June 13, 2019Messaging app Telegram said on Thursday (June 13) that it was the victim of a DDOS cyberattack from China, according to a report by the Associated Press.
The attack slowed ...
June 13, 2019India has implicated two auditors working with Leasing & Financial Services (IL&FS) with 22 auditing violations that the country called “organized crime,” according to a report by Reuters.
The two auditors, ...
June 13, 2019Technologies such as artificial intelligence (AI) and biometrics are changing the digital security landscape, and a recent study found that social media networks have become a more popular way for hackers to ...
June 13, 2019With the speed and volume of digital transactions increasing every year, fraudsters have become better at concealing their tracks. Hunting cybercriminals has become much like finding needles in a haystack ...
June 13, 2019 Digital identification technology continues to advance, bringing both benefits and drawbacks. It’s undeniably advantageous to the world economy, with a recent study finding that national digital ID systems could induce ...
June 13, 2019Cybersecurity is one of the main tasks in the world of digital commerce and payments, and it’s a task that is getting more attention from consumers, companies, regulators and others. ...
June 13, 2019In the world of tech and commerce, everybody wants to be like Amazon.
That’s particularly true in the B2B eCommerce space, as the online shopping habits of consumers spill into their ...
June 13, 2019In early May, Mastercard, in partnership with SEDESSON, the Mexico state agency for social benefits, and Edenred Bank, announced a first-of-its-kind test in Mexico’s Sonora state – the first regional ...
June 12, 2019Digital payments continue to be fueled by the growth of such areas as ridesharing and wearable technology, as well as the images used by various web platforms to further engage ...
June 12, 2019Online universities have become a popular alternative to a traditional campus experience for their affordability and flexible class schedules. But with tests conducted remotely, how can educators ensure students aren’t ...
June 12, 2019One year after the rollout of Open Banking in the U.K., researchers have found that a general understanding and awareness of the regulation remains low. Citing a Splendid Unlimited survey, ...
June 12, 2019The U.K. financial institution HSBC has reportedly reached a settlement with a group of companies that claim the bank misled them about the need for product add-ons to their loans.
Reports ...
June 12, 2019Trust is the currency that makes online marketplaces of all shapes and sizes run — but in a world where cybercrime and digital attacks on consumer identity are endemic, it ...
June 11, 2019The former chairman of U.K. café chain Patisserie Valerie said he had no idea of any fraud occurring within the business, distancing himself from the ongoing financial scandal that has ...
June 11, 2019United States Customs and Border Protection (CBP) has revealed that photos of travelers coming into and out of the country were stolen in a cyberattack in May.
“In violation of CBP ...
June 11, 2019 Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. In fact, a recent study found that cell ...
June 10, 2019While the digital age has supplied any number of new solutions to problems, many of those problems still persist. Thieves target retailers, moving objects from point A to point B ...
June 10, 2019From a one-man shop committing check fraud on Craigslist to a sophisticated multi-fraudster committing BEC scams, the rise of Scattered Canary has been startling. Elsewhere, in the U.K., one instance of ...
June 10, 2019About a month after reports surfaced that commercial fleet payments technology firm FLEETCOR is facing a lawsuit over claims of anticompetitive behavior, a new report from Citron Research is accusing ...
June 10, 2019Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting.
The Financial Times, citing people familiar ...
June 7, 2019Allied Wallet, an online payment provider and a client of Wirecard, settled with the Federal Trade Commission (FTC) last month over charges that it helped facilitate fraud and launder money, ...
June 7, 2019There are all kinds of ways money can end up “trapped.” It might get trapped in a security deposit, or get frozen in place by new, ill-understood rules and regulations. ...
June 7, 2019Blockchain startup Komodo Platform resorted to hacking its users’ wallets in order to save $13 million in bitcoin and other cryptocurrency from being stolen.
The move happened after security researchers warned ...
June 7, 2019Mastercard unveils its Digital Wellness suite, which seeks to level the playing field for small and independent merchants when it comes to checking out online — in a streamlined process ...
June 6, 2019Security experts are warning about a phishing scam that can help hackers bypass two-factor authentication (2FA).
