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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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Kount’s fraud protection platform increases profitability and reduces fraudulent claims with digital identity verification and advanced artificial intelligence.”. In a Tuesday (Aug.

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PYMNTS

OCTOBER 30, 2020

"New government policies ultimately changed the way the majority of businesses interacted with customers, with new phrases like 'buy online, pick up in-store' becoming part of the nomenclature," says Andre Machicao, senior vice president of CyberSource, Visa. We saw years of change happen in a few months due to COVID-19.

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PYMNTS

SEPTEMBER 22, 2020

QSRs that offer mobile order-ahead options as well as convenient online ordering methods are expanding their sales significantly through these digital channels during the pandemic. It also analyzes how focusing on the customer experience can help prevent such fraud in the first place. How Friendly Fraud Develops.

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PYMNTS

OCTOBER 12, 2020

Consumers are still shopping online more than ever seven months into the global COVID-19 pandemic. One recent study found that new customer accounts now represent 30 percent of all transactions made online, for example, five times as many as they did prior to the crisis. Shifting Payment Behaviors And Fraud .

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Abrigo

FEBRUARY 8, 2024

Client fraud education to prevent banking losses Financial institutions play a crucial role in safeguarding customers and members from fraud. Fraud education is key. You might also like this infographic: 5 Fraud typologies impacting you and your customers or members. DOWNLOAD Takeaway 1 U.S.

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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. Online gambling compliance experts are also predicting that cybercrime will sharply rise in the coming months. Why Online Gaming Appeals To Fraudsters .

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PYMNTS

DECEMBER 17, 2020

Digital fraud is a long-running problem for merchants, retailers, banks and businesses of all types. Account takeovers and shipping fraud increased by 347 percent and 391 percent, respectively, between 2018 and 2019, and the pandemic has only exacerbated these issues. Developments From The World Of Digital Fraud.

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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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Abrigo

DECEMBER 2, 2024

Education, collaboration, and advanced fraud detection software can help prevent it. Education, collaboration, and advanced fraud detection software can help prevent it. The AML/CFT Officer or fraud officer plays a crucial role in any financial institution efforts to fight check fraud. They’ve evolved.

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PYMNTS

DECEMBER 18, 2020

Eateries are turning to online and mobile ordering as well as delivery to stay afloat, with online order volume from food chains spiking by 225 percent since the pandemic began. These growing revenue streams carry their own risks, however, not the least of which is their propensity to be targeted by fraud.

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PYMNTS

OCTOBER 7, 2020

Higher volumes of consumers are continuing to shop online even as brick-and-mortar stores reopen. The expansion of digital banking and payments has also contributed to a rise in cybercrime — 32 percent of consumers noted in one study that they had been the targets of COVID-19-related fraud, for example.

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PYMNTS

JULY 8, 2020

He and Nitendra Rajput , Mastercard’s vice president of product development and head of the company’s “AI Garage,” said that in many cases, AI is the only way to scale up sufficiently to meet the challenges the company faces with fraud and other business issues. “It Fighting Fraud in a Post-Pandemic World. Using AI for Good.

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PYMNTS

SEPTEMBER 21, 2020

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. And consumers want to pay with their preferred methods, across cards or digital wallets. This is where AI comes in.

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PYMNTS

OCTOBER 9, 2020

Brick-and-mortar commerce has rebounded in recent months, but consumers are still heading online for many of their purchases, maintaining trends set in the early months of the pandemic. These include running scheduled checks on their platforms to detect fraud. trillion opportunity for eCommerce retailers.

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Abrigo

SEPTEMBER 21, 2023

Internet bank fraud is here to stay; learn how to detect and stop it. Every type of fraud has something unique it leverages to dupe unsuspecting citizens. Learn what is different about internet bank fraud. Takeaway 1 It is important to monitor fraud effectively and consistently.

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Abrigo

OCTOBER 19, 2023

Ideas for educating and promoting cybersecurity in October Cybersecurity Awareness Month is an opportunity for banks and credit unions to promote online safety and take steps to reduce cyber risks. You might also like this whitepaper: "Protecting banking customers starts with you." But how did Cybersecurity Awareness Month start?

