growing number of data breaches , cases of card-not-present (CNP) fraud have increased both in the U.S.

Fraud Prevention

Seon

JUNE 15, 2023

Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Thankfully, as BEC attacks are often a product of human error, many can be avoided with due diligence and training – both of which can be enhanced with the right fraud prevention tools. Reported losses in 2020 exceeded $4.2

Email Compromise

The Fintech Times

MAY 9, 2024

Visa explains that 33 per cent of enumerated accounts experienced fraud within five days of a fraudster obtaining access to their payment information. In FY23, Visa helped to proactively block $40billion in fraud , preventing many from ever knowing they were at risk of a potential fraudulent transaction using their information.

AI

PYMNTS

JUNE 23, 2020

Reducing fraud is critical, as fraudsters look toward new avenues of stealing credentials and draining accounts. And securing those credentials will mean that, eventually, the payments ecosystem will revolve around eCommerce “IDs” that consumers can take with them no matter where or with whom they transact, across borders and devices.

Credential

PYMNTS

JANUARY 27, 2020

Businesses need employees to build and promote their products, but they cannot afford to have those workers weaken their security, meaning fraud prevention must be among firms’ top priorities. Fighting the Phishers. The scheme originated from a number of phishing emails that targeted a handful of employees.

Phishing

Clearly Payments

JANUARY 12, 2024

Here are specific steps to take if a credit card fraud incident occurs. Isolate and Secure the Affected System Immediately isolate any compromised systems or payment terminals to prevent further unauthorized access. Change passwords and access credentials for the affected systems to prevent continued unauthorized activity.

Credit Cards

Fi911

JULY 8, 2024

Acquiring banks have a vested interest in helping their merchant clients stop eCommerce fraud, as it directly impacts the financial stability and reputation of both parties. By assisting merchants in implementing effective fraud prevention measures, acquiring banks can reduce potential losses and enhance trust in the payment ecosystem.

Account Takeovers

PYMNTS

JUNE 29, 2020

The most popular technique, credential abuse, involves fraudsters using compromised passwords and other login information to gain access to sensitive systems. Any data breach that exposes one of their accounts potentially compromises every account that shares the same password. There were 85.42

MFA

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 The number-one thing that we see is compromised credentials from another service being used against us,” he explained.

Credential

PYMNTS

MAY 6, 2020

Sharing information is critical for interconnected FIs because it allows them to access lists of data that may have been stolen or compromised, and they thus do not have to rely solely on their own anti-fraud measures to stop bad actors. Such steps are critical in fraud prevention, but these tools cannot be everywhere at once.

Fraud Prevention

PYMNTS

DECEMBER 1, 2016

But what if a new technology could help safeguard and protect sensitive information, from emails and login credentials to bank accounts and other financial information? For instance, there are issues with governance and regulation that surround bitcoin, as well as some fraud prevention techniques, such as zero-knowledge proofs.

Blocks

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. How Radius Bank Leverages Cooperative Threat Intelligence For Fraud Prevention.

Crime

PYMNTS

JUNE 26, 2020

An Amazon customer typically makes payments using payment card data that the customer’s bank already has on file, for example, resulting in the same set of valuable information located in two places, both of which could be compromised in a data breach. Amazon, for example, presents their credential to us as a TPP,” Elliott explained.

Consumer

PYMNTS

JULY 13, 2020

Bad actors attempting ATOs seek to gain control of victims’ bank accounts without alerting FIs, and they therefore aim to obtain the login credentials necessary to smoothly move through FIs’ authentication measures. Some of these attacks see bots entering random words and numbers, while others involve entering common usernames and passwords.

Credential

PYMNTS

JUNE 25, 2018

Victims paid an average of $290 out of pocket in 2017, and spent approximately 15 hours resolving takeover-related fraud. There’s good reason why cybercriminals are turning to the technique, according to Dave Endler, co-founder and president of security and fraud prevention solutions provider SpyCloud.

Account Takeovers

Fintech Finance

MAY 7, 2024

By using generative AI components to learn normal and abnormal transaction patterns, Visa’s VAAI Score identifies the likelihood of complex enumeration attacks in real-time to help reduce fraud without compromising the integrity of Visa’s performance and accuracy.

Accounts

PYMNTS

JULY 10, 2020

Customers cannot afford to let fraudsters compromise their bank accounts under any circumstances, but the current economic climate makes attacks all the more painful. Ryan Leblond , manager of fraud prevention and investigations at ESL Federal Credit Union , explained these key strategies in a recent PYMNTS interview.

Multifactor Authentication

PYMNTS

MAY 8, 2020

Building that experience properly, he noted, means allowing consumers to create accounts with stored credentials and data — because to build a competitive digital service means building one that works smoothly, not one that consumers have to continually relog into. But we are seeing in our data it’s also growth,” he said.

