PYMNTS

DECEMBER 7, 2020

But the BEC scam is not the only kind of business payments fraud plaguing firms today. This week's B2B Digest looks at how corporate finance scams come in all shapes and sizes, from employee expense fraud to invoice falsification. PYMNTS breaks down the numbers behind the latest cases below.

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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. Investment scams were #1, with over $4.6

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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

MAY 22, 2019

Faced with a growing number of transactions to process in real time, payment service providers (PSPs), financial institutions (FIs) and FinTech firms also need to make sure the security of these smarter payment systems is up to par. Regulators in regions such as Europe are changing the ways they look at cross-border transactions.

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PYMNTS

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Fraudsters made off with account numbers and other personal details, which could later be used for different synthetic identity fraud or related schemes. digital bank Monzo.

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PYMNTS

MAY 12, 2020

An internal investigation into alleged fraud at Luckin Coffee Inc. In addition, the company has placed six other employees on suspension or leave due to involvement in or knowledge of the fraud. has led to the firing of several top executives at the Beijing, China-based java giant, the company announced on Tuesday (May 12).

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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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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

FEBRUARY 21, 2019

That said, IoT device creators and consumers are looking at IoT security with a higher level of scrutiny. In the February Intelligence of Things Tracker , PYMNTS examines how countries, developers and consumers are responding to increased calls for security, as well as how the IoT market is growing worldwide. Around the IoT World.

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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

SEPTEMBER 17, 2020

Securities and Exchange Commission ( SEC ) filed an “emergency action” against former NS8 Inc. which is based in Nevada, purportedly provides online retailers with fraud detection and prevention technology, according to the statement. Its complaint charges Rogas with going against the anti-fraud parts of federal securities regulations.

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PYMNTS

OCTOBER 1, 2020

In regions where open banking and other electronic payments pilots are becoming common, such as the Middle East-North Africa (MENA) region, pandemic-era payments are all about privacy, security and trust, particularly in B2B transactions. Privacy Protection In The Spotlight. under the GDPR. Lessons From Abroad.

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Abrigo

FEBRUARY 6, 2025

The right technology tools can help institutions manage both regulatory compliance and risk exposure across various investment types, including fixed-income securities, structured notes, derivatives , and funding instruments. You might also like this on-demand webinar, "Winning the deposit game."

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PYMNTS

MARCH 15, 2018

Startup Emailage stopped almost twice as much potential fraud in 2017 as it did in the previous year. million in potential fraud was prevented, compared to last year’s $1 billion. billion in prevented fraud. consumers take for granted, but there’s a lot of lag in terms of security and fraud prevention.

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PYMNTS

MARCH 18, 2019

While some larger financial institutions (FIs) have joined the platform, regional community banks and CUs account for 85 percent of Zelle’s participants. Amy Hsu, vice president of product and research, recently spoke with PYMNTS about how the CU makes its members’ Zelle transfers both seamless and secure. A P2P Balancing Act.

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PYMNTS

NOVEMBER 24, 2020

A Kaspersky survey indicated that 47% of banking customers in the META region (Middle East, Turkey and Africa) were victims of some type of bank fraud in the first six months of this year. Banking app security was especially problematic, according to the statement.

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PYMNTS

DECEMBER 7, 2020

Today in B2B payments, Revolut launches a new solution for its business customers, and MonetaGo collaborates to combat trade finance fraud. Plus, Pioneer Bank sues over MyPayrollHR scandal, Procurement Partners secures new funding, and ImagineTime partners on FinTech for accountants. MonetaGo, GUUD Team On Secure Transactions.

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PYMNTS

MARCH 1, 2019

Cybersecurity returned to the top of the B2B startup investment list as three companies in the enterprise security realm landed nearly half of the $246 million in B2B venture capital this week. Cequence Security. Also operating in the enterprise security space is Cequence Security, based in California. Contrast Security.

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PYMNTS

APRIL 6, 2020

Add to that $2 trillion in stimulus funds about to flow forward from federal coffers in a variety of forms, and one has a recipe for a fraud outbreak the likes of which the world has never seen. Flattening the Fraud Curve. This is a once-in-a-lifetime target-rich environment for fraudsters,” said U.S. Stopping the Fake Phone Calls.

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PYMNTS

JANUARY 21, 2021

Financial institutions (FIs), FinTechs and other businesses that are looking to enable these rapid payments must therefore ensure that their security and fraud-fighting approaches are up to the challenge. Stronger security strategies and solutions could help turn the tide and boost adoption. Read more in the Tracker.

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PYMNTS

JULY 16, 2019

Regional banking firm KeyCorp disclosed a massive instance of fraud on Tuesday (July 16) that could potentially cost $90 million, according to a report by CNBC. In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9.

