PYMNTS

DECEMBER 21, 2020

As the new Tracker states, “eateries are turning to online and mobile ordering as well as delivery to stay afloat, with online order volume from food chains spiking by 225 percent since the pandemic began. These growing revenue streams carry their own risks, however, not the least of which is their propensity to be targeted by fraud.”.

Mobile 151

Mobile Fraud Policies Study 151

PYMNTS

DECEMBER 16, 2020

And then, after the transaction is made, there’s the task of understanding the byzantine codes and data that are tied to online statements. The “language” of the statements may represent a Rosetta Stone of sorts for the 110 million consumers who have pivoted online in the wake of the pandemic. The Scope Of The Problem.

Retail 228

Retail Management Fraud Omaha 228

PYMNTS

JUNE 2, 2020

As Kount Executive Gary Sevounts noted in a recent conversation, this combination has left payments players worldwide trapped between two sources of pressure: They’re responding to a global pandemic and the attendant increase in fraud, while at the same time preparing for a major regulatory change. The Path Ahead.

Compliance 137

Compliance Fraud Security Regulation 137

PYMNTS

JANUARY 22, 2019

Not to mention, all those late nights desperately striving to absorb all the information we should have learned over the course of weeks instead of hours, had we the good sense to keep pace with the work. In fact, missteps in digital fraud prevention can, as Stuppy said, “put the entire digital investment at risk.” Investment Risk.

How To 144

How To Fraud Online Mobile 144

PYMNTS

MAY 20, 2020

For merchants and financial institutions (FIs), the “new normal” of commerce — done increasingly online — means that battling fraud is a bit like feeling an elephant. The pandemic has paved the way for fraudsters to try new avenues of attack, and is laying bare the limitations of the fraud prevention tools currently deployed.

Fraud 208

Fraud Examples Data Tools 208

FICO

MAY 19, 2020

History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. So, I thought I would outline my top 5 fraud manager considerations during COVID-19. Examples include fake emails from CDC, WHO, and FEMA.

Fraud 52

Fraud Management Handbook Cards 52

PYMNTS

MAY 4, 2020

The inaugural edition of the Payments Powering the Platform Economy Report , a collaboration of PYMNTS and Payoneer , offers an in-depth examination of how tailoring payments to geographic markets helps online sellers connect customers with goods during periods of upheaval, or in the regular course of business.

Payments 130

Payments Customer Experience Regional Online 130

PYMNTS

OCTOBER 24, 2018

It’s the trade-off between financial institutions (FIs) easing the consumer’s journey across banking and transactions done online, and the need to prevent fraud during new customer onboarding. In classifying identity fraud, machines are always going to outperform humans.

Fraud 138

Fraud Training Data Customer Experience 138

PYMNTS

JANUARY 22, 2019

Not to mention, all those late nights desperately striving to absorb all the information we should have learned over the course of weeks instead of hours, had we the good sense to keep pace with the work. In fact, missteps in digital fraud prevention can, as Stuppy said, “put the entire digital investment at risk.” Investment Risk.

How To 108

How To Fraud Mobile Online 108

PYMNTS

JANUARY 22, 2021

Consumers are going online to complete their shopping during the pandemic — even for major purchases typically done in person, such as buying a car. As with any payment method, fraud attacks and human errors can upend customer experiences unless companies have strong security strategies in place. Early Intervention.

Security 141

Security Fraud Tools Customer Experience 141

PYMNTS

JULY 5, 2019

That reminder sets up a story recently told via a PYMNTS podcast discussion with Yinglian Xie, CEO and co-founder at DataVisor , a company that uses artificial intelligence (AI) to defend against online fraud and other such digital attacks. However, that doesn’t mean social media isn’t worth defending, of course.

social media 131

social media Fraud System Data 131

PYMNTS

NOVEMBER 13, 2020

“It’s hard to say if they are,” said McLain, who added that some issuers have gotten their arms around the shift to multifactor authentication to make online purchases more secure, and some are wrapping things up. Merchants, he said, need to realize that SCA need not be applied to all of a merchant’s online traffic. “In

Analysis 154

Analysis Online Data Customer Experience 154

CB Insights

FEBRUARY 13, 2020

As businesses and consumers become more comfortable using credit cards online, the proportion of US commerce that takes place online has steadily increased over the last 20 years. Specifically, the Collisons aimed to more seamlessly connect online businesses and payment processors, allowing more businesses to accept online payments.

