PYMNTS

DECEMBER 10, 2019

The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. As of today, 85 percent to 95 percent of synthetic fraud identities are easily slipping past risk detection systems that are failing to flag them.

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.

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PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. Cautious shoppers may find comfort in debit, with fraud losses associated with the payment method declining over the past several years. Card fraud is an ever-present threat. A Big-Picture Approach To Thwarting Debit Fraud.

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PYMNTS

JUNE 29, 2020

Open banking is one of the most significant emerging trends in the financial industry, allowing banks and FinTechs to share financial data in a quick, easy and secure manner across a network of platforms. Security Risks Facing Open Banking. Securing Open Banking Systems.

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PYMNTS

FEBRUARY 9, 2020

In 2017 and 2018, by comparison, the various schemes and fraudulent activity was $3 billion combined. PlusToken, according to those familiar with the matter, was a Ponzi scheme where the site was able to draw around $2 million total out of investors located in South Korea and China from 2018 to early 2019.

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FICO

JANUARY 7, 2019

The tremendous interest in AI and machine learning drove the readership on the Fraud & Security blog in 2018. 5 Keys to Using AI and Machine Learning in Fraud Detection. Author TJ Horan, FICO vice president for fraud solutions, wrote a five-part series on the keys to using AI and machine learning in fraud detection.

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PYMNTS

FEBRUARY 19, 2020

What’s clear is that fraud decisioning solutions have never been more necessary, as cybercrime enters a new phase of sophistication, diabolical creativity and global scale. Bottom line: Fraud losses are expected to hit $48 billion annually by 2023 – more than double the 2018 losses. Sealing It.

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PYMNTS

MAY 12, 2020

An internal investigation into alleged fraud at Luckin Coffee Inc. In addition, the company has placed six other employees on suspension or leave due to involvement in or knowledge of the fraud. Cao has served as senior vice president in charge of store operations and customer service since 2018.

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PYMNTS

JANUARY 31, 2020

A 2018 survey found that 40 percent of American financial institution (FI) customers in this age bracket reported debit cards as their go-to payment instruments, while 36 percent favored credit cards. These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods.

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PYMNTS

JANUARY 19, 2021

Fraudsters have unfortunately also carefully followed this payment trend, with skimming, prepaid card and ATM fraud all seeing upticks recently — especially in regard to debit transactions. Another study indicated that debit-related fraud is on the rise across the U.S. Around The Next-Gen Debit World. The report noted that U.S.

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PYMNTS

FEBRUARY 13, 2019

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. More than 3.1 million in Dec.

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PYMNTS

JUNE 13, 2019

If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018.

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PYMNTS

JANUARY 3, 2019

A new study has revealed that retailers will lose around $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. A layered FDP (Fraud Detection & Prevention) solution naturally helps directly preventing fraud, but it also offers major gains in terms of recovering potentially lost revenue through false positives.

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PYMNTS

DECEMBER 31, 2018

According to the report, cybercrime touched nearly every sector throughout 2018, including those that may seem less obvious, like education or manufacturing — and for one obvious reason: the money. Facebook’s 2018 regarding the stewardship of user data and privacy was one it would like to soon forget. Department Store Hacks.

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PYMNTS

OCTOBER 29, 2018

These initiatives could also lead to an increase in security risks, since sharing data among a range of financial service providers creates new opportunities for it to fall into the wrong hands. New open banking tools mean new types of financial transactions, which could make fighting digital fraud even more difficult for banks.

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PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

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PYMNTS

OCTOBER 19, 2020

Venmo users alone lost more than $40 million in 2018. Meeting this fraud threat will require in-depth knowledge of fraudsters’ techniques and advanced technology and customer vigilance, according to Jamie Armistead , vice president and business line leader for banking app Zelle. “We The Scams And Frauds Facing P2p Payment Apps.

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PYMNTS

DECEMBER 28, 2020

Securities and Exchange Commission (SEC) filed an emergency asset freeze against Virgil Capital and its affiliated companies after charging the firm and its CEO, Stefan Qin , with fraud related to Virgil Sigma Fund LP, the company’s cryptocurrency trading fund, according to a press release. In other news, the U.S.

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PYMNTS

SEPTEMBER 24, 2018

Perhaps more troubling, however, is digital fraud’s projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. As such, businesses are now investing in their security and fraud prevention technology and solutions.

