As the financial industry continues to evolve, so do the methods used by fraudsters to steal sensitive information and commit card fraud. Credit unions and community banks are particularly vulnerable to these attacks, and it’s essential that they adopt a...
Mobile wallet usage has grown so rapidly since Google first marketed Google Wallet in 2011. Today, major banks are teaming up to challenge Google and other big players like Apple with their own digital wallets later this year. But new payment technology, coupled with...
Rule-based risk scoring has been used in fraud detection since the early 1990s when credit card companies began using predefined rules to flag potentially fraudulent transactions. More recently, artificial intelligence (AI) advancements have yielded considerable...
Financial criminals continue to devise new methods to defraud merchants, credit unions, banks, their members and customers, making it crucial to remain proactive in their strategies for preventing costly attacks. Rule-based fraud management, which uses pre-defined...
It’s a sad reality that most Americans will at some point be victims of card fraud. According to a 2022 study by Security.org, card fraud has impacted 65% or an estimated 151 million U.S. adults with credit or debit cards. Put in monetary terms, card fraud cost US...
What is a BIN Attack? The theft of a Bank Identity Number (BIN), which is the first six digits of a credit or debit card number, is at the center of a BIN attack. These details are used by hackers to generate fresh card numbers and conduct fraudulent transactions. BIN...
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