PYMNTS

JULY 28, 2020

The cellphone is an invention; the smartphone is an innovation. That gap between creating something and putting it to ingenious use is where innovation does its magic. Our study shows that 83.3 percent of executives at large CUs reported planning card issuance innovations for these reasons, respectively. percent and 66.7

Innovation 140

Innovation Community Cards Fraud 140

PYMNTS

FEBRUARY 4, 2019

Artificial intelligence has started — slowly — to make its presence felt in payments and commerce, including in fraud prevention, via early deployments of the technology and cutting-edge AI algorithms. The study is based on “more than 340,000 AI-related patent applications and 1.6 The 158-page WIPO study found that U.S.-based

Innovation 194

Innovation Study Fraud Technology 194

NCR

JULY 28, 2017

This convenience offers many advantages to the consumer, but financial institutions and consumers need to recognize one of the biggest disadvantages of this technological expansion: the increased risk of digital banking fraud. million instances of fraud and two million computer misuse offenses in England and Wales alone. .

Fraud 74

Fraud Digital Banking Survey Security 74

PYMNTS

SEPTEMBER 19, 2019

This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. billion stolen credentials.

Fraud 144

Fraud Data Mobile Tools 144

PYMNTS

OCTOBER 16, 2019

Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies. According to a KPMG study , 63 percent of financial institutions use transaction monitoring based on rules and machine learning.

Compliance 123

Compliance Fraud Study Digital Banking 123

PYMNTS

NOVEMBER 20, 2019

This rampant availability of users’ data makes it easier for bad actors to wreak havoc and commit fraud. She recently spoke to PYMNTS about how Scotiabank has revamped its fraud strategy in recent years. “I Scotiabank’s Three-Pronged Innovation Strategy. It is estimated that more than 4.1

Fraud 117

Fraud Data Management Analytics 117

PYMNTS

AUGUST 5, 2019

Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. The Whole New World of Check Fraud.

Fraud 162

Fraud Payments Mobile Handbook 162

PYMNTS

OCTOBER 4, 2019

Once upon a time in the 1960s, banks were building a series of one-off card-based solutions , much the way today in the ending days of the 2010s we see global digital banking, mobile wallets and alternative underwriting schemes building one-off tech-based solutions for financial services products. Goldman’s Marcus Has Lost $1.3B

Fraud 108

Fraud Google Apple Chicago 108

PYMNTS

JANUARY 28, 2021

The latest Digital-First Banking Tracker® done in collaboration with NCR , notes that “FIs are devoting more money than ever to fraud prevention as more consumers go digital. This development comes as 68 percent of fraud experts report increases in cybercrime over the past year.”.

Fraud 244

Fraud Survey Digital Banking Security 244

FICO

NOVEMBER 10, 2020

I am always glad to see headlines like this one, which ran last summer in The New York Times: “ How to Reduce Credit Card Fraud.” Every Transaction Is Assessed for Fraud. FICO’s patented and proven fraud analytic capabilities have helped organizations save $90 billion+ per year. Steps Ahead of Financial Criminals.

Fraud 98

Fraud Cards Analytics Mobile 98

PYMNTS

DECEMBER 31, 2020

Like their cousins in banking, credit unions (CUs) long enjoyed a relaxed pace of technological change. Consumers waited on financial institutions (FIs) to innovate in an odd relationship that put business needs before customers’ needs. It was all on their timetable. Not anymore. CUs Are Going Next-Gen.

Survey 235

Survey Arizona Innovation Innovation Strategies 235

PYMNTS

OCTOBER 10, 2019

Consumers have noticed the rising levels of fraud in digital banking, and they are not pleased. In fact, one recent study found that 71.2 Financial institutions (FIs) need to keep watch for newer schemes as they seek to prevent different forms of fraud, such as money laundering, on their online platforms.

Fraud 126

Fraud Digital Banking Strategy Security 126

PYMNTS

SEPTEMBER 24, 2020

These considerations are especially important during the ongoing coronavirus pandemic as the wave of legitimate customers now doing their banking online has prompted a corresponding spike in fraud. Companies are reexamining how they can use cloud technologies to comply with changing security standards as digital banking volumes expand.

