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December 14
2009
10 Faces of Fraud for 2010 - Ghosts of Crimes Past and Present Will Haunt the Future
"The more things change, the more things stay the same." This old saying holds true when it comes to the different types of fraud hitting financial institutions.
In 2009, institutions were hit from every angle with fraud schemes -- some were old, and some were new variations. Here is a roundup of the 10 predominant types of fraud that institutions and their customers can expect to see in 2010, according to industry experts.
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November 25
2009
How the Rise of Smart Phones Could Unleash a Wave of Fraud
November 25, 2009 The increasing popularity of smart phones, which has given a big lift this year to consumer adoption of mobile banking and payments, has brought with it an ominous new threat of fraud. Last week, the Dutch security firm XS4All reported on a worm that infects iPhones and allows hackers to steal information from them. The worm, or malware, attacks so-called jailbroken phones, or iPhones that users have altered with software that lets the phone run programs not approved or supported by Apple Inc., the popular device’s maker.
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November 30
2009
41st Parameter Presenting at Airline & Travel Payments Summit and Pre-Summit Fraud Workshop
Scottsdale, Ariz.—November 30, 2009—41st Parameter will present during the upcoming Airline & Travel Payments Summit and pre-summit fraud workshop, December 1-3 in Miami, FL. Summit organizers called upon 41st Parameter and its customer Continental Airlines to participate in three sessions during the conference, sharing firsthand experience and knowledge derived from the company’s proven online fraud detection and prevention solutions for the Airline Industry.
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November 18
2009
Scottsdale, Ariz.-November 18, 2009-41st Parameter Inc., the leading provider of fraud detection and prevention technology, forecasts increased mobile channel cybercrime and decreased effectiveness of traditional anti-fraud tactics, attributed to the rapid adoption of new mobile handsets and multiple operating systems. According to a November 2009 consumer study of U.S. mobile phone users, 18.9 percent of mobile consumers now use a smartphone, and an additional 49.2 percent plan to purchase an advanced mobile device within the next two years. Last week, Gartner reported smartphone sales in 3Q09 grew 12.8% year over year, reaching 41.1 million units.
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November 11
2009
Bank robbers prefer laptops to guns
The Justice Department has indicted eight computer hackers who prosecutors say pulled off a global ATM heist last year. Jeremy Hobson explores the modern age of bank robbery and the more commonplace presence of digital financial fraud.
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November 4
2009
41st Parameter Presenting at Private Label Round Table Conference on Combating Fraud
Scottsdale, Ariz. - November 4, 2009 - 41st Parameter® today announced Eli Katz, Senior Vice President of Enterprise Strategies for Financial Services will present to an exclusive audience of Chief Risk Officers, senior credit and fraud risk managers for store cards at this week's private label round table conference. This by-invitation-only event comprises the top issuers in the US private label credit card industry representing 90% of the $110 Billion store card (private label) industry.
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October 27
2009
Scottsdale, Ariz.—October 27, 2009—41st Parameter has been invited to present during the upcoming China Airline Booking & Payment Summit, October 29-30 in Shanghai, China. Summit organizers called upon 41st Parameter to host and participate in two separate presentations during the conference; sharing knowledge derived from the company’s proven online fraud detection and prevention solutions for the Airline Industry.
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October 23
2009
The risks associated with mobile payments and their anti-fraud solutions
Juniper Research recently forecast that NFC (Near Field Communication) Payment transactions will significantly grow from values of $8bn in 2009 to $30bn within three years. Such offerings are set to reach the UK commercial market later this year.
The Government recently announced new safety guidelines, which include disabling the payment functionality of a mobile as soon as a fraudulent payment occurs and verifying any transaction above the maximum contactless payment threshold – currently £10 – by additional security measures such as a PIN code. If a large number of smaller payments are noted in quick succession, these will also require verification in a bid to prevent criminals abusing contactless mobile payments. But are they really going to stop mobile payment fraud?
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October 1
2009
Frenetically Fighting Fraud - From STORES Magazine
E-commerce retailers are constantly at risk from fraudsters, especially those sophisticated enough to assume multiple false identities. To protect themselves, many e-tailers use fraud prevention tools to alert them to potential risks. To more fully evaluate those risks often requires long hours by investigators, who manually review customer orders that have been flagged as risky.
