NCR

JULY 28, 2017

This convenience offers many advantages to the consumer, but financial institutions and consumers need to recognize one of the biggest disadvantages of this technological expansion: the increased risk of digital banking fraud. million instances of fraud and two million computer misuse offenses in England and Wales alone. .

Fraud 74

Fraud Digital Banking Survey Security 74

PYMNTS

SEPTEMBER 23, 2020

Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time.

Technology 208

Technology Report Fraud Study 208

PYMNTS

SEPTEMBER 28, 2020

Saudi Arabia and the United Arab Emirates are attempting to square away increasing consumer use of online channels with their privacy and banking standards. The aim of doing so is to create a more robust framework for digital banking. The ensuing lawsuit would represent the country’s largest class-action GDPR lawsuit.

Online 151

Online Report Payments Regulation 151

PYMNTS

NOVEMBER 30, 2020

There are other benefits that the function could provide, however, including more robust fraud protection. How can banks better communicate the benefits of location sharing — and its vast potential to combat fraud — to customers who are on the fence? The report surveyed 2,141 U.S.

Fraud 171

Fraud Data social media Millennials 171

FICO

MAY 8, 2020

Significant numbers say they have abandoned an online purchase or been unable to open a new account with an existing provider because they can’t remember their passwords. . However, while they are still a valuable form of authentication, they do have weaknesses and criminals have can intercept texts with SIM swap frauds. Philippines.

Security 83

Security Digital Banking Study Survey 83

PYMNTS

NOVEMBER 3, 2020

Lingering economic uncertainty and growing fraud rates in multiple markets are prompting consumers to sharpen their focus on privacy and security. Eighty-one percent of consumers in one recent study said that trusting brands was a major factor in determining whether they would interact with them, for example.

Study 192

Study Data Regulation Digital Banking 192

PYMNTS

JANUARY 27, 2021

This increased digital presence also brings a greater risk of digital fraud, however. Some schemes that are impractical to wage in person are simpler to perpetrate online because of a decreased security presence, the anonymity of transactions and fraudsters’ abilities to stage hundreds of attacks simultaneously.

Security 213

Security Innovation Fraud Study 213

PYMNTS

NOVEMBER 20, 2019

This rampant availability of users’ data makes it easier for bad actors to wreak havoc and commit fraud. She recently spoke to PYMNTS about how Scotiabank has revamped its fraud strategy in recent years. “I The increasing sophistication of fraud attacks has led Scotiabank to reassess how it employs AI, ML and automation.

Fraud 117

Fraud Data Management Analytics 117

PYMNTS

AUGUST 5, 2019

Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. The Whole New World of Check Fraud.

Fraud 162

Fraud Payments Mobile Handbook 162

PYMNTS

OCTOBER 4, 2019

Once upon a time in the 1960s, banks were building a series of one-off card-based solutions , much the way today in the ending days of the 2010s we see global digital banking, mobile wallets and alternative underwriting schemes building one-off tech-based solutions for financial services products. Goldman’s Marcus Has Lost $1.3B

Fraud 108

Fraud Google Apple Chicago 108

PYMNTS

OCTOBER 16, 2019

Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies. According to a KPMG study , 63 percent of financial institutions use transaction monitoring based on rules and machine learning.

Compliance 123

Compliance Fraud Study Digital Banking 123

PYMNTS

SEPTEMBER 24, 2020

These considerations are especially important during the ongoing coronavirus pandemic as the wave of legitimate customers now doing their banking online has prompted a corresponding spike in fraud. GDPR has been a blueprint for many online data and privacy regulations rolled out around the world.

Compliance 151

Compliance Fraud Regulation Security 151

FICO

JANUARY 11, 2022

Last year we published a highly successful The 11 Commandments of Digital Banking eBook that introduced the 11 commandments: Digital lift-and-shift is not a strategy! In addition to a new blog post that will be published monthly over 5 months, we are also excited to launch the following event: LinkedIn Live on Digital Banking.

