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Despite fresh waves of online fraud and scams, czars of social media platforms, peer-to-peer networks and blockchain products have renewed ambitions to marry financial services with social apps. [ABSTRACT FROM AUTHOR]

That is one of the key findings from Juniper Research'sstudy of online payment fraud, which also predicts thatlosses due to online payment fraud will exceed $343billion globally between 2023 and 2027. New types of financial products designed for theunderserved can also be susceptible to scamsters, JuniperResearch found, mirroring the Federal Trade Commission'sconcerns. [Extracted from the article]

The Mexican subsidiary of Spain's BBVA last year began a test ofVisa-branded biometric cards that's ongoing, while France's BNPParibas offered all of its bank customers the option to switch to aVisa biometric payment card for a fee of 24 euros ($24) a year. Some banks in Europe, Latin America and Asia are issuingcontactless cards that use fingerprints instead of PINs toauthenticate users, but observers think the technology's U.S.prospects are limited. [Extracted from the article]

Nacha Gotcha Phishers will impersonate anyone to make a buck - even Nacha, the electronic payments association, an organization that is likely unknown to most consumers. The target of the [...]

Younger people can lose thousands of dollars when they fallvictim to fraud. Kadar's company released a report last month that lookedspecifically at the fraud trends affecting Generation Z,defined by institutions like Pew Research as people bornduring or after 1997. The smaller fraud loss figures are likely the result ofsmaller-scale attacks, but according to Mark Ruchie, chiefinformation security officer at the identity managementcompany Entrust, they could also mask a larger problem. [Extracted from the article]

The Federal Deposit Insurance Corp. is warning banks and customers not to access links in a string of fraudulent e-mails claiming to be from the agency. The FDIC issued alerts [...]

Observers warn that con artists who have largely shifted to the Internet to snare personal data may revert to the phone in response to the financial industry's efforts to stop [...]

Online fraudsters' attacks against small banks and credit unions are becoming more common, in part because large banks are improving their defenses. Cyota Inc., a New York security vendor, said [...]

Wachovia Corp. of Charlotte announced Friday that it had seen a spike in phishing scams related to its integration of SouthTrust Corp. of Birmingham, Ala. In a press release, Wachovia [...]

The Internet scam known as phishing, which tricks people into revealing personal financial information, has so far concentrated on customers of big banks like Washington Mutual and Bank of America. [...]

The focus on phishing scams may be distracting banks from more important security problems, a JPMorgan Chase & Co. executive says. 'I'm sick of hearing about phishing,' said Richard A. [...]

Comments on systems to protect online data. Comments of Joshua S. Levine, chief technology officer at E-Trade Financial Corporation, which uses a two-factor system of authentication; How E-Trade is looking at alternatives, including software that would check out the remote user's computer; Frustrations of bankers regarding online security for consumers; Why banks must prevent fraudsters from getting even scraps of consumer information; Experimentation with biometrics; Outlook for alternative authentication systems.

The article reports on a study which found that organized crime groups are selling access to the computer networks of financial institutions. Conducted by criminology professor Michael McGuire and his team, the study revealed that these groups have sold hacking tools to steal information about customers of firms such as Bank of America and Qatar National Bank. The research team claimed that the groups were able to obtain passwords and personal identification numbers (PINs).

The article reports on the increasing cases of fraud in online business lending and the efforts of lenders to fight fraud. Topics discussed include online lender Fundation's review of every loan application document by a fraud specialist and rewarding employees who catch fraud, increase risk of fraud in digital-lending platforms, various strategies used by fraudsters to obtain loans and the synthetic identity fraud in which thieves use stolen information to create fake identities.

The article explores the emergence of new online fraud schemes as U.S. companies have expressed interest in the use of biometrics in authentication. According to Michael Leary, a senior vice president at U.S. Bank, biometrics will improve cybersecurity. Cris Thomas, global strategy lead for the X-Force cybersecurity team at International Business Machines (IBM), warned companies and consumers about the effort of hackers to collect information from disparate sources.

The article discusses the impact of payment fraud on the U.S. banking industry in 2017. According to the Association of Financial Professionals and J.P. Morgan, 78 percent of financial organizations were affected by payment fraud during the year. Thomas Cronkright, president and chief executive officer (CEO) of the fintech firm CertifiID, stressed the need of banks to enhance their digital security.

