Rippleshot Blog

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

ATM Debit Card Fraud Data: 10 Percent Increase In 2017

Posted by Anna Kragie on 9, Mar, 18

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 2, Mar, 18

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

Inside Synthetic Identity Fraud: Today’s Big Threat

Posted by Anna Kragie on 23, Feb, 18

Since the fallout of the Equifax breach, the chatter in the financial services industry has been all about identity fraud. The same sentiment was echoed in a recent study by Javelin.

According to that study, for the first year ever, data breaches compromised more Social Security Numbers than credit card numbers. SSNs accounted for 35 percent, while credit card numbers rang in at 30 percent in breaches. The reason for this shift was attributed to the Equifax breach.

As predicted, with fraudsters’ techniques getting smarter, they are adapting quickly to different types of fraud. The big concern in the financial world around identity theft is the ability to commit synthetic identity fraud.

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Topics: Fraud

New Report: Does Bitcoin Pose a Credit Card Fraud Threat?

Posted by Anna Kragie on 8, Feb, 18

The roller coaster price fluctuations of bitcoin has kept the cryptocurrency prevalent in the headlines for months. This week, bitcoin made it to the list of credit card fraud concerns, with — as you can probably guess — stolen identities being the root of the problem.

LA Times article explored the chief concerns around cryptocurrency scams and why banks are getting increasingly skeptical about bitcoin transactions. To start, major banks have reportedly said they will decline transactions that involve customers using credit cards to buy bitcoin. The concern here is that borrows will avoid paying for those bitcoins, particularly if they buy high and bitcoin's price plunges. But the credit risk fears from financial institutions goes far beyond simple purchases of the cryptocurrency itself.

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Topics: Fraud

ABC7 Interview: Rippleshot's Holiday Card Fraud Tips

Posted by Anna Kragie on 20, Nov, 17

The holiday shopping season is underway, which means an uptick in consumer spending. What this also means is an increase in card fraud. Whenever shoppers are spending more, fraudsters are quick to follow — which includes taking part in the holiday shopping season themselves. 

Banks and credit unions are less likely to stop authorization on purchases in order to avoid creating extra friction at checkout, and fraudsters have caught onto this habit. More than ever, consumers need to be savvier and know what red flags to look for this holiday season as they partake in the holiday shopping season. Likewise, card issuers need to be equipped with the knowledge (and tools) necessary to combat holiday card fraud. 

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Topics: Fraud