Google, Amex roll out anti-fraud tool
Payments Dive
FEBRUARY 7, 2023
Amex is the latest card company to tap a Google virtual card service aimed at increasing the security of online payments.
This site uses cookies to improve your experience. By viewing our content, you are accepting the use of cookies. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country we will assume you are from the United States. View our privacy policy and terms of use.
Abrigo
MARCH 8, 2024
Bank wire fraud is growing and becoming more complex. Takeaway 1 Bank w ire transfer fraud is increasing due to technological advances today. Takeaway 2 Transnational criminal organizations commit b ank wire transfer fraud and use a variety of techniques to make Americans their victims. Investment scams were #1, with over $4.6
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
PYMNTS
MAY 18, 2020
Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Mastercard said.
Abrigo
JANUARY 24, 2024
Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. Use this guide to understand available tools and the steps AML and fraud teams should take. You might also like this FedNow implementation guide with details on appropriate AML/CFT and fraud considerations.
Abrigo
JULY 13, 2023
Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Takeaway 1 Investment fraud schemes known as pig butchering scams contributed to $3.3 billion in fraud losses in 2022. billion in 2021.
PYMNTS
JANUARY 19, 2021
This includes shifts in which consumers are shopping and paying, and in the payment tools or methods they are using to finalize their transactions. Fraudsters have unfortunately also carefully followed this payment trend, with skimming, prepaid card and ATM fraud all seeing upticks recently — especially in regard to debit transactions.
PYMNTS
AUGUST 26, 2019
The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world. Seeing the Attack Before it Happens .
Abrigo
JULY 25, 2023
How offering FedNow instant payments affects fraud & AML/CFT compliance What financial crime staff can do to prepare fraud and AML functions for implementing the FedNow Service for instant payments. Would you like other articles on fraud and AML/CFT compliance in your inbox? Instant payments service What is FedNow?
PYMNTS
DECEMBER 29, 2020
While fraud affects less than 1 percent of all card purchases, consumers who do lose funds from their bank accounts must go through lengthy and often stressful processes to get their money back. Getting security right also means balancing customers’ security and privacy concerns. Read the full story in the Tracker.
PYMNTS
DECEMBER 31, 2020
Debit card issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. Security challenges are mounting, too.
PYMNTS
JANUARY 26, 2021
These struggles are leading many to examine cutting-edge tools that can help them better protect these transactions from fraud,” according to PYMNTS January 2021 Real-Time Payments Tracker® done in collaboration with The Clearing House. Protecting RTP is critical to its wide acceptance as another arrow in the payments quiver.
PYMNTS
DECEMBER 16, 2020
Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector. And while promising news regarding COVID-19 vaccines may have put the end of the pandemic in sight, the restaurant industry’s growing fraud concerns will not cease as abruptly.
PYMNTS
FEBRUARY 17, 2020
The travel industry may have seen exceptional growth in recent years, but the space has also toted the heavy baggage of rising fraud costs. Fraud could cost the market more than $25 billion this year, and approximately 20 percent of attempted travel-related transactions are confirmed to be fraudulent.
PYMNTS
AUGUST 3, 2020
When it comes to B2B payments fraud, it’s not a matter of if it happens, but when. Speaking with Karen Webster in a recent interview , OnPay Solutions President and CEO Neal Anderson explained that organizations have to prepare themselves to mitigate the fraud threat, even as employees work from home. ” $4.13 ” $4.13
Bank Innovation
NOVEMBER 13, 2019
The identity verification process for financial institutions just got easier thanks to two new digital identity tools FICO rolled out this month. The credit bureau rolled out FICO Identity Proofing, which lets organizations verify customers’ identities through selfies with their government-issued IDs.
Bank Innovation
MARCH 26, 2019
bank to use its new AI-based fraud tool, Bank Innovation has learned. Clinc, a conversational AI company, has signed a deal with a major U.K. Clinc could not disclose the bank's name, but Gualberto Camacho, director of product at the company, told Bank Innovation that it is "one of the three largest FIs in the […].
PYMNTS
APRIL 10, 2020
This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sector more than $200 billion annually by some estimates. Yet, these advanced computational systems have a long way to go in healthcare administration.
PYMNTS
OCTOBER 28, 2020
PSCU , the credit union service organization (CUSO), is teaming up with FICO Customer Communications Services (CCS) to develop a fraud alert tool for credit unions (CUs), PSCU said in a statement on Wednesday (Oct. In the event of possible fraud, members are alerted quickly and securely using their preferred method of communication.
Abrigo
MARCH 4, 2022
Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.
PYMNTS
JULY 9, 2020
The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Relying on static usernames and passwords to authenticate customers is no longer sufficient, and many FIs are therefore examining how tools like biometrics can offer greater security.
Abrigo
NOVEMBER 3, 2021
FinCEN provides guidance on Cyber Fraud What can financial institutions do to prevent and detect cyber fraud? You might also like this blog on FinCEN's AML/CTF priorities on cyber fraud. Takeaway 3 The FinCEN releases also focus on money mule schemes and imposter fraud, both increasing due to the pandemic. .
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.