The article discusses a type of fraud called loan stacking affecting online lenders in the U.S. The situation is attributed to the increasing number of multiple online loans being applied by people. Online lenders expressed concerns over the use of fake identities and stolen identity information to get loans. The types of loan stackers are also indicated, including fraudsters, shoppers, and the over-leveraged.

This article reports on an electronic security breach at the email marketing company Epsilon. The article discusses the data breach and the security risks related to the release of client names and email addresses. Information is provided on phishing attacks targeting banks, the role of outsourcing in putting data at risk, and how to educate account holders and consumers about internet safety.

The article reports on how the data breach affecting Internet giant Yahoo! will affect U.S. banks. Topics discussed include the company's admission that customer names, phone numbers, and e-mail addresses were stolen in 2014 and the vulnerability of Yahoo! account users to phishing, password hacks, and knowledge-based authentication break-ins. The suggestion for banks to deploy multifactor authentication technology is mentioned.

The article discusses electronic banking security measures within the context of an email scam developed by a Nigerian man. An overview of the online security company SecureWorks' research in finding the Nigerian scammer's use of malware to take screen shots of Internet users is provided.

The article discusses some misconceptions about Europay, MasterCard and Visa (EMV) cards. Topics covered include the belief that personal identification number (PIN) does not prevent online or mobile fraud, the claim that data breaches involving retailers Target and Home Depot compromised PINs, and the argument that U.S. consumers are not able to remember multiple PINs.

The article examines a computer security system developed by Bank of America Corp. The system automatically redirects bank customers who are detected visiting so-called "phishing" Web sites to another Web site which presents information on computer and Internet crimes and how to avoid them. Bank of America hopes the system becomes standard in the financial services industry.

This article reports that Entrust Inc. and VeriSign Inc., two players in the competitive field of online security systems and databases, believe the industry is ready for an open approach to sharing online fraud date, and have joined forces to make something happen. The two vendors have taken a step toward providing institutions the ability to purchase online fraud data from multiple vendors.

This article discusses phishing e-mails attacking banking companies. Security analysts discuss the surge in fake e-mails, which has risen before U.S. federal guidelines calling for stronger Internet authentication takes effect. The Anti-Phishing Working Group, a trade group that tracks phishing attempts, says that the number of fake e-emails sent has doubled from a year ago. The efforts of companies including Gartner Inc. and Wachovia Corp. are discussed in the article.

The article reports that Barclays Bank PLC has started distributing third-party antivirus software to its Internet banking customers in Great Britain, which comes after fears from other banks that such a move could turn the bank call center into a tech-support hotline. Many banks recommend certain security tools that customers can buy and install on their own. Barclays says it is convinced that getting directly involved in customers' online security makes sense based on the growing risk of losses from Internet fraud and the variety of threats that consumers face.

Presents the views of various banking industry leaders relating to their expectations for 2006. Comments of Richard J. Reese, vice president of enterprise architecture at Morgan Stanley's Discover Financial Services Inc., who says shoppers will one day trade credit cards for cell phones or personal digital assistants; Advantages of biometrics to authenticate people, according to Jack F. Prim, chief executive of outsourcing provider Jack Henry & Associates Inc.; Views of Avivah Litan of Gartner Inc., who sees a need for better fraud detection; Views of other executives on risk and compliance systems, customer service; security, stronger Web protections, and an alternative Internet dedicated to electronic commerce.

Discusses how bankers are looking to complex software systems to spot money-laundering attempts and meet demands for reporting suspicious activity. Reasons why the market is changing fast; Focus on comprehensive packages that can be integrated across multiple business lines to provide enterprisewide protection; Views of Simon Moss, chief executive of software producer Mantas Inc., James R. Richards, global manager of anti-laundering operations at Bank of America Corporation, Peter R. Janczak, director of compliance at Marshall & Ilsley Corporation, and others; Difficulties integrating a vendor's product with systems combined through multiple mergers; How vendors are beginning to offer their anti-laundering systems as hosted services running on their own computers.

The article discusses the vulnerability of Internet banking and mobile banking to fraud. In addition to employing a type of fraud known as phishing, criminals have been able to exploit their increased knowledge of banks' operating procedures. Fraudulent wire transfers that use call forwarding to intercept banks' efforts to confirm the validity of a transaction have also appeared.

