A computer consultant sells his list of more than 700 synthetic identities to two Florida men to steal millions from COVID-19 relief programs.
Synthetic identity fraud is the fastest growing financial crime in the U.S. and fraudsters are capitalizing on existing blind spots with traditional fraud risk models. Verify Identity is a new account opening tool built with ID Confidence, a Synthetics Indicator and Verify SSN to help stop bad actors from entering the system.
Financial institutions have embraced the digital age by offering online account opening, but as opening a new account becomes faster and easier, Demand Deposit Account (DDA) portfolios have become increasingly susceptible to losses from fraud and...
"Today, more than 1,000 banks and credits unions are currently contracted to participate on the Zelle Network®, including 731 that are live today and processing transactions,” said Al Ko, CEO of Early Warning Services, LLC.
Payment fraud is nothing new, but the sheer volume and escalation of losses for financial institutions (FIs) year over year is.
Faster payments options like same-day ACH are quick and convenient for consumers, but criminals are taking full advantage...
Scottsdale, AZ
Zelle® Returns to Money20/20 with a Surge in Network Payments. A year after its unveiling at Money20/20, Zelle returns to the “Ball” with significant momentum behind its banking industry-led, real-time mobile payments network...
Five things financial institutions need to know about consortiums and data-driven fraud detection
As much as customers love variety in banking, so do fraudsters. With the emergence of omni-channel banking, scammers have found ways to leverage each new channel for fraud - and deposit fraud is one of the most common tactics. It’s a persistent and challenging issue that can have a major impact on customer trust, employee morale, brand reputation, and even your FI’s bottom line.