Security

PYMNTS

AUGUST 7, 2020

Cybercriminals are eager to capitalize on the virtual gaming industry’s increasing popularity, using tactics that include creating phony versions of popular online games that compromise users’ smartphones or computers once downloaded.

Phishing

PYMNTS

OCTOBER 3, 2016

Due to this, both consumers and businesses have to work off the assumption that online identities are already in the hands of cybercriminals and these identities being channeled through compromised computers and bots.

Cross-Border

PYMNTS

DECEMBER 19, 2019

Fraudsters will use stolen payment credentials to book on a travel site, and then they’ll try to resell that booking somewhere else at a lower price. Such a comprehensive overhaul of the travel-booking experience will require continued fraud prevention efforts from the company.

AI

PYMNTS

JUNE 3, 2020

That’s especially important as criminals seek to use eCommerce to commit what might be termed “authorized fraud” as bad actors get hold of card details or log-in credentials, pose as legitimate account holders and send payments. Authorized fraud also encompasses business email compromise (BEC) scams, too, said Tharle.

Business Email Compromise

PYMNTS

JUNE 26, 2018

Dave Endler, co-founder and president of security and fraud prevention solutions provider SpyCloud , illuminated the trend for the Tracker team. hotel and travel sites) are classified as “impersonators of known browsers,” which is a known fraud conduit, said Kaspersky. Account takeovers are finding favor among fraudsters.

Account Takeovers

PYMNTS

JANUARY 24, 2020

The company leverages both threat intelligence and employee awareness to keep it, its workers and its customers safe and believes that understanding fraud is a significant component to combatting it. The first consists of links to fraudulent websites, inviting users to enter their usernames, passwords or other credentials.

Phishing

PYMNTS

OCTOBER 21, 2020

This means that even one compromised account could threaten all others that rely on the same credentials, potentially costing victims a fortune in stolen money and data.”. Studies have found that using MFA can prevent more than 99.9 percent of attacks that utilize stolen credentials.”. P2P Is A Double-Edged Sword.

P2P

PYMNTS

MAY 24, 2017

In a recent interview with PYMNTS, McDowell said that the best way to protect against global attacks like WannaCry — or even small-scale breaches — is to stop them before they happen, by replacing authentication details that can be stolen or compromised by human error with credentials that cannot. Finding New Ways to Fight Fraud.

Authentication

PYMNTS

MAY 31, 2018

Opportunities for fraud multiply as companies seek to reduce friction and add more channels and payment options. But with the growing avenues by which consumers can be attacked, they might not be aware that their identities are being compromised until the damage is done, said Reynolds.

Online and Mobile Banking

Clearly Payments

JANUARY 8, 2024

Providing educational materials, including fraud prevention tips, and encouraging the reporting of suspicious activities establishes a collaborative defense against fraud. This includes limiting access based on job responsibilities, employing unique login credentials, and promptly revoking access for terminated employees.

Risk Management

FICO

APRIL 29, 2022

While fraud rates over ACH remain small, just four basis points (.04%), 04%), NACHA officials say business email compromise attempts are on the upswing – just as they are across every channel. For banks, and consumers too, that translates into more risk exposure and a much larger payment fraud challenge. by TJ Horan.

Retail Payments

PYMNTS

DECEMBER 4, 2018

Sure, there is always some early stage indignation, some earnest proclamations to avoid compromised businesses. In case their memory is fuzzy, though, they can remember this: Hackers gained access to the credentials of almost every adult in the U.S., Fewer still cancelled their credit and debit cards. No doubt, most recall that crime.

Breach

FICO

JANUARY 10, 2023

Innovative Customer Communications for Fraud. Detecting possible fraud is important, but what you do with that suspicion may matter even more. Taking the most strident fraud prevention actions might seem the intuitive answer but suspicion is often unfounded, and most customers are not fraudsters. Source: KTVU Fox 2 .

Scams

PYMNTS

FEBRUARY 21, 2018

Now hackers are turning their attention to how electrical grids work, how airlines operate, how technology in general can be compromised. “The idea is to get as much information, as many cards as possible, and personal data is extremely important.”. But larger campaigns are afoot, he said.

Credit Cards

PYMNTS

MARCH 29, 2018

Every attack means compromised data, and compromised data means an opportunity for fraudsters to use that information to commit fraud. According to the most recent Global Fraud Index , fraud cost eCommerce merchants an astounding $57.8 As it turns out, these breaches are expensive.

Authentication

Seon

JUNE 21, 2023

If one of these accounts gets hacked, it can lead to more accounts being compromised, particularly if your security settings are low and you aren’t using a variety of username/password combinations. Other digital payment service users : Fraudsters may also target a cardholder’s mobile wallet app and/or full-service neobank account.

Credit Cards