The attack was demonstrated for the first time at the Hack in the Box Security ...
June 5, 2019Think of the Apple iPhone, and thoughts are likely to turn to matters involving social media, selfies, family photos, mobile commerce and even payments. But news this week from the ...
June 5, 2019Intro: Consumers undeniably want all of their transactions faster – and there is a penalty to be paid for making them wait. But fast is no substitute for safe, which ...
June 4, 2019Automotive cybersecurity company GuardKnox announced it has secured $21 million in a Series A round of funding, bringing its total raised to $24 million.
This latest round was led by Fraser ...
June 4, 2019Call it the curse of innovation, perhaps. It’s that tendency (seen often in payments and commerce) to always think years, or a decade or two, ahead. The future is always ...
June 3, 2019Patient records numbering around 11.9 million were compromised and exposed in a data breach of an agency that collects money for Quest Diagnostics and UnitedHealth Group, according to a report ...
June 3, 2019Shares in some tech giant companies fell on Monday (June 3) after news of potential oversight and antitrust investigations into the companies, according to a report by CNBC.
Shares in Facebook ...
June 3, 2019Cryptocurrency prices have been nothing if not volatile over the span of years. Bitcoin is only the marquee name, but shows enthusiasm for crypto in the wake of a trade war ...
June 3, 2019To demonstrate the manual nature of an invoice payment process, Catherine Andersen, co-founder and chief executive officer of accounts payable technology firm Roger, reflected on the strategies of one recently ...
June 3, 2019Stripe, the payments company, announced Monday (June 2) the launch of Chargeback Protection, a new service that provides customers with machine learning-based fraud protection.
In a press release, Stripe said the ...
June 3, 2019 In the financial services industry, knowledge is power. For credit unions (CUs), data analytics can deliver that insight, helping them to more effectively address their members’ specific needs, and informing ...
May 31, 2019A cybersecurity research team at vpnMentor has discovered that The Pyramid Hotel Group, which manages Marriott and other hotel brands, underwent a data leak exposing vulnerabilities that could potentially be ...
May 31, 2019U.S.-based B2B FinTechs led the way in this week’s investment roundup, with more than $212 million in new funding falling in the hands of startups targeting a range of enterprise ...
May 31, 2019The leader of a student loan debt relief scheme has agreed to settle with the Federal Trade Commission’s (FTC’s) charges that he stole $11 million from consumers.
According to the FTC’s ...
May 31, 2019 Mobile ordering is more popular than ever. In 2018, the volume of orders placed through mobile apps went up by 130 percent from 2016. To meet the increased demand, quick-service ...
May 30, 2019First American Financial Corp., the title insurance company that exposed the data on hundreds of millions of mortgages dating as far back as 2003, is being sued in a class-action ...
![If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. According to the new Digital Fraud Tracker, total losses due to fraud equaled $4.2 trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. Fraud doesn’t impact all industries equally. According to the Digital Fraud Tracker, one-quarter of malware specifically targets FIs, and over 5 percent of online retail revenue is now lost to fraud. By 2020, it’s estimated that U.S. credit card losses will exceed $12 billion. More businesses are adopting artificial intelligence (AI) and other technology to fight fraud. According to the AI Innovation Playbook, 63.6 percent of FIs believe AI is an effective tool for stopping fraud before it happens, and 80 percent of fraud specialists using AI believe the technology could reduce payments fraud. Financial Institutions The rise of online banking has provided a host of opportunities for fraudsters. Old manual detection techniques like analyzing geolocations, IP addresses and discrepancies between billing and shipping addresses aren’t able to catch high-level attacks, and often result in false positives. BNY Mellon implemented an AI-based fraud detection initiative in 2018 to use pattern recognition and deep learning to analyze millions of transactions and identify those that are likely fraudulent. AI isn’t just used for fraud detection in the financial industry – it can also help with regulation compliance and adherence to anti-money laundering (AML) standards. Joseph Sieczkowski, head of technology architecture and data at BNY Mellon, explained how it isn’t enough to use AI reactively. Financial institutions also need to stay one step ahead of fraudsters, because they change techniques quickly and often. “[We] do testing constantly to retrain our models to be able to pick up on different types of fraudulent activities,” he said. Retail Balancing security with improving the customer