Bank Innovation

FEBRUARY 2, 2018

In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday. Danish credit card fraud significantly increased in 2016, Bloomberg said, and reports of online fraud in the country have increased 300% from reports in 2009. […].

Fraud 246

Fraud Digital Banking Cards Online 246

PYMNTS

DECEMBER 29, 2020

Consumers have more heavily leaned on debit during the pandemic, with the economic downturn making shoppers more cautious than ever about the prospect of taking on credit card debt. A recent study even estimates that shoppers could ultimately shift $100 billion worth of annual spending from credit cards to debit cards.

Fraud 303

Fraud Cards Analysis Tools 303

Payments Dive

MAY 8, 2024

accounted for 58% of global commercial card spend last year, but also for 78% of total value lost to card fraud, according to a report by Euromonitor International.

Cards 195

Cards Report US Marketing 195

PYMNTS

APRIL 15, 2020

According to the FTC, there have been 18,235 reports of fraudulent activity or fraud attempts related to the coronavirus since Jan. million to fraud. On its website, the FTC breaks down the numbers of fraud cases by state. Fraud cases related to the pandemic have been surging with every passing week.

Fraud 217

Fraud Report Nevada Florida 217

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? Payment card networks in the U.S. trillion in 2021.

System 195

System Payments Fraud Regulation 195

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.”.

Cards 293

Cards Fraud Retail Security 293

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. ATM usage has been severely affected by the pandemic, as such machines require touching keypads, screens and card readers.

Analytics 266

Analytics Fraud ATM Report 266

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.

Fraud 298

Fraud New York United States Security 298

PYMNTS

JULY 1, 2020

As a one-size-fits-all solution does not exist for the increasing problem of synthetic identity fraud, The Federal Reserve reports that experts suggest a “comprehensive approach” for the challenge. Payment System” report. . percent of new accounts, according to the report. percent and 0.6

Fraud 190

Fraud Report Analysis Study 190

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.

Cards 257

Cards Fraud Course Report 257

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. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

Fraud 242

Fraud Security Data Cards 242

Abrigo

DECEMBER 10, 2019

Key Takeaways Elder financial abuse/exploitation (EFE) is under-reported although it remains on the rise. ABA study shows banks are reporting more cases of EFE. The Senior Safe Act provides a safe harbor for financial institutions reporting suspected EFE. . The under-reported and growing crime. billion annually.

Fraud 284

Fraud Study United States Training 284

Payments Dive

AUGUST 28, 2024

Four in five consumers are worried about identity theft or someone stealing their credit card numbers, according to a report this month from the credit monitoring agency Experian.

Online 269

Online Fraud Cards Report 269

PYMNTS

OCTOBER 9, 2020

These wallets are connected to familiar debit or credit cards, the details of which must also be kept safe from enterprising fraudsters. It also looks at the role that debit cards are continuing to play in commerce, and why protecting these payment details is essential for retailers. Around The Next-Gen Debit World.

Fraud 188

Fraud Retail Report Online 188

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.

Cards 243

Cards Payments Fraud Data 243

PYMNTS

FEBRUARY 12, 2020

According to the 2019 edition of the FBI’s Internet Crime Report , last year was both a lucrative and diverse year for cybercriminals and scammers. All in, the FBI’s Internet Crime Complaint Center (IC3) received a total of 467,361 complaints, with reported losses exceeding $3.5

Fraud 253

Fraud Handbook Security Comparison 253

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.

Fraud 255

Fraud Mobile Tools Study 255

PYMNTS

MARCH 14, 2020

With the coronavirus putting eCommerce front and center, it has unfortunately been joined by its cousin: online retail fraud. At the same time, a new report shows that fraudsters will take more than $12 billion off the table. percent of all eCommerce fraud , is still account takeover. The main offender, constituting 29.8

Fraud 230

Fraud social media Online Retail 230

Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

Fraud 221

Fraud Risk Management Training Software 221

PopularBank

NOVEMBER 14, 2024

tend to be more active during the holiday months because more people are using their credit cards to make purchases across numerous websites. Credit card fraud When an unauthorized person gains access to your credit cards, fraud may follow. Online scammers, in particular. 10 common holiday scams.

