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. These kinds of concerns could encourage shoppers to change up how they make payments.

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PYMNTS

DECEMBER 29, 2020

Consumers have more heavily leaned on debit during the pandemic, with the economic downturn making shoppers more cautious than ever about the prospect of taking on credit card debt. A recent study even estimates that shoppers could ultimately shift $100 billion worth of annual spending from credit cards to debit cards.

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PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.

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PYMNTS

JANUARY 22, 2020

The company recently announced that the software company Netcetera implemented the authentication system for Bank-Verlag, a company that makes and provides secure services for Germany’s banks. Two major Austrian card issuers are also using the technology.

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PYMNTS

APRIL 22, 2020

Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors.

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PYMNTS

JANUARY 28, 2021

One of the more notable differences is their tendency to favor credit cards online and other options such as digital wallets over debit cards. PYMNTS’ latest research report, Online Security And The Debit-Credit Divide , a PYMNTS collaboration with Elan based on a survey of 2,466 U.S.

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Bank Innovation

JULY 25, 2017

Customer fears about card security and fraud is increasing, but as it turns out, fewer consumers are actually experiencing that fraud. This is according to the Consumer Payment Card Data Security Perceptions survey by data solutions provider Transaction Network Services, released today.

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Abrigo

MARCH 30, 2023

P2P fraud can be difficult to detect Knowing how criminals avoid detection can help minimize losses at your financial institution. This article was written by Olivia Boyer, CAMS & Joann Millard, CAMS, of Abrigo Advisory Takeaway 1 P2P payments move from one individual account to another digitally, and they are becoming more commonplace.

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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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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.

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Payments Source

NOVEMBER 17, 2020

The pilot leverages Keyno’s CVVkey technology that uses a dynamic card verification value 2 (CVV2) code to provide a higher level of security against fraud for online and mobile payments.

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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.

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Bank Innovation

MARCH 22, 2018

UK-based fintech Revolut’s newest product is a “disposable” virtual card, a product that was designed with fraud protection in mind, the fintech announced today. The card, which sits inside Revolut’s mobile app, wipes a user’s details and resets them after every payment.

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PYMNTS

FEBRUARY 13, 2019

Merchants saw a drop in card-present fraud due to the increased adoption of Europay, Mastercard and Visa (EMV) chip cards, Visa said. Merchants who have upgraded to chip technology saw a decrease of 80 percent in counterfeit fraud dollars in September of 2018 when compared to September of 2015. More than 3.1

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PYMNTS

SEPTEMBER 4, 2019

Visa announced that since their inception, chip cards have reduced counterfeit fraud by 87 percent. . Chip cards are increasingly becoming the norm as usage and acceptance has continued to grow since the EMV standard was first introduced in 2011,” the company said. Counterfeit fraud dollars for all U.S.

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PYMNTS

JULY 22, 2019

RHB in Malaysia is introducing fraud protection cards with mini screens on the back that auto-generate new card verification value (CVV) numbers, according to reports. An algorithm will generate the new number for the card. This card provides a complete end-to-end solution for RHB as an issuer and for our cardholders.” .

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PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

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PYMNTS

JANUARY 23, 2020

The European Union’s long-anticipated 5th Anti-Money Laundering Directive (5AMLD), which modernizes security rules to reflect the needs and threats facing today’s economy, took effect in mid-January, and its impacts are already being felt across the payments space. Fiat-focused digital wallets must also boost their security.

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. The nature of these payments means that, once they have been made, consumers cannot reverse them. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up.

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Fraud Payments Survey Security 223

PYMNTS

JANUARY 20, 2021

Bad actors have moved to take advantage of the rush to digital payments — particularly those made with debit cards — leaving banks and financial institutions (FIs) racing to keep them off their platforms. We have seen higher levels of fraud or suspicious activity, [and] we have definitely built up our fraud prevention team. …

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PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime. Canada and the world over. Canada and the world over.