Compliance 151

Compliance Fraud Regulation Security 151

PYMNTS

DECEMBER 17, 2019

Headlines are filled with reports of service outages and data breaches , and both banks and consumers are contending with rising fraud concerns as digital banking takes off. Fraud threatens everyone, yet customers rely on their banks for protection. The Technology Gap That Fosters Fraudsters.

Technology 142

Technology Fraud Data Security 142

PYMNTS

FEBRUARY 26, 2020

The party always ends, however, and governments have caught up to all that wild innovation. The debate around data privacy is getting a new boost as discussions of open banking get real. For a case study in the new privacy rules at scale, people are looking to China and its Multi-Level Protection Scheme 2.0 Let China Be China.

Regulation 130

Regulation Case Study Fraud Study 130

PYMNTS

SEPTEMBER 22, 2020

Consumers moved to digital banking in droves during the early months of the COVID-19 pandemic — it appears they are not moving back. Consumers pivoting to online banking are also more concerned over the privacy and security of their data, especially as fraud volumes creep up —and financial regulators are taking notice.

Compliance 191

Compliance Digital Banking Security Online 191

South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon.

Conference 221

Conference Las Vegas Fraud Case Study 221

PYMNTS

MARCH 3, 2020

Mobile and online banking’s prevalence has reduced physical branches’ importance, but these brick-and-mortar establishments are still vital to customers’ financial lives. Even millennials , who heavily lean on remote banking, still visit physical bank locations for more complex functions, such as loan applications. million.

ATM 151

ATM Fraud Study Regional 151

PYMNTS

NOVEMBER 19, 2020

Many are still taking innovative approaches to rolling out new high-tech solutions by turning to third-party providers, however. CU members stand to benefit greatly from such solutions, as the study reported that 51 percent them of them have had their identities stolen and 68 percent have been targeted by debit or credit card fraud.

Alabama 228

Alabama Meeting Fraud Trends 228

FICO

JANUARY 5, 2021

It’s no surprise that COVID-19 would be one of the subjects that drew readers to the FICO Blog last year, but for the Fraud Protection and Compliance category it wasn’t the only top draw. Two of our top five posts focused on digital transformation innovations in biometrics and customer identification.

Fraud 52

Fraud Compliance Survey Google 52

PYMNTS

MAY 28, 2020

In the May Digital-First Banking Tracker® , PYMNTS explores the latest in the world of digital-first banking, including the challenges facing deployment of APIs amid the COVID-19 pandemic, new online initiatives from nationwide FI chains and community banks and the security challenges that are plaguing digital banking programs.

Community Bank 176

Community Bank Community Security Digital Banking 176

PYMNTS

SEPTEMBER 28, 2020

The aim of doing so is to create a more robust framework for digital banking. Yet many Middle Eastern countries are operating under data privacy or protection rules that have not been upgraded in decades, something that could leave their banks, businesses and consumers open to increasing fraud.

Online 151

Online Report Payments Regulation 151

PYMNTS

NOVEMBER 25, 2019

PYMNTS’ Credit Union Innovation Index found that 65 percent of such members chose their CUs because they trusted them, for example, with 60.8 A recent Financial Crimes Enforcement Network (FinCEN) study found that 162 CUs across the U.S. percent saying they would not leave their CUs for different FIs.

Alaska 154

Alaska Hawaii California Analytics 154

PYMNTS

JANUARY 17, 2020

Regulators have been watching the bank closely after the 2016 incident of bogus accounts and have reportedly handed down edicts that Wells Fargo has had trouble meeting because of obsolete resources and methods. How AI Helps Marketplaces Fight Off-Platform Fraud . Fed Study: Wholesale Payments Vulnerable In Bank Cyberattack.

Fintech 100

Fintech New York City New York Mobile 100

Celent Banking

APRIL 18, 2016

Last week many of us at Celent were in New York attending our Innovation and Insight Day on April 13th. It is Celent's flagship event during which we announce Model Bank and Model Insurer winners and celebrate their achievements. Celent Model Bank 2016 winners are: Model Bank 2016 Categories. Citizens Bank, US.

