Rippleshot Blog

ABC7 Interview: Rippleshot Co-Founder Shares Gas Station Skimmer Tips

Posted by Anna Kragie on 9, Jul, 18

Gas station skimmers have been a heated topic across the fraud management ecosystem for years. Since the EMV chip card compliance deadline isn’t until October 2020  — roughly five years after the liability shift was implemented for merchants — this gap has left gas stations in the fraud spotlight.

Just last week, heading into the July 4th holiday, the U.S. Secret Service once again released warnings reminding consumers about the dangers of credit card fraud that can stem from gas station skimmers. In recent years, skimmers have been a rapidly-growing problem due to tech advancements that’s allowed them to be designed slimmer than a credit card — and cheaper to produce. With fraudsters’ ability to insert them seamlessly into machines with less obtrusive methods, this has led to an uptick in concerns from issuers in how to proactively confront this expensive problem.

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Topics: EMV, Fraud

The Rise of Identity Fraud: The Multi-Billion Dollar Problem

Posted by Anna Kragie on 29, Jun, 18

Identity fraud doesn't discriminate when it comes to age. 

New research from Javelin indicates that more than 1 million children were victims of identity theft in 2017, which amounted to roughly $2.67 billion in losses. Within those figures, the report found that a majority (two-thirds) of the kids impacted were under the age of eight, while 20 percent were between 8-12 years old.

What's contributing to this increase? And why is this trend becoming increasingly problematic for financial institutions? 

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Fraud Trend Report: Rising Account Takeovers

Posted by Anna Kragie on 22, Jun, 18

New security threats in the financial ecosystem are far from a new phenomenon, which is why financial institutions are constantly having to enhance their breach detection technology investments. New threats emerge on a regular basis, and fraudsters continue to capitalize on vulnerable payment data as their techniques get faster and more sophisticated.

A new report from PYMNTS.com highlights the latest security challenges financial institutions face as the ecosystem becomes increasingly connected. This report provides an in-depth look into how banks and financial companies can combat the rise in account takeovers, along with rising concerns over cyber attacks and data breaches.

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Topics: Fraud

Developing Trust: 'Look for the Win-Win For Everybody'

Posted by Anna Kragie on 1, Jun, 18

Developing trust as a fraud analytics platform doesn’t happen overnight. Here at Rippleshot, we’ve been working for years to make our fraud platform more than just about the data science. We’re all about the people, too.

In a recent interview with Bizcast, our co-founder Canh Tran shared his perspective on what it takes to grow a startup in a rapidly-changing industry — while still delivering customer success through our people-centric model.

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Topics: Data Analytics

Synthetic Identity Fraud: 'A Problem For Years To Come'

Posted by Anna Kragie on 23, May, 18

When Forbes published an article titled: "The battle against synthetic identity fraud is just beginning," it was clear this problem was becoming a widespread issue for financial institutions.

The past few years the chatter about credit card fraud has been all about the major data breaches at retail stores. The Equifax breach happened and the conversations began to evolve. It was reported that 145 million social security numbers, along with 209,000 credit card details were breached. Not to mention the millions of other sensitive personal details that were leaked. The chatter about synthetic identity fraud quickly gained traction.

Here at Rippleshot, this has been a topic we've been busy tracking. Recently, Our Co-Founder Canh Tran was at Trellance's Immersion 18 conference where he was interviewed for BIG Fintech's latest podcast. Tran dove into the latest Synthetic Fraud trends, and explained why this problem isn't going away anytime soon.

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Topics: Fraud

Fiserv and Rippleshot Announce Card Fraud Detection Partnership

Posted by Anna Kragie on 7, May, 18

Fiserv, a global provider of financial services technology solutions, announced its partnership with Rippleshot to offer Card Risk Office℠ Fraud Warning, an early breach detection solution that allows financial institutions to identify potential fraud events 30-60 days prior to network alerts.

"Card fraud is a complex and ever-changing problem that demands a collaborative and proactive approach to tackle it effectively, so that cardholders can feel secure about the financial information they are using, storing or transacting with," said Canh Tran, Rippleshot Co-Founder. "We are excited to partner with Fiserv, a fintech leader that shares our passion and expertise when it comes to fraud-fighting technologies."

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Topics: Fraud

Payment Fraud Data: Shifting Trends and Rising Problems

Posted by Anna Kragie on 27, Apr, 18

Across the payments ecosystem, fraud continues to be the increasingly complex and expensive problem that all financial institutions are attempting to tackle. To understand how payment fraud is evolving, FIs must identify the origin of the problem itself. 

A new report by Javelin dove into leading card fraud trends, the greatest threats to financial institutions and what strategies can help curb the rise of payment fraud. The report highlighted some core issues in the payment ecosystem and how these problems have transformed over the past year.

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Topics: Fraud

Credit Card Fraud Schemes in the News

Posted by Anna Kragie on 13, Apr, 18

There’s never quite a dull moment in the world of credit card fraud, which was the case this week in the mainstream news cycle. With topics like “chip card scheme,” “fake fraud alerts” and “card shimming scam” in the headlines, it’s easy to see why banks are rushing to implement better, faster fraud detection solutions.

That was just a sliver of what made the headlines in the world of payment card fraud news this week. We’ve taken a deeper dive into the reports that surfaced, and have explored why these problems keep showing back up in the mainstream news cycle.

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Topics: Fraud

Synthetic Identity Fraud Data: Why Financial Institutions Should Care

Posted by Anna Kragie on 30, Mar, 18

Synthetic fraud isn’t a new phenomenon, but with an increase of incidents across the fraud ecosystem — from credit card fraud to identity theft — this problem isn’t going away anytime soon.

In fact, it’s estimated that Synthetic ID fraud accounts for 85% of all identity fraud in the U.S., and continues to rise annually. A report from TransUnion reported that between 2016’s Q4 and 2017’s Q4, suspected synthetic fraud balances rose 5.2%. Collectively, this has become a $290 million problem.

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Topics: Fraud

Financial Institution Regulation: What's Happening in Washington?

Posted by Anna Kragie on 16, Mar, 18

It’s been a busy week in the world of financial institution regulation as headlines about Dodd-Frank, the Equifax breach, credit freezes and data security stole the spotlight. While these four topics have been at the forefront of the news cycle for many months, each of them found their way into the top news items.

Here’s a breakdown of what’s been happening in Washington, and how it may impact the world of financial services.

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Topics: Regulation