Financial institutions (FIs) are grappling with sophisticated authorized and unauthorized scams that are fueled by payments innovation and higher transaction volumes. With instant payments gaining worldwide adoption, real-time monitoring is the key to stopping trending scams—but that’s not the only trend to plan...
PSR shift in liability adds another dimension of complexity for financial institutions (FIs) combatting sophisticated APP fraud scams and new account fraud. Not only is it more challenging for FIs to protect themselves and customers, that liability shift could have deep revenue impact.
Why is NICE Actimize ranked the highest-scoring enterprise fraud management (EFM) vendor on Quadrant Knowledge Solution’s 2023 SPARK Matrix™? Because end-to-end fraud prevention across the entire customer life cycle doesn’t just achieve robust fraud detection and prevention—it improves operational efficiency...
Financial institutions (FIs) are increasing their efforts to combat the alarming rise in fraud cases. A prominent example is the U.K. PSR’s upcoming shift in liability to FIs, especially relating to Authorized Push Payment fraud. With the PSR’s new policy, both the sending and receiving FIs will be responsible for...
Until now there has been an ongoing struggle regarding who owns the money mules and scams problem – Credit Risk, AML (KYC), or Fraud Management? With liabilities shifting, ownership is clearly landing on the shoulders of Fraud Management teams. Fraud leaders must act quickly or risk losing revenue, their reputation,...
Established provider LexisNexis Risk Solutions remains atop Forrester's digital fraud management rankings, while upstart Sift broke into the leaders category for the first time. Many providers in the space have expanded from payment transactions to account takeover fraud as well as handling scams.
In the aftermath of the pandemic and global political unrest, the risks of identity and credential theft have surged, and a deluge of scams are exploiting the crisis. Consumers facing disrupted incomes seek credit solutions, and fraudsters seek to exploit them by using application fraud tactics.
An evolution in transaction monitoring is required to accurately detect suspicious activity and truly reduce false positives.
This comprehensive guide helps you quickly assess your program’s current state and identify opportunities for improvement. By updating processes, implementing the right tech, and closing...
Spanish police estimate that a group that mainly targeted ATMs of Spanish national banks using cloned payment cards had fraudulently pocketed nearly 196,000 euros. Authorities arrested three suspected members of the group Sunday in the Spanish coastal city of Valencia.
Fraudsters are always looking for new ways to shift funds from their schemes into their accounts—that’s where mules come in. Until now, there’s never been a real-time solution for detecting money mule activity. Download this comprehensive guide to uncover the strategies for detecting mule-related accounts,...
The world is moving on from magnetic stripe payment cards, with one notable exception: the United States. Credit card issuers, banks and consumers agree the magnetic stripe is prone to hacking - so why is one of the largest markets for plastic payment still clinging to decades-old technology?
Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.
Online sports retailer Sports Warehouse has agreed overhaul its security program and pay a $300,000 fine to New York State after hackers stole 20 years' worth of payment card data and customer information the company was storing in plaintext on its e-commerce server.
Mule accounts have become an increasingly prevalent element of fraudulent schemes, acting as the primary pathway for moving funds from various sources of fraud, such as scams, check fraud, account takeovers, and authorized push payment (APP) fraud, into the accounts of fraudsters themselves. Startlingly, our research...
An Illinois man pleaded guilty Monday to eight criminal counts stemming from the three years he spent leading a conspiracy to sell stolen financial information on darknet markets. The man, Michael D. Mihalo, 40, founded a darknet carding site known as Skynet Market.
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