Bank Innovation

MARCH 22, 2018

UK-based fintech Revolut’s newest product is a “disposable” virtual card, a product that was designed with fraud protection in mind, the fintech announced today. The card, which sits inside Revolut’s mobile app, wipes a user’s details and resets them after every payment.

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Fraud Cards Payments Fintech 277

PYMNTS

AUGUST 14, 2020

For instance, Mendlowitz noted that Mastercard said on its recent earnings call that more than 50 percent of April transactions were card not present (CNP) or contactless — a 40 percent increase from the year earlier. “The Fraud prevention should never be a problem that the merchants have to worry about.”.

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Cards Fraud Retail Security 293

PYMNTS

JULY 2, 2020

But the bad news is that fraudsters see a once-in-a-lifetime opportunity to jump into the increased flow of transactions, Gary Sevounts , executive at fraud detection firm Kount , told PYMNTS in a recent conversation. He added that fraudsters have been showing up across the board in terms of fraud types attempted.

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Fraud Cards System Tools 280

PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.

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Cards Fraud Guidelines Mobile 197

PYMNTS

NOVEMBER 17, 2020

The rising trend of digitization in commerce and the increased occurrence of card-not-present fraud were not created by the COVID-19 pandemic. Those dynamics have made the dangers of fraud far less abstract to consumers. Fraud, he said, is occurring at an unprecedented rate and scale and it was far from a small issue before.

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PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime. Canada and the world over. Canada and the world over.

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Fraud New York United States Security 298

Abrigo

MARCH 18, 2025

Payment system types, trends, and fraud risks Understanding how payment systems function, the different types in use, and the associated risks is critical for financial institutions to be able to balance innovation with security. Need short-term fraud or AML staffing relief? trillion in 2021, according to the latest data from the Fed.

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System Payments Fraud Regulation 195

PYMNTS

DECEMBER 7, 2020

At a time when 80 percent of apps ask for (and are usually given) users’ geolocation data, the fact that most mobile banking applications still don’t is unacceptable, GeoGuard CEO David Briggs told Karen Webster in an interview. So, the company simply promises to never share or sell location data to third parties. “My

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PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. This week's B2B Data Digest takes a look at the numbers behind those spikes, finding small businesses to be particularly at-risk.

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Payments Dive

MARCH 25, 2024

The card network giant identified 556,000 card accounts that were put at risk as a result of the cybercrime ring BidenCash’s release of data online in December.

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Cards Fraud Online Data 221

PYMNTS

JUNE 24, 2020

Messaging app Telegram said a data breach has exposed a database containing the personal information of millions of users, according to a Cointelgraph report. Telegram reportedly said much of the leaked data ended up being outdated, with 84 percent of it being collected before mid-2019 and around 60 percent of it being inaccurate.

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Data Fraud Report Cards 288

PYMNTS

NOVEMBER 17, 2020

Onboarding these customers can be a tedious challenge prone to fraud and consumer frustrations, and the industry faces the ever-looming threat of SIM swap fraud. Customers still face potential fraud threats once they are signed up, with SIM swap fraud being a particularly common foe.

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Fraud Company social media Cards 267

Perficient

MARCH 17, 2025

The integration of AI is reshaping the landscape by addressing challenges such as data protection, regulatory compliance, and the modernization of legacy systems. AI-powered chatbots can handle routine inquiries, freeing human agents for complex issues, while AI-driven algorithms enhance fraud detection and risk management.

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Trends Analytics Compliance Strategy 221

PYMNTS

JULY 15, 2020

Mari Anne Bayliss , senior director of solution management at CyberSource , told Karen Webster that simply relying on machine learning as a weapon against fraud is not enough — not in an age where managing fraud risk during the great digital shift (and unprecedented transaction volumes) is so challenging. . Lying In Wait .

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PYMNTS

SEPTEMBER 21, 2020

And consumers want to pay with their preferred methods, across cards or digital wallets. Artificial intelligence (AI) can improve the eCommerce experience – not just in terms of warding off fraud, but also in making sure payments can be processed efficiently and that the most effective payment gateways are accessed.

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Fraud Payments Cards Security 311

PYMNTS

APRIL 22, 2020

Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors.

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Cards Payments Fraud Data 243

Gonzobanker

JUNE 6, 2024

Add these action items to your card fraud checklist to strengthen your defenses. The hacker group ShinyHunters allegedly breached Ticketmaster’s data in late May 2024, including credit and debit card information for over 560 million consumers worldwide. based consumers whose card information was compromised?

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Fraud Data Cards Software 166

PYMNTS

DECEMBER 31, 2020

Debit card issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. The Face of Fraud.

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Fraud Strategy Security Cards 273

PYMNTS

JUNE 22, 2020

A cyberattack from Maze ransomware against global business and tech firm Cognizant mostly hit the company’s corporate cards that had been issued to employees, the company told authorities, according to The Times of India. Also, the FBI has been called to assist with finding out the perpetrator.

