Easy money attracts bad actors. In today’s increasingly digitized and borderless business landscape, the threat of attack has only grown more pointed. That’s why it is so important for banks and other financial institutions to ensure that their fraud and financial crime defense programs are...
Car buying is increasingly moving online, and scammers who target car buyers are following suit. With that in mind, Experian has debuted Fraud Protect, a tool to help auto dealers detect and prevent fraud attempts against their customers. “As fraudsters become more sophisticated and opportunistic, automotive dealers need to...
The Biden administration is reportedly set to propose new requirements for cloud computing companies in an effort to enhance security and protect sensitive data. The proposed “know your customer” regulations aim to identify who is accessing U.S. cloud technology to train artificial intelligence (AI) models,...
eCommerce firms are grappling with the widespread impact of fraud, and according to PYMNTS Intelligence research, more than 80% encountered true fraud — verified instances of fraudulent activities, not just suspected cases or false positives — in the past year. The PYMNTS Intelligence study “Fraud...
If someone stole your phone, how quickly would they be able to steal your money? It’s a scenario that Manhattan District Attorney Alvin Bragg says has become all too common: an unwitting person hands over their phone to someone who asks to use it for...
Payment fraud incidents have been on the rise, increasing 88% since December 2021, PYMNTS Intelligence research reveals. For instance, 11% of consumers who paid for groceries experienced payment fraud in March 2023, compared to 5.7% in December 2021. Amid this surge in fraud incidents, consumer fears...
The fraudsters grow ever-wilier, the attacks more brazen. And effective. A blog post this week from the Atlanta Federal Reserve noted that “at least” 60 credit unions were “knocked out of commission” by ransomware attacks towards the end of the year. Those CUs had all been...
No matter the attack vector, bad actors have a singular strategy in place when it comes to eCommerce fraud, Jason Paguandas, VP and GM, Merchant Security and Fraud, Carat from Fiserv, told Karen Webster. “They want to accumulate as much data as possible, and even...
The Jan. 9 hack of the Securities and Exchange Commission’s (SEC) account on the social media platform X (formerly known as Twitter) was apparently the result of a “SIM swap” attack. The regulator announced this finding in a Monday (Jan. 22) statement to the media, which was posted...