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PYMNTS

OCTOBER 8, 2018

They’ve tried to clarify some of their emphases — we know that cryptocurrency fraud is an issue, manipulation, insider trading is an issue, and they’re very focused on spoofing,” said Gary DeWaal, special counsel at Katten Muchin Rosenman and a former CFTC enforcement lawyer. Total fines ordered through SEC enforcement activity fell 7.2

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PYMNTS

DECEMBER 26, 2018

The following piece was written by Rob Eleveld, CEO of Whitepages Pro , as a contribution to our 2018 year-end eBook. . Payments 2018 was a year of accelerated disruption. Smart use of verification data ensures that risk models can streamline good customer experience, fight fraud and evolve with the times.

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PYMNTS

SEPTEMBER 12, 2019

Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. The People’s Bank of China announced in March that it plans to create rules for regulating and securing the FinTech sector, for example. . imposed a full $23.52

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Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. The under-reported and growing crime.

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PYMNTS

JULY 28, 2020

Fraudsters and financial institutions (FIs) are constantly evolving to best each other, and growth in synthetic ID fraud is revealing that many banks must enhance their security measures to stay in the lead. Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S.

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PYMNTS

MARCH 6, 2020

The technology’s significance cannot be ignored, as a 2018 survey found that each company manages an average of 363 APIs. Each API an organization leverages gives hackers a new opportunity through which to exploit or infiltrate its network and systems — unless that API is properly secured.

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PYMNTS

JULY 24, 2019

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques. Around the Digital Fraud World.

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PYMNTS

JANUARY 14, 2021

Commerzbank has told lawyers that the bank was a victim of fraud in the ongoing Wirecard case, Reuters reported Thursday (Jan. Commerzbank Chief Risk Officer Marcus Chromik told a parliamentary committee that the bank agreed to extend credit to Wirecard in 2018, based on assurances about the company's prospects.

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PYMNTS

AUGUST 19, 2019

In comments reported earlier this week, cyber insurance security responder Tom Bennett of CFC Underwriting told The Financial Times that that claims surged in June and July. We are seeing gangs involved in drug trafficking and firearms offenses turning to fraud, targeting victims across the U.K. Corporate Wire Fraud.

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PYMNTS

JUNE 20, 2019

Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. This isn’t merely an issue for the B2C world, however. The False Positive Threat.

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PYMNTS

MARCH 3, 2020

Dating websites and apps in the Netherlands have had a spate of this type of fraud in recent years, with victims handing over $4.1 Online dating is lousy with, well, louses, as we learn from the February 2020 Digital Fraud Tracker® , a DataVisor collaboration. The market for anti-fraud software “… was valued at USD 13.59

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PYMNTS

NOVEMBER 15, 2018

New data shows a projected 14 percent increase in fraud attempts during the upcoming 2018 holiday season — with fraud likely to peak on Thanksgiving Day. The first step to fighting fraud is knowing what you’re up against,” Erika Dietrich, global director of payments risk at ACI Worldwide, said in a press release. “The

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PYMNTS

APRIL 14, 2019

million customers who were the victims of an online fraud scam. bank to say it will cover customers from online fraud losses. Such fraud reportedly impacted one in four U.K. Such fraud reportedly impacted one in four U.K. The bank’s pledge also comes as data released last week showed financial fraud against U.K.

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PYMNTS

NOVEMBER 26, 2018

Call centers are facing the potential of fraud from inside and outside their facilities, and they are taking multi-pronged approaches to tackle these security challenges. Data: 350 percent: The rate that contact center fraud has grown over the past four years. history.

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PYMNTS

MAY 30, 2019

counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. The latest stats show that the continued upgrade to chip card acceptance – which began in 2015 – has led to a decrease in counterfeit fraud dollars on the order of 76 percent, as measured in December of 2018 vs. September of 2015.

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Bobsguide

MARCH 30, 2020

In 2016, the global fraud detection market was valued by Allied Marked Research at $13.6bn. Fast forward to today: according to Fortune Business Insight, the global market for anti-fraud solutions will grow from $19.3bn in 2018 to $110bn in 2026. The growth is exponential, and the banking,

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PYMNTS

MARCH 5, 2019

million in 2018, according to a press release from the company. Cybercriminals have steadily been increasing their use of mobile malware , aiming to take advantage of those who do not have security solutions installed on their phones.”. In 2018, the number of mobile users who interacted with malware went up 774,000, reaching 9,895,774.

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TheGuardian

AUGUST 14, 2023

The civil action was filed in November 2018 alleging misconduct related to UBS’s underwriting and issuance of residential mortgage-backed securities (RMBS) issued in 2006 and 2007, according to the justice department. Continue reading.

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