Rippleshot Blog

10 Data-Driven Resources For Issuers

Posted by Anna Kragie on 17, Nov, 17

Let’s face it. We’re all bombarded every day with too many reports, too many articles and too many studies to keep up with. At Rippleshot, we work hard to sort through all the noise to bring you relevant news, tips, and resources you can really use to make your operation smoother by equipping your teams with tools to learn how to fight fraud faster and more effectively. Catch these 10 resources.

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Topics: Fraud, Machine Learning

Why Banks Are Leveraging Machine Learning to Fight Card Fraud

Posted by Anna Kragie on 3, Nov, 17

Most financial institutions have recognized the true value of the technology effectiveness behind machine learning: The ability to discover patterns across millions of data points and hundreds of variables faster and more accurately than human beings. For predicting and stopping the use of compromised card details and the spread of card fraud, this technology is a game-changer.

The real obstacle forfinancial institutions boils down to the concept of implementing such a solution. Without in-house data scientists to create models, the IT resources to get the data from their internal systems or from their processors, and the expertise to insure that the data is clean and correct, implementing processes within an organization can seem overwhelming. But it doesn't have to be so complicated.

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Payment Card Fraud Data: Stats for Issuers

Posted by Anna Kragie on 27, Oct, 17

Across the payment fraud ecosystem, there’s a lot of data about the state of card fraud, why it’s rising and how it’s changing. What’s not always easy to do is track relevant data as it enters the market. After all, data changes as quickly as the speed of fraud evolves.

To help keep issuers up to date with what stats are dominating the market, we’ve gathered data from recent studies across the market to show what threats are most prevalent, what issuers should be tracking and why they need to be detecting and stopping the spread of fraud faster than ever.

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Topics: Fraud

How Exactly are Fraudsters Ripping Off Your ATMs?

Posted by Anna Lothson on 20, Oct, 17

Solving ATM fraud has become a 2 billion-dollar question. (The impact of ATM skimming on a global scale). Getting to the bottom of ATM fraud means having a better understanding of how fraudsters think, how quickly they act and what payment channels they are targeting most.

In a recent webinar hosted by the ABA and Rippleshot's Chief Data Scientist Randal Cox, we discussed case studies of actual fraudster behavior and explored patterns of ATM misuse that help financial institutions fully understand the scope of this problem — and why it’s getting worse. [Catch the full webinar here].

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Topics: Fraud, Cybersecurity, ATM

Cybersecurity Awareness: What Banks and Credit Unions Need to Know

Posted by Anna Lothson on 13, Oct, 17

October is cybersecurity awareness month — a prime time for banks and credit unions to re-think how they are managing their card fraud detection strategies. Then again, companies should be doing this the other 11 months of the year, too.

Financial institution leaders need to be constantly thinking about how to evolve their card fraud detection management and update their cybersecurity measures - or risk making their organizations increasingly vulnerable. Today, fraud management is more than just reacting to industry alerts. Being reactive, instead of proactive, about cybersecurity, will leave an organization always playing catchup.

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Topics: Fraud, Cybersecurity


Posted by Anna Lothson on 5, Oct, 17

Globally, ATM skimming fraud is a $2 billion problem. This is a rapidly-growing issue that’s become a major pain point for banks and credit unions already faced with increased challenges on how to manage their fraud-fighting measures.

Another problem? ATM skimmers are easy to buy online. What used to be something that was only accessible on the dark web can just as easily be bought on a marketplace today. Bottom line? If fraudsters want a skimmer, they can get their hands on one. 

ATM fraud continues to rise at alarming rates. Compromises from ATMs and POS devices rose 21 percent in the first half of 2017, when compared to 2016’s same figures, according to FICO. Compromised cards rose by 39 percent. Keep in mind these figures don’t account for holiday card fraud — a time which banks and credit unions should expect to see a spike.

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Topics: Fraud

How Banks Can Fight Fraud in a Post-Equifax Breach World

Posted by Anna Lothson on 29, Sep, 17

The Equifax breach that continues to make headlines is a game-changer for the financial services space. The biggest fear, of course, remains the unknown cost impact for banks and credit unions.

Inevetiably, in a breach affecting roughly half the U.S. population, the scope of this incident will be long-lasting. The end results won’t be known for some time since the real threat ahead lies in fraudsters’ ability to create false identities (AKA: synthetic fraud). 

To help combat the fallout from this breach, we've gathered four tips that banks and credit unions should keep in mind as they devise their strategies for keeping up with the spread of fraud (and fraudulent accounts).

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Topics: Fraud, Machine Learning, Data Analytics

How the Equifax Breach Impacts Banks and Credit Unions

Posted by Anna Lothson on 22, Sep, 17

The Equifax data breach has created a ripple effect in the financial services ecosystem that’s causing consumers, banks and credit unions to prepare for the storm of fraud likely to occur as a result of the massive breach that’s estimated to impact 143 million consumers and more than 200,000 credit cards.

And that’s just one of the breaches. Equifax confirmed earlier this week that the company suffered another hack in March. It has since been reported that the company said there was no connection between the March incident with the breach that’s been making headlines the past couple weeks.

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Equifax Data Breach: The Long-Term Impact on Fighting Fraud

Posted by Anna Lothson on 14, Sep, 17

The massive Equifax data breach that’s making national headlines is estimated to impact nearly half of the U.S. population — or roughly 143 million people. While most of the news centers on the consumer identity theft impact, the real story in the financial services ecosystem is what this hack will cost banks, credit unions and issuers.

Let’s start with the basics. From what’s been publicly reported, there’s been 209,000 credit card numbers and 182,000 documents with personal information breached. These cyber thieves also got away with social security numbers, and a slew of other vital personal information that’s used to open up fraudulent accounts and commit identity theft. Limited personal data was also stolen from some UK and Canada residents.

For banks and credit unions, the real threat lies in the hackers’ ability to open fraudulent accounts, new credit cards and even entire lines of credit. This creates an endless trail of credit card fraud that can exponentially impact the rate of which synthetic fraud (accounts created with a fictitious identity) can spread.

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The Dark Web and the Evolving Credit Card Fraud Threat

Posted by Anna Lothson on 31, Aug, 17

As if issuers didn’t have enough to worry about as they combat rising card fraud rates, the dark web market continues to be a haven for hackers to scoop up droves of credit card data — which is then used to commit even more fraud.

From advanced techniques, bots that make online fraudulent purchases to hacking payment systems, the packaging and auctioning of compromised cards across the dark web to commit and monetize card fraud occurs faster than a bank can detect a compromise, identify compromise cards, reissue the cards and call the cardholders. This has created endless troubles for banks and credit unions looking to stop fraud in its tracks.

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Topics: Data Breach Statistics, Fraud