experience is a challenge for all industries, though reducing friction is even more vital for luxury merchants. “Luxury retailers typically operate in a ‘high-touch’ environment, designed to be as friction-free for the customer as possible,” said Shamoun Siddiqui, chief information security officer of Neiman Marcus, in an interview with PYMNTS. “Any measure of security introduces friction. So, the challenge is to make security as transparent as possible while still protecting the customer’s personal information.” The luxury retailer has been using device fingerprinting to identify devices based on unique configurations – and, ultimately, to determine whether it’s being used by a human or is automated. “We are investing heavily in fraud detection systems that [use] machine learning and artificial intelligence to differentiate between normal patterns of customer behavior and potentially fraudulent ones,” Siddiqui said of the retailer’s approach to identity theft and other types of fraud. “These are patterns that would not be visible to the naked eye.” Fraudsters are getting more sophisticated, making use of bots to mimic typical online shopping behavior. After Neiman Marcus identified a bot attack, the hackers started including mouse movements to fool detection systems. Gaming Due to in-game purchasing becoming more standard – a recent study found that approximately half of all personal computer (PC) and console gamers spend money in-game, a share that climbs to more than 75 percent for mobile gamers – gaming platforms have become an attractive target for fraud, especially for hackers who acquire personal data via account takeovers. Gaming and gambling sites face similar issues, as too many security measures can turn off users who will go elsewhere. Some sites are reluctant to implement overly stringent security measures. Beyond using machine learning to detect fraud before it happens, gaming platforms are also using liveness detection, which requires players to be physically present during the verification process so they can submit photos, video playback or audio recordings to confirm their identities. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools. More than 63 percent of all smartphones manufactured in 2017 incorporated some type of biometric authentication, and a growing share of devices are expected to offer these solutions as fraud increases.](https://securecdn.pymnts.com/wp-content/uploads/2019/06/digital-fraud-ai-tools.jpg)
Messaging app Telegram said on Thursday (June 13) that it was the victim of a DDOS cyberattack from China, according to a report by the Associated Press.
The attack slowed ...
India has implicated two auditors working with Leasing & Financial Services (IL&FS) with 22 auditing violations that the country called “organized crime,” according to a report by Reuters.
The two auditors, ...
Technologies such as artificial intelligence (AI) and biometrics are changing the digital security landscape, and a recent study found that social media networks have become a more popular way for hackers to ...
With the speed and volume of digital transactions increasing every year, fraudsters have become better at concealing their tracks. Hunting cybercriminals has become much like finding needles in a haystack ...
Digital identification technology continues to advance, bringing both benefits and drawbacks. It’s undeniably advantageous to the world economy, with a recent study finding that national digital ID systems could induce ...
Cybersecurity is one of the main tasks in the world of digital commerce and payments, and it’s a task that is getting more attention from consumers, companies, regulators and others. ...
In the world of tech and commerce, everybody wants to be like Amazon.
That’s particularly true in the B2B eCommerce space, as the online shopping habits of consumers spill into their ...
In early May, Mastercard, in partnership with SEDESSON, the Mexico state agency for social benefits, and Edenred Bank, announced a first-of-its-kind test in Mexico’s Sonora state – the first regional ...
Digital payments continue to be fueled by the growth of such areas as ridesharing and wearable technology, as well as the images used by various web platforms to further engage ...
Online universities have become a popular alternative to a traditional campus experience for their affordability and flexible class schedules. But with tests conducted remotely, how can educators ensure students aren’t ...
One year after the rollout of Open Banking in the U.K., researchers have found that a general understanding and awareness of the regulation remains low. Citing a Splendid Unlimited survey, ...
The U.K. financial institution HSBC has reportedly reached a settlement with a group of companies that claim the bank misled them about the need for product add-ons to their loans.
Reports ...
Trust is the currency that makes online marketplaces of all shapes and sizes run — but in a world where cybercrime and digital attacks on consumer identity are endemic, it ...
