Payment fraud

The New Hampshire congresswoman promised new investigations into scam drivers, including AI and digital payment platforms.

The scheme used fake bank reps, social engineering and crypto to loot U.S. accounts across borders, according to the agency's Office of Inspector General.

The request for information was issued as part of an executive order aimed at eliminating paper checks as a form of federal payment in most cases, which the administration says aims to curb fraud, modernize disbursements.

At a New York Fintech Week event, speakers urged fintechs to better understand the criminal mindset and to use artificial intelligence to detect and thwart fraud.

Digital transaction risk draws attention to dynamic CVVs for cards.

The payment company says machine learning is making progress in fighting card testing, which crooks use to determine how ripe a payment account is for theft.

As regulators and Congress push for stronger consumer protections as losses mount, payment experts say there are steps companies should be taking now to respond.

Letitia James, the New York state attorney general, sued Citigroup and argued it should be liable for fraud cases involving consumer wire transfers. But Citi said the AG's view would bring about a "sea change in banking law."

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.

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

While the eventual emergence from lockdown will help ease the pressure on overworked compliance departments, there is still an obvious need for tools that will make the anti-money laundering process simpler and stress-free, says SmartSearch's Martin Cheek.

Data from Sift and the FBI show how methods scammers adapted during the pandemic.

Magecart attacks, which target e-commerce websites in order to steal personal data during the checkout process, are picking up steam with cyber attackers, says PermeterX's Ameet Naik.

Merchant service providers need dynamic cybersecurity assessment tools to identify the key areas of risk in their portfolio in near real-time, says ZeroRisk's Neira Jones.

Fraud detection and prevention technology must align with clear return policies and strong customer service ensuring that confused but loyal and well-intentioned customers can continue to purchase from merchants, says Ravelin's Mairtin O'Riada.

There are new regulations to address, but many requirements streamline current AML practices, says Mark Srere, an attorney at Bryan Cave Leighton Paisner.

One particular type of scheme, swapping, involves thieves stealing and replacing cards before the consumer is aware, says The ai Corporation's James Crawshaw.