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Cards Fraud Course Report 257

PYMNTS

JANUARY 13, 2021

The prevalence of online commerce opens new doors for digital fraud, however, both from career fraudsters and opportunistic customers. percent had falsely claimed a charge on their credit card was fraudulent to score a refund. Developments F rom The World Of Digital Fraud. Developments F rom The World Of Digital Fraud.

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Fraud Analytics Data Retail 189

PYMNTS

NOVEMBER 30, 2020

There are other benefits that the function could provide, however, including more robust fraud protection. Being granted access to their customers’ true geographic locations could give financial institutions (FIs) crucial access to data that could protect consumers’ accounts, especially as more of them use mobile channels to shop and pay.

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PYMNTS

OCTOBER 16, 2020

Harnessing consumers’ digital information is critical to the success of any business, and data analytics and artificial intelligence (AI) can be especially powerful tools. Fast-food giant McDonald’s was not interested in using AI or data analytics until it noticed that many of its competitors were benefiting from the technologies.

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Analytics Data Fraud Tools 273

Payments Dive

JANUARY 30, 2025

The payments processor is aligning with merchants, card issuers and networks to share transaction data and use AI to fight fraud.

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Fraud Cards Data Payments 195

PYMNTS

SEPTEMBER 22, 2020

The growth in digital transactions is also spurring a boost in friendly fraud, which occurs when legitimate customers either knowingly or unwittingly claim that they did not make legitimate purchases and seek reimbursement for them. It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.

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Fraud Mobile Tools Study 255

PYMNTS

MAY 22, 2020

Moreover, all demographic groups are far more likely to use phone than email or chat to reach card service departments — and this method is associated with higher satisfaction and resolution rates. Billing issues and payments is the most common reason, cited by 29 percent of cardholders, followed by fraud and data security, cited by 23.8

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Cards Data Millennials Report 216

PYMNTS

NOVEMBER 13, 2020

The telecommunications industry is but one of many sectors looking to more securely verify customers and avoid fraud, which remains a growing problem. Robust digital ID verification practices could make many fraud schemes a thing of the past, but many banks and businesses have yet to adopt them. More than 6.2

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Fraud US Mobile Study 242

PYMNTS

OCTOBER 5, 2020

Retailers must protect customers’ card data from hackers who try to snatch payment details, and following best practices to ensure security requires adhering to the regulations established by the PCI SSC, a global payments industry forum. These solutions reduce PCI scope by preventing payments data from touching their infrastructures.

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Cards Data Compliance Payments 207

Abrigo

DECEMBER 17, 2019

The expected outcome of greater inventory at a lower cost, as we have seen in prior years, is an increase in fraud activity and cyberattacks heading into the end of the calendar year. Carding shops offer bulk sales on compromised payment card data. Another popular category in the underground is account markets.

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PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. ATMs are common avenues for fraud, however, especially those that are running outdated software.

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Analytics Fraud ATM Report 266

PYMNTS

MARCH 5, 2020

Telecom giant T-Mobile suffered a data breach that exposed the personal information of employees and customers to unknown hackers, according to reports. “We The company didn’t reveal how many people were affected, but it said financial information like credit cards and Social Security numbers were not affected. “We

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Mobile Data Fraud Security 263

PYMNTS

FEBRUARY 12, 2020

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses.

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Fraud Handbook Security Comparison 253

Abrigo

SEPTEMBER 20, 2023

How financial institutions can prevent losses from 1st-party fraud Learn strong approaches to identifying, preventing, and detecting 1st-party fraud that will keep your AML program on top of fraud trends. Takeaway 3 Prevention and detection best practices can curb hard dollar 1st-party fraud losses while protecting clients.

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PYMNTS

OCTOBER 22, 2020

That] keeps them from getting in trouble with the card brands, and obviously avoids the significant costs that come along with fighting, investigating and resolving chargebacks. s struggles toward universal adoption in the European Union is reminiscent of EMV chip cards’ rise — a similar journey that aimed to solve a different fraud problem.

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Fraud Online Security Cards 221

PYMNTS

JULY 27, 2020

The FinTech on Saturday (July 25) confirmed the data breach after reports emerged that details involving as many as 7.5 million banking users had been exposed on a forum used by hackers to sell and swap ill-gotten data. In a blog post, Dave blamed the data breach on Waydev, a former third-party service provider.

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Data Fintech Report Security 246

PYMNTS

DECEMBER 30, 2020

Virtual cards and straight-through processing (STP) are poised to get more attention from buyers and suppliers as the pandemic recedes. Suppliers, he said, have traditionally been less amenable to commercial card payments, but are increasingly starting to accommodate buyers’ payment preferences.

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Cards Regional Payments Data 262

PYMNTS

MAY 4, 2020

Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that could indicate something is amiss. Around The FI Fraud Decisioning World.

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PYMNTS

JUNE 24, 2020

Those less tech-savvy individuals represent juicy targets for fraudsters, who have been fine-tuning card-not-present (CNP) schemes to work across all manner of channels during the pandemic as we wield smartphones to make transactions or bank over the phone. CNP fraud, Nolte said, has become a numbers game.

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