PYMNTS
JUNE 16, 2019
“However, data stolen in recent breaches such as the 2017 Equifax breach could be used fraudulently to respond to knowledge-based verification questions,” GAO wrote. But GAO added that two of the six agencies that the watchdog reviewed have eliminated knowledge-based verification.
PYMNTS
MARCH 27, 2020
First-party is the most common variant and sees fraudsters applying for loans or credit cards using their own details. They then take all the credit they possibly can after approval and convert it to cash by writing high-value checks or maxing out their credit cards. Preventing Application Fraud.
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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.
Perficient
NOVEMBER 19, 2020
When customers can apply for the Apple Card, for example , and receive approval and begin using it in minutes, patience with financial institutions that take longer will wear thin. Many banks continue to use knowledge-based authentication and out-of-wallet questions, which have challenges when customers have recently moved.
PYMNTS
AUGUST 22, 2018
22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumer authentication that can be vulnerable to fraud.
Independent Banker
DECEMBER 31, 2022
The traditional banker might say, ‘OK, let’s close your checking account down, let’s suspend your debit and credit cards.’ As a result, it now provides progressive advancement levels within multiple departments, creating cross-functional opportunities and expanding employees’ knowledge base by tapping into their critical thinking skills.
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. He recently spoke with PYMNTS about what it takes to keep debit cards and their associated bank accounts safe from cybercriminals. .
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