Abrigo

JULY 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022. billion in 2021.

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PYMNTS

JANUARY 11, 2021

To that end, late last week Equifax said it had reached a deal to acquire fraud prevention and digital ID firm Kount for $640 million. As reported, the deal will enable Equifax to boost its global presence in digital ID and fraud prevention, including through the Kount Identity Trust Global Network. In a Monday (Jan. In a Monday (Jan.

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PYMNTS

OCTOBER 22, 2020

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. will ultimately make it over the finish line because, bumps aside, it’s effective and reduces digital sales fraud. They’re in a better position to mitigate the fraud.

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Abrigo

NOVEMBER 17, 2023

Measuring the cost of fraud losses. The true cost of fraud goes beyond the initial reported fraud losses Would you like other articles like this in your inbox? Takeaway 1 Fraud scams made worse by the pandemic continue to be successful, while crypto-scams are emerging. That equates to $35 billion annually.

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PYMNTS

DECEMBER 2, 2020

At a time when COVID-19 has seen global eCommerce and digital traffic grow by nearly 70 percent, security experts have braced for a commensurate surge in online fraud as the holiday shopping season continues. Fraudsters now have more avenues for attack available to them,” Rusi said. The key to this is user experience,” he said.

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Abrigo

JULY 10, 2023

Stay up-to-date on AI fraud trends to protect your clientele Emerging AI fraud schemes reveal holes in financial institution's defenses. Takeaway 2 Improving security questions is a good step to take to avoid text-to-speech AI fraud schemes. Here are several suggestions for tightening security.

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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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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

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.

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Fraud Training Compliance Trends 221

PYMNTS

DECEMBER 10, 2020

TSYS , a payment processing company, has suffered a ransomware attack and had some data posted online, according to a report from Krebs on Security. However, TSYS said the malware didn't jeopardize card data and that the attack had only targeted the company's administrative wing. "We This matter is immaterial to the company.”.

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PYMNTS

SEPTEMBER 20, 2018

ProfitStars , the Jack Henry & Associates division that provides risk management solutions for financial institutions, announced its latest fraud tool on Wednesday (Sept. According to ProfitStars, more than 2,500 community and regional banks offer online bill payment to their retail and small business clients through iPay Solutions.

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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

JANUARY 4, 2019

Stepping into this world is vital for anyone serious about preparing a proper defense against online fraudsters in 2019. The 2018 holiday season has barely ended and it’s a good bet that retailers and payments players have yet to identify all the fraud that took place. More specifically, it can identify patterns that signal fraud.

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PYMNTS

APRIL 12, 2017

The need for online retailers and brands to be vigilant in the face of fraud becomes more pressing by the day — but additional authentication measures can create friction on the consumer’s end, which has a nasty habit of reducing conversion rates.

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Fraud Retail Online Data 115

PYMNTS

OCTOBER 14, 2020

Fast food behemoth McDonald’s began investing in artificial intelligence (AI) to give customers unique deals while also obtaining vital data about their ordering habits. Deep Dive: How QSRs Are Deploying Data Analytics and AI to Serve Customers, Fight Fraud. Developments From Around the Mobile Order-Ahead World .

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Abrigo

OCTOBER 28, 2021

Growing Cyber Fraud Concerns What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on cyber fraud. Takeaway 1 Cyber fraud increased during the pandemic, leaving financial institutions working harder to prevent and detect it. Preventing Cyber Fraud. Learn more.

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Abrigo

DECEMBER 27, 2022

Fraud trends for financial institutions to watch for in 2023 Financial institutions should not expect a slowdown of any of 2022’s fraud trends. Takeaway 2 A worsening economy increases pressure to commit fraud, provides opportunities to commit fraud, and can be used as an excuse by criminals to rationalize their actions.

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Abrigo

NOVEMBER 1, 2021

Combating Cyber-Enabled Fraud Requires Communication Increases in cybercrime or cyber-enabled fraud deserve attention from financial institutions, as Abrigo expert Terri Luttrell explains in this video. . You might also like this whitepaper, "The 2021 BSA/AML and Fraud Staff Survey: Top Issues for FinCrime Fighters".

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PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Accurate and reliable data is a critical piece of modernizing the AML regimen,” he said. consumers were increasingly likely to share their location with banks in order to protect them from fraud.

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PYMNTS

JUNE 19, 2018

Fraud has no choice but to roll with the punches, and the flurries are enough to daze a boxer as skilled as Ali. As Matt Mills, chief commercial officer at Featurespace , told Karen Webster in the latest Data Drivers, for financial institutions, the efforts to blunt the bad guys is akin to a game of whack-a-mole.

