PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. ATM usage has been severely affected by the pandemic, as such machines require touching keypads, screens and card readers.

Analytics 266

Analytics Fraud ATM Report 266

PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9

Video 205

Video Fraud Digital Banking System 205

PYMNTS

SEPTEMBER 21, 2020

And consumers want to pay with their preferred methods, across cards or digital wallets. Artificial intelligence (AI) can improve the eCommerce experience – not just in terms of warding off fraud, but also in making sure payments can be processed efficiently and that the most effective payment gateways are accessed.

Fraud 311

Fraud Payments Cards Security 311

Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. New account fraud.

Fraud 160

Fraud Strategy Community Bank New York City 160

PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. BEC fraud does not respect seniority, and it pays exceedingly well.”. billion (or slightly over half) of all losses tracked in 2019.

Fraud 253

Fraud Handbook Security Comparison 253

PYMNTS

MAY 4, 2020

Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that could indicate something is amiss. Around The FI Fraud Decisioning World.

Fraud 197

Fraud Data Tools Online 197

PYMNTS

APRIL 24, 2020

It’s been a boon for ACH payments, said Jeff Thorness, president of Forte Payment Systems , a CSG company. As Thorness explained, their embrace of ACH processing technologies is likely to have far-reaching impacts into how they send and receive payments with government suppliers, too, particularly as ACH innovation accelerates.

Innovation 161

Innovation Payments System Data 161

PYMNTS

JANUARY 19, 2021

Studies showed that many consumers in the United States have begun tapping their debit cards more often for payments, for example, with one report finding that debit use rose about 6 percent year over year. consumers now count themselves as “ debit-centric ” users, a sizable jump over the 33 percent who said the same about credit cards.

Fraud 155

Fraud Tools Mobile North Carolina 155

PYMNTS

SEPTEMBER 30, 2020

It’s happened to almost all consumers: They’re idly perusing their credit card statements when they come across completely confusing, seemingly random charges from businesses they don’t recognize in locations they’ve never visited. Depending on the industry, friendly fraud can account for anywhere from 25-80 percent of all fraud losses.

Cards 220

Cards Online Fraud US 220

PYMNTS

JANUARY 30, 2020

Virtual credit cards are one of the more flexible electronic payment methods available, and the world continues its steady march toward greater digital payment use. Virtual cards can improve accounts payable (AP) processes, benefiting both buyers and suppliers by streamlining day-to-day payments, and providing greater control over cash flows.

Cards 178

Cards Payments Fraud Capital 178

PYMNTS

JUNE 22, 2017

There’s another way, though, in which the fear of fraud bears down on the enterprise. A new report from Vesta Corporation finds fraud positions itself in the way of innovation and growth, even compliance. to understand how payments fraud is limiting corporates’ path to success. cents per every $100 transacted.

Fraud 108

Fraud Innovation Survey eBook 108

PYMNTS

SEPTEMBER 10, 2019

Canada’s Everlink Payment Services , a payment solution and service provider for banks, credit unions and small businesses, is strengthening its fraud controls for clients through a collaboration with ACI Worldwide. In a press release Monday (Sept.

Fraud 122

Fraud Risk Management Cards Tools 122

PYMNTS

JULY 29, 2020

That would be terrific news, Kount Chief Customer Experience Officer Rich Stuppy told PYMNTS in an interview, except for one thing: fraudsters love seeing consumer-centric innovations because those present fresh access points for ill-gotten gains. But he added that fighting fraud isn’t about building the highest possible wall.

Fraud 216

Fraud Branding Customer Experience Security 216

PYMNTS

NOVEMBER 23, 2020

Banks, merchants, issuers, processors — they’re all locked in combat with shadowy fraudsters that gain system access via phishing emails as easily as mice sneak into old houses. It found that just 2 percent of respondents offered payroll cards in 2014 but that this figure had risen to 28.5 based organizations, 41.2

System 165

System Management Tools Cards 165

PYMNTS

SEPTEMBER 19, 2019

A majority (55 percent) of corporate professionals identified real-time payments as their top B2B payment service priority, according to the Real-Time Payments Innovation Playbook. With innovation comes new challenges. Losses from fraud were estimated to hit $4.2 The real estate market also recently saw innovations.

