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. The Face of Fraud.

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PYMNTS

JANUARY 11, 2021

To that end, late last week Equifax said it had reached a deal to acquire fraud prevention and digital ID firm Kount for $640 million. As reported, the deal will enable Equifax to boost its global presence in digital ID and fraud prevention, including through the Kount Identity Trust Global Network. In a Monday (Jan. In a Monday (Jan.

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PYMNTS

OCTOBER 30, 2020

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. Safeguarding Card Details.

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Cards Online Fraud social media 192

PYMNTS

OCTOBER 30, 2020

"New government policies ultimately changed the way the majority of businesses interacted with customers, with new phrases like 'buy online, pick up in-store' becoming part of the nomenclature," says Andre Machicao, senior vice president of CyberSource, Visa. We saw years of change happen in a few months due to COVID-19.

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Fraud Resources Policies Online 224

PYMNTS

FEBRUARY 3, 2020

Fraudsters have grown adept at finding debit cards’ weak points, and merchants are struggling to keep up. Losses due to false credit and debit card declines — in which merchants reject legitimate orders on the mistaken belief that they are fraudulent — grew to $118 billion last year and are projected to reach $443 billion by 2021.

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Fraud Cards Tools ATM 131

Abrigo

OCTOBER 10, 2023

Use the fraud triangle to prevent fraud at your institution The concept of the fraud triangle is frequently used in business, accounting, and criminology. Takeaway 1 The fraud triangle concept describes three factors that, when combined, incentivize a person to commit fraud. The FTC received fraud reports from 2.4

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PYMNTS

NOVEMBER 4, 2019

In the company’s ongoing efforts to prevent fraud on its site, Amazon announced a new program, Intellectual Property Accelerator, last month to help sellers make sure their products won’t be copied or counterfeited. According to a new LexisNexis study , overall retail fraud attempts doubled year-over-year and tripled since 2017.

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CFPB Monitor

OCTOBER 5, 2022

On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. The final rule will be effective July 1. Given this continued uncertainty, I do not support the final rule.”.

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PYMNTS

OCTOBER 9, 2020

Brick-and-mortar commerce has rebounded in recent months, but consumers are still heading online for many of their purchases, maintaining trends set in the early months of the pandemic. These wallets are connected to familiar debit or credit cards, the details of which must also be kept safe from enterprising fraudsters.

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Fraud Retail Report Online 188

PYMNTS

JULY 15, 2020

Mari Anne Bayliss , senior director of solution management at CyberSource , told Karen Webster that simply relying on machine learning as a weapon against fraud is not enough — not in an age where managing fraud risk during the great digital shift (and unprecedented transaction volumes) is so challenging. . Lying In Wait .

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PYMNTS

JULY 3, 2020

Financial institutions can keep customers safe by accurately determining when attempted transactions are legitimate versus when they are being made by fraudsters who have stolen customers’ cards or taken over accounts. Defending Agains Fraud During Periods Of Reopening . Reopenings could also lead to rises in certain kinds of fraud.

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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).

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Fraud Examples Online Data 150

PYMNTS

MAY 2, 2017

Credit card fraud is a fact that will likely continue to plague retailers for the foreseeable future. It’s on the rise in the eCommerce arena, according to data released from omnichannel commerce technology and operations company Radial’s eCommerce Fraud Technology Lab. What happened was exactly what was expected.

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Fraud Data Cards Retail 150

PYMNTS

JUNE 22, 2020

It’s the battle against fraud that can be lost right at the beginning. Bad actors, are, increasingly, targeting online card applications, using stolen personally identifiable information to apply for credit, leveraging those ill-gotten credit lines to make fraudulent purchases. alone topped $10.2 billion last year.

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Fraud Cards Risk Management Customer Experience 193

PYMNTS

JANUARY 21, 2021

Merchants, card issuers and banks are no strangers to facing off against evolving fraud threats. Debit-related fraud is a particular concern for businesses and banks as failing to thwart such schemes could have significant and costly consequences. Debit And The Fraud Catch .

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Payments Source

JULY 11, 2019

The technology provides convenience and is growing fast, but is prone to card-not-present fraud, says Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

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Fraud Online Cards Technology 121

PYMNTS

DECEMBER 30, 2020

Connecticut-based People’s United Bank has seen this trend in action in recent months, said Karen Boyer , the financial institution's vice president of financial crimes and fraud intelligence. Cash users [shifted] to physical cards and the physical card users [shifted] more to. Debit Fraud Threats In The Time Of eCommerce.

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PYMNTS

OCTOBER 1, 2020

The plastic card, by necessity, is giving way to digital cards, and mobile apps are bringing card-not-present transactions, increasingly, to mobile devices. She noted that mobile app use is up double-digit percentages as of April, when the pandemic shifted so much of everyday life online.

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Mobile Cards Security Fraud 266

PYMNTS

MARCH 15, 2019

The new Digital Fraud Tracker highlights the latest developments in payments fraud, and how different companies are working to keep funds safe from bad actors as payment solutions grow increasingly faster. Around the World of Digital Fraud. Australia’s CNP fraud problems seem to be part of a broader pattern. million USD).

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Fraud Payments Security System 153

PYMNTS

DECEMBER 26, 2019

Deutsche Bank, Mastercard and IDEMIA are teaming up to introduce what they said is the first card in Spain to tap motion code technology, FinTech Futures reported on Thursday (Dec. On the back of the card, a small screen will display the CVC, also known as the dynamic security code.

