Fraudsters aren't just posing a threat to retail banking, but are now also targeting corporate accounts with large scale schemes that combine phishing and malware attacks, says Beate Zwijnenberg, chief information security officer for ING Group. In this month’s Preventing Financial Crimes Playbook, Zwijnenberg explains...
Banks, credit unions and other financial institutions (FIs) were forced to stop more than $25 billion in fraud attempts in 2018 alone, but such efforts can often feel ineffective as fraud continues to grow regardless of FIs’ prevention measures. Sixty-one percent of FIs report that...
The migration to digital everything — aka the Digital Shift or Digital 3.0 if you prefer — is fulfilling the promise of eCommerce for the good players, as well as the bad actors. Payments regulations are meant to shield consumers from the worst of it,...
With so much highbrow industry chatter about topics like payments fraud detection, it’s good to remember that this is actual crime-fighting. On the FBI’s Cyber Most-Wanted list are nationals of at least a half-dozen countries, some with state-level backing. Check it out. These cybercriminals are...
Fraudsters and financial institutions (FIs) are constantly evolving to best each other, and growth in synthetic ID fraud is revealing that many banks must enhance their security measures to stay in the lead. Traditional fraud-fighting methods can fail to detect this subtle form of deception,...
Consumers want a speedy, Amazon-like experience when creating accounts with their banks, but keeping fraudsters from slipping in among genuine users can be a challenge. In the FI Fraud Decisioning Playbook, John Kelly, chief administrative officer at Pentagon Federal Credit Union, discusses why financial institutions...
Not unlike the Terminator, fraudsters never seem to sleep or stop in their reprehensible pursuits. Some work in rings and syndicates that span the globe, and they take theft seriously. So must good actors. PYMNTS’ July 2020 Preventing Financial Crimes Playbook, done in collaboration with...
Synthetic identity fraud is costing companies heavily, with $14.7 billion lost to this type of crime in 2018 alone. This is a particularly subtle and nefarious kind of attack, in which bad actors create fake identities using real details stolen from different consumers. The result...
Financial crime is a constant worry for all financial institutions (FIs). A recent study found that more than one-quarter of malware attacks in 2019 targeted FIs, with hackers seeking banks’ and customers’ funds as well as personal data like account numbers, PINs, addresses and payment...
