FICO

NOVEMBER 30, 2022

Stopping Scams with Artificial Intelligence and Machine Learning. Artificial intelligence and machine learning models can help banks stop scams, prevent losses to fraudsters and improve customer experience. Consumers are not as worried about APP fraud and scams as they are for other types of fraud, but awareness is growing.

Scams 52

Scams Push-to-Card Fraud Prevention CashApp 52

PYMNTS

MAY 21, 2020

The new Preventing Financial Crimes Playbook explores the latest financial crime developments, including a rise in financial fraud related to the ongoing COVID-19 pandemic, new threats targeting digital payment apps and guidance from PNC Financial Services on how multilayered defense systems can help curb the tide of digital scams.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

FICO

APRIL 26, 2023

Home Blog FICO Survey: Do Customers Think Banks Are Fair to Scam Victims? According to the Australian Competition and Consumer Commission’s Scamwatch , for example, more than 57,000 scams were reported in the first two months of 2023 alone. Are Banks Fair with Victims of Scams? So what happens when customers are dissatisfied?

Scams 52

Scams RTP Push-to-Card Fraud Detection 52

Fintech News

MAY 22, 2024

The Global State of Scams 2023 Report by the Global Anti-Scam Alliance (GASA) and ScamAdviser reveals a severe global increase in scams. of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses.

Financial Crimes 104

Financial Crimes Crime APACS Risk Assessment 104

FICO

MAY 3, 2023

In the 2023 FICO Global Scams Survey , we asked consumers worldwide what they think banks could do better to combat scams and create a better customer experience for victims. Their top five responses provide a blueprint of customer-friendly steps banks can take to counter RTP scams and improve customer experiences when scams occur.

Scams 10

Scams RTP Fraud Detection Real Time Payments 10

Finovate

OCTOBER 24, 2024

Socure has acquired risk decisioning company Effectiv for $136 million Socure will integrate Effectiv’s AI-powered orchestration platform into its digital identity verification and fraud solutions. Digital identity verification company Socure has acquired risk decisioning company Effectiv in a $136 million deal.

Risk 64

Risk Acquirers Fraud Prevention Identity Theft 64

PYMNTS

JANUARY 23, 2020

Digital fraud on online marketplaces — such as Facebook, Instagram, Pinterest and WhatsApp — is extremely common in India, with 46 percent of residents reportedly scammed on them. is facing fraud problems as well.

Phishing 64

Phishing Data Breach Breach Scams 64

PYMNTS

AUGUST 26, 2019

22) the Justice Department unsealed an indictment —spanning 252 counts — against 80 defendants for alleged online scams that bilked firms and individuals of tens of millions of dollars. The individuals are charged with using business e-mail compromise (BEC) scams to dupe victims. Late this past week, on Thursday (Aug. Individual Case.

Business Email Compromise 58

Business Email Compromise Romance Scams Scams Identity Theft 58

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

PYMNTS

FEBRUARY 18, 2020

This creates new security challenges as firms must learn to centrally manage their fraud protection methods while also gauging threats across many different channels. Fraud orchestration can help solve this issue as it allows banks to build holistic fraud prevention defense systems and gain 360-degree views of their customers.

Authentication 52

Authentication Identity Theft Multifactor Authentication Fraud Prevention 52

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

JANUARY 20, 2020

Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Cybercriminals using synthetic identity fraud can cause damage, but the real impact is to companies’ relationships with their legitimate users.

Identity Theft 54

Identity Theft Fraud Prevention AI Scams 54

PYMNTS

FEBRUARY 21, 2020

Vendors are unlikely to notice these subtle changes, and altering details ensures the executives are not contacted to ruin the scam. Business identity theft is used to launch everything from purchasing plan scams to tax and credit card application fraud, and it caused an estimated $137 million in damages in 2017.

B2B 61

B2B Scams Credential B2C 61

FICO

APRIL 28, 2021

Let’s take a look at some of the scams we’ve seen popping up, and run through a checklist of how to protect yourself and your loved ones. . Elder fraud prevention is a cause I am passionate about, and one I blog on regularly. Fraudulent “Buy Direct” Sites Proliferate. And while it’s true that older citizens have been the U.S.

