Finovate

JANUARY 24, 2025

The regulatory landscape for fintechs and financial services companies operating in the European Union is expected to undergo significant changes this year, with new standards, guidelines, and rules governing payments, data privacy, digital assets, and more. It increases the risk of data breaches, identity theft, and payment fraud.

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Regulations FinTech BNPL Cross-Border 73

PYMNTS

DECEMBER 4, 2018

The Federal Trade Commission announced Tuesday (December 4) it is seeking comment on whether the agency should make changes to rules requiring financial institutions and creditors to take certain steps to detect signs of identity theft affecting their customers. The deadline for submitting comments is February 11, 2019.

Identity Theft 64

Identity Theft FTC Rules Card Issuer 64

PYMNTS

MAY 14, 2020

The COVID-19 pandemic has triggered an uptick in digital fraud and identity theft, with 18,235 pandemic-related fraud reports received by the Federal Trade Commission (FTC) since the beginning of the year. For more on these and other digital identity news items, download this month’s Tracker.

Identity Theft 98

Identity Theft AI Federal Trade Commission Verification 98

Segpay

NOVEMBER 26, 2024

As we move our personal, financial, and governmental interactions to digital platforms, the need for reliable and efficient digital identity verification processes has become critical. In this blog, we will explore the importance of digital identity verification, the technologies involved and the challenges it faces.

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Verification Identity Theft Money Laundering Due Diligence 111

PYMNTS

APRIL 12, 2020

With governments imposing lockdowns to contain the virus, hackers have been known to pose as banks or other legitimate institutions to try to glean access to people’s private information to use for nefarious means, such as identity theft.

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Data Breach Breach Identity Theft Law Enforcement 122

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. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

Identity Theft 83

Identity Theft Financial Crimes Technology Crime 83

PYMNTS

JANUARY 30, 2017

The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. Health care entities and government agencies, too, are at risk for their data security.

Data Security 54

Data Security Governance Government Data Breach 54

Fintech News

JULY 10, 2024

Governments in these countries have responded by tightening regulations in the KYC (know-your-customer) and AML (anti-money laundering) sectors. Sumsub reports significant increases in fraud, particularly in deepfakes, across the Philippines, Indonesia, and Malaysia.

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Identity Theft APACS Deepfake Money Laundering 109

Fintech News

JULY 16, 2024

In the past year, identity checks have become more frequent, with 53% of respondents noticing more checks when logging into bank accounts and 48% during online purchases. This increase in identity checks by Singapore banks is a direct response to the significant issue of identity theft in the country.

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Identity Theft Online and Mobile Banking Checks Compromise 112

FICO

NOVEMBER 24, 2020

Payment card fraud, identity theft , account takeover and digital payment fraud have all increased significantly since March 2020. With that in mind, there are actions you can take right now to protect yourself from fraud and identity theft. This will also freeze all of the accounts associated with your identity.

Identity Theft 98

Identity Theft Scams Online and Mobile Banking Account Takeovers 98

PYMNTS

NOVEMBER 12, 2018

In a statement on HealthCare.gov, the government agency said the breach allowed “inappropriate access to the personal information of approximately 75,000 people who are listed on Marketplace applications.” However, since this breach involves sensitive personal information, including partial SSN, there could be a risk of identity theft.”

Identity Theft 71

Identity Theft Consumer Data Breach Breach 71

Core

FEBRUARY 6, 2024

As pillars of the public, government organizations contribute to the stability and functionality of society, ensuring citizens receive necessary support, protection, and opportunities for growth. Digital payments are now an integral piece of the government financial landscape. Here are some key insights.

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Best Practices Governance Government Fraud Prevention 52

PYMNTS

FEBRUARY 21, 2018

The biggest difference between the European market and ours is that in the case of the former, the government usually dictates compliance and regulation and then the market adopts it. Madhu said that there are notable differences in the verification and compliance processes in banking here and abroad. In the U.S.,

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Identity Theft Rules Verification Accounts 40

PYMNTS

MARCH 26, 2016

The government alleges that the two co-conspirators worked together to get away with the tax returns. Huff then sold the information to her co-conspirator James Vernon Battle, who allegedly filed 335 fraudulent tax returns and claimed over $400,000 from the Internal Revenue Service (IRS) in the form of prepaid debit cards and U.S.

