As banks process applications in round two of PPP funding, four key tips for banks to prevent fraud.
Browsing: Identity fraud
With EMV card deployment reducing fraud at the point of sale, cyber-criminal schemes are targeting email, mobile devices and other channels.
With synthetic ID fraud—a tactic by which fraudsters use a combination of fake and legitimate information to create new identities—on the rise, a new white paper from the Federal Reserve’s FedPayments Improvement initiative examines how to detect and prevent it.
More than 9 in 10 Americans are concerned about their security online, and 74% of consumers say they would be likely to participate in a cybersecurity education or awareness program if their bank offered it, according to a new survey conducted for bank technology firm CSI.
Six in 10 lenders saw an increase in small and midsize business lending fraud over the past two years, according to a study from LexisNexis Risk Solutions, with an average increase of 7.3%.
The Financial Crimes Enforcement Network is seeing “a high amount of fraud” enabled through synthetic identities and account takeovers via nonbank fintech platforms, FinCEN Director Kenneth Blanco said today at an identity protection event in Tampa, Fla.
As account opening goes digital, fraudsters follow. It takes multilayered analysis of divergent data to keep up with them.
In a white paper released yesterday, the Federal Reserve System documented the current state of synthetic identity fraud and its effects on the payments industry.
On the latest episode of the ABA Banking Journal Podcast, CEO Brad Paige talks about “the first security enhancement that we’ve done that actually improved the customer experience.” The enhancement: digital voice authentication.
As phishing becomes a top cyber threat—with losses growing to nearly $30 million in 2017 from $8 million in 2015, according to the FBI—ABA and the Federal Trade Commission today released a new infographic highlighting this growing problem.