Digital Banking 98

Digital Banking Customer Experience eBook UX 98

PYMNTS

OCTOBER 10, 2019

Consumers have noticed the rising levels of fraud in digital banking, and they are not pleased. In fact, one recent study found that 71.2 Financial institutions (FIs) need to keep watch for newer schemes as they seek to prevent different forms of fraud, such as money laundering, on their online platforms.

Fraud 126

Fraud Digital Banking Strategy Security 126

PYMNTS

SEPTEMBER 22, 2020

Consumers moved to digital banking in droves during the early months of the COVID-19 pandemic — it appears they are not moving back. Consumers pivoting to online banking are also more concerned over the privacy and security of their data, especially as fraud volumes creep up —and financial regulators are taking notice.

Compliance 191

Compliance Digital Banking Security Online 191

PYMNTS

OCTOBER 3, 2019

But what you probably don’t know is that consumers want the type of financial services control that could potentially reduce their risk for fraud and leave them responsible for more authentication tasks, according to fresh PYMNTS research. consumers, so the findings are solid enough to take to the bank, if you will.).

Fraud 151

Fraud Digital Banking Mobile Analysis 151

PYMNTS

FEBRUARY 27, 2020

Small businesses continue to embrace digital banking. At the same time, digital banks are looking to capitalize on their growing small and medium-sized business (SMB) customer base, with open banking and bank-FinTech collaborations an important part of that strategy. Enfuce Tackles Fraud In Open Banking.

Fintech 192

Fintech Fraud Data Lending 192

PYMNTS

DECEMBER 14, 2020

On the fraud front, for example, banks and FIs learned that “Using AI for real-time fraud detection is akin to having a fingerprint scanner that takes customers’ biometric data every second,” the Playbook states. “An AI systems implemented to identify fraud never stop scanning for it, as do those monitoring consumer credit.”.

Fraud 218

Fraud System Digital Banking Data 218

PYMNTS

MARCH 25, 2020

Digital fraud continues to flourish, with recent surveys finding that security breaches have increased 67 percent since 2014 and 11 percent since 2018. Organizations and security developers are investing billions of dollars in fighting these fraud attempts. Developments From Around the World of Digital Fraud.

Fraud 148

Fraud Security Resources Survey 148

PYMNTS

DECEMBER 17, 2019

Headlines are filled with reports of service outages and data breaches , and both banks and consumers are contending with rising fraud concerns as digital banking takes off. Fraud threatens everyone, yet customers rely on their banks for protection. Bigger Banks And The Problems With Data Security.

Technology 142

Technology Fraud Data Security 142

PYMNTS

JUNE 14, 2019

Most consumers probably don’t have strong opinions about their banks, since the relationship tends to be more transactional than emotional. However, in the 2019 Retail Banking Report, a study by Reputation.com that analyzed online data relating to retail banking locations for 23 major U.S.

Retail 103

Retail Study Online Mobile 103

PYMNTS

JUNE 17, 2020

Both of these channels are thus perfect targets for fraud, with cybercriminals posing as restaurants on social media and attempting to scam customers of their personal data, and fake reviews driving customers away from restaurants.”. Successful attacks are often the result of inadequate digital defenses meeting these methods.

Tools 141

Tools social media Fraud Mobile 141

PYMNTS

MARCH 3, 2020

Mobile and online banking’s prevalence has reduced physical branches’ importance, but these brick-and-mortar establishments are still vital to customers’ financial lives. Even millennials , who heavily lean on remote banking, still visit physical bank locations for more complex functions, such as loan applications.

ATM 151

ATM Fraud Study Regional 151

PYMNTS

DECEMBER 10, 2020

Advocates of the strategy say it provides banks with an error-free way to onboard customers while reducing fraud and preventing application abandonment. . Speedy, secure onboarding is vital at a time when consumers have to use digital banking to prevent health risks. One study revealed that 73 percent of U.S.

Video 201

Video Digital Banking User Experience Tools 201

FICO

MAY 19, 2020

History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. So, I thought I would outline my top 5 fraud manager considerations during COVID-19. Examples include fake emails from CDC, WHO, and FEMA.