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PYMNTS

JULY 29, 2020

Bank of America (BoA) has expanded its mobile wallet use to include corporate customers in the Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC) regions, hoping to enhance clients’ experiences through faster and more secure business transactions, according to a press release. and Canada.

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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. By now, it’s widely known that chip-enabled cards have been pushing fraud to digital conduits. This is the estimate of global card fraud losses by 2020. Pity the poor fraudster. Grab a piece of an ID and blam!

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PYMNTS

JANUARY 19, 2021

That shift has meant merchants must pivot from traditional retail partnerships that have relied on leveraging others’ expertise to build brick-and-mortar infrastructure-focused operations that would include back-end activities such as payments and fraud prevention. And everyone, he said, wants to crack the Chinese market.

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PYMNTS

FEBRUARY 21, 2018

A former cryptocurrency exchange and its founder are facing charges from the Securities and Exchange Commission (SEC), the agency announced in a press release on Wednesday (Feb. Montroll operated an unregistered online securities exchange and defrauded its users by misappropriating their bitcoins.

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PYMNTS

JANUARY 30, 2019

Wirecard Chief Executive Officer Markus Braun saw his fortune take a hit as shares of his company declined due to a report that alleges fraud at the payments enterprise. Bloomberg reported Braun’s wealth declined $221 million Wednesday (Jan. That sent shares of Wirecard down 13 percent to 145.15

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PYMNTS

MARCH 11, 2020

FIs in the United Arab Emirates are also looking to get ahead of fraud with improved digital KYC practices. Taking A Local Approach To Fighting Money Laundering, Fraud Worldwide. They also must keep their honest merchant customers protected from fraud. Download the Tracker to read the Feature Story. About The Tracker.

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PYMNTS

MARCH 12, 2020

Each sector and country encounters different fraud types that providers must be ready to detect and thwart. In a recent interview with PYMNTS, he discussed tailoring fraud-fighting to merchants’ needs and how attention to local trends primes processors to fight money laundering and misbehavior when taking their operations global. .

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PYMNTS

AUGUST 23, 2019

Security and compliance are also vital components in ensuring that payments are delivered safely and without delay. Safe, secure real-time cross-border payments becoming a reality relies on community involvement above all else.

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PYMNTS

JANUARY 30, 2020

This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns. By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes.

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PYMNTS

NOVEMBER 14, 2019

Birmingham, Alabama-based Regions Bank is one such bank that is taking a digital-first approach as it seeks to remain competitive. PYMNTS recently spoke with Bradley about how Regions Bank is transforming its 1,456 branch locations and the array of technologies it is leveraging to accomplish its innovative goals. A ROSIE future.

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PYMNTS

OCTOBER 25, 2017

According to data from the October 2017 Global Fraud Index , a PYMNTS and Signifyd collaboration, account takeover use recently skyrocketed, climbing 45 percent in Q2 2017 alone. billion to the popular fraud technique in only a few months, and that may only be the beginning. percent: increase in total fraud from Q2 2016 to Q2 2017.

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PYMNTS

DECEMBER 14, 2020

Payment service provider PayFort , which is based in the Middle East and North Africa (MENA) region, has changed its name to Amazon Payment Services, a letter from Managing Director Omar Soudodi stated, and it will now offer installment payments. In June, PayFort debuted its #StartUpStayUp initiative for Middle Eastern small businesses.

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PYMNTS

SEPTEMBER 24, 2020

But as merchants and issuers look to enter new markets, including the Asia Pacific region (APAC), they must be mindful of the challenges posed by fraudsters. At the same time, online businesses actually invested less in fraud prevention tools as their general budgets tightened due to external pressures. People are desperate.

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PYMNTS

OCTOBER 19, 2020

"To make sure that the malicious code is executed from Cmmlib.dll, the malware's author copied the real export list of that legitimate DLL but made sure to modify it and have all the functions direct to the same address — the malicious code's address space," IBM security researchers Chen Nahman, Ofir Ozer, and Limor Kessem told ZDNet.

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PYMNTS

JUNE 28, 2018

But the recent thefts, along with other attempted and completed cyberattacks, demonstrate why payments officials in the region are expressing fresh concern about financial security there. Fraud is a Top Worry. Evidence of that comes from Swift’s Latin America Regional Conference , held earlier this month in Miami.

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PYMNTS

MARCH 7, 2019

While these regulations are aimed at increasing consumer trust by allowing them more transparency, many consumers in the region are still adjusting. Concerns from consumers outside the EU on how data is handled are growing as well, though many continue to have concerns regarding fraud. Just 53 percent of customers in the U.K.

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