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How FIs Counter Online Debit And Credit Card Skimming

PYMNTS

Card-skimming devices hidden on gas station card readers or carefully integrated into ATMs used to be especially troubling for merchants and consumers, but retailers and financial institutions (FIs) have stepped up their measures to protect physical card readers in recent years.

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Deep Dive: How Banks Use Digital Technologies To Outlast The Coronavirus

PYMNTS

Some have added support for in-branch digital technologies such as video banking screens and upgraded ATMs to minimize in-person contact while making sure customers’ needs are met, for example. Drive-thru ATMs attached to bank branches have been in use for decades, but FIs are now relying on them as sole points of customer contact.

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ATM-style security can thwart social-driven account takeovers

Payments Source

ATMs require dual-factor authentication in the form of a physical card and a PIN, and this same concept should be extended to phone transactions, writes Patrick Cox, CEO of TRUSTID.

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Elder Financial Exploitation During a Pandemic: An Issue We Can’t Forget

Abrigo

Other scams include Medicare/Medicaid fraud using online advertisements for durable medical equipment, or routine products and services that they would normally receive from their physicians but are afraid to go in for an office visit due to the health risk. Ignore online offers for vaccinations.

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Fraud Decisioning Adapts To Shifting Conditions

PYMNTS

Businesses that function on trust were among the first to be targeted by internet crime syndicates – especially online marketplaces , where there is no face-to-face or voice communication between sellers and buyers. It’s a strangely ironic truth in this time of rampant cybertheft.

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The Best Opportunities for Retail Banks to Improve Customer Experience

Cisco

But, when it really comes down to it, how can banks, saddled with regulations and security challenges, compete with the experiences offered by customer-obsessed tech powerhouses and agile fintechs? Features such as end-to-end online account opening and simple, secure ID verification tell customers “we see you, and we value your time.”

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Banks battling a barrage of cyber attacks

NCR

According to an Accenture survey , senior bank staff who participated believe their cyber security defenses are secure even though one-third of attempts by cybercriminals to breach banks are successful. Online fraud is one of the biggest challenges for the financial community. Cardless ATM transactions are one example.

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