Fraud 98

Fraud social media Cards Security 98

PYMNTS

OCTOBER 8, 2020

one of the biggest payments processors in the world, one of the top 3 banks in Brazil, one of the big four banks in Australia, the largest national card processor in Europe, and several others),” according to the release. Feedzai has seen the increase in fraud and scams with the pandemic. And meanwhile, 35.7

Report 247

Report Fraud Risk Management America 247

Abrigo

MARCH 7, 2025

Reg E applies to transactions such as: Debit card purchases Direct deposits and withdrawals Online bill payments Automated teller machine (ATM) transfers It doesnt apply to business accounts, including business checking and business savings accounts. And it doesnt cover credit cards either.

Compliance 195

Compliance Regulation System Guidelines 195

PYMNTS

FEBRUARY 1, 2021

At the same time, as this week's B2B Data Digest reveals, fraud can come from many sources, not only outside of the enterprise. From commercial card misuse to invoice fraud, internal employees can be the bad actors, too. Canada, Australia and Europe, reports said. The campaign is targeting businesses across the U.S.,

Data 341

Data Fraud Missouri Report 341

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. million) since 2015, with 483 incidents being reported in June alone. Protecting Against SIM Swap Fraud By Deploying Digital Identity. More than 6.2 About The Tracker.

Fraud 242

Fraud US Mobile Study 242

Abrigo

MARCH 8, 2024

Bank wire fraud is growing and becoming more complex. Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims. billion in losses reported.

Fraud 195

Fraud Technology Trends Training 195

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.

Fraud 195

Fraud Cards Trends Software 195

Abrigo

SEPTEMBER 20, 2023

Understanding tax ID fraud FinCrime professionals looking to prevent tax ID fraud, first need to understand the fundamentals of what is happening and their best recourse for prevention. Takeaway 3 If you suspect this type of fraud, file a SAR with the term "tax refund fraud" in the narrative.

Taxes 195

Taxes Fraud Trends Exercises 195

PYMNTS

NOVEMBER 25, 2018

Venmo , the digital money transfer service owned by PayPal , suffered payments fraud earlier in 2018 that played a role in the company posting losses that were higher than forecasted for the first quarter of this year. While that helps reduce fraud, the WSJ noted that real users were also impacted when their transactions were declined.

Fraud 222

Fraud Payments Report Branding 222

Abrigo

JANUARY 24, 2024

Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. Use this guide to understand available tools and the steps AML and fraud teams should take. You might also like this FedNow implementation guide with details on appropriate AML/CFT and fraud considerations.

Fraud 221

Fraud Payments Software Policies 221

PYMNTS

APRIL 9, 2020

million ransom to get their systems back online, The Wall Street Journal reported. The cybercriminals demanded $6 million in ransom with a promise that they would not release the sensitive information of Travelex customers, including birthdates and credit card numbers.

Report 279

Report Groups Data Cards 279

Abrigo

MAY 20, 2022

Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.

Trends 195

Trends Fraud Training Survey 195

Abrigo

DECEMBER 22, 2023

The most popular financial crime blogs in 2023 Check fraud, the SAFER Banking Act, and BSA exam topics were among Abrigo's top blogs on AML/CFT and fraud this year. You might also like this infographic on the true costs of fraud at financial institutions. Here are Abrigo’s 10 top AML and fraud blogs in 2023.

Fraud 221

Fraud Training Compliance Trends 221

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.

Fraud 223

Fraud Payments Survey Security 223

PYMNTS

MAY 18, 2020

Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Mastercard said.

Fraud 196

Fraud Tools Security New York 196

PYMNTS

SEPTEMBER 23, 2020

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. 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.

Technology 208

Technology Report Fraud Study 208

PYMNTS

APRIL 27, 2020

As consumers shop amid ongoing public health restrictions, they almost invariably reach for their credit cards — whether the physical varieties in their wallets or the digital versions stored on their browsers and mobile devices. More than ever, credit cards are becoming the coin of the realm in the global connected economy.

Cards 226

Cards Fintech United States Case Study 226

PYMNTS

JULY 2, 2020

A June report found that 27 percent of U.S. Financial institutions (FIs) are therefore expected to offer more contactless cards this year and some are also unveiling services intended to help consumers easily add cards to their digital wallets. How FIs Adapt Fraud Detection During Times of Behavioral Upheaval.

Fraud 222

Fraud Cards Florida Trends 222