Executives reported a 73% increase in P2P fraud and 44% in instant or real-time payment fraud in the last 12 months, according to PYMNTS data. In this month’s “Digital Fraud Tracker®,” DataVisor CEO Yinglian Xie explains why firms must include security and automation by design...
The speed that makes instant payment apps such as Zelle and Venmo popular also makes them attractive tools for fraudsters. Bad actors defrauded nearly 18 million Americans through digital wallets and peer-to-peer (P2P) payment scams in 2020, for example. There is currently much debate in...
A recent study found that businesses lost $52 billion to identity fraud in 2021, a shocking 79% increase year over year. This fraud was split between several different types, with new account fraud up 109%, account takeovers growing 90% and credit card fraud seeing a...
PYMNTS interviewed Lien Nguyen, senior vice president of fraud prevention at Bank of the West, about the top identity fraud threats and how to stop them — Bad actors are growing more sophisticated in their identity fraud techniques, leveraging advanced artificial intelligence technology to stage...
November 02, 2022
Identity fraud has been growing in recent years and had a notable increase in 2021. Identity theft alone accounted for $56 billion in losses that year, up 79% from 2020, and the number of these thefts reported to the Federal Trade Commission (FTC) grew 22% since 2020. Consumers logged nearly 1.7 million reports of identity […]
September 02, 2022
The possibilities of Web3 are becoming increasingly apparent. This newest iteration of the internet will feature a strong emphasis on decentralized applications, heavy use of machine learning and artificial intelligence...
June 02, 2022
Digital payments are quickly becoming the new normal, but there is still a sizable contingent of consumers that prefer cash or paper checks. A recent study found that the proportion...
April 01, 2022
While most consumers have yet to purchase or use cryptocurrencies, they are interested in and aware of crypto, setting the stage for near-term growth as technologies supporting cryptocurrency transactions continue...