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Cards Fraud Security Study 131

PYMNTS

JUNE 24, 2020

Those less tech-savvy individuals represent juicy targets for fraudsters, who have been fine-tuning card-not-present (CNP) schemes to work across all manner of channels during the pandemic as we wield smartphones to make transactions or bank over the phone. CNP fraud, Nolte said, has become a numbers game.

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Fraud Security Cards Course 262

PYMNTS

MAY 8, 2020

The shift to digital commerce is more urgent than ever — and so are some of the potential pitfalls as fraudsters recalibrate their attacks and eye card-not-present transactions as a new way to make off with ill-gotten gains. And, she added, for merchants that already had an online presence, there’s been a marked volume swing.

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Cards Fraud Online Operations 260

PYMNTS

SEPTEMBER 24, 2020

The ongoing COVID-19 pandemic and its associated social distancing and stay-at-home orders have pushed untold services online for easier consumer access, with banking serving as a prime example. Fraud Threats To Digital Banking. Identity fraud accounted for $16.9 Leveraging Video-based Onboarding, AI To Prevent Identity Fraud.

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PYMNTS

JANUARY 3, 2019

A new study has revealed that retailers will lose around $130 billion in digital CNP (Card-not-Present) fraud between 2018 and 2023. were caught up “in a perfect storm” of rapid online sales growth and the transition to EMV chip technology , leaving merchants vulnerable to CNP fraud.

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Fraud Study Retail Online 152

Payments Source

OCTOBER 2, 2019

Recent reports that counterfeit card fraud is markedly down in the U.S. since the introduction of EMV chip cards in 2015 is fantastic news, except for retailers that also sell goods sells online. In that case fraud has merely moved from an in-store payment attempt to a card not present (CNP) one.

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Fraud Payments Cards Retail 122

PYMNTS

JULY 1, 2019

Overall digital fraud increased by 13 percent in the past year, with the food and beverage industry seeing an increase of 60 percent – nearly four times above average. The Ineffectiveness of Card Verification in the Digital Age. Mobile order-ahead fraud is so widespread and difficult to stop because it is conducted remotely.

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Fraud Mobile Cards social media 167

PYMNTS

JULY 2, 2020

Financial institutions (FIs) are therefore expected to offer more contactless cards this year and some are also unveiling services intended to help consumers easily add cards to their digital wallets. consumers to shift as much as $100 billion in annual spending from credit to debit cards. Around the Next-Gen Debit World.

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Fraud Cards Florida Trends 222

PYMNTS

FEBRUARY 20, 2019

Banks, financial institutions (FIs) and other firms are grappling with a flood of application fraud and identity theft. In other news, customers see self-service kiosks and online ordering as important features to a quick-service restaurant’s (QSR’s) success.

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Fraud Online Data Cards 122

PYMNTS

DECEMBER 8, 2020

As the holiday shopping season kicks into high gear amid an unprecedented pandemic-era surge in online shopping, banks and merchants are bracing for an associated spike in fraud , disputes and chargebacks. Fighting Friendly Fraud. It can also delve into areas like buyer's remorse,” he said. “We Avoiding Friction.

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Fraud System Data Cards 183

PYMNTS

AUGUST 21, 2020

Community banks and credit unions are feeling the pressure to boost their digital card services or risk losing customers to megabanks and digital challengers, Ondot Systems ’ Chief Strategy Officer Todd Lesher told PYMNTS in a recent discussion. And once a top of wallet is set, the card becomes invisible and changes very infrequently.”.

Cards 224

Cards Mobile Community Bank Community 224

PYMNTS

MAY 16, 2019

Death, taxes and data breaches – those are perhaps the only sure things in life, and new evidence is emerging that hackers are finding increasing profit in targeting online retailers. The news comes amid yet another online retail cyberattack, this one targeting Japan’s Fast Retailing, the company that owns the Uniqlo retail chain.

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Retail Online Cards Data 218

PYMNTS

DECEMBER 17, 2020

percent of all consumers have switched from in-store to online shopping. consumers — 57 million people — say they are ordering more groceries online for home delivery now than they did before the pandemic’s onset. percent make at least one of their routine grocery purchases online. The research shows that 16.5

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Fraud Online Cards Retail 330

Payments Source

MAY 6, 2016

Counterfeit card fraud is finally on the way down as EMV creeps into the U.S. marketplace, but card not present (CNP) fraud through online channels is skyrocketing. It's too soon, however, to blame the EMV shift.

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Fraud Cards Report Online 60

PYMNTS

JUNE 20, 2019

Retailers focused on combating fraud have credit cards in the cross-hairs of their efforts. But ramping up the war on card fraud can introduce a new risk to companies: false positives. This isn’t merely an issue for the B2C world, however. The False Positive Threat.

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Fraud Payments Cards Strategy 182

PYMNTS

APRIL 12, 2017

The need for online retailers and brands to be vigilant in the face of fraud becomes more pressing by the day — but additional authentication measures can create friction on the consumer’s end, which has a nasty habit of reducing conversion rates.

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Fraud Retail Online Data 115

ABA Community Banking

AUGUST 10, 2020

Even before consumers’ acceleration to online shopping due to the pandemic, card-not-present debit transactions rose 21% year-on-year in 2019, according to Pulse’s debit issuer survey released today. The post P2P Payments, Card-Not-Present Drive 2019 Growth in Debit Transactions appeared first on ABA Banking Journal.

Cards 94

Cards Survey Payments Online 94

PYMNTS

NOVEMBER 27, 2020

More consumers than ever are turning to online shopping channels to meet their needs during the pandemic, but many are also aware that cybercriminals are looking to capitalize on this stepped-up online activity to steal their card data. Firms are also prioritizing security as they transact online more heavily as well.

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Cards Security Tools Online 197