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GAO: Post-Equifax, Agencies Must Tighten Online ID Proofing

PYMNTS

A report from the Government Accountability Office ( GAO ) said several government departments still rely on the three major credit agencies — Equifax, Experian and TransUnion — to verify a person’s identity before they can access their services online. Agencies like the U.S.

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Deep Dive: Why New Hacking Technology Has Made Application Fraud More Difficult To Fight

PYMNTS

These attacks have grown more sophisticated as technology advances, and fraudsters are furthering their schemes with synthetic identity fraud, or scams in which bad actors invent new identities specifically for criminal purposes. The bad actors then cut off all contact with the bank, preventing it from recouping its losses.

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Does KBA Have A Place In Online SMB Credit Checks?

PYMNTS

Technology providers are exploring a range of solutions to seamlessly verify customers’ identities, with the biometrics market projected to reach more than $59 billion by 2025. Hitachi first demonstrated the technology in London in September, and plans to officially launch the product in Europe next year. billion by 2024.

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Deep Dive: Why ML Plays A Key Role In Debit Issuers' Fraud-Fighting Strategies

PYMNTS

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.

Fraud 273
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10 Questions Banks Should Ask About Their Digital Account-Opening Capabilities

Perficient

If it’s more than 10 minutes for an online/website process or more than five minutes for a mobile process, the abandonment rate impacts account openings as much as 40%. How many clicks does it take to open an online account? Abandonment rates increase significantly when the time to complete an application exceeds five minutes.

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Fiserv Rolls Out Enhanced Consumer Authentication Solutions

PYMNTS

Fiserv, the global provider of financial services technology solutions, announced on Wednesday (Aug. 22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers.

Fraud 101
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How Merchants Are Driving Conversions With Five Features

PYMNTS

Amid this trend, and increased interest in other offerings, merchants like Target are expanding free shipping offerings as IKEA is rolling out credit cards rewards and eBay is highlighting a price guarantee. But, in the event of a more complex question, the technology can send the question to a human representative. About half — or 48.2