The article discusses the Visa Security Summit in Washington, D.C. on October 2, 2013 that focused on the banking industry's use of data mining in order to understand their customers and create digital identities. Details related to the need for security measures to protect customer data from cyber criminals is provided. Comments are provided from Molly Crawford, policy director of the Future of Privacy Forum, and Dr. Suzanne Barber, AT&T Endowed Professor in Engineering and director of the Center for Identity at The University of Texas at Austin.

the article mentions a March 2013 survey of Americans who use smartphones and tablet computers which found 83 percent of the respondents are concerned about identity theft. The Consumer Mobile Insights study, conducted by Jumio payments technology company and Harris Interactive research firm, also found one-fourth of them have been victimized by online or mobile fraud. A press release from Jumio's chief executive officer Daniel Mattes is noted.

The article reports that the financial malware programs Tilon and Tinba have responded to fraud countermeasures from banks by introducing a new digital crime strategy that involves the generation of fake web pages to convince online banking customers to share information.

The article gives information about a case fraud and identity theft that was prosecuted in Georgia and mentions a press release that notes four of the five criminals' names and jail sentences. The scheme which stole online bank account information targeted customers of banks such as SunTrust and BB&T and was active from February 2010 through August 2011. The names are Donish Adkins, Orlon Hall, Wayne Cunningham, and Christian Okafor.

The article presents the author's opinion that losses from Internet banking fraud are declining in most developed economies. Fraud statistics for Great Britain and the U.S. are noted. An argument that fraud decreases when technology is used effectively is presented. First-party fraud and online identity verification methods are mentioned.

The article focuses on information from a CyberSource Corp. report which found total online fraud reached $3.4 billion in 2011 but the number of actual fraudulent transactions declined.

The article discusses the Web site www.profsoyuz.biz, which hires people in the U.S. to accept delivery of items purchased with stolen credit cards, then ship them to criminals in Eastern Europe and Russia.

The article reports that figures from Kaspersky Lab, a maker of antivirus software, indicate a decline in the number of scams that advise people they need to provide a credit card number in order to update their antivirus programs.

Brief information is given from a survey conducted by CyberSource Corp. which found the amount of online payment fraud in the airline booking industry declined in 2010.

The article gives brief information from Ponemon Institute's 2011 Consumers' Reaction to Online Fraud survey which found 81 percent of the respondents feel they can trust Internet businesses that take extra security measures.

The article reports that online banking security company IronKey Inc. is introducing services aimed at helping banks prevent online fraud.

This article reports on small businesses and their efforts with security firm Guardian Analytics to prevent frauds and takeovers related to online banking.

The article reports that internet fraud prevention company Silver Tail Systems Inc. improved its fraud monitoring technology, which will monitor user-specific activity and detect unauthorized access attempts.

The article discusses the availability of online instruction in how to obtain stolen credit-card numbers and engage in other sorts on Internet crime, with special emphasis on a program called Cash Paradise University.

The article examines the computer crime known as "scareware," in which computer criminals defraud computer users by selling false antivirus software after introducing a real virus into their computers.

The article mentions five Internet scams that were compiled by Msnbc.com's columnist Bob Sullivan including love-based scams and fake antivirus software.

The article reports on the use Russian domains, which lack an identity verification system, by fraudsters and on the domain-name registry called The Coordination Center for TLD .RU.

The article reports that Cornel Ionut Tonita, a 28-year old Romanian citizen who was extradited to the U.S. on computer crime charges related to phishing, has pled guilty to a charge of conspiracy to commit fraud related to computer spam. Tonita will be sentenced on April 3, 2010, and faces up to five years in prison.

The article discusses so-called "money mules," persons who are hired to electronically transfer funds which are stolen from bank account holders by computer and Internet criminals. The "mules" are told they are expediting a fictional company's payments to its clients and are generally hired from job search Web sites.

The article discusses phishing and technological innovations. There will be new alphabets added to domain names on the Internet which could benefit phishers. An article in "The Times of London" newspaper stated that non-Roman character sets will begin being used in Internet domain names which may enable phishers to create Web sites that more closely resemble legitimate Web sites like paypal.com such as with paypa1.com.

This article reports on the results of a survey conducted by the electronic payment and risk management company CyberSource Corp. of Mountain View, California. The survey of 352 businesses found that revenue lost to electronic commerce (e-commerce) fraud declined to 3.3 billion dollars in 2009 as compared to four billion dollars in 2008.

The article reports on a computer phishing scam which targets businesses. The scam impersonates Nacha, an electronic payments association that is unknown to most consumers. The phishing electronic mail messages (e-mails) warn recipients of unauthorized or failed automated clearing house payments. The e-mail contains a link to a malicious program that can steal banking credentials and drain business bank accounts.