GIACT’s new report, Securing Faster Payments: Modernizing Account Validation, explores the strengths and weaknesses of the most commonly used account validation solutions available and how payment originators looking to bolster their validation practices.
Deficient patient enrollment can result in serious financial and legal repercussions, including instances of medical identity theft and compliance issues. And with more healthcare data available to bad actors, fraud is at an all time high.
GIACT’s report, Mitigating Mobile Network Fraud with Secure Subscriber Enrollment, details the best practices in secure digital enrollment.
Of all the fraud vectors plaguing the payments industry, synthetic identity fraud is one of the most concerning. Unlike card-present fraud, which is on the decline due to the widespread adoption of EMV technology, synthetic fraud is on the rise.
The digital revolution has enhanced how we shop, pay our phone bill or purchase a home. But it comes with a downside: people’s personally identifiable information (PII) is increasingly being compromised in data breaches then used by criminals to take over accounts or to make new, fake ones.
The battle against fraudsters in the digital era has evolved into a never-ending arms race. The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade.
Synthetic identity fraud – a sophisticated identity fraud scheme in which criminals combine personal information to create fictitious identities – is successfully bypassing traditional anti-fraud protections, resulting in billions in losses.
Synthetic identity fraud (SIF) schemes create identities out of real and fake personally identifiable information (PII). These schemes can be difficult to detect as they combine completely valid information with fictitious, yet established, e-mail and social media accounts, for example.
When the United States implements sanctions against a country or a group of individuals, domestic companies are required not to do business with the bad actors. From narcotic traffickers to suspected terrorists, belligerent states to authoritarian governments, there are many individuals and groups that companies are barred from dealing with.
Last week, the U.S. subsidiary of Japan’s largest financial media organization, Nikkei, made headlines for the reason that no firm ever wants: The company was the victim of financial fraud to the tune of $29 million via a wire transfer gone bad.
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