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Fraud Sciences

Fraud Sciences

Fraud Sciences was acquired by PayPal on Jan 2008, it offers automated anti-fraud systems including SpotLight VFX and SpotLight T2T, merchant solutions that provide transaction verification with fraud prevention.

FinTech Startups

Fraud Dynamics

Fraud Dynamics

Fraud Dynamics provides effective and efficient models, based on anomaly detection for businesses. It

FinTech Startups

Europe Fraud & Authentication Market

Europe Fraud & Authentication Market

As new forms of payments emerge, the need to safeguard the security of consumers has been increasing. The advent of smartphones & new technologies has generated a range of online apps, but with these opportunities come risks, particularly as the online/mobile device has a different set of vulnerabilities and service arrangements.

Insights

EMV and CNP Fraud

EMV and CNP Fraud

With every EMV rollout merchants and cardholders are being told the same old story – that the EMV will efficiently reduce (or fully eliminate) card present fraud but that the fraud will most likely quickly and rapidly shift toward card not present (CNP) channel. This is the direct result of the simple fact that EMV doesn’t protect card numbers during the EMV card present transactions at POS and that those card numbers if stolen from unprotected POS devices, could likely be used on CNP channel. Due to the way current EMV cards are currently personalized and issued, it is certainly true statement, but I certainly do not agree that maintaining the EMV status quo should be justified anymore – now and / or going forward.

Insights

Recent Fraud Attacks & New Fraud Prevention Techniques

Recent Fraud Attacks & New Fraud Prevention Techniques

Seems like there’s no end to payments fraud and payment card data breaches that are affecting an array of merchants from time to time. Fighting cyber-criminals is not an easy task, and staying ahead of them is becoming increasingly more difficult. Using traditional methodologies is no longer the ideal strategy. Cyber-criminals are devising new methods to keep track of digital trails, making it difficult for even updated security tools to detect their activities. Here are some recent cases of payments fraud that have come to light:

Insights

Fraud 360 World Tour: Kount Explains How Managing Fraud Can Boost Sales

Fraud 360 World Tour: Kount Explains How Managing Fraud Can Boost Sales

There’s hardly a day that goes by without news about data breaches, illegal hacking and identity theft. No entity seems to be immune – from small banks to large health insurance companies, organizations of all sizes in many industries are affected. Criminal fraudsters are illegally getting access to millions of consumer credit cards and private data files, even while new payment systems are evolving with new technology and capturing consumer spending habits. This is further amplified by the advent of mobility into the mix. Mobile Payments has captured the imagination of the millennial generation, and the need for better fraud protection is now more important than ever.

Insights

Fraud and the Merchant: The Facts Are Emerging

Fraud and the Merchant: The Facts Are Emerging

For a long time, there has been growing concern amongst merchants about the degree to which they are footing the cost of the rapidly increasing fraud problem. Trying to put a figure on what that cost is tough and fraught with difficulty. Individual merchants only have limited insight into the whole picture and many do not want to admit to having a problem with fraud in case it encourages more fraudsters to target it. Instead, we have an ongoing situation where the banks and consumers are largely protected from the worst aspects of fraud by the system of chargebacks. For those unfamiliar, the chargeback system operates by charging the merchant the cost of the fraudulent transactions along with an administration fee. This system spares the cardholder or bank from paying anything in the event of fraudulent activity and passes the responsibility on to the merchant, unless there is a liability shift via 3D Secure. The merchant can dispute the claim but there is a limited possibility of success and there is a cost for challenging it. For many, chargebacks are simply the cost of doing business and therefore, they invest in products and strategies aimed at stopping them before they happen. But what is this total cost that merchants have to bear? In the UK, the true picture is starting to emerge and it is pretty staggering. UK Office of Statistics reveals the startling size of online fraud There have been many multi-billion-dollar statistics that have been published claiming to know the cost but often, their origins are not credible or are being used promotionally rather than to inform the public. Recently, however, the Office of National Statistics released some numbers they found by surveying the public through the annual UK Crime Survey. They reported that there were an estimated 5.1 million incidents of fraud, with 3.8 million adult victims in England and Wales in the 12 months prior to interview – just over half of these incidents involved some initial financial loss to the victim, and includes those who subsequently received compensation in part or full. Their numbers are much higher than the official statistics recorded by the UK Police for fraud-related crimes. The reason for this discrepancy is because reporting rates are likely to be lower in cases where there is low or no harm, but mere inconvenience, to the victim. But, who is the victim in cases where there is no harm other than inconvenience? Surely, it’s the party which suffers the financial loss and hence, not the consumer but the merchant. Therefore, why is it that the “victim” does not take a more active role in reporting the crime? Why the conspiracy of silence? If the merchants are the ones who suffer the most repercussions in fraud, then why aren’t they taking a more active role in prosecuting the crime? Especially since it is often larger businesses that are targeted even though they have the resources to monitor all transactions. After all, a physical store wouldn’t hesitate to prosecute shoplifters and restaurants would certainly call the police if someone dined and ducked. So why are they less vigilant in e-commerce?

