Rippleshot Blog

Anna Kragie

Recent Posts

Rippleshot CTO's Take on COVID-19 and Preventing Fraud Threats

Posted by Anna Kragie on Jun 30, 2020 1:30:00 PM

The pandemic has underscored the need for businesses to be prepared for unforeseen threats. For banks and credit unions, this means having the insights and the right tools to proactively combat emerging card fraud threats. Rippleshot's CTO Yueyu Fu recently shared his perspective with the team at UI Ventures about how businesses are leveraging AI-driven technology to thwart fraud threats during these uncertain times. 

“COVID-19 has drastically changed how businesses are operating, including how they manage fraud risks. We’ve made it a priority to provide data-driven research on how this crisis is impacting spending habits, fraud patterns and the overall economic outlook,” Fu told the team at IU Ventures in a recent interview. “This information is critical for financial institutions to know what they can do to protect themselves and their customers during this difficult time.”

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What Financial Institution Execs Say about COVID-19, New Tech and AI

Posted by Anna Kragie on Jun 23, 2020 7:00:00 AM

COVID-19 has forced financial institution leaders to pivot their physical footprint plans and drastically adapt how they think and invest in banking technologies.

A new study indicates COVID-19 has made banking executives accelerate their plans for investing in new tech such as cloud-based tools and AI. The desire is growing for new tools that can help organizations be more efficient, cut costs and proactively thwart off emerging financial threats to their organization and their cardholders. Another new report shares deep insight into how the pandemic is driving the fraud detection and prevention market. 

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FBI Issues Warning About Mobile Banking Threats

Posted by Anna Kragie on Jun 11, 2020 7:00:00 AM

Mobile banking app usage has surged as access to physical banks has been limited during the COVID-19 pandemic, which has spurred the FBI to issued a warning about the potential for hackers to exploit mobile channels.

“The FBI advises the public to be cautious when downloading apps on smartphones and tablets, as some could be concealing malicious intent,” the nation’s law enforcement agency wrote in the alert. "The FBI expects cyber actors to attempt to exploit new mobile banking customers using a variety of techniques, including app-based banking trojans and fake banking apps."

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Data Breach News: Inside the Home Chef Data Breach

Posted by Anna Kragie on May 21, 2020 2:00:33 PM

Home Chef, a Chicago-based meal kit and food delivery company, announced a data breach after a hacker attempted to  sell information on a dark web marketplace.

Home Chef said the last four digits of a customer's credit card was accessed, as they don’t store complete payment information in their databases. Home Chef emailed affected customers. The company didn’t officially announced how many customers were impacted by the security incident, but the security site Bleeping Computer reported that hackers claimed to be selling a database of 8 million users.

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Topics: Data Breach Statistics

Webinar Recap: COVID-19 Impact on Fraud at Financial Institutions

Posted by Anna Kragie on May 1, 2020 9:00:00 AM

As banks and credit unions grapple with the impact of COVID-19 on their operations, the pandemic disruption is creating new opportunities for fraudsters and additional challenges for financial institutions. Rippleshot it making available its analysis based on its consortium data of thousands of financial institutions across the U.S.

Rippleshot’s CEO Canh Tran and Chief Data Scientist Randal Cox shared their research on the economic impacts of COVID-19 across the U.S., the evolving fraud trends, and mitigation strategies for your financial institution during a webinar on April 29. The presentation from their webinar is now available. 

The presentation addresses:

  • The fallout during past pandemics and economic shocks and the current economic impact across the U.S.
  • The significant risks to your financial institution, including broad expectations of decreases in transaction volumes over the near term.
  • How fraud has increased in frequency and volatility during a period where operations have not kept pace with increased risk.
  • Our predictions and mitigation strategies to respond this year to the growing fraud trends.
Watch the Webinar Replay
Get your copy of the presention
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Topics: Fraud

Webinar: COVID-19 Impact on Fraud at Financial Institutions

Posted by Anna Kragie on Apr 21, 2020 10:50:33 AM

As banks and credit unions grapple with the impact of COVID-19 on their operations, the pandemic disruption is creating new opportunities for fraudsters and additional challenges for financial institutions. During these difficult and rapidly-evolving times, Rippleshot will make available its analysis based on its consortium data of thousands of financial institutions across the U.S.

Rippleshot’s CEO Canh Tran and Chief Data Scientist Randal Cox will share their research on the economic impacts of COVID-19 across the U.S., the evolving fraud trends, and mitigation strategies for your financial institution during a webinar on Wednesday, April 29 at 2pm EST.

The webinar will address:

  • The fallout during past pandemics and economic shocks and the current economic impact across the U.S.
  • The significant risks to your financial institution, including broad expectations of decreases in transaction volumes over the near term.
  • How fraud has increased in frequency and volatility during a period where operations have not kept pace with increased risk.
  • Our predictions and mitigation strategies to respond this year to the growing fraud trends.
    Register for the Webinar
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Data Breach Intel: Inside the Marriott Data Breach

Posted by Anna Kragie on Apr 3, 2020 9:42:56 AM
Marriott announced another major data breach this week. No payment data was believed to be impacted, but the real impact from the incident is fraud that can occur from the massive amount of exposed PII data. The hotel chain announced that the personal data of 5.2 million people may have been impacted. The personal information includes names, addresses, phone numbers, email addresses, loyalty member data, DOB and additional linked travel preference information.
 