Identity Theft 56

Identity Theft Treasury Checks Debit Card IRS 56

PYMNTS

NOVEMBER 21, 2016

identity theft protection services company LifeLock Inc for $2.3 LifeLock offers services such as monitoring new account openings and credit-related applications in order to alert consumers about unauthorized use of their identity. Big buys this week to start out the news. Symantec Corp has announced that it will acquire U.S.

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Identity Theft Acquirers Returns Governance 62

FICO

MARCH 6, 2017

Criminals are looking to gain financially in three main ways: Data breaches to feed identity theft. Third-party fraud is fuelled by identity theft, and breached data gives criminals the information they need to take over someone’s identity. Governments and political bodies are often the target of DoS attacks.

Identity Theft 65

Identity Theft Breach Data Breach Phishing 65

PYMNTS

JANUARY 8, 2019

As fraudsters grow bolder, these brands are racing to implement new fraud protection services, as more instances of identity theft, digital payments fraud and gift card fraud emerge. Luxury retail brands are seeing increasingly varied forms of fraud, from online identity theft to straightforward, old-fashioned counterfeiting.

Identity Theft 66

Identity Theft AI FBI Data Breach 66

Stax

NOVEMBER 11, 2024

In fact, NACHA, the nonprofit that governs the ACH payments network reported 6.1% Not only does this pass through more hands and take more time than an electronic ACH payment , but there is also a huge amount of personal information present on a paper check, exposing the payer to potential identity theft.

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ACH Checks Identity Theft Payments 88

PYMNTS

NOVEMBER 27, 2018

Selznick, associate professor of business law and Carolyn Lamacchia, associate professor of information and technology management, argue that small businesses do not have the resources to remain resilient after government fines or lawsuit payouts following a cyber incident.

Research 75

Research Small Business Identity Theft Cybersecurity 75

PYMNTS

DECEMBER 20, 2018

The men, Zhu Hua and Zhang Shilong, are accused of conspiracy to commit computer intrusions, wire fraud and aggravated identity theft. Prosecutors say the men participated in numerous operations to steal from governments and companies alike. The men are also accused of working with the Chinese government.

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Identity Theft Wires Wire Government 65

Fintech News

SEPTEMBER 29, 2024

As early as 2021, CNBC reported that criminals were exploiting weaknesses in the application processes of BNPL platforms, often using clever tactics like identity theft and account takeovers, making unsuspecting victims foot the bill. BNPL fraud is not a new phenomenon.

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BNPL Scams Identity Theft Non-Bank 131

PYMNTS

MAY 21, 2020

Identity theft is also a constant fraud threat, with the Federal Trade Commission (FTC) stating that more than 650,57o cases of identity theft were reported in 2019. million total fraud incidents last year, and also set a new record for the highest amount of identity theft cases in any year in history.

Financial Crimes 52

Financial Crimes Crime Identity Theft Federal Trade Commission 52

The Fintech Times

MAY 17, 2024

However, regulatory trust varies globally, with 69 per cent of Singaporeans expressing trust in their government’s ability to regulate AI, compared to just 26 per cent in the UK, 31 per cent in the US and 44 per cent in Mexico.

Deepfake 69

Deepfake Identity Theft Consumer Verification 69

PYMNTS

FEBRUARY 26, 2020

Following a five-day trial in the Western District of Washington, Kvashuk was convicted of five counts of wire fraud, six counts of money laundering, two counts of aggravated identity theft, two counts of filing false tax returns, and one count each of mail fraud, access device fraud, and access to a protected computer in furtherance of fraud.

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IRS Identity Theft Crime Digital Currency 82

Segpay

OCTOBER 22, 2024

Privacy and Security Concerns of ID-Based Age Verification Traditional ID-based age verification methods often require users to provide sensitive personal information, such as government-issued IDs, biometric data, or credit card details. Additionally, companies that store sensitive data are prime targets for cyberattacks.