Insights

How fraud prone are prepaid debit cards?

How fraud prone are prepaid debit cards?

Use of prepaid debit cards is at an all time high. People are using prepaid debit cards for issuing gift certificates to handing out money for disaster relief. By the end of 2013, money placed on to reloadable cards is expected to reach $209.1 Billion. Back in 2009, the reported numbers on prepaid debit cards were $28.6 Billion, according to Mercator Advisory Group.  Increase in usage of prepaid debit cards also means it is vulnerable to being hacked.

Insights

Online Fraud & Authentication – LTP9 Canvas Report

Online Fraud & Authentication – LTP9 Canvas Report

LTP9 is the proprietary leaderboard framework from Let’s Talk Payments representing the 9 leading companies in various payments & commerce related categories. It provides a quick reference, a snapshot of companies in the category with (a) the highest impact, (b) the largest market momentum and (c) significant product focus for each of the carefully selected categories across the payments ecosystem.

Insights

Summer Ticketing Fraud Leading to Rising Chargeback Costs

Summer Ticketing Fraud Leading to Rising Chargeback Costs

Europe’s first chargeback remediation specialist launches new white paper for ticket vendors to help identify and tackle the rising costs of ticketing fraud

Insights

Pocket Systems Launches Online Fraud Prevention Device

Pocket Systems Launches Online Fraud Prevention Device

Aims to end e-commerce fraud “industry” forever and stop $19billion annual theft

Insights

Learn to Manage Fraud & Chargebacks While Growing Sales, Complimentary Fraud 360 Seminars Come to California

Learn to Manage Fraud & Chargebacks While Growing Sales, Complimentary Fraud 360 Seminars Come to California

It seems like there’s no end to payments fraud and payment card data breaches. No entity seems to be immune—from small banks to large health insurance companies, organizations of all sizes in many industries are getting affected. Fighting cybercriminals is not an easy task, and staying ahead of them is becoming increasingly more difficult. Using traditional methodologies is no longer the ideal strategy. Cybercriminals are devising new methods to keep track of digital trails, making it difficult for even updated security tools to detect their activities.

Insights

LTP9 Canvas Report for Online Fraud and Authentication (US)

LTP9 Canvas Report for Online Fraud and Authentication (US) (Research Report)

This report provides a detailed working process for selecting the LTP9 companies based on the analysis of 60+ companies. Several months of secondary research, interviews and experience/knowledge of experts went into completing this report.

Proprietary Research

PayPal’s Deep Learning, Artificial Neural Network Algorithms to Fight Fraud

PayPal’s Deep Learning, Artificial Neural Network Algorithms to Fight Fraud

Fighting cyber-criminals is not an easy task, and staying ahead of them is becoming increasingly more difficult. Using traditional methodologies is no longer the ideal strategy. Cyber-criminals are devising new methods to keep track of digital trails, making it difficult for even updated security tools to detect their activities. The harsh reality, as witnessed in the past, is that organizations can no longer fully defend themselves against cyber-criminals – but they can certainly make themselves difficult targets by using the right tools and practices.

Insights

Some New Ways of Fighting Fraud and Why We Need Them

Some New Ways of Fighting Fraud and Why We Need Them

Financial institutions, merchants and payment processors globally are fighting against cyberattacks. The estimated volume of third-party fraud transactions in 2013 was 34.1 billion, with a value of $6.7 billion. In January 2014 alone, a single cyberattack exposed more than 105 million identities. The revenue lost due to online fraud was an estimated $3.4 billion in 2011 which increased to $3.5 billion in 2012. This study was based on the profiling of 312 online retail companies based in the United States and Canada. With online commerce booming, the need to curtail fraud has become imperative. A bunch of players in the market have brought in new solutions to address the concerns of fraud. Let’s look at two of the most interesting ones:

Insights

Starbucks, The Epitome of Mobile Payments Success, Falls To Fraud

Starbucks, The Epitome of Mobile Payments Success, Falls To Fraud

Fraud reports have been emerging around Starbucks’ gift cards, rewards accounts and mobile payment systems as reported by CNN Money. Cybercriminals are targeting consumers’ accounts, emptying the stored value in the cards and leveraging Starbucks’ auto-reload function to further target consumers’ debit and credit cards. A recent case emerged last week where a customer faced a theft of around $150 through the stored value in the mobile app and the gift card. Last year, another case took place in December where a customer witnessed the gift card being reloaded and used multiple times within minutes. That customers had lost $550.