Innovation 134

Innovation Payments Phoenix Security 134

PYMNTS

NOVEMBER 24, 2020

As Nick Reid, director of B2B partner development at Conferma , said in an interview with PYMNTS, virtual cards can help eliminate those hidden costs. After all, he added, it takes time to establish buyer and seller relationships, such as the process of collecting supplier bank details and other data that needs to be loaded into ERP systems.

Cards 181

Cards Fraud Payments Millennials 181

PYMNTS

JULY 2, 2020

Although CU members want innovation in member loyalty and rewards, most credit unions are not delivering these programs up to the desired standards. Credit union members’ high expectations when it comes to loyalty innovation do not necessarily make or break their banking relationships. Loyalty Innovation Strategies .

Innovation 155

Innovation Branding Tools Innovation Strategies 155

PYMNTS

MAY 31, 2017

In a press release, the credit card company said that with the upgrade, financial institutions and merchants would be better able to authenticate consumers and reduce fraud on transactions made via a mobile or desktop browser, app or connected devices. According to Visa, the technology behind 3-D Secure 2.0

Security 192

Security System Fraud Tools 192

PYMNTS

NOVEMBER 1, 2018

Before CEO Toffer Grant founded PEX , he worked in the world of prepaid cards (gift cards in particular), where Christmas was the biggest challenge of every year. Gift card use would faithfully and intensely spike around Christmas, only to settle back to a more typical baseline six to eight weeks after the “event.”.

Innovation 180

Innovation Management Cards Tools 180

PYMNTS

JUNE 26, 2020

What we are seeing [is] continual innovation in terms of services and offerings for corporates and for individuals that are being built utilizing open banking rails.”. Some of these innovations include improved data gathering capabilities and heightened protection against financial crime. Open Banking Prevents Data Exposure.

System 198

System Data Security Examples 198

PYMNTS

SEPTEMBER 17, 2019

A series of payment innovations are promising to put an end to some common B2B payment frictions, including online portals, same-day ACH and automated accounts receivables (AR). With total losses from fraud reaching $4.2 Fraud Epidemic. trillion in losses related to fraud activities last year alone.

Cards 130

Cards Payments Fraud Phoenix 130

PYMNTS

OCTOBER 6, 2020

The rising tide of fraud in the prepared food segment got an unfortunate illustration this week as food delivery Chowbus suffered a data breach, with information on about 4,300 restaurants as well as data for hundreds of thousands of customers slipping out the door. Fraudster In Many Forms . Staying Ahead Of The Fraudsters .

Fraud 195

Fraud Data Mobile Cards 195

PYMNTS

JANUARY 7, 2020

Innovation is no longer optional – it’s table stakes to stay in the game. The good news: There is no shortage of innovative ideas and options for today’s FIs to offer to their customers: digital wallets, P2P payments, card controls, fraud and security protection, and loyalty and rewards perks among them.

Innovation 139

Innovation Technology Marketing System 139

PYMNTS

JANUARY 29, 2020

Virtual cards have been spreading across the B2B payment space because of their cost-saving benefits for both companies and suppliers. These cards’ account numbers correspond with certain vendors, and have predetermined spending limits, enabling accounts payable (AP) professionals to better manage expenses, control cash flow and fight fraud.

Cards 130

Cards Strategy Fraud Minneapolis 130

PYMNTS

FEBRUARY 1, 2019

Many financial institutions are achieving this state of vigilance by investing in artificial intelligence (AI) and machine learning (ML) solutions as part of their anti-fraud efforts. . But as Jeremy Balkin, head of innovation for Swiss bank HSBC , recently told PYMNTS, even AI and ML need assistance sometimes — from humans. .