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Verification Blockchain Privacy Encryption 105

PYMNTS

SEPTEMBER 27, 2018

India’s Supreme Court has upheld the validity of the controversial biometric security identity system Aadhaar, but still put a stop to the government’s move to make it mandatory. Sikri, adding that beneficiaries would be harmed if the technology was shelved.

Identity Theft 62

Identity Theft Privacy Verification Rules 62

PYMNTS

NOVEMBER 13, 2020

Following a cyberattack that exposed patients’ mental health records last month, Finland is moving ahead with legislation that would let people change their personal identity codes in certain instances, according to an Associated Press (AP) report. The current law makes it difficult to change a personal identity code.

Breach 69

Breach Laws Identity Theft Data Breach 69

Fintech News

FEBRUARY 27, 2024

These negative developments likely influenced governments across the globe, because the following 12 months saw an extraordinary boom in crypto policy regulation in APAC countries. In January, the Securities and Exchange Commission (SEC) of Thailand introduced new regulations governing digital asset custody.

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APACS Regulations Stablecoins Cryptocurrency 131

PYMNTS

FEBRUARY 6, 2020

Zhu Hua and Zhang Shilong were both accused of conspiracy to commit computer intrusions, wire fraud and aggravated identity theft. They worked with the Chinese government, the DOJ said. While the men were indicted, they are still at large. . It also had other names, including “Stone Panda” and “Red Apollo.”

FBI 60

FBI Identity Theft Wires Wire 60

Clearly Payments

JULY 16, 2024

Medical Identity Theft: Fraudsters use stolen patient information to obtain medical services, prescriptions, or insurance reimbursements. million cases of medical identity theft, resulting in $41 billion in losses. Rank Industry Fraud Rate Most Common Fraud Type 1 Travel and Hospitality 3.2% In 2023, there were over 2.3

Risk 52

Risk Identity Theft Phishing Account Takeovers 52

PYMNTS

JUNE 22, 2020

Barrett said, too, that the identity score can be customizable to match issuers’ risk tolerance across a variety of credit decisions, such as automated approvals or declines — or to refer certain decisions to manual verification. If not, are they a victim of identity theft?” Barrett explained.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

PYMNTS

APRIL 30, 2020

Feng Chen, 31, of Brooklyn, New York, was charged with alleged theft of U.S. mail that included some $12,000 in government stimulus checks, other checks and credit cards, authorities said. He was arrested after police found an open bench warrant in his name for criminal charges involving identity theft in New York County. .

Checks 56

Checks IRS Identity Theft Credit Cards 56

Fintech News

MAY 22, 2024

of respondents lost money to scams or identity theft in the past year, resulting in an estimated US$1 trillion in financial losses. IDVerse is trusted by startups, governments, and global enterprises, including Experian, HSBC, Vodafone, BMW, Virgin Money, and ANZ, for borderless and inclusive identity verification.

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Financial Crimes Crime APACS Risk Assessment 101

PYMNTS

MAY 29, 2020

The Michigan Unemployment Insurance Agency ( UIA ) has since instituted more steps to verify peoples’ identities and make sure an application was sent by the person in question and not a scammer, according to a press release from the state. Those whose claims are accepted receive a written letter with the amount of money they’ve been granted.

Identity Theft 52

Identity Theft Law Enforcement Scams Laws 52

VISTA InfoSec

JUNE 21, 2023

If you need to report another type of cybersecurity incident, you can do so via the National Cyber Security Centre or seek more guidance on the government website. You can also include links to up-to-date information on identity theft if appropriate.

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Data Breach Breach Law Enforcement Cybersecurity 130

Fintech News

JANUARY 17, 2024

The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio.

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Deepfake APACS Scams Authentication 125

PYMNTS

OCTOBER 13, 2020

The Federal Trade Commission reported recently that credit card fraud is now the most common form of identity theft. Critics warn that the government must also ensure that it is properly protecting residents’ identifying information — such as their fingerprint biometrics — or this could lead to serious privacy problems.

Account Takeovers 69

Account Takeovers Accounts Federal Trade Commission Verification 69