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 83

Identity Theft Financial Crimes Technology Crime 83

PYMNTS

MAY 21, 2020

Artificial intelligence (AI) and machine learning (ML) can analyze the thousands of transactions banks process each day in real time, and employee education efforts are proving effective in preventing deception via phishing emails or other social engineering techniques. The identity theft rate in 2019 was 46.4

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

The Fintech Times

MARCH 6, 2024

However, bad actors have also been able to abuse the tech, and in 2024, 87 per cent of industry experts have acknowledged the tech could be used to drive fraud attempts according to a new SEON report. Some of these challenges include volume, cost, and complexities of fraud.

AI 59

AI Fraud Prevention Identity Theft Account Takeovers 59

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

PYMNTS

AUGUST 29, 2019

However, there is no consistent way of measuring fraud, as many victims are either unaware that they have been defrauded or have a vested interest in keeping their victimization private for fear of scaring off customers. Account takeovers (ATOs), identity theft and phishing were found to be the most common methods of attack in this region.

Account Takeovers 63

Account Takeovers Identity Theft Fraud Prevention Blockchain 63

Fraud.net

MARCH 1, 2024

Understand the mechanics of account takeover fraud and discover effective prevention strategies to safeguard against ATO attacks.

Account Takeovers 52

Account Takeovers Fraud Prevention Accounts Identity Theft 52

PYMNTS

MAY 6, 2020

Fraudsters can also carefully hoard a cache of stolen bank account data, credit and debit card information, Social Security numbers and other details to impersonate legitimate customers, using these details outright or cobbling them together to perpetrate identity theft, new account fraud and gain entry to other platforms.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

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. We know neobank risk teams must stay aware of evolving threats and take an active approach to closing those routes to fraud.

Identity Theft 52

Identity Theft Money Laundering Account Takeovers Fraud Prevention 52

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.

Verification 83

Verification Consumer Online and Mobile Banking Scams 83

Seon

JANUARY 29, 2024

In layman’s terms, users may refer to account takeover fraud as account hacking – when they realize someone stole their online credentials. It is also considered a form of identity theft, because it happens when someone logs into an account that isn’t theirs to exploit it. There are many paths to successful ATO fraud.

Account Takeovers 52

Account Takeovers Accounts Fraud Prevention Fraud Detection 52

The Fintech Times

FEBRUARY 23, 2024

Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. An additional 37 per cent of Brits are most concerned about fraud via social media channels.

Continuity 69

Continuity Deepfake Risk Smishing 69

Fintech Finance

MARCH 18, 2024

Equifax and VTEX , the composable and complete commerce platform for premier B2C and B2B brands, join forces to help fortify fraud prevention capabilities for merchants across the globe. ” The partnership aligns with the rising demand for robust fraud prevention measures globally in the e-commerce landscape.

Fraud Prevention 52

Fraud Prevention Fraud Detection Identity Theft Cybersecurity 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. Businesses therefore must balance ease of use and security concerns when deploying fraud protection technologies.

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54

PYMNTS

NOVEMBER 4, 2019

In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. According to a new LexisNexis study , overall retail fraud attempts doubled year-over-year and tripled since 2017.

Online and Mobile Banking 49

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

PYMNTS

MAY 22, 2018

Butler said cybercrimes are rapidly increasing their focus on identity theft , phishing and malware attacks. The FCA said U.K. banks spend around $6.7 billion each year fighting financial crimes, which is more than the budget of its national prison system. Staff in U.K.

Crime 40

Crime Identity Theft Money Laundering Financial Crimes 40

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

Nanonets

MAY 31, 2023

Common examples of external payment fraud include: Impersonation: Fraudsters pose as legitimate customers or vendors to deceive organizations into making unauthorized payments. million individuals in the United States fell victim to identity theft in 2021. million, with an average of $136 being stolen per phishing attack.

Fraud Detection 52

Fraud Detection Payments Audit Fraud Prevention 52

Seon

JUNE 15, 2023

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. Fraudsters may do this by impersonating the organization’s CEO (check out the CEO fraud section below to learn more about this).

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

JULY 25, 2017

Retailers and merchants are losing more than $3 for every dollar of fraud incurred as recently as 2014, and that number was up from $2.79 At 71 percent, as estimated by one secure payments processing firm, identity theft is the most common type of fraud. Phishing follows close behind at 66 percent. the year before.

EMV 48

EMV Identity Theft Mitigation Breach 48

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. How Can Virtual Credit Card Fraud Affect Your Business?

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52

PYMNTS

DECEMBER 20, 2019

Such identities are also not susceptible to any blacklists or fraud filters, which only contain known fraudulent information. Clean fraudsters can acquire their stolen identities through a variety of means.

Data Breach 52

Data Breach Credit Cards Breach Phishing 52

FICO

MAY 19, 2020

Phishing emails for airfare refunds, charitable contributions, fake cures and vaccines, financial relief, federal emergency funds, and more will proliferate. 5) Top 5 Fraud Manager Considerations During COVID-19: A rise in application fraud and identity theft. Examples include fake emails from CDC, WHO, and FEMA.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

Fintech News

APRIL 9, 2025

This shift is largely driven by Fraud-as-a-Service (FaaS) technological platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud. Tutorials or guides are often sold or shared for free on these platforms.

APACS 104

APACS Deepfake Identity Theft Account Takeovers 104