The number of order attempts declined for suspected fraud increased by nearly 30 percent year-over-year for orders between Thanksgiving and Cyber Monday, according to data from iovation, that also found a fraud decline rate 50 percent higher than the yearly average (15 percent vs. 10 percent). Likewise, a cyber security firm found a 63 percent
(More)…
Wawa announced a large-scale malware compromise breaching payment cards processed at the pump or inside between March 4 and December 12, 2019, also admitting that the company “does not have sufficient information to determine” how many payment cards were exposed. The gas station and convenience store has more than 850 locations along the east coast
(More)…
This guest blog post from a Certified eCommerce Fraud Professional discusses a case study involving a social engineering attack against an airline, as well as discusses methods for deception and intrusion with spear phishing attacks related to social engineering and fraudsters ultimately attempting to reverse engineer an organization’s risk management policies and practices. Read More
According to recent data and studies, identity fraud and new account fraud continue to plague both banks and consumers, with 80 percent of fraudulently opened credit card accounts in the U.S. applied for with synthetic identities and new account fraud on payment cards increasing by 11 percent in the UK over the last year. New
(More)…
Financial Fraud Action (FFA) UK, a financial services industry research and reporting group, recently released their 2016 year-end payment card and banking fraud totals which showed an increase in card fraud overall, primarily led by card not present channel fraud. Changing trends include an increase in fraud attempts but targeting lower order amounts compared to
(More)…
According to recent data from Experian, eCommerce fraud was 15 percent higher in the first half of 2016 compared the same period the year before, but for the full-year eCommerce fraud attack rates increased to 33 percent. This implies an even greater increase in CNP fraud in the second half of the year, and it
(More)…
According to estimates from Javelin Strategy and Research, there was an 8 percent increase in U.S. consumers impacted by payment card fraud at the point-of-sale in 2016, while those victimized by card not present fraud grew at a much larger rate. Although the industry was bracing for an increase in CNP fraud with the rollout
(More)…
Multiple studies have recently shown that across all age groups it is Millennials who are most likely to fall victim to scams carried out via telephone or SMS, as well as fall prey online while displaying careless habits. These digital natives are the most comfortable with mobile devices and eCommerce, but also the most trusting
(More)…
Benchmark data of top global retailers from ACI Worldwide along with data tracked by the eBay Enterprise Holiday Fraud Index show apparent strategies and key dates where types of fraud attacks spiked during the holiday season, while overall fraud attempts between Thanksgiving and New Year’s Eve increased by 8 percent compared to 2014. Merchants with
(More)…
In mid-January IBM announced the acquisition of IRIS Analytics, a data modeling and analytics provider based in Germany that focuses on risk management for issuers and payment providers. This is IBM’s second acquisition in risk management for the financial services industry following their 2013 purchase of Trusteer. IRIS Analytics was founded in 2007 and provides
(More)…