US 100

US Case Study Risk Management America 100

PYMNTS

NOVEMBER 24, 2020

24) that the collaboration with Cellulant will help “drive consumer confidence in digital banking and boost the adoption of digital payments on the continent.”. Banking app security was especially problematic, according to the statement. More than 2,100 weaknesses were discovered in the tested apps. .

Digital Banking 145

Digital Banking Security User Experience Fraud 145

PYMNTS

JUNE 10, 2020

A 2017 study found that 85 percent of bank respondents did not enable customers who started onboarding on one channel to continue the process on another, for example. A 2018 study found that more than 50 percent of U.K. FIs must offer in-demand service channels or risk seeing their customers defect to competitors.

Mobile 130

Mobile Security Examples Study 130

NCR

JULY 31, 2017

As we explored in the first part of this two-part guide, digital banking fraud is an escalating threat to financial institutions and their customers. Digital banking fraud can take many forms, such as identity fraud and account takeover , which are becoming increasingly common. million in 2016.

Fraud 74

Fraud Digital Banking social media Security 74

Cisco

APRIL 7, 2019

While banks work to build the right customer experience across channels, emerging technologies like voice-first banking and intelligent chat bots gain footing. It’s clear intelligent assistants will begin to play a significant role in consumer digital banking transactions. Cloud strategy counts.

Trends 64

Trends Cyber Security Big Data Analytics 64

Tech and Finance

JUNE 14, 2018

I publish occasionally at the Articulate Communications blog on issues of financial technology, banking and associated public relations and marketing topics. In the past I have written about design thinking, how to avoid bank PR-speak and whether banking and innovation belong in the same sentence. June 12 Temenos.

Survey 28

Survey Millennials Fraud Mobile 28

Independent Banker

OCTOBER 29, 2014

So where do ballyhooed mobile banking and payments developments among the biggest players leave community banks? Given the still nascent state of consumer adoption of mobile payments technology, time and opportunities for growth and innovation in the mobile arena at the community bank level still exist, banking technology experts say.

Mobile 105

Mobile Community Bank Community Technology 105

Cisco

APRIL 7, 2019

While banks work to build the right customer experience across channels, emerging technologies like voice-first banking and intelligent chat bots gain footing. It’s clear intelligent assistants will begin to play a significant role in consumer digital banking transactions. Cloud strategy counts.

Trends 48

Trends Cyber Security Big Data Analytics 48

Fintech Labs Insights

OCTOBER 28, 2016

Courtesy of its billion-dollar acquisition of security innovator Trusteer in 2013, IBM will add behavioral biometric analysis to its digital banking fraud prevention solution, IBM Security Trusteer Pinpoint Detect , the company announced on Thursday.

Security 12

Security New York Strategy Analysis 12

Celent Banking

MAY 20, 2016

Celent profiles two award-winning banks who have modelled excellence in their use of risk management technologies across their banks. They demonstrated: Degree of innovation. Left to right, Martin Pilecky, CIO Alfa-Bank; Gary McAlum, SVP Enterprise Security Group USAA; Joan McGowan, Senior Analyst Celent).

Security 113

Security Fraud Case Study Risk Management 113

FICO

DECEMBER 7, 2020

With the FICO Platform, FICO has re-architected our industry-leading FICO® Falcon® Fraud Manager and the FICO® Siron® Anti-Financial Crime compliance suite, converging the functionality of both of these market-leading solutions under a completely new code line to run as a single, cloud-based software platform.

Fraud 52

Fraud Analytics Compliance Software 52

Gonzobanker

OCTOBER 27, 2022

It’s time for innovative banks and credit unions to redesign checking — fast. While there is no modification to requirements related to interchange fees, this change will negatively impact banks’ and credit unions’ payments revenue and, likely, increase their fraud-related costs.

Cards 78

Cards Fraud Regulation Trends 78

PYMNTS

NOVEMBER 9, 2020

there are indications that the opening of data flows between financial services companies has led to strong innovation (and demand for that innovation), and more regulation may loom. FinTech providers getting accreditation to use open banking APIs grew 9.2 percent over the first quarter in the U.K. In the U.S.,

Fintech 285

Fintech Data Regulation Innovation 285