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Fraud Analytics Online Cards 138

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 data, from ACI Worldwide , is based on hundreds of millions of merchant transactions.

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PYMNTS

DECEMBER 28, 2020

Nacha is issuing a warning to accounts payable professionals with regards to the rising threat of fraud. Further, Nacha said, the survey revealed AP professionals are facing increasing fraud attempts that target AP processes specifically. But accounts payable is far from the only back-office financial workflow at risk of fraud.

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Fraud Payments Survey Lending 291

PYMNTS

NOVEMBER 6, 2020

Merchants are adapting quickly to a rapidly digitizing environment, caught between trying to build a smooth, seamless experience for their good customers and trying to prevent fraud of all sorts as attacks increase in both number and activity level. There’s no single lock-off point to which all fraud can be defended against.

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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. . Human Touch .

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PYMNTS

JULY 25, 2017

Stemming from AI, machine learning is helping technology move at a swifter rate, and as more people bring their shopping needs into the online world, it’s likely that machine learning will play a larger role moving forward. Machine learning applies AI to take up-to-date data to help improve upon an experience without any human interaction.

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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.

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Fraud Retail Online Study 124

PYMNTS

OCTOBER 19, 2018

At the least, it won’t get any better — not according to any anti-fraud expert who is worth their rate. Every business must decide its comfort level with fraud and how much risk to take on, a concept discussed in depth during a new PYMNTS digital discussion, featuring Karen Webster and Kevin Trilli, chief product officer at Onfido.

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Fraud Online social media Software 189

PYMNTS

DECEMBER 29, 2020

While fraud affects less than 1 percent of all card purchases, consumers who do lose funds from their bank accounts must go through lengthy and often stressful processes to get their money back. Safeguarding debit card payments is increasingly important, with more consumers shopping online during the pandemic. About The Tracker.

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PYMNTS

MARCH 29, 2017

Online retailers just got a new tool in the fight against identity theft and fraud. XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows.

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PYMNTS

DECEMBER 18, 2020

Savvy shopping can sometimes cross the line into outright fraud , however, with bad actors violating terms of redemption, assuming false identities or conducting myriad other schemes to wage promotion abuse fraud. This move means Walgreens is facing more instances of promotion abuse fraud than many other retailers.

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Fraud Retail Online Customer Experience 275

PYMNTS

AUGUST 7, 2020

Millions of consumers around the globe are turning to online games during the COVID-19 pandemic, and cybercriminals are springing into action with schemes to target them. Recent data shows that thwarted attempts to get one security solution’s users to visit malicious, video game-themed websites rose 54 percent from January to April.

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PYMNTS

OCTOBER 18, 2018

In search of added convenience and simplicity, banking customers are migrating to online and mobile banking interfaces, leaving in-person visits to brick-and-mortar branches behind. How Banks Are Weaponizing Data To Fight Fraud. To read the full story, download this month’s edition of the Digital Banking Tracker. .

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Fraud social media Data Trends 178

Abrigo

JULY 25, 2023

How offering FedNow instant payments affects fraud & AML/CFT compliance What financial crime staff can do to prepare fraud and AML functions for implementing the FedNow Service for instant payments. Would you like other articles on fraud and AML/CFT compliance in your inbox? Instant payments service What is FedNow?

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Fraud Payments Security Resources 195

PYMNTS

APRIL 9, 2020

It has to be secure first and foremost, particularly when payments data is on the line. But it also has to be easy, fast and friction-free — now more than ever as a mass of consumers are moving their shopping, dining, working and leisure time online in response to the coronavirus outbreak. Winning The New War With Account Takeover.

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PYMNTS

OCTOBER 8, 2018

So, when it comes to accessing their accounts to shop online, the way they are authenticating needs to be a footnote at best. That said, when it comes to shopping online, consumers still want to authenticate in familiar ways. Thirty-seven percent cited data security as the reason they were satisfied with how they authenticated.

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Data Security Online Fraud 184

PYMNTS

DECEMBER 21, 2020

When a customer walks into a physical location to transact, a whole host of behavioral data becomes available to whatever entity is serving them. That behavioral data can then be used to inform how the customer is treated and what kind of interaction they are going to be offered. Are they acting interested, engaged and prepared?

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Fraud Analytics Data Security 315

PYMNTS

AUGUST 5, 2020

losses from COVID-19 fraud and ID theft have reached nearly $100 million since the pandemic emerged in March, according to Reuters. These states accounted for one third of more than 150,000 instances of COVID-related fraud reported nationally by the Federal Trade Commission (FTC) since mid-March. million to date, according to the FTC.

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