PYMNTS

OCTOBER 14, 2019

Money laundering and similar forms of fraud have become more concerning for FIs as reports of cybercrime circulate globally. Recent scandals involving Deutsche Bank and Swedbank have made consumers reconsider their trust in FIs, many of which are scrambling to keep fraudsters out and bring consumers back. financial regulations work.

Strategy 109

Strategy Fraud Innovation Regulation 109

PYMNTS

NOVEMBER 19, 2019

The fact that fraud is on the rise is not new, nor is it surprising that banks are turning to artificial intelligence (AI) and machine learning to fight back. In the latest Digital Banking Tracker , PYMNTS looks at how banks are currently approaching their use of AI and machine learning in fraud protection and technology innovation.

Fraud 109

Fraud Digital Banking Innovation Data 109

PYMNTS

JULY 29, 2019

To accommodate this shift and the nation’s growing number of internet and smartphone users, tech giants like Amazon and Facebook are launching digital banking solutions focused on mobile devices. The following Deep Dive explores AI’s fraud-fighting uses and how the technology can offer more personalized services.

Digital Banking 181

Digital Banking Fraud ATM Mobile 181

PYMNTS

APRIL 27, 2020

The number of online banking customers is growing worldwide, and FIs’ consumers are coming to expect seamless digital experiences as a result. One study recently determined that the number of digital banking users is expected to exceed 3.6

Digital Banking 248

Digital Banking Tools social media Mobile 248

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

MAY 4, 2020

Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that could indicate something is amiss. Around The FI Fraud Decisioning World.

Fraud 197

Fraud Data Tools Online 197

PYMNTS

JUNE 13, 2019

Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud.

Fraud 128

Fraud Analytics New Jersey Data 128

PYMNTS

SEPTEMBER 18, 2019

Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. Banks are dealing with rapid rises in fraud schemes such as ATOs, synthetic identity fraud and account opening fraud.

Fraud 195

Fraud US Tools Strategy 195

PYMNTS

DECEMBER 19, 2019

An explosion of FinTech innovation has jump-started traditional financial institutions’ (FIs) digitization efforts. Yet, each of these strategies to modernization is a double-edged sword, exposing a bank — and, thus, its partners and customers — to a new breed of fraud risks. In the U.K.,

Fraud 104

Fraud Payments Security Fintech 104

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 race to get ahead on the technology is now gaining clarity as well. Fresh data from the U.N.

Innovation 194

Innovation Study Fraud Technology 194

PYMNTS

NOVEMBER 27, 2019

In addressing the innovation gap that exists between credit unions and their larger financial institution (FI) brethren, credit unions (CUs) may be perceived to be at a disadvantage, at least when it comes to dollars. That’s especially true as millennials come up through the ranks, and are both comfortable and confident in using technology.

Innovation 215

Innovation Millennials Technology Examples 215

Gonzobanker

JANUARY 4, 2023

Back in the day, when I was the CIO of a bank, we had a Technology Plan. It was a single document that had every aspect of the bank’s technology goals for the year – hardware, software, vendors, projects (all led by information technology, or IT, by the way) – the entire bank IT budget. digital banking).

Technology 78

Technology System Software Groups 78

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

JULY 25, 2019

Banks need to innovate faster and further when it comes to the technology they use on their online platforms, as to stay one step ahead of bad actors with access to the same technology. Banks need to make sure they’re using tech in ways that keep the fraudsters out, but don’t send customers looking for another service.

Digital Banking 176

Digital Banking Innovation Fraud United States 176

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.

Fraud 117

Fraud Data Management Analytics 117

NCR

JULY 28, 2017

The ongoing development of digital technology has created unprecedented choice and freedom for consumers in how they manage their financial affairs. As people complete more financial tasks and transactions via digital channels, there is more scope for fraudsters to exploit the weakest links in security. An escalating threat.

Fraud 74

Fraud Digital Banking Survey Security 74

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

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

MAY 28, 2020

This means FIs must be able to ferret out and defend against an ever-more complex array of attacks, and they deploy advanced fraud detection strategies and designate additional resources to keep themselves and their customers safe. Staying ahead of fraud requires constant innovation. Red Flag Behaviors.

Fraud 139

Fraud Mobile Tools Missouri 139

PYMNTS

AUGUST 15, 2018

Businesses in nearly every industry need to worry about risks, especially when it comes to fraud and security. But those dangers are even more pressing in the banking industry, where bad actors are increasingly attacking financial institutions (FIs) on multiple fronts, and using multiple techniques. Around The Digital Banking World.