The former chairman of U.K. café chain Patisserie Valerie said he had no idea of any fraud occurring within the business, distancing himself from the ongoing financial scandal that has ...
United States Customs and Border Protection (CBP) has revealed that photos of travelers coming into and out of the country were stolen in a cyberattack in May.
“In violation of CBP ...
Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. In fact, a recent study found that cell ...
While the digital age has supplied any number of new solutions to problems, many of those problems still persist. Thieves target retailers, moving objects from point A to point B ...
From a one-man shop committing check fraud on Craigslist to a sophisticated multi-fraudster committing BEC scams, the rise of Scattered Canary has been startling. Elsewhere, in the U.K., one instance of ...
About a month after reports surfaced that commercial fleet payments technology firm FLEETCOR is facing a lawsuit over claims of anticompetitive behavior, a new report from Citron Research is accusing ...
Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting.
The Financial Times, citing people familiar ...
Allied Wallet, an online payment provider and a client of Wirecard, settled with the Federal Trade Commission (FTC) last month over charges that it helped facilitate fraud and launder money, ...
There are all kinds of ways money can end up “trapped.” It might get trapped in a security deposit, or get frozen in place by new, ill-understood rules and regulations. ...
Blockchain startup Komodo Platform resorted to hacking its users’ wallets in order to save $13 million in bitcoin and other cryptocurrency from being stolen.
The move happened after security researchers warned ...
Mastercard unveils its Digital Wellness suite, which seeks to level the playing field for small and independent merchants when it comes to checking out online — in a streamlined process ...
Security experts are warning about a phishing scam that can help hackers bypass two-factor authentication (2FA).
The attack was demonstrated for the first time at the Hack in the Box Security ...
Think of the Apple iPhone, and thoughts are likely to turn to matters involving social media, selfies, family photos, mobile commerce and even payments. But news this week from the ...
Intro: Consumers undeniably want all of their transactions faster – and there is a penalty to be paid for making them wait. But fast is no substitute for safe, which ...
Automotive cybersecurity company GuardKnox announced it has secured $21 million in a Series A round of funding, bringing its total raised to $24 million.
This latest round was led by Fraser ...
Call it the curse of innovation, perhaps. It’s that tendency (seen often in payments and commerce) to always think years, or a decade or two, ahead. The future is always ...
Patient records numbering around 11.9 million were compromised and exposed in a data breach of an agency that collects money for Quest Diagnostics and UnitedHealth Group, according to a report ...
Shares in some tech giant companies fell on Monday (June 3) after news of potential oversight and antitrust investigations into the companies, according to a report by CNBC.
Shares in Facebook ...
Cryptocurrency prices have been nothing if not volatile over the span of years. Bitcoin is only the marquee name, but shows enthusiasm for crypto in the wake of a trade war ...
To demonstrate the manual nature of an invoice payment process, Catherine Andersen, co-founder and chief executive officer of accounts payable technology firm Roger, reflected on the strategies of one recently ...
Stripe, the payments company, announced Monday (June 2) the launch of Chargeback Protection, a new service that provides customers with machine learning-based fraud protection.
In a press release, Stripe said the ...
In the financial services industry, knowledge is power. For credit unions (CUs), data analytics can deliver that insight, helping them to more effectively address their members’ specific needs, and informing ...
A cybersecurity research team at vpnMentor has discovered that The Pyramid Hotel Group, which manages Marriott and other hotel brands, underwent a data leak exposing vulnerabilities that could potentially be ...
U.S.-based B2B FinTechs led the way in this week’s investment roundup, with more than $212 million in new funding falling in the hands of startups targeting a range of enterprise ...
The leader of a student loan debt relief scheme has agreed to settle with the Federal Trade Commission’s (FTC’s) charges that he stole $11 million from consumers.
According to the FTC’s ...
Mobile ordering is more popular than ever. In 2018, the volume of orders placed through mobile apps went up by 130 percent from 2016. To meet the increased demand, quick-service ...
First American Financial Corp., the title insurance company that exposed the data on hundreds of millions of mortgages dating as far back as 2003, is being sued in a class-action ...