Fraud 52

Fraud Management Handbook Cards 52

PYMNTS

JULY 24, 2020

The way banks and their customers are coping with the new realities brought on by the COVID-19 pandemic could be a bellwether for the future of the financial industry. Online banking currently ranks as the most commonly utilized form of banking, followed by mobile banking, according to a recent study.

Study 145

Study ATM Trends Mobile 145

PYMNTS

SEPTEMBER 6, 2019

In the September Digital Identity Tracker , PYMNTS explores the latest developments in the world of digital IDs, including Australia’s implementation of myGovID, a new eCommerce payment option from Mastercard, and the benefits of using digital IDs in digital banking and the gig economy.

National 179

National Study Digital Banking Trends 179

FICO

FEBRUARY 12, 2023

Home Blog FICO Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. Read the full customer development post 4.

Digital Banking 52

Digital Banking eBook Analytics Customer Experience 52

PYMNTS

MAY 28, 2020

In the May Digital-First Banking Tracker® , PYMNTS explores the latest in the world of digital-first banking, including the challenges facing deployment of APIs amid the COVID-19 pandemic, new online initiatives from nationwide FI chains and community banks and the security challenges that are plaguing digital banking programs.

Community Bank 176

Community Bank Community Security Digital Banking 176

FICO

JANUARY 5, 2021

It’s no surprise that COVID-19 would be one of the subjects that drew readers to the FICO Blog last year, but for the Fraud Protection and Compliance category it wasn’t the only top draw. Two of our top five posts focused on digital transformation innovations in biometrics and customer identification.

Fraud 52

Fraud Compliance Survey Google 52

PYMNTS

SEPTEMBER 30, 2020

Consumers and businesses have been moving online in recent years, and regulators from the European Union to the Middle East and North Africa (MENA) region have worked to keep up with this migration. Consumers’ changing views are prompting MENA financial authorities to reexamine how their present regulations handle online privacy.

Regulation 175

Regulation Data Regional Examples 175

PYMNTS

DECEMBER 11, 2020

“Speedy, secure onboarding is vital at a time when consumers have to use digital banking to prevent health risks,” per the Tracker. Online account openings increased by as much as 15 percent when social distancing mandates were implemented, and one study revealed that 73 percent of U.S.

Video 204

Video Security National Digital Banking 204

PYMNTS

JUNE 10, 2020

A 2017 study found that 85 percent of bank respondents did not enable customers who started onboarding on one channel to continue the process on another, for example. A 2018 study found that more than 50 percent of U.K. FIs must offer in-demand service channels or risk seeing their customers defect to competitors.

Mobile 130

Mobile Security Examples Study 130

CB Insights

JULY 25, 2019

They make up close to 25% of the total US population and are by far the wealthiest generation — and will continue to be so until at least 2030, according to a 2015 Deloitte study. . Fintech cos are trying to prevent fraud. Estate planning gets a digital makeover. Fintech cos are trying to prevent fraud.

Millennials 73

Millennials Fintech Tools Fraud 73

NCR

JULY 31, 2017

As we explored in the first part of this two-part guide, digital banking fraud is an escalating threat to financial institutions and their customers. Digital banking fraud can take many forms, such as identity fraud and account takeover , which are becoming increasingly common. million in 2016.

Fraud 74

Fraud Digital Banking social media Security 74

PYMNTS

JANUARY 17, 2020

Wells Fargo is aiming to refresh its approach to technology to ensure systems stay online, block cybercriminals and satisfy regulators. Goldman Sachs Group last week debuted its long-awaited app that will integrate with the financial giant’s digital bank Marcus. How AI Helps Marketplaces Fight Off-Platform Fraud .

Fintech 100

Fintech New York City New York Mobile 100

PYMNTS

NOVEMBER 24, 2020

24) that the collaboration with Cellulant will help “drive consumer confidence in digital banking and boost the adoption of digital payments on the continent.”. Banking app security was especially problematic, according to the statement. Banking app security was especially problematic, according to the statement.

Digital Banking 145

Digital Banking Security User Experience Fraud 145