Rippleshot Blog

Card Fraud Intel: 5 Resources For Financial Institution Leaders

Posted by Anna Kragie on Sep 6, 2019 3:29:07 PM

Staying up-to-date with the latest insight into payment fraud trends should top the priority list for any financial institution leader — but there aren't always enough hours in the day to keep up. That's one of the reasons Rippleshot exists. We're here to be your trusted advisor on what we're hearing in the marketplace about fraud trends, fraud benchmark data and what financial institutions should be doing about it all. 

To help keep your team educated about some of the latest trends we've observed, we've gathered 5 resources worth bookmarking when you need to report on how fraud trends are evolving and how your team can stay prepared. For those who would like to chat about these trends more in depth – or would like to share their own card fraud pain points - we are always here to listen and lending a helping hand.

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Topics: Fraud

Financial Fraud Drives Multi-Factor Authentication Market

Posted by Anna Kragie on Jun 14, 2019 2:12:54 PM

Fighting the rise of payment fraud and cyber attacks has also fueled the growth of the fraud prevention, detection and risk mitigation markets. Among those trends is the multi-factor authentication market that continues to see new investments as financial fraud rises. 

A new report from Adroit Market Research indicates that by 2025, the multi-factor market will be worth roughly $20.41 billion — a growth of roughly 24% over the next six years. In North America alone — the top multi-factor authentication market — it's already more than a $1.8 billion industry. 

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Topics: Fraud

April 23 Webinar: 'Synthetic Identity Payments Fraud'

Posted by Anna Kragie on Apr 23, 2019 7:30:00 AM

Synthetic identity fraud continues to be a hot topic across the financial ecosystem. The Fed is taking a deeper dive into this subject in a webinar today, April 23 at 11 a.m. EST, titled 'Ask the Experts: Synthetic Identity Payments Fraud.'

Among the featured panel members will be Justin Davis, fraud manager for Digital Federal Credit Union. Learn what this team of experts has to say on this subject. 

Register for the webinar

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Topics: Fraud

How Credit Unions Can Mitigate Risk With Big Data, Analytics and Machine Learning

Posted by Anna Kragie on Apr 5, 2019 11:47:54 AM

In an era of rising card fraud and data breaches, credit union leaders are constantly analyzing how they are protecting themselves, and their members. One of the biggest problems today? Waiting for network alerts can be costly in terms of fraud loss and customer experience.

That was one perspective Rippleshot’s Customer Success Manager Jesse Sherwood shared in a webinar she recently participated in hosted by CUNA Mutual Group titled “Managing Risk Through Big Data, Analytics & Machine Learning.” Managing that risk, Sherwood said, starts with determining how data can be used to identify and act on fraud sooner.

“When we are thinking about data, we have to start with the problem. What problem are we trying to solve?,” Sherwood said during the webinar. “Data breaches are becoming more and more common and at very large scale. What this means is credit unions and members are being impacted. How do we protect them?”

The answers to those questions start by determining what tools can help credit unions boost fraud prevention performance.

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Topics: Fraud, Machine Learning, Data Analytics

Gas Station Skimmer Fraud Triggers Secret Service Memo

Posted by Anna Kragie on Feb 22, 2019 3:39:04 PM

As payment technology evolves, so does the techniques of hackers. Gas stations skimming fraud has been one of the hot topics that continually falls onto the list of latest and greatest ways that fraudsters compromised payment card data at the pump. This is going to continue being a major topic of discussions across the financial services ecosystem long after the EMV deadline sets in for gas stations in October 2020.

This week, reports surfaced about gas station skimmer fraud. This issue made headlines after Krebs on Security reported about a memo sent out by the U.S. Secret Service. Krebs initially reported that the skimmers discovered were part of new bluetooth and SMS technology that were being used to steal payment data from consumer's devices. Krebs updated his report to include some clarifications after getting more information from sources close to the matter. He concluded that skimming fraud did occur, but not through SMS-enabled devices. 

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Topics: Fraud

New Report: 2018 Holiday Card Fraud Benchmark Data

Posted by Anna Kragie on Jan 18, 2019 8:53:57 AM

It should be no surprise that payment fraud increased during the recent holiday season as this is the trend each year. What is noteworthy, based on the latest ACI Worldwide benchmark data report on this subject, is what's contributing to that increase.

The report indicates that cross-channel payment fraud increased 13 percent globally during the 2018 peak holiday season, with an increase in "buy online, pick up in-store" being a major target for fraudsters as card-present fraud becomes increasingly difficult. Card-not-present (CNP) fraud has also grown as a result.

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Topics: Fraud

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: Fraud, ATM

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: Fraud, ATM

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: Data Breach Legislation, Fraud

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