System 123

System Digital Banking Fraud Customer Experience 123

PYMNTS

JANUARY 14, 2020

It’s an innovator’s job to look at the status quo and disrupt what has always been done in favor of progress. Increasingly, however, payment rail innovators are also introducing ways to bypass traditional banks altogether, with many in favor of distributed ledger technology to move money between businesses and across borders.

Innovation 134

Innovation Payments blockchain System 134

PYMNTS

JUNE 22, 2017

Fighting fraud is a lot harder online, and a lot harder for merchants and consumers, as card-not-present transactions become the preferred method of malfeasance. In one recent announcement, payments provider TSYS and real-time learning technology platform Featurespace said they were joining forces to offer fraud prevention tools.

Fraud 162

Fraud Tools Cards Online 162

PYMNTS

JUNE 20, 2019

Commercial cards account for only a portion of corporates’ overall spend, as checks stick around and ACH gains ground. However, their market share is on the rise as card issuers develop more robust rewards programs, and the ability to integrate card spend into back-office spend management and analytics platforms.

Cards 133

Cards Innovation Data Payments 133

PYMNTS

JULY 10, 2019

These platforms promise fast, seamless transactions, which most deliver – but when platforms focus on reducing friction for users, it can backfire and create new vulnerabilities to fraud. An unexpected consequence of the retailer race to offer same-day and one-day delivery is increased fraud exposure. Nearly one-third (30.4

Fraud 140

Fraud Strategy Study Comparison 140

PYMNTS

APRIL 23, 2019

Tick down the list of offerings spanning decades (the Mac, the iPhone, the iPod, iTunes, the iOS operating system/ecosystem), and one can find that the ways we communicate, listen, stream and, indeed, interact with technology have all shifted. The digital card will be linked to Apple Pay.

Apple 200

Apple Cards Payments Course 200

PYMNTS

DECEMBER 9, 2020

so having a system or tool that makes it very simple to. Bringing Virtual Cards To A Virtual B2B World. Businesses have long relied on traditional tools, such as credit cards, to manage business expenses. Credit cards may seem convenient, but using them often results in challenges when reconciling transactions and fixing errors.

Cards 155

Cards Management Tools Payments 155

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

JUNE 13, 2019

If it seems like cases of fraud and hacking are always in the news, that’s because new incidents pop up practically every day. According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2 According to the new Digital Fraud Tracker , total losses due to fraud equaled $4.2

Fraud 110

Fraud Security Retail Tools 110

FICO

FEBRUARY 9, 2022

This shift has created significant opportunities for local banks, however with this growth comes the inevitable threat of increased fraud, exacerbated by the Covid pandemic and the explosion in ecommerce and card-not-present fraud. Expansion Brings Fraud Challenges.

Fraud 52

Fraud Cards Analytics System 52

PYMNTS

NOVEMBER 8, 2019

Innovations — some more fantastical than others — keep emerging, though. According to new research , the global biometric system market is set to grow at a CAGR of 14.6 Synthetic identity fraud continues to grow , but far slower than when it ran rampant in 2015 and 2016. Vein recognition? Voice patterns? It rose from $1.01

Innovation 120

Innovation Fraud Security Data 120

PYMNTS

OCTOBER 5, 2020

Retailers must protect customers’ card data from hackers who try to snatch payment details, and following best practices to ensure security requires adhering to the regulations established by the PCI SSC, a global payments industry forum. Compliance Complexities.

Cards 207

Cards Data Compliance Payments 207

PYMNTS

MAY 7, 2020

Emerging uses of adaptive AI and other new tech is set out in the new FI Fraud Decisioning Playbook , a PYMNTS and Simility collaboration, as financial institutions (FIs) and their clients ready for reopening by modeling good customer behavior to help identify bad actors. Learn by Example.

Fraud 248

Fraud Tools Data Examples 248