So-called friendly fraud is a growing problem for many merchants. A report from chargeback-management firm Chargebacks911 reveals that nearly three quarters of the 300 merchants surveyed have seen a 19% increase in illegitimate chargebacks on average so far in 2023 compared to the same period last year. At the same …

Cybercrime remains a scourge difficult to tame, according to data from Apple Inc., the Identity Theft Resource Center, and LexisNexis Risk Solutions. Apple Inc. late Tuesday revealed it stopped more than $2 billion in fraudulent transactions in its app store in 2022. In addition, the technology giant blocked nearly 3.9 …

Mitek Systems Inc., a provider of identity-verification technology, is teaming up with DarkTower, the cyber-intelligence division of Davidson, N.C.-based IT consultancy Queen Associates, to combat account fraud and identity theft. The partnership grew out the increasing role criminal marketplaces on the dark Web are playing in account and check fraud, …

Real-time payment fraud is on the rise, even before the expected July launch of the Federal Reserve’s FedNow service. Some 71% of financial institutions reported an increase in consumer account takeover fraud using real-time payment networks from 2021 to 2022, according to a February and March survey of financial-institution executives internationally …

As real-time payments gain more traction in the United States, ACI Worldwide Inc. is making fraud-protection services that cater to these methods available under the Real-Time Payments Cloud moniker. Announced Tuesday and working with Microsoft Corp.’s cloud service Azure, ACI’s Real-Time Payments Cloud supports the Real Time Payments network from …

Payment processor Euronet Worldwide Inc. on Wednesday announced a new fraud-monitoring service called Skylight the company says will enable analysts to write rules for monitoring suspicious transactions without needing to change software coding. The cloud-based service comes from Euronet’s epay division and runs on Microsoft Corp.’s Azure and Amazon.com Inc.’s …