Online 98

Online Company Retail Payments 98

PYMNTS

OCTOBER 19, 2016

Out of the ever-growing list of things retailers have as priorities, stopping fraud — not selling more goods and services — has now claimed the online retailer’s top spot. The mere increase in the number of fraud attempts year over year and quarter over quarter is enough to shake even the most hardened eTailer to her knees.

Retail 100

Retail Fraud Customer Experience Data 100

FICO

NOVEMBER 12, 2019

Today’s post is about solving the elusive problem of first-party fraud and features commentary from Julie Conroy (Research Director at Aite Group) and Jack Alton (CEO at Neuro-ID). An executive who owns P&L for a consumer lending product line at a large bank was asked about first-party fraud and he compared the problem to a black hole.

Fraud 40

Fraud Resources Industry Groups 40

PYMNTS

JANUARY 28, 2020

But that’s not the whole story, of course. Owens noted that Elan aims to improve the customer experience by providing mobile functionality, geolocation, AI-based fraud protection and all forms of digital payments. Traditional financial institutions are not exactly known for their agility,” he said.

Fintech 169

Fintech Digital Strategies Mobile Resources 169

PYMNTS

DECEMBER 24, 2020

And while the shift to digital in grocery wasn’t premised on quite the same type of necessity seen in restaurants, consumer’s pressing concerns about their safety combined with the increased convenience of digital shopping have pushed the grocery game online in heretofore unseen ways. Kount Chief Customer Experience Officer Rich Stuppy.

Study 206

Study Industry United States Innovation 206

PYMNTS

JANUARY 22, 2020

Among the keys to that approach, according to Parsons, are significant advances in data collection and analysis, along with new retail technologies (voice, augmented reality) that both fuel the new omnichannel push and spark consumer interest in those newer retail experiences. Trust Issues. Trust Issues.

Retail 137

Retail Millennials New York City social media 137

PYMNTS

DECEMBER 12, 2019

Payments are becoming increasingly invisible, embedded in the consumer experience offered by merchants. Consumers view payments as part of their experience, regardless of what setting they might be in — whether online or in-store — or what device they may hold. All data is, of course, not created equal, she cautioned.

Data 149

Data Payments Software Course 149

PYMNTS

JULY 16, 2019

When people talk about omnichannel as a concept, they are usually referring to the classic retail use case: The customer buys something online and then goes and picks it up at the store, or the consumer picks it up in the store but initiates the return online. These platforms are all focused on customer experience,” Saraf said.

Fraud 138

Fraud Payments Course Mobile 138

PYMNTS

JUNE 10, 2020

“Even in pre-pandemic times,” he said, “some of the key initiatives from financial institutions were focused on improving the customer experience, while at the same time focusing on fraud prevention.”. Admittedly, financial institutions (FIs) were not bringing all their efforts to bear on pivoting to mobile and online channels.

Digital Banking 145

Digital Banking Mobile Security Examples 145

PYMNTS

SEPTEMBER 6, 2016

Of course, it’s not just the FinTech industry and tech-savvy millennials who are fueling digital change. And there’s a huge land grab for mobile wallet space, so banks are trying to achieve a seamless customer experience. APIs can optimize the customer experience by being live and secure.

Security 100

Security CA Payments Big Data 100

South State Correspondent

AUGUST 10, 2023

A customer gets on their mobile phone to send a payment, and the dirty secret is we “memo post” that debit, changing the customer’s balance and making them think the money is no longer in the account. The reality is, of course, the money is technically there. This daily reconciliation process is no small feat.

System 195

System Examples Operations Data 195

PYMNTS

NOVEMBER 17, 2020

The rising trend of digitization in commerce and the increased occurrence of card-not-present fraud were not created by the COVID-19 pandemic. Those dynamics have made the dangers of fraud far less abstract to consumers. Fraud, he said, is occurring at an unprecedented rate and scale and it was far from a small issue before.