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August 19
2009
41st Parameter® Expands Executive Team Adding William Snow as Vice President of Engineering
Scottsdale, Ariz.—August 19, 2009—41st Parameter Inc., the leading provider of fraud detection and prevention technology, today announced William Snow has joined the company as vice president of engineering. Mr. Snow brings more than 23 years experience in the software and information technology industries. He comes with expertise from both large enterprise organizations and several start-up companies. Mr. Snow will be responsible for the company’s product and quality assurance engineering, customer support and advocacy, and professional services.
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August 10
2009
2Checkout.com Extends Commitment to 41st Parameter’s Internet Fraud Detection Solutions
Scottsdale, Ariz. – August 10, 2009 – 41st Parameter® Inc., the leading provider of fraud detection and prevention technology, today announced a three-year
extension of services from 2Checkout.com (2CO), provider of turnkey e-commerce solutions and payment processing for approximately 40,000 businesses around
the world. 2Checkout will continue using FraudNet, the leading dedicated fraud prevention solution for the e-commerce industry, through 2012 to help its investigative team identify legitimate versus fraudulent transactions.
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August 5
2009
Scottsdale, Ariz. – Aug 5, 2009—Fraud detection tools and payment fraud losses are top of mind according to a recent webinar and poll of airline fraud
investigators. The survey results, released today by 41st Parameter Inc, a leading provider of fraud detection and prevention systems to the airline
Industry, report insufficient rules and defense mechanisms in place at most airlines. The results forecast the continued emergence of new reservation booking vehicles and a shift in the payment landscape.
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July 16
2009
E-commerce Fraud: The Latest Criminal Schemes
July 16, 2009 — CSO —
E-commerce fraud costs retailers approximately $4 billion each year, according to the most recent results of an annual survey conducted by Cybersource, a provider of electronic payment and risk management services. Sebbe Jones, manager of fraud and disputes at 2Checkout, is in the business of keeping e-commerce fraud at bay.
2Checkout, an international online payment service, is a reseller for small-and-medium-sized businesses. The company has more than 20,000 active suppliers and handles more than 200,000 transactions a month. Merchants come to 2Checkout to handle the financial life of their transaction. Naturally, criminals hoping to defraud people out of their money and credit card information also attempt to use the system for financial gain. Jones outlines how 2Checkout monitors fraudulent activity, and details some of the latest scams he sees on the job.
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July 1
2009
41st Parameter Names J. Peter Selda as Chief Executive Officer
Scottsdale, Ariz.- July 1, 2009 - 41st Parameter Inc., the leading provider of fraud detection and prevention technology, today announced that J. Peter Selda will join the company as President, Chief Executive Officer and member of the Board of Directors. Selda brings more than 35 years of executive management, sales, and marketing experience to 41st Parameter, with significant operational success specifically in the IT security sector. Selda held the position of president and CEO of WholeSecurity, Inc., where he led the company from incubator pre-product stage through a successful commercial launch and subsequent strategic acquisition of its acclaimed behavioral-based anti-phishing and malware detection solutions by Symantec in 2005.
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June 18
2009
Scottsdale, Ariz.- June 18, 2009 - 41st Parameter Inc., a leading provider of fraud detection and prevention systems to the Airline Industry, today announced Jack Harbaugh, senior vice president of business development, will be speaking at the 2009 Annual Global Fraud Prevention Forum on the "Importance of Device Data for True Intelligence." The presentation will be given on June 24 at 11:15 a.m. PT at the Loew's Santa Monica Hotel.
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May 26
2009
Fraud Update: The 13 Hottest Schemes You Need to Prevent
Linda McGlasson, Managing Editor
May 26, 2009
The fraud fight is getting nastier by the minute, say experts familiar with the new schemes - and some old ones with new wrinkles -- being perpetrated by criminals against financial institutions and their customers. Here are 13 of the most prevalent ruses.
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May 1
2009
Wire Transfer is one of the backbones of money movement, responsible for handling transactions of hundreds of thousands and even millions of dollars. It is no wonder then, financial institutions are dedicating significant resources to protecting the integrity of the channel and preventing fraud.