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PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. Cautious shoppers may find comfort in debit, with fraud losses associated with the payment method declining over the past several years. Card fraud is an ever-present threat. Around The Next-Gen Debit World.

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PYMNTS

SEPTEMBER 9, 2020

Consumers who previously paid for purchases by swiping or inserting their cards at in-store point-of-sale (POS) terminals are now turning to contactless cards and online shopping to safely and easily obtain needed goods. These two forces appear to be driving an increase in consumers’ use of touch-free debit payment options.

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PYMNTS

MARCH 15, 2019

In today’s digital payments ecosystem, businesses, banks and consumers alike want access to their money as fast as possible. While person-to-person (P2P) payment solutions and real-time payment platforms are making the quick exchange of funds possible, fraudsters also see an opening to exploit these systems’ vulnerabilities.

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PYMNTS

DECEMBER 16, 2019

’Tis the season for corporate fraud? The holidays are unfortunately one of the busiest times of the year for fraudsters looking to capitalize on the surge of shopping and payments activity. Unfortunately, this time of year fails to bring relief for businesses that fall victim to corporate and B2B payments fraud, too.

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PYMNTS

MAY 16, 2019

These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud. Location controls can be used to prevent merchants from charging consumers’ credit cards if their smartphones aren’t close by, and restrict purchases to a particular geographic area or country.

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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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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. They also offer more safeguards against fraud than traditional business credit cards. B2B Virtual Card Purchasing On The Rise.

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Bank Innovation

FEBRUARY 2, 2018

In Denmark, the advent of digital banking also saw almost a 60% jump in card fraud, Bloomberg reported yesterday. Danish credit card fraud significantly increased in 2016, Bloomberg said, and reports of online fraud in the country have increased 300% from reports in 2009. […].

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PYMNTS

NOVEMBER 30, 2020

Fraudsters have redoubled their attacks on eCommerce channels, however, making consumers more concerned about data security. Shoppers may be reluctant to hand over their card details to every online retailer, as each transaction represents another risk that consumers’ information could be exposed in a breach.

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PYMNTS

DECEMBER 18, 2020

These growing revenue streams carry their own risks, however, not the least of which is their propensity to be targeted by fraud. The Fraud Threats Of 2020. Most customers bypass restaurants entirely when trying to perpetrate chargeback fraud , with 76 percent of cardholders going directly to their payment card issuers.

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PYMNTS

OCTOBER 17, 2018

Fraudulent noncash payment values have increased by a lot in the U.S. between 2012 and 2015, surpassing growth in noncash payments, the Federal Reserve found. According to data from the Federal Reserve Payments study, it found the value of noncash fraud jumped 37 percent to $8.3 billion in 2015 from $6.1 billion in 2012.

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PYMNTS

JANUARY 19, 2021

A new year has begun, but the pandemic continues to throw financial and operational curveballs at banks, businesses and their consumers regarding how they conduct daily tasks or routine payments. This includes shifts in which consumers are shopping and paying, and in the payment tools or methods they are using to finalize their transactions.

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PYMNTS

JULY 22, 2019

Apps with a possible security flaw, a malware phishing scheme and possibly, payments fraud, all done in the blink of an eye? Security firm Symantec said this past week that it found a security flaw in Android apps for WhatsApp and Telegram, which can allow hackers to manipulate data that flows between users.

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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. Orchestrating A Solution.

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PYMNTS

JULY 15, 2019

In Australia, a new report shows just how widespread internal fraud in the Commonwealth, aimed at government agencies, has become. This past week it was reported that, per an investigation by the Australian Institute of Criminology, such fraud amounted to $42 million over the past year. Grayson Jr., owner of Zealcon Corp.,

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Abrigo

MARCH 3, 2023

Ten red flags to help you identify check fraud A financial institution's guide to identifying mail-related check fraud. You might also like this webinar, "Proactive measures to protect against check fraud and fraud loss." Losses from check fraud total $18 billion annually, representing more than a million checks daily.

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