Account Takeover Archives - Page 2 of 3

Opportunistic Identity Thieves Preyed on the Dead. Here’s What Needs to Change.

It’s a story that shocked even the most grizzled fraud fighters: The Miami-Dade County Attorney’s Office filed charges against four criminals who stole the identities

Stopping Digital Identity Fraud Requires a Multi-layered Detection Approach

It’s an age-old story: If burglars find your front door deadbolted, they’re going to look for an unlocked window. Just like brick-and-mortar criminals, identity thieves

Insight on the Role of Phones in Account Takeover

Jack Sundstrom, chief product and marketing officer for Kevari, wrote an article for Credit Union Times called, “Hanging Up on Phone-Change Fraud,” stressing the need

Founder Elliott Asks: Is it Time to Relegate Address Verification Letters to the Trash Heaps of History?

In a recent article for Great Lakes Banker, Adam Elliott, Founder and President of Kevari writes, “As you’re assessing opportunities to embrace modern technology and

Kevari in BAI: Financial Institutions Must Join Forces Against Organized Fraud

Kevari’s Fraud Investigation Network allows financial institutions to join forces in the fight against account takeover and new-account fraud. Because organized fraud rings are sharing technology, data and insights designed to defraud financial institutions, it’s critical that banks and credit unions collaborate to defend against this growing threat.

Robot Fraud: How Botnets are Powering ATO

Today, thousands of botnets – connected servers of scripted software robots – can perform what used to require hundreds of hours of manual work in just a few seconds. The results are staggering — both for banks and their customers.

Javelin’s Identity Fraud Study Highlights Scams That Let Criminals Capitalize on Stolen Information

Financial services companies need to be prepared for a new tidal wave of stolen PII and credentials. Now more than ever, they must have powerful controls in place to prevent account takeover and new-account fraud. Institutions that aren’t well protected risk losing money, customers, and their reputations.

Account takeover schemes are rarely limited to physical address alone

When the Federal Trade Commission made a public request for comment regarding the 2007 Red Flags Rule, the American Bankers Association and Attorneys General from

Why You Can’t Afford an Old-Fashioned Approach to Address Changes

How do you distinguish legitimate address changes from fraudulent ones without causing undue customer friction? What you DON’T do: Rely on change notification letters. The practice of sending change notification letters to comply with Section 114b of the FACT Act Red Flags Rule does almost nothing to proactively prevent fraud. What you SHOULD do: Identify and pursue only the most suspicious address changes. While you’re at it, monitor all email and phone changes, too.

Still Mailing Address-Change Letters? You Can’t Be Serious!

While much of regulatory compliance is now achieved with the help of efficient automated systems, financial institutions still have processes that have not benefited from modern technology. These relics from the past are a drag on the bottom line; they are paper-intensive, inefficient, and expensive.

One such relic is the process by which financial institutions are verifying customer/member address changes to comply with The FACT Act Section 114B. Instead of using cost-effective analytics software solutions as the law allows, institutions are printing and mailing letters at a cost of about $1 per address change.

Category: Account Takeover