Identity Theft 52

Identity Theft Scams Consulting Fraud Prevention 52

FICO

SEPTEMBER 8, 2022

Payments Fraud in Asia Post Pandemic. Why consumers are moving to banks with the best fraud and scam prevention. Senior Consultant, Fraud and Financial Crime. The growth of real-time payments and fraud in Asia. This makes this scheme particularly difficult to detect and prevent. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

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

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 71

Business Email Compromise Email Compromise Real Time Payments Authentication 71

PYMNTS

FEBRUARY 6, 2017

Businesses need a fraud prevention solution set that can evolve and change as fast as — if not faster — than the fraudsters. PYMNTS: TransUnion’s recent research shows the immense growth in fraud against lenders and banks — maybe something we already thought we knew, but you measured it. PP: The professionalism of fraudsters.

Federal Trade Commission 59

Federal Trade Commission Scams Credit Cards Fraud Prevention 59

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

PYMNTS

JULY 28, 2020

One common attack method — known as bust-out fraud — involves fraudsters tricking banks into letting them open accounts and establishing reputable credit histories until they qualify for sizable loans. Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S.

Online and Mobile Banking 53

Online and Mobile Banking Social Security Identity Theft Fraud Detection 53

PYMNTS

AUGUST 31, 2018

Fraud, on the other hand, paid extremely well, a fact he learned at the age of 13 when he embarked on his first subscription scam. But none of those jobs really appealed to a young Tony Sales – because they weren’t lucrative enough. None of these events were real, of course, and Sales pocketed the money.

Credit Cards 65

Credit Cards Push-to-Card Identity Theft Security 65

Stax

APRIL 30, 2024

It uses AI and machine learning to identify fraudulent behavior and reduce the risk of scams, protecting your overall revenue. The PCI DSS contains twelve stringent requirements that protect both the merchant and the customer from data breaches and identity theft. Features: Checkout optimization to increase customer conversions.

Process 88

Process Online and Mobile Banking PCI DSS Debit Card 88

Seon

JUNE 21, 2023

Ask an Expert Examples of Virtual Credit Card Fraud Let’s take a look at some major examples of fraud involving virtual credit cards (VCCs): card not present fraud, subscription abuse, trial exploitation, money laundering, and VCC generator scams.

Credit Cards 52

Credit Cards Risk Online and Mobile Banking Phishing 52

Seon

JUNE 15, 2023

The report states that these victims mostly lost their money to BEC scams. 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 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

MARCH 27, 2020

Some studies estimate that up to 10 percent of banks’ bad debts — loans issued with little hope of recouping — is the result of application fraud, and each fraudulent credit application costs FIs $1,000 on average. Fraudsters employing third-party fraud apply for loans with stolen or fabricated identities.

Identity Theft 83

Identity Theft Technology Authentication Credit Cards 83

FICO

MAY 19, 2020

We need to be proactive in our communications to customers around scams. 2) Top 5 Fraud Manager Considerations During COVID-19: Scams are now tailored, so we need to modify our strategies. 2) Top 5 Fraud Manager Considerations During COVID-19: Scams are now tailored, so we need to modify our strategies.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

Fintech News

OCTOBER 28, 2024

Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. Hong Kong police recently arrested 27 individuals linked to a deepfake scam that swindled victims out of $46 million.

Verification 122

Verification Deepfake AI Identity Theft 122

Finovate

DECEMBER 9, 2024

What are the most challenging fraud threats and, critically, what are the available tools and tactics available to deal with them successfully? Helping companies around the world onboard customers safely, fight fraud, and stay compliant, Tomlinson has more than a decade of experience in the identity industry.

Financial Crimes 69

Financial Crimes Crime Fraud Prevention Cross-Border 69

The Fintech Times

MAY 14, 2025

The changing face of fraud Powered by AI and advanced technology, fraudsters are increasingly automating scams and exploiting weaknesses across the digital payment landscape at an alarming pace. Card identity theft losses have increased by 200 per cent since 2021, while human trafficking alone has become a nearly 400billion industry.

Financial Crimes 45

Financial Crimes Crime Money Laundering Identity Theft 45