American Banker

JULY 2, 2020

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.

Fraud 56

Fraud Study Security Banking 2020 56

Banking 2020

JANUARY 29, 2016

Protecting a financial services organization against fraud requires much more than a strong password policy and client education. The sophistication of cyber attacks and high risk of fraud necessitate a comprehensive anti-fraud program that includes policies, processes and technologies. Step 2: Perform a root cause analysis.

Fraud 40

Fraud Analysis Policies Training 40

Banking 2020

NOVEMBER 19, 2015

Three’s a crowd, so the saying goes, but it could also mean fraud losses for banks and merchants if they’re not careful. We’ve identified three types of third party security issues that need addressing. Third party payment provider security. Third party vendor security. Third party merchant security.

Security 40

Security Fraud Regulation System 40

Banking 2020

NOVEMBER 28, 2015

As the US comes out of its first post-EMV liability shift months, it’s worth looking at how chip cards have evolved over the years to improve security and how lessons learnt in other countries have made smart cards more secure than ever. These were card-present frauds that managed to nullify the PIN. CDA explained.

Fraud 40

Fraud Cards Security Analysis 40

Banking 2020

OCTOBER 22, 2014

From the retail point of sale to core banking systems, online security issues have dominated financial headlines in 2014. But amidst the reports of one data breach after another, check fraud has remained a constant thorn in the industry’s side, with 82% of U.S. Why is ultraviolet technology more secure than other technologies?

Technology 57

Technology Fraud Security Study 57

Banking 2020

OCTOBER 12, 2015

EMV cards have embedded microprocessors that make them much more secure than traditional magnetic stripe cards. EMV cards contain a microprocessor chip that securely holds information and performs cryptographic processing during a transaction. The key benefit of EMV is to reduce fraud from counterfeit, lost and stolen cards.

Fraud 40

Fraud Cards Security Data 40

Banking 2020

NOVEMBER 25, 2015

This has posed problems, not least the fact it’s the only country in the world where counterfeit card fraud losses are rising. Counterfeit card fraud to drop. In the UK, losses from domestic counterfeit card fraud fell straight away. Counterfeit fraud was cut by two-thirds in the years immediately after EMV rollout.

US 40

US Marketing Fraud Cards 40

Banking 2020

NOVEMBER 12, 2014

Chris Barnett: The problem that Eyeprint ID solves is the password: Both the inconvenience of a password and the security vulnerability of a password. The business case for banks is straightforward. They also know the fraud cost of password hacks and the opportunity cost of low adoption of mobile services. Users hate passwords.

System 101

System Security Groups Mobile 101

American Banker

JUNE 15, 2020

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.

Arkansas 41

Arkansas Massachusetts Maine Fraud 41

Banking 2020

NOVEMBER 17, 2015

It’s been very well documented that fraud tends to shift to the card-not-present (CNP) arena when EMV is introduced in a country. While there is some debate about just how much EMV will be the driver of CNP fraud in the US, it’s still expected to rise significantly over the coming years. Less face-to-face counterfeit fraud.

US 40

US Atlanta Fraud Cards 40

Banking 2020

NOVEMBER 8, 2015

Clearly MasterCard is banking on consumers not being put off by the prospect of authenticating a contactless transaction. In terms of fraud, there is a strong case for contactless transactions even with a layer or two of extra processes like inputting a PIN. Fraud question.

Payments 40

Payments Fraud Cards Retail 40

Banking 2020

AUGUST 27, 2015

One new approach that banks are exploring to mitigate this particular vector of fraud is the notion of using smartphones as a second factor of authentication since most people always have their phone with them. Security and mitigating losses from skimming ultimately will be what banks care about most.

ATM 40

ATM User Experience Fraud UX 40

Banking 2020

NOVEMBER 8, 2015

This change is aimed at promoting innovation and low cost electronic payment solutions while ensuring that security and data protection are not compromised,” said the European Payments Council. Effectively this will open up access across the industry to payment processing services and bank accounts held by customers.

Cyber Security 40

Cyber Security Payments Security Regulation 40

Banking 2020

JANUARY 25, 2016

One of the chief advantages of biometrics is security – passwords and PINs can be compromised, allowing criminals easy access to accounts and cash. Back in 2005, a Malaysian man had his finger cut off by thieves who wanted to get round the fingerprint security system protecting his Mercedes. Mind over matter.

Security 40

Security System Technology New York 40

Banking 2020

NOVEMBER 12, 2015

They’ll embrace it,” the company’s security expert Ajay Bhalla told CNN. More secure? As more fraud takes place in the card-not-present sphere, card issuers are under growing pressure to improve security and biometric technology is seen as central to these efforts. Step-change?

Technology 40

Technology Payments ATM System 40

Banking 2020

DECEMBER 16, 2014

Are you adding any additional security or authentication on top of provisions within the Apple Pay service? We believe the security measures implemented by Apple and Visa are sufficient. Do you expect any changes in the interaction with your members from the new service? We will be issuing EMV cards soon.

Apple 84

Apple America Training Cards 84

Banking 2020

JANUARY 22, 2016

It’s early days but perhaps more needs to be done to educate and inform consumers about the benefits of EMV over mag stripe cards – particularly the security and fraud implications. Meanwhile, Reuters has reported that some retailers are actively pushing banks to enable PIN authorization.

US 40

US Report Cards Security 40

Banking 2020

OCTOBER 16, 2014

An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA. Voices administrator malware security spam'

New York 78

New York New York City System Massachusetts 78

Banking 2020

NOVEMBER 25, 2015

Until now, this sector has been subject to very little legislation, but there have been claims that this hands-off approach has helped facilitate problems such as fraud and money laundering. Balancing usability with security is no easy task and it seems China, like many other countries, is struggling to get it just right.

Regulation 40

Regulation Online Marketing Payments 40

Banking 2020

JANUARY 22, 2016

VCCU felt it was important to participate in any county-wide action that allowed us to help mitigate/thwart fraud attempts in our community. What feedback has Ventura County Credit Union received from this initiative?

Community 40

Community Fraud California US 40

Banking 2020

SEPTEMBER 14, 2015

Losing your phone is bad enough without identity fraud on top of it. Even if your mobile banking app automatically logs you out after a certain period of time, there is still a window of vulnerability. . Opting out of alerts.

Mobile 40

Mobile Cards Apple Online 40

Banking 2020

FEBRUARY 25, 2015

One note of caution here: Senior fraud already accounts for $2.9 But with effective security in place, what are financial services providers with multiple technology initiatives doing specifically to target this market? billion in losses each year.

Online 40

Online Millennials Video Technology 40

Javelin Strategy & Research

FEBRUARY 1, 2022

2022 Cyber-Trust in Banking Scorecard Javelin Report Date: September 27, 2022 Authors: Suzanne Sando , Alexander Franks Research Topic(s): Cybersecurity , Fraud & Security For consumers to trust their financial institutions, their expectations need to be met and exceeded. The scorecard assesses five companies examined in a.

Report 40

Report Digital Banking Fraud Mobile 40

Banking 2020

JUNE 11, 2015

EMV is intended to replace the magnetic stripe with a more secure chip-based technology. PIN authentication is the most effective approach to maximize fraud protection, however, the authentication method is up to the credit card issuing bank. However, fraud prevention comes at a price.

Cards 40

Cards Fraud System Security 40