Fraud Prevention

Fraud Prevention
FI Fraud Decisioning Outthinking Cyberthieves
July 30, 2020

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...

Fraud Prevention
Deep Dive: How FIs Are Looking Beyond Traditional Know Your Customer Data To Spot Synthetic...
July 28, 2020

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,...

Fraud Prevention
How ‘Data Exhaust’ Separates Legitimate Customers From Synthetic ID Fraudsters
July 27, 2020

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...

Fraud Prevention
Financial Crime Fighters Unite Against Cybergangs
July 24, 2020

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...

Fraud Prevention
New Report: How FIs Are Finding Fraudsters Wherever They May Hide
July 24, 2020

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...

Fraud Prevention
Deep Dive: Why Teamwork Makes The Dream Work When It Comes To Fraud Prevention
July 23, 2020

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...

Fraud Prevention
Radius Bank’s Approach To Collective Intelligence In Fraud Prevention
July 22, 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. But to beat highly organized fraudsters at their own game, financial institutions (FIs) must band together to build an ironclad defense, says Chris Tremont,...

Fraud Prevention
Radius Bank: Becoming Partners In Crime Prevention Can Help FIs Beat Fraud Rings
July 21, 2020

Cybercrime is a constant concern for banks, credit unions and other financial institutions (FIs), with more than 25 percent of all malware attacks targeting the financial industry specifically. Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased...

Fraud Prevention
Evening The Odds Against ATO With Fraud Decisioning
July 14, 2020

Petabytes of compromised personal information and card data are being commoditized for sale on the dark web, ushering in an era of what’s being called “industrial-scale account takeover” (ATO). The problem is growing as more commerce moves online — and is exposed. According to PYMNTS’...