Fraud 316

Fraud Michigan Security Cards 316

PYMNTS

AUGUST 8, 2019

Verifying Digital Identity In The Sharing Economy Report , based on a survey of American sharing economy participants, in the rush to onboard new users, making the customer experience more simple could be making security more vulnerable. Of course, it’s hard to generalize. According to PYMNTS’ new Who Are You? A majority (68.6

Security 108

Security Survey Customer Experience System 108

PYMNTS

JANUARY 22, 2020

In response, the Financial Conduct Authority (FCA) changed course, and agreed to a phased implementation of the SCA rules that would span an 18-month period. The changeover, however, and the ability to discern patterns around fraud rates and merchants, will take time. As the Sept. Reframing Friction.

Data 141

Data Guidelines Regulation Compliance 141

NCR

FEBRUARY 17, 2017

Multichannel is about offering as many customer touchpoints as possible and can involve different strategies for different channels. Omnichannel is more focused on unifying the customer experience across all channels. Both approaches recognize the importance of consumer choice. Why the ATM is key to omnichannel.

ATM 85

ATM Mobile Strategy Fraud 85

PYMNTS

JUNE 28, 2017

From their affinity for brunch (and avocados on toast ) to their attachment (uncorded, of course) for subscription services , it’s no secret millennials have some significant spending differences compared with older generations. It’s much harder to get it back or stop or fix a fraud attack after it’s happened.”.

Millennials 108

Millennials Security Mobile social media 108

PYMNTS

MARCH 7, 2019

New technologies keep emerging in the fight against fraud — biometrics, for instance — but they are not the only part of pushing back against criminals and preventing them from stealing data and money. The process tied to fraud prevention matters significantly, too. billion stolen emails and passwords have surfaced online.

Fraud 173

Fraud Security Data Cards 173

FICO

MAY 19, 2021

What Is First-Party Fraud? From banks to telcos to debt collection agencies, what looks like unrecoverable bad debt may in fact be first-party fraud. For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. by Matt Cox.

Fraud 52

Fraud Groups Analytics Compliance 52

PYMNTS

MAY 22, 2019

In banking, the customer journey, of course, begins with the first steps involved in setting up a relationship — offering up names, addresses, Social Security numbers (SSNs) and a wealth of other data to set up accounts. These strategies … need to include the entire customer life cycle,” he told PYMNTS.

Mobile 168

Mobile Fraud Online Strategy 168

PYMNTS

JANUARY 19, 2021

In financial services, in the eternal war to keep customers (and themselves) safe from online fraudsters, banks may lift a mantra from the real estate sector: It’s all about location, location, location. Not all data are created equal, of course. Only about a third of banks’ apps ask for robust location data, said Briggs.

Data 227

Data Fraud Los Angeles Compliance 227

FICO

MAY 19, 2021

For many people, the word “fraud” evokes images of shadowy criminals using stolen identities and purloined credit card information to commit financial crimes. Perhaps surprisingly, consumers sometimes use their own personal information to commit fraud. Both of these crimes are first-party fraud.

Fraud 52

Fraud Groups Analytics Compliance 52

William Mills

MAY 10, 2016

They offer chat bots for customer support, with the ability to create custom bots. One use case is to use a bot, via text messaging, to help customers when they have potential credit card fraud. They use Natural Language Processing algorithms for the customer interaction. 11 hours a day online.

San Jose 40

San Jose Customer Experience Mobile social media 40

FICO

JANUARY 11, 2021

Identity-based fraud takes many forms: application fraud , bust-out fraud , account takeover , synthetic identities and identity theft. In response, many institutions have deployed layered controls to ensure they are interacting with genuine customers and help stop identity fraud.

Fraud 52

Fraud Customer Experience Survey Mobile 52

PYMNTS

NOVEMBER 17, 2020

The reality of bots is that they’re pretty much in all areas of the customer experience and customer journey,” Sevounts said. He said Kount’s event-based solution could identify risk levels and take an accurate course of action to block a bad bot in just 300 milliseconds. Before, they were limited to one or two areas.

Fraud 163

Fraud Montana Retail System 163

CB Insights

APRIL 10, 2019

Facial recognition, for example, could capture what a shopper is looking at, and enable retailers to later serve up related promotions to the shopper via email or online ads. Banks are beginning to use facial recognition as secure login tools for customers using their online banking sites and apps.

Industry 78

Industry Examples Security Technology 78