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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

SEPTEMBER 28, 2020

COVID-19 is an ideal example, as cold-hearted fraudsters are siphoning off funds designated for legitimate people and businesses. PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls.

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PYMNTS

JUNE 24, 2020

But this time around, consumers have had to pivot online to buy goods and services that no longer had been readily available in the age of social distancing. Against a backdrop where CNP transactions are up 80 percent, a success rate of only a few percentage points can yield a lucrative fraud scheme.

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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

SEPTEMBER 18, 2019

Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. Banks are dealing with rapid rises in fraud schemes such as ATOs, synthetic identity fraud and account opening fraud.

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PYMNTS

SEPTEMBER 24, 2020

The ongoing COVID-19 pandemic and its associated social distancing and stay-at-home orders have pushed untold services online for easier consumer access, with banking serving as a prime example. Fraud Threats To Digital Banking. Identity fraud accounted for $16.9

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PYMNTS

JUNE 9, 2020

Cybercrime is surging during the COVID-19 pandemic as fraudsters seize on increased online activity to steal consumers’ sensitive personal details. As much as 22 percent of consumers have now been targeted by COVID-19 digital fraud scams, driving a mounting need for new ways to mitigate digital fraud risks.

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PYMNTS

DECEMBER 2, 2019

As B2B fraud threats like the business email compromise (BEC) scam or internal employee theft continue to grow for businesses large and small, experts are urging business owners and executives to take the lead in combatting fraudsters. Officials noted that invoice fraud occurs on a “regular basis,” according to 3FM reports.

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Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud.

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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. One of the most important links in the chain of e-commerce fraud is the “mule”. Fraud Prevention. Fraud Trends. Fraud Prevention.

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PYMNTS

NOVEMBER 16, 2020

Multifactor authentication (MFA) has become commonplace for online accounts, with users confirming their identities via text messages sent to their phones. Such security methods can be critical to preventing fraud that targets mobile users, of which one of the most prevalent types is SIM swap fraud.

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PYMNTS

DECEMBER 7, 2020

Given the importance of banking, the growing prevalence of online banking and the inherent confidentiality of banking-related personal data, he said he sees the failure to use geolocation — a common but high-value fraud deterrent — as inexplicable. The banking industry’s explanations for not using geolocation don’t cut it, Briggs said.

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PYMNTS

DECEMBER 17, 2020

percent of all consumers have switched from in-store to online shopping. consumers — 57 million people — say they are ordering more groceries online for home delivery now than they did before the pandemic’s onset. percent make at least one of their routine grocery purchases online. The research shows that 16.5

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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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PYMNTS

NOVEMBER 17, 2020

That sets the stage for fraudsters to follow the money as consumers transact online — and steal a large chunk of that money. Panelists included Schalk Nolte , CEO of Entersekt ; Jen Martin , head of Fraud Operations at KeyBank ; and Karen Boyer, Fraud Intelligence Director, Financial Crimes at People’s United Bank.

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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

JANUARY 28, 2021

It is well known that shoppers tend to behave differently online than they do in brick-and-mortar stores — and this extends to how they choose to pay at checkout. One of the more notable differences is their tendency to favor credit cards online and other options such as digital wallets over debit cards.

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PYMNTS

JULY 3, 2020

FIs confronting this new reality have worked hard to redesign their fraud-fighting approaches to suit the new commercial landscape. . Banks have worked to build detailed customer profiles over the past several months as consumers adjust to their new financial situations and develop clearer online habits.

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Abrigo

AUGUST 22, 2022

Emerging Check Fraud Trends to be Aware of It seems check fraud will never go away, it just changes its approach every opportunity. Check Fraud. Still the number one type of fraud in banking. There is also usually more than one signee assigned to those accounts, making them more susceptible to fraud.

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Abrigo

OCTOBER 10, 2023

Use the fraud triangle to prevent fraud at your institution The concept of the fraud triangle is frequently used in business, accounting, and criminology. Takeaway 1 The fraud triangle concept describes three factors that, when combined, incentivize a person to commit fraud. The FTC received fraud reports from 2.4

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