Rippleshot Blog

New White Paper: State of Card Fraud 2018

Posted by Anna Kragie on Oct 26, 2018 7:00:00 AM

Tracking card fraud trends is a task the Rippleshot team is all too familiar with.  As any financial institution leader knows, card fraud is complex, labor-intensive, ever-changing and shouldn't be tackled alone. This is why we like to remind you that we're in this fight together.

We're here to collaboratively fight fraud – with data. Our new report State of Card Fraud: 2018 won't help you directly combat the rise of data breaches, but it is packed with droves of stats and insights to arm FIs with a greater understanding of how the problem is changing, what's contributing to these changes and what we predict will define 2018's card fraud story. We also share our newly released data points on how much card fraud is costing FIs, and our own curated  benchmark insights into what others in the industry fear most when it comes to managing card fraud, reissuance costs and customer impact.

Download State of Card Fraud 2018

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Topics: Fraud

ABA Banking Journal: ‘Five Top Fraud Risks for Banks’

Posted by Anna Kragie on Oct 5, 2018 12:06:03 PM

It's impossible for a bank executive to pinpoint just one fraud risk to be concerned about. From synthetic identity and account takeover fraud to skimming, ATM and CNP fraud, the running list of methods fraudsters are capitalizing on grows each year.

A recent article by the American Bankers Association Banking Journal took a deeper dive into the top five fraud risks banks face today — sharing insight from Rippleshot Co-Founder Canh Tran. He discussed the rise of online fraud and how financial institutions can prepare themselves to take on fraudsters.

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Topics: Fraud

Secret Service Warns Financial Institutions About ATM Skimming Attacks

Posted by Anna Kragie on Sep 28, 2018 12:28:11 PM

ATM fraud schemes are becoming all too familiar in the financial ecosystem. Once again, the U.S. Secret Service has issued an alert to financial institutions about a new form of ATM skimming that fraudsters are using to gain access to payment card details.

The latest alert relates to what's being referred to as "ATM wiretapping" that involves magnets and medical devices to siphon customer account data from the card reader. This latest news was reported by KrebsOnSecurity, which indicated that this alert was given to banks using a non-public system to warn FIs about this new trend that involves the cutting of "cupcake sized-holes" into ATMs to steal the payment data.

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Topics: ATM, Fraud

Inside Synthetic Fraud: New Industry White Paper

Posted by Anna Kragie on Sep 14, 2018 8:00:00 AM

Synthetic fraud is estimated to cost lenders more than $6 billion annually — and by all accounts, this problem is going to get worse before it gets better.

But why is synthetic fraud ballooning – and why are financial institutions finding it increasingly harder to crack down on? A rise in data breaches in recent years has only complicated this problem even more.

To help keep FIs educated with the latest data available in the market — and share expert’s take on how this problem has been transforming — we’ve released a new white paper titled Inside Synthetic Fraud.

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Topics: Fraud

Banks Warned About ATM Cash-Out Schemes

Posted by Anna Kragie on Aug 24, 2018 4:57:44 PM

As if financial institutions didn’t have enough fraud problems to worry about, there appears to be another growing trend in the hacker ecosystem that’s caught the attention of the FBI: ATM cash outs.

Like most fraud trends, ATM cash outs aren’t a new phenomenon, but they have been getting national attention this month after it was reported that cybercriminals are likely in the works to commit a global fraud scheme that’s commonly referred to as an ATM cash-out. These financial attacks allow for fraudsters to withdraw millions of dollars in hours, according to a report by Krebs on Security.

This scheme involves malware that allows the hackers to gain access to banks’ customer card data, along with network access, in order to execute the theft of funds from ATMs on a massive scale. These “cybercrime gangs” as they referred to are believed to use phishing tactics to break into a bank or payment card processor system. This involves removing fraud controls from banks that would stop limits on the number of customer ATM transactions/limits allowed daily.

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Topics: ATM, Fraud

Equifax Breach Update: What’s Been Done — One Year Later

Posted by Anna Kragie on Jul 27, 2018 4:14:45 PM

The true weight from the massive Equifax data breach that’s believed to have impacted roughly 148 million Americans is going to be felt for years to come. One year later, there seems to plenty of questions as to how the company dealt with the aftermath, and what it is doing to prevent a breach of such magnitude from occurring again.

The Equifax breach has dominated headlines in the fraud ecosystem not just because of the total number of exposed records, but also because of the scope of what those records entailed. The nature of the sensitive details — including SSNs, credit card details and tax IDs — are what placed the incident on the list of worst corporate data breaches in the U.S.

So what’s happened in the year following Equifax’s discovery of the breach? Besides a lot of public criticism, and new leadership, there’s been a series of congressional hearings and investigations that have left the credit reporting agency in the hot seat since the incident was first reported.

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Topics: Fraud, Data Breach Legislation

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

Posted by Anna Kragie on Jul 9, 2018 1:28:59 PM

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

Fraud Trend Report: Rising Account Takeovers

Posted by Anna Kragie on Jun 22, 2018 10:23:42 AM

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

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

Posted by Anna Kragie on May 23, 2018 11:10:03 AM

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 May 7, 2018 11:58:33 AM

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 Apr 27, 2018 1:18:36 PM

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 Apr 13, 2018 12:08:15 PM

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 Mar 30, 2018 2:23:30 PM

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

ATM Debit Card Fraud Data: 10 Percent Increase In 2017

Posted by Anna Kragie on Mar 9, 2018 3:06:45 PM

It’s no surprise that debit card fraud is on the rise, but what’s noteworthy is the rate at which this figure is increasing.

New data from FICO indicates the number of debit cards compromised in 2017 increased 10 percent from 2016. This figure refers to debit cards used at U.S. ATMs and merchant card readers. Compromises of ATMs and merchant devices rose 8 percent in the same time period.

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Topics: Fraud

Equifax Breach Scope Grows By 2.4 Million Consumers

Posted by Anna Kragie on Mar 2, 2018 3:12:19 PM

When a data breach occurs, the full impact of the incident usually takes a few months to realize the potential impact. This has certainly been the case for the Equifax breach that was first discovered last summer. This week, the credit reporting agency announced that another 2.4 millions Americans were discovered to have been impacted by last year’s breach.

This is the second time the company has announced more affected consumers, bringing the estimated total impacted to roughly 147.9 million Americans. This is the largest data breach of personal information to date.

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Topics: Fraud, Cybersecurity