Fraud 103

Fraud Report US Digital Banking 103

PYMNTS

JULY 25, 2019

Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Banking customers are affected by attacks ranging from phishing schemes to identity scams, and it is still up to FIs to provide accurate and real-time protection regardless of where their customers are located.

Fraud 164

Fraud Marketing US Resources 164

PYMNTS

FEBRUARY 28, 2019

Socure, the provider of identity verification and fraud prevention services, announced Thursday (Feb. market sectors that are in need of accurate, automated identity verification technology, including healthcare and the public sector,” Socure CEO Tom Thimot said in the press release. “We 28) it raised $30 million in Series C funding.

Fraud 119

Fraud Capital Analytics Digital Banking 119

PYMNTS

FEBRUARY 1, 2019

Many financial institutions are achieving this state of vigilance by investing in artificial intelligence (AI) and machine learning (ML) solutions as part of their anti-fraud efforts. . But as Jeremy Balkin, head of innovation for Swiss bank HSBC , recently told PYMNTS, even AI and ML need assistance sometimes — from humans. .

System 123

System Digital Banking Fraud Customer Experience 123

PYMNTS

JANUARY 31, 2019

Instead, a deeper understanding of fraud — down to its genetic outline — is needed to be truly effective in fighting it. The new Digital Banking Tracker highlights how banks are adopting new approaches to protect their customers and clients from nefarious actors. News From The Digital Banking Landscape.

System 197

System Fraud Digital Banking Groups 197

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

PYMNTS

OCTOBER 28, 2020

PSCU , the credit union service organization (CUSO), is teaming up with FICO Customer Communications Services (CCS) to develop a fraud alert tool for credit unions (CUs), PSCU said in a statement on Wednesday (Oct. In the event of possible fraud, members are alerted quickly and securely using their preferred method of communication.

Fraud 109

Fraud Tools Security Analytics 109

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.” Software does flag some transactions that seem out of place, but technology is often behind crooks who are getting more sophisticated at making their charges look legitimate.” Why can’t companies stop this?

Fraud 98

Fraud Cards Analytics Mobile 98

FICO

MARCH 30, 2023

This got me thinking about how the seemingly innocuous shift to digital is impacting things on a macro level. Both from a cash and a fraud perspective, my curiosity was piqued, and I fell down the rabbit hole to learn more. Fraudsters Love Digital Real-Time Payments All this rapid change is great for one thing — fraud.

Fraud 52

Fraud ATM South Carolina Management 52

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. Mobile, online and phone channels all have distinct fraud challenges and customer needs. The Cost of Compliance.

Compliance 123

Compliance Fraud Study Digital Banking 123

PYMNTS

OCTOBER 10, 2019

Consumers have noticed the rising levels of fraud in digital banking, and they are not pleased. Fraudsters are relying on technologies like artificial intelligence (AI) and machine learning (ML) to put ever-more-complex schemes to work like bot and automated attacks. Around the Digital Banking World.

Fraud 126

Fraud Digital Banking Strategy Security 126

PYMNTS

DECEMBER 28, 2020

While many credit unions had already begun implementing digital technologies before the health crisis began, they were forced to radically accelerate their efforts after stay-at-home and social distancing protocols gave them little choice. Coast Capital On The Innovations Driving CUs’ Digital-First Future.

North Carolina 197

North Carolina Houston Fraud Innovation 197

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

PYMNTS

OCTOBER 8, 2020

The deals sometimes concerned big players, including “some of the largest and most innovative companies in the world (e.g. Feedzai has seen the increase in fraud and scams with the pandemic. The company says its fraud solution works to decrease costs and more efficiently target the activity. And meanwhile, 35.7

Report 247

Report Fraud Risk Management America 247

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

JULY 1, 2019

Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all. As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems. Biometrics and the Future of Fraud.

Customer Experience 187

Customer Experience Tools Fraud Security 187

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

FICO

FEBRUARY 16, 2022

Banks must be prepared to help stop scams, including making customers more aware of the danger, all while continuing to ensure an exemplary customer experience. FICO published our 2021 Digital Consumer Banking and Fraud Survey today that emphasizes consumer perspectives on customer experience and fraud prevention management. .

Survey 52

Survey Fraud US Customer Experience 52