Payments Source

OCTOBER 1, 2020

From a fraud prevention perspective, there are several difficulties in detecting and stopping funeral home fraud, says The ai Corporation’s James Crawshaw.

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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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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.

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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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Gonzobanker

JUNE 6, 2024

Add these action items to your card fraud checklist to strengthen your defenses. This equates to even more fraud losses for banks and credit unions, which have already been hit hard across all payment channels this year. Check fraud is up 171% year over year based on a recent Actimize study. That’s more than 2.5

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ATM Marketplace

JANUARY 12, 2021

ClearSale, a card-not-present fraud prevention operation, shares his thoughts regarding how merchants and consumers can protect themselves against fraud. Rafael Lourenco, executive vice president and partner at?

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Fraud Cards Operations 74

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

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. Leveraging Machine Learning, Rules-Based Analysis To Fight Debit Fraud. Find more on these and the rest of the headlines in the Tracker.

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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. 3D Secure 2.0

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Abrigo

JUNE 28, 2023

Share these reports on AML activities to inform directors Reporting to the board on AML and fraud compliance is an essential obligation. Takeaway 3 Recommended reports on AML and fraud metrics for the board include those on high-risk customers and trends on types of fraud and suspicious activity seen.

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PYMNTS

OCTOBER 30, 2020

Here, Machicao explains how his firm helped clients protect themselves from escalating fraud risks with the COVID-triggered wave of CNP payments. The payment and fraud landscape is almost unrecognizable today compared to just a few short months ago. The following is an excerpt from What Did You Change?

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BankInovation

SEPTEMBER 9, 2021

Synthetic identity fraud occurs when a criminal combines stolen identification, such as a Social Security number, with other identifying information to create a new, false identity. The real world poses as much of a threat as the online one, cybersecurity experts said in a Thursday webinar hosted by Bank Automated News.

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Fraud Security Online 97

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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PYMNTS

APRIL 15, 2020

Despite near universal agreement that AI holds the key to decoding numerous medical mysteries, at present one of its most valuable uses is fighting fraud, waste and abuse — FWA in the industry parlance — which threatens to worsen in the near term due to coronavirus-related cybercrime. Fraud, Waste and Abuse (FWA).

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Abrigo

AUGUST 5, 2024

The basics of counterfeit check detection for banks and credit unions Check fraud is surging and technology advances aren't helping. The ABA Banking Journal reports that check fraud could reach a staggering $24 billion in losses in the U.S. this year, making up 60% of all attempted fraud.

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PYMNTS

MAY 29, 2020

“Banking is rapidly becoming more omnichannel, and FIs need to be sure they can safeguard customers across all the products through which they access their financial services,” according to the May 2020 FI Fraud Decisioning Playbook , produced by PYMNTS and sponsored by Simility. In With the New.

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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

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. .

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PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2 million USD).

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Payments Source

MARCH 5, 2019

As fraudsters get more sophisticated, better funded and increasingly connected, it’s clear that the fight against fraud will be ongoing, not a battle with a clear end, writes Rafael Lourenco, an executive vice president at ClearSale.

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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. . ML is another powerful tool that can help FIs ensure their fraud-fighting models quickly adapt as consumers’ behaviors change, he stated. Defending Agains Fraud During Periods Of Reopening .

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PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9 Shetty explained.

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PYMNTS

MAY 2, 2017

Credit card fraud is a fact that will likely continue to plague retailers for the foreseeable future. It’s on the rise in the eCommerce arena, according to data released from omnichannel commerce technology and operations company Radial’s eCommerce Fraud Technology Lab. What happened was exactly what was expected.

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PYMNTS

JUNE 22, 2020

It’s the battle against fraud that can be lost right at the beginning. There’s increased urgency on the part of financial institutions (FIs) to spend more time and money on battling fraud at the point of onboarding, especially as card-not-present transactions surge in the lingering wake of the coronavirus. alone topped $10.2

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PYMNTS

MARCH 15, 2019

The new Digital Fraud Tracker highlights the latest developments in payments fraud, and how different companies are working to keep funds safe from bad actors as payment solutions grow increasingly faster. Around the World of Digital Fraud. Australia’s CNP fraud problems seem to be part of a broader pattern. million USD).

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BankInovation

APRIL 26, 2022

Skyrocketing scams and card-not-present (CNP) fraud losses can be blamed on bad actors leveraging automation, experts say. Consumer scams reported by bank executives have risen by double-digit percentages since the start of the pandemic, while CNP fraud losses look poised to reach $9.2

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Fraud Cards Report Security 98

PYMNTS

OCTOBER 9, 2020

The October Next-Gen Debit Tracker® analyzes how both digital shopping and digital fraud are growing simultaneously, and what merchants can do to ensure that debit-based card-not-present (CNP) transactions are protected. These include running scheduled checks on their platforms to detect fraud.

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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

JULY 29, 2020

That would be terrific news, Kount Chief Customer Experience Officer Rich Stuppy told PYMNTS in an interview, except for one thing: fraudsters love seeing consumer-centric innovations because those present fresh access points for ill-gotten gains. But he added that fighting fraud isn’t about building the highest possible wall.

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Fraud Branding Customer Experience Security 216

Perficient

FEBRUARY 10, 2021

On January 21, 2021, Kirsten Lemke from Kyriba and I were guest presenters at TMANY (Treasury Management Association of New York) for a lunch and learn. Is the fraud detection or prevention tool part of the TMS or the ERP system? Is the fraud detection or prevention tool part of the TMS or the ERP system?

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New York Fraud Tools System 309

PYMNTS

SEPTEMBER 4, 2019

Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . The latest data shows that Visa payment cards with an embedded EMV chip has had a significant impact on counterfeit fraud, which is when criminals copy your payment card data onto a fake card and re-use it without your permission.”.

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Fraud Cards Tools Data 195

PYMNTS

MAY 30, 2019

counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. Total counterfeit fraud dollars decreased by 49 percent, the payments giant said. Visa said this week that as acceptance of EMV cards has gained traction in the U.S., Visa also said that more than 3.5

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PYMNTS

DECEMBER 8, 2020

As the holiday shopping season kicks into high gear amid an unprecedented pandemic-era surge in online shopping, banks and merchants are bracing for an associated spike in fraud , disputes and chargebacks. Fighting Friendly Fraud. For every $1 in legitimate fraud, there is $13 in transaction value that is falsely declined,” he said.

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PYMNTS

NOVEMBER 8, 2018

PNC Bank’s Treasury Management unit is testing a new solution to address card-not-present (CNP) fraud for commercial clients. Commercial cards with EMV chips and Dynamic CVV2 that are compromised are “rendered virtually useless,” with protection against both card-present and CNP fraud. Christopher Ward.

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Abrigo

SEPTEMBER 18, 2020

Key Takeaways FinCEN has released three COVID-19-related advisories that remind financial institutions to stay alert to increasing fraud trends. Adjust your scenario thresholds and ensure your front line staff is aware of these fraud red flags to help detect and deter COVID-19-related fraud.

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Fraud Trends social media Regulation 195

BankInovation

JANUARY 30, 2023

Credit unions and community banks are looking to digital communications platform Eltropy to strengthen call center authentication and ultimately reduce fraud as voice-cloning tools and advanced AI present more opportunities for fraudsters within financial services.

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PYMNTS

DECEMBER 30, 2020

Connecticut-based People’s United Bank has seen this trend in action in recent months, said Karen Boyer , the financial institution's vice president of financial crimes and fraud intelligence. This online commerce shift has brought with it an increased risk of fraud, however. Debit Fraud Threats In The Time Of eCommerce.

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