Get the latest intel on how exposed PII from these types of data breaches can lead to an increase in:
  • Synthetic Fraud
  • Account Takeover Fraud
  • New Account Opening Fraud

Download the Marriott Data Breach Alert

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COVID-19 Resources for Bank and Credit Union Leaders

Posted by Anna Kragie on Mar 27, 2020 5:12:47 PM

During times of uncertainty, fraudsters find new avenues to exploit. This is especially true during the COVID-19 pandemic. To help combat the scams that are often born out of these times of crisis — CUNA, AACUL and  ABA — the organizations that serve financial institutions have created their own resource pages to keep bank and credit union leaders informed. These pages are curated daily to provide the most up-to-date news and tips.

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How Banks, Credit Unions and Regulators are Handling Coronavirus

Posted by Anna Kragie on Mar 13, 2020 1:15:48 PM

In the wake of uncertainty about the Coronavirus outbreak, banks and credit unions are taking proactive measures to protect and educate their customers and members about what to expect, how to operate and how to minimize financial impact.

To help keep you informed about what bank and credit unions leaders have been sharing, we've gathered this week's top headlines on how the financial institution industry is managing the fallout from the global health crisis.

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Online Payment Fraud Trends: Synthetic Identity Fraud On the Rise

Posted by Anna Kragie on Mar 6, 2020 8:54:02 AM

New insight from Juniper Research indicates that online payment fraud is expected to exceed $200 billion between 2020 and 2024. One key contributing factor is a rising number of synthetic identities created to perpetrate fraud. 

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Topics: Fraud

The Evolution of Credit Card Fraud Patterns

Posted by Anna Kragie on Feb 14, 2020 12:26:32 PM

Tracking credit card fraud trends is a standard practice for any financial institution. When tracking that data, it's important to have context of what the last few years looked like, and what that means for future trends across the fraud ecosystem. What's important to track is what types of card fraud are mot prevalent (CP vs. CNP fraud), the rate at which credit card fraud is growing and who it is impacting most. 

Knowing how credit card fraud patterns are evolving can help your financial institution know which tools your team needs to proactively get ahead of these rapidly-growing problems. We break down four key trends: 

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ITRC Data Breach Report: Breaches up 17%, Exposed PII Records Down 41%

Posted by Anna Kragie on Feb 7, 2020 12:46:40 PM

The Identity Theft Resource Center's annual report confirmed what we already knew about the state of data breaches: They continue to rise significantly, year-after-year. There is a bit of good news, however, within the ITRC's report: The number of PII and sensitive PII records exposed continues to drop. 

“This year’s report paints a mixed view of the landscape as we continue to work with businesses and consumers alike to thwart cyber criminals and contain their damage,” said Matt Cullina, CyberScout’s EVP of Strategic Partnerships and Managing Director of Global Markets.

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Wawa Customer Breached Card Data Reportedly Being Sold On Dark Web

Posted by Anna Kragie on Jan 30, 2020 12:03:13 PM

Critical payment and credit card data from the Wawa convenience store breach has reportedly made its way to the dark web. Multiple reports, including Krebs on Security and Gemini Advisory, indicate that card data from more than  30 million Wawa customers was listed for sale Jan. 27 on the cybercriminal dark web forum Joker’s Stash.

Wawa acknowledged the reports, and released a statement saying it has "alerted our payment card processor, payment card brands, and card issuers to heighten fraud monitoring activities to help further protect any customer information." Wawa said it is working with federal law enforcement to determine the scope of the exposed Wawa-specific customer payment card data.

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Topics: Fraud

ABA Report: CNP Fraud Losses Rise Sharply In Two Years

Posted by Anna Kragie on Jan 17, 2020 7:00:00 AM

A newly published report from the American Bankers Association reveals key themes across the banking ecosystem: Fraudsters keep targeting old habits, while newer trends are gaining traction quicker than ever. 

The ABA's report showed is that popular fraud trends like check fraud and deposit account fraud continue to contribute to overall fraud losses — accounting for roughly $2.5 billion collectively. The report also details how point-of-sale debit card fraud trends have been shifting over the past few years. When comparing 2016 to 2018 figures, data indicates that POS debit card fraud from counterfeit frauds now accounts for 25% of the losses, compared to 47% in 2016. Looking at card-not-present transactions (CNP), those losses are account for 42% of counterfeit fraud, when compared to a 30% loss in 2016. 

Despite the gloomy outlook on many of the fraud figures, the report indicated some bright spots for financial institution leadership.

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Topics: Fraud

Inside the Landry's Data Breach: What You Need to Know

Posted by Anna Kragie on Jan 10, 2020 2:48:46 PM

Another major data breach was announced this week. This time it was Landry’s Inc., a Houston-based company that owns and operates more than 600 restaurants, hotels, casinos and entertainment destinations. According to what has been publicly reported, malware was installed on Landry’s’ payment processing system servers, and was used to exfiltrate customers’ card numbers, expiration dates and internal verification codes.

Data Breach Alert: Inside the Landry's Payment Data Breach

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Topics: Data Breach Statistics