Financial firms can minimize the damage by understanding where key threats lie, educating employees and customers about phishing scams, and breaking down silos between compliance, fraud and security teams.

Scams in which a real person’s information is used to create fictitious businesses or individuals have led to $6 billion in credit losses. The Federal Reserve has developed a standard definition for synthetic identity fraud so lenders can distinguish it from traditional identity theft.

Bank of America was ordered by a judge to change its practices after thousands of unemployed California customers receiving public benefits complained that when their prepaid debit cards were hacked, the bank made matters worse by treating them like criminals.

The card network is connecting its Enhanced Authorization system with products from Accertify, Microsoft and Riskified, providing Amex with more data at the time of the transaction.

The companies are working to thwart abuse on the Honey platform, a deal-finding system that PayPal acquired in 2019.

As both e-commerce and payment fraud accelerate, Sift is strengthening its digital protection platform by acquiring Chargeback, a real-time dispute management provider.

Cryptojacking is a particularly dangerous attack, but there are ways to fight back, Marc Laliberte of WatchGuard writes.

The digital migration caused new risks, and new responsibilities for security professionals.

Fake fundraising or phony customer service tricks people into handing over money or account details, Yinglian Xie of Datavisor writes.

As contactless payments skyrocket, the chance for fraud gets larger, says ClearSales's Rafael Lourenco.