PYMNTS
JUNE 23, 2020
Federal Reserve has introduced a new effort to combat payments fraud. The API supports setup, verification and initiation of direct debit, with the bank’s head of global liquidity and cash management Yvonne Yiu pointing to the cash management benefits such a tool could bring to businesses. In the U.S.,
PYMNTS
OCTOBER 30, 2020
In today’s top news, Mastercard reveals its AI tool Cyber Secure to help banks fight cyber breaches, and Amazon reported record-setting earnings. Mastercard’s Cyber Secure Uses AI to Help Banks Fight Cyber Fraud. Likewise, Alphabet reported a strong Q3, thanks in large part to renewed consumer spend.
PYMNTS
OCTOBER 9, 2020
This includes upgrading digital security measures, but the resurgence of brick-and-mortar commerce has required upgraded technologies to accept contactless payments and mobile wallets. These include running scheduled checks on their platforms to detect fraud. Why Automated Tools Can Add Security To Online, CNP Transactions.
PYMNTS
JANUARY 25, 2021
This increased digital engagement can create challenges, however, as it opens up new avenues for fraud in addition to making transactions more convenient for customers. A Lloyds Bank study found that this type of fraud has increased fivefold over the past year, accounting for up to 1 percent of all loan applications.
PYMNTS
SEPTEMBER 22, 2020
The growth in digital transactions is also spurring a boost in friendly fraud, which occurs when legitimate customers either knowingly or unwittingly claim that they did not make legitimate purchases and seek reimbursement for them. It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.
PYMNTS
OCTOBER 15, 2018
Recent reports indicate an uptick in fraudsters targeting large FIs, and headlines surrounding security breaches and cyberattacks fill the news on a near-daily basis. Visa and Mastercard designed the 3DS protocols and provide them under the names Verified by Visa and Mastercard Secure Code. s upgrades, however. For example, 3DS 2.0
PYMNTS
JUNE 22, 2017
Fraud protection will likely be an ongoing task for merchants. This week, German-Israeli payment security company Fraugster debuted its answer to the fraud conundrum. The new Fraud Free Product fraud prevention solution aims to thwart future fraudulent attacks through the use of artificial intelligence (AI).
PYMNTS
NOVEMBER 13, 2020
Government-benefits fraud runs at about 10 percent even during normal times, but now that the pandemic has exponentially increased U.S. I think bad actors and fraudsters always follow the money,” Elizabeth Cronan , vice president of government relations at geolocation-based fraud prevention firm GeoGuard recently told PYMNTS. . “I
PYMNTS
DECEMBER 21, 2018
Before the liability shift in 2015, the industry-wide prediction was that the onset of EMV would reduce occurrences of counterfeit card fraud in-store, but that the industry should expect to see a spike in card-not-present (CNP) fraud as fraudsters moved to easier targets. The Consumer As A Frontline Against Fraud.
PYMNTS
OCTOBER 29, 2018
The greater availability of data gives financial institutions (FIs) and FinTech firms alike insight into customers’ behaviors, habits and preferences, allowing them to develop more effective tools, products and features. The resulting transactions brought about by open banking aren’t the only digital fraud concerns for banks.
PYMNTS
OCTOBER 8, 2020
The growing cost of online fraud – and finding ways to detect it – has long been a costly concern of financial institutions (FIs). If you beat the geolocation fraud, you beat all the fraud,” Briggs said. Looking at Geolocation Tools All Wrong. We’re really here to explain that you can do a lot more with what you have.”
PYMNTS
OCTOBER 22, 2020
As has historically been the case with commerce security upgrades that roll in by government mandate, the path to European Union adoption of 3D Secure 2.0 That’s a path that McCutcheon said will have challenges, but perhaps fewer than we’ve seen in the recent history of security upgrades. also known as “3DS 2.0” Why 3DS 2.0
PYMNTS
DECEMBER 26, 2019
Thwarting fraud in one area is not enough to prevent it from cropping up elsewhere, and businesses are essentially playing whack-a-mole as fraudsters’ attacks move across channels. Digital fraud rose 30 percent in Q3 2019, with one out of every five new accounts revealed to be illegitimate.
PYMNTS
MARCH 27, 2020
The financial industry is particularly vulnerable to digital fraud. Application fraud, which sees cybercriminals submitting financial product applications to banks with no intention of paying them back, is among the most popular techniques. Defining Application Fraud.
PYMNTS
JANUARY 20, 2020
Fraud protection techniques have advanced rapidly over the past decade to keep pace with fraudsters preying on emerging weak points. Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Fraudsters and the Access Problem.
PYMNTS
NOVEMBER 17, 2020
The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.
PYMNTS
FEBRUARY 27, 2020
Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2 million USD).
Payments Source
JUNE 11, 2019
Banks and merchants absorb billions of dollars in payment card fraud annually, but it's not for a lack of tools designed to stifle that fraud. It's becoming increasingly apparent that those tools simply aren't being used to their fullest capabilities.
PYMNTS
FEBRUARY 3, 2020
Cybercriminals have more opportunities than ever to swipe debit card numbers and PINs from online consumers, and false websites, large-scale data breaches and skimming tools can compromise account information. Preventing or minimizing damage caused by fraud is critical to maintaining customers’ trust and loyalty, after all. .
PYMNTS
FEBRUARY 3, 2020
Such transparency between buyers and sellers allows the economy to quickly grow — but also presents fraud and security challenges. More sophisticated fraud detection systems force cybercriminals to rely on more subtle attacks, such as building false identities that appear real until money changes hands.
Expert insights. Personalized for you.
We have resent the email to
Are you sure you want to cancel your subscriptions?
Let's personalize your content