Insights

Could Apple Pay Fraud Have Been Prevented?

Could Apple Pay Fraud Have Been Prevented?

By now, pretty much everybody has heard about the identity fraud going on with Apple Pay. Stolen card data from the card-not-present channel and even some of last year’s stolen Target and Home Depot card data from the card-present channel, seem to be finding its way comfortably into Apple’s Mobile Wallet. Effectively, stolen card data is being converted into ‘legitimate’ Apple Pay ‘cards’.

Insights

Mastercard Chip Momentum: Reducing Fraud One Year In

Mastercard Chip Momentum: Reducing Fraud One Year In

Chip Cards in Market at 88% as Chip-Active Terminals Reach 33%

Insights

Online Payments Fraud, Challenges and solutions

Online Payments Fraud, Challenges and solutions

E-commerce offers many competitive advantages such as improved productivity, reduced costs, streamlined business processes, improved customer service and global presence. According to a report by emarketer, global ecommerce sales are expected to reach $1.2 Tn by end of 2013. But with the growth in online commerce or e-commerce, the credit card security and online payments fraud remain the biggest issues today.

Insights

Prepaid Cards Finally Get Fraud Protection

Prepaid Cards Finally Get Fraud Protection

We knew this was coming when the Federal Reserve issued guidance applying the Customer Identification Program (CIP) to prepaid cards in March of this year. Customers are able to reload prepaid cards, use direct deposit and in some cases, receive overdraft protection, which the federal agency determined enough for it to be considered an account relationship. And now that reloadable prepaid cards are considered an account relationship, it’s not surprising that the Consumer Financial Protection Bureau recently issued new rules requiring fraud protection support for those using them.

Insights

InsurTech Product getmeIns™ Expands With Innovation and Intelligence to Fight Fraud

InsurTech Product getmeIns™ Expands With Innovation and Intelligence to Fight Fraud

In the wake of headline-catching hacking cases and reports of millions of dollars lost to fraudsters, businesses and consumers turn to innovative technology to protect their assets. Those who want to stay ahead of the fray are turning to intelligence powerhouse getmeIns™.

Insights

Stock Market Manipulation. Can Fraud Now Be Detected Using Social Media?

Stock Market Manipulation. Can Fraud Now Be Detected Using Social Media?

Fintech firm teams up with ex-military intel and ex-NASA artificial intelligence personnel to detect and identify fraudulent pump and dump on stocks.

Insights

Card.com Collaborates with IDology to Integrate Real Real-Time Identity Identity-Verification and Fraud Fraud-Prevention Solution

Card.com Collaborates with IDology to Integrate Real Real-Time Identity Identity-Verification and Fraud Fraud-Prevention Solution

On 22nd July 2014, Card.com, a mobile alternative to traditional branch banking, announced a collaboration with IDology, a provider of innovative technology that verifies a person’s identity and deters fraud anywhere in the payments value chain.

Insights

9 companies offering Fraud, Security solutions in Payments & Commerce space

9 companies offering Fraud, Security solutions in Payments & Commerce space

According to a report by emarketer, global ecommerce sales are expected to reach $1.2 Tn by end of 2013. But even with the growth in online commerce or e-commerce, and several innovations later, the credit card security and online payments fraud remain the biggest issues today. Globally according to a study by Nielson, the loss due to online fraud was estimated at $11.27 billion in 2012. In a recent survey by TechRepublic, 79% customers said they would like to shop more online if provided with simpler and secure payment options.

Insights

Gift Card Fraud: Part of a Growing Trillion-Dollar Global Epidemic

Gift Card Fraud: Part of a Growing Trillion-Dollar Global Epidemic

‘Tis the season for online shopping, and business is booming for the gift card sector. With the gift card industry expected to reach $160 billion by the year 2018, gift cards are only going to become more popular during the holiday season.

Insights

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