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

PYMNTS

Postal Service, the Social Security Administration, Veterans Affairs, and the Centers for Medicare and Medicaid Services, for example, ask questions of a new user and match their answers to information held in an individual’s credit file. For instance, not all applicants have cell phones,” the watchdog explained.

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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.

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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. Another form of identity security is biometrics. billion by 2024. In addition, unlike fingerprints, veins do not change with age. About The Tracker.

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Federal Reserve’s Cunha on the State (and Timeframe) of Digital Dollars

PYMNTS

And there’ll be quite a bit of tinkering with the technology (especially the infrastructure) and the use cases to get there. Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency.

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

Perficient

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.

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KPMG: How AI Defense Can Counter Faster Payments Fraud

PYMNTS

Ron Plesco, principal of Cyber Security, and Bob Ruark, principal of Banking and Financial Services Strategy and KPMG’s FinTech leader in the U.S. You need layers of security,” he noted. As Plesco pointed out, criminals have managed to steal credit bureau data, giving fraudsters an in when it comes to such theft. The antidote?

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