The combination of high transaction amounts, global transfer destinations, and fast payment has created a challenging, and often a stressful, fraud-detection environment. To improve its fraud detection processes, a leading global bank turned to 41st Parameter to further reduce losses while improving investigator productivity.
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April 30
2009
Scottsdale, Ariz. - April 30, 2009 - 41st Parameter Inc., a leading provider of internet fraud detection and prevention systems to the Airlines Industry, announced today its FraudNet solution is significantly reducing fraud losses for airlines across multiple card not present channels; allowing for legitimate sale of seat capacity and revenue retention. According to the recent Airline Online Fraud Survey, curtailing fraud loss and profit protection are key initiatives for airlines during tough economic times.
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April 20
2009
Scottsdale, Ariz. – April 20, 2009 – 41st Parameter Inc., the leading provider of online device intelligence and identification technology, today announced Founder and Chief Innovation Officer Ori Eisen will participate in a panel comprised of device fingerprinting industry experts at the 2009 RSA Conference. The conference will take place at the Moscone Center in San Francisco, Calif. from April 20-24, 2009.
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April 3
2009
41st Parameter to Co-Present with U.S. Bank at NACHA's PAYMENTS '09
Scottsdale, Ariz. - April 3, 2009 - 41st Parameter® today announced that Eli Katz, Senior Vice President of Enterprise Strategies for Financial Services, will speak alongside U.S. Bank's Senior Vice President, Laura Listwan at the upcoming NACHA Payments Conference on Tuesday, April 7. Katz and Listwan will provide insights into the new threat environment and share innovative approaches for addressing them.
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March 26
2009
US Airways Selects 41st Parameter's FraudNet
Scottsdale, Ariz. - March 26, 2009 - 41st Parameter® Inc., the leading provider of internet fraud intervention and detection services and technology, today announced U.S. Airways (NYSE: LCC) selected FraudNet to detect and prevent Card Not Present (CNP) fraud across multiple reservation channels including online, kiosk and phone. The airline conducted an arduous selection process and chose FraudNet, the leading dedicated fraud solution for the travel industry, to help identify legitimate versus suspect transactions on a global scale.
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March 9
2009
41st Parameter Identifies Emerging Fraud Trends At 7th Annual MRC Conference
– 41st Parameter® Inc., the leader in Card Not Present fraud detection and placed as a visionary in 1Gartner's Magic Quadrant for Web Fraud Detection, today announced Founder and Chief Innovation Officer, Ori Eisen, will be a featured speaker during the 2009 7th Annual Merchant Risk Council (MRC) Conference. The event will be held March 10-12 at the Wynn Las Vegas Resort.
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February 27
2009
41st Parameter Presenting at 2009 BITS and FSTC Joint Summit
February 27, 2009-41st Parameter today announced Elazar Katz, Senior Vice President of Enterprise Strategies for Financial Services, has been selected to speak on a panel of industry leaders at the upcoming BITS and FSTC Joint Summit March 3 - 5. Katz will speak on how companies can transform operations; reduce costs and risk, while increasing efficiency.
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February 24
2009
Gartner's Magic Quadrant for Web Fraud Detection placed 41st Parameter in the visionaries quadrant based on the company's completeness of vision and ability to execute. Criteria must be met for inclusion in Gartner's Magic Quadrant. Magic Quadrants use standard criteria in two categories: completeness of vision and ability to execute.
Complimentary report available at www.the41st.com/Gartner.
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February 6
2009
41st Parameter Shows Record Growth During 2008
Scottsdale, Ariz. - February 6, 2009 - 41st Parameter Inc., the leading provider of internet fraud intervention and detection services and technology, today announced record sales and growth for 2008. Many companies recognized online fraud as a serious potential threat to their customers and their bottom line. Even with the uncertain economic times, companies turned to 41st Parameter for industry best anti-fraud solutions.
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February 2
2009
Writing the bad guys a blank check. Fraud is spiking and hard working families are the frustrated victims. FOX 10's Keith Yaskin tells us why the common crime of check fraud is a sign of the times
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January 12
2009
Atlanta, GA - 01/12/2009 - Atlanta-based consulting firm Transform announced Monday that it has been awarded a contract to lead the implementation of 41st Parameter's FraudNet software at US Airways (LCC). The initiative will provide an integrated solution aimed at minimizing credit card fraud - particularly through web site and call center distribution channels.
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