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

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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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

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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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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Fraud Course Online Data 250

PYMNTS

OCTOBER 12, 2020

Online marketplaces are connecting retailers, consumers and nonprofits amid the pandemic. And online shopping and digital fraud are increasing simultaneously, but merchants can take steps to ensure that debit-based card-not-present (CNP) transactions are kept safe. All this, Today in Data. 92%: Portion of U.S.

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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. retailers have digital oversights that leave them vulnerable to attacks.

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Fraud Strategy Study Cards 148

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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Fraud Cards Security System 108

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

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Fraud Examples Online Data 150

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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PYMNTS

MAY 30, 2019

Visa said this week that as acceptance of EMV cards has gained traction in the U.S., counterfeit fraud, measured in dollars for these card present transactions, has dropped precipitously. Total counterfeit fraud dollars decreased by 49 percent, the payments giant said. Visa also said that more than 3.5

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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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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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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

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

FEBRUARY 14, 2020

We have deep dives into unattended retail, rapid settlements and cybersecurity, as well as news on Mastercard receiving the go-ahead from China’s central bank to set up a bank clearing business. 11 to set up a bank card clearing business, providing it with access to a $27 trillion payments market. Uber reported its earnings last week.

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Retail Cards Millennials Fraud 141

PYMNTS

NOVEMBER 18, 2016

Omnichannel commerce technology and operations provider Radial released the results of its Annual Holiday Fraud Index today (Nov. 18), which revealed the ongoing risk retailers face of coordinated and sustained fraud losses. Bottom line for most retailers if you are managing fraud yourself, you are going to get wrecked.”.

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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. We return back to retailers a risk indicator — high, medium or low,” Bonin said.

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PYMNTS

FEBRUARY 20, 2019

Banks, financial institutions (FIs) and other firms are grappling with a flood of application fraud and identity theft. 10 percent: Share of sales that retailers are projected to lose to card-not-present (CNP) fraud between 2018 and 2023.

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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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Fraud Payments Cards Strategy 182

PYMNTS

SEPTEMBER 21, 2018

They are buying fraud tutorials and data from other criminals online. They are eyeing juicy targets such as gift cards and loyalty programs, both of which are of increasing importance to merchants’ holiday revenues. The 2018 holiday shopping season has already started for people and organizations bent on fraud. Fraud Headstart.

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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.

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PYMNTS

MARCH 29, 2017

Online retailers just got a new tool in the fight against identity theft and fraud. XOR Data Exchange , Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows. and globally.

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Fraud Retail Online Tools 100

PYMNTS

JUNE 16, 2016

It’s no wonder why retailers love gift cards – they are known to drive foot traffic, increase revenue, boost their customer base and complement retention efforts. But as consumers continue to move toward a digital option for their gift card needs, could a retailer’s dream turn into an actual nightmare?

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Retail Cards Fraud Data 100

PYMNTS

DECEMBER 17, 2020

Although the digital shift brought on by the pandemic has rapidly reshaped the entire retail industry, its impact on the grocery segment in particular has been especially pronounced. percent fewer consumers use contactless credit cards than would like to, for example, and 15.1 The research shows that 16.5

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PYMNTS

JULY 25, 2017

The impact of online fraud reaches far beyond the dollar count of sales lost. . In recent studies, as noted by EKN Research and Radial, developed nations are seeing an increase in card not present (CNP) fraud, which now accounts for as much as 70 percent of all card fraud and is growing at double-digit percentage rates in some nations. .

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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

MARCH 18, 2019

. $130B: The total projected losses of retailers due to card-not-present fraud from 2019 to 2023. 10: The approximate number of machines that will let users exchange cash for prepaid Visa debit cards at Atlanta’s Mercedes-Benz Stadium. 80 percent: The growth in data breaches in Hong Kong over the past five years.

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Fraud Payments Data Mobile 115

PYMNTS

JANUARY 31, 2020

A 2018 survey found that 40 percent of American financial institution (FI) customers in this age bracket reported debit cards as their go-to payment instruments, while 36 percent favored credit cards. These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods.

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Fraud ATM Cards Security 148

PYMNTS

JULY 11, 2019

They can also see where a child or partner is using a shared credit card in real time and can even restrict usage at establishments deemed off-limits. The thing is, fewer than one-quarter of consumers currently use mobile card services. The thing is, fewer than one-quarter of consumers currently use mobile card services.

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Cards Mobile Retail Fraud 122

PYMNTS

NOVEMBER 5, 2019

Fraud is their profession. Friendly fraud, on the other hand, is a much more amorphous and heterogenous area than its criminal counterpart, Kount CEO Brad Wiskirchen told Karen Webster in a recent conversation, one that makes it much harder for merchants to spot, let alone fight. These types of fraud aren’t rare one-offs.

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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.

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PYMNTS

JULY 5, 2020

Federal workers, through partnerships with several online retailers, will now be able to purchase equipment like desks or office supplies through an eCommerce network for the first time, The Washington Post reports. The GSA is estimated to spend around $6 billion per year on open market credit card purchases.

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PYMNTS

SEPTEMBER 14, 2020

Friendly fraud has been on the rise for years, with customers contacting their banks to falsely assert that their credit cards have been used online for unauthorized purchases. FIs must thoroughly investigate chargeback cases to protect customers when fraud does occur, but the process can be cumbersome.

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PYMNTS

JUNE 10, 2019

About a month after reports surfaced that commercial fleet payments technology firm FLEETCOR is facing a lawsuit over claims of anticompetitive behavior, a new report from Citron Research is accusing the company of clean energy fraud.

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Fraud Cards Report Retail 129

FICO

FEBRUARY 16, 2023

For 2022, we saw a significant increase in compromised cards resulting from skimming activity. Total compromise cards were up 368% from 2021, with more than 161,000 impacted cards identified — nearly a 5x increase over 2021. Now that we have data from the entire year to review, we are seeing the alarming trend continue.

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Cards US Data Fraud 98

FICO

NOVEMBER 24, 2020

As many of us who have long been in the industry know, fraud remains a top challenge for debit cards. billion in gross (attempted) debit card fraud and ultimately incurred losses of over $1 billion on debit and ATM transactions; the need for an effective solution to this problem has never been greater. by Doug Clare.

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