Financial institutions (FIs) face a dizzying array of cybercrime threats such as account takeovers and botnets that require multilayered defenses, but ensuring these layers cooperate is a tall order. In this month’s Digital Fraud Tracker, PYMNTS spoke with Mike Upton, chief digital and technology officer...
Digital fraud has been on the upswing as the global health crisis continues, with losses due to pandemic-related scams like fraudulent Paycheck Protection Program (PPP) loans or the impersonation tax officials topping $100 million by August alone. These trends are expected to continue well into...
People in general are more aware of — and concerned about — fraud as we pass through a second season of COVID, and eCommerce continues to rack up impressive stats, good and bad. PYMNTS January 2021 Digital Fraud Tracker® done in collaboration with Simility, looks...
The holiday shopping season is the most wonderful time of the year for the retail industry. Brick-and-mortar merchants and online retailers alike often rely on end-of-year sales to generate up to 40 percent of their annual revenues and start the new year on a positive...
February 19, 2021
Digital fraud has been on the upswing as the global health crisis continues, with losses due to pandemic-related scams like fraudulent Paycheck Protection Program (PPP) loans or the impersonation tax officials topping $100 million by August alone. These trends are expected to continue well into 2021, with fraudsters relying on automated attacks, synthetic identities and […]
December 17, 2020
Digital fraud is a long-running problem for merchants, retailers, banks and businesses of all types. Account takeovers and shipping fraud increased by 347% and 391%, respectively, between 2018 and 2019,...
September 10, 2020
Card-not-present (CNP) transactions are rising as consumers lean heavily on digital channels to meet their needs during the ongoing pandemic. Fraudsters are eager to steal consumer card details and use...
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...
June 21, 2018
PayPal announced Thursday (June 21) that, following on the heels of its acquisition of Hyperwallet earlier this week, it is acquiring Simility, which is a fraud prevention and risk management platform. In a company blog post, PayPal said that — like with the acquisition of Hyperwallet and the others previously announced during the past 12 […]
December 13, 2017
Simility, the fraud detection and risk management startup, has landed $17.5 million in funding. In a company blog post, Chief Executive Officer and Co-Founder of Simility Rahul Pangam said the...
