PYMNTS

AUGUST 21, 2020

Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. Developments From Around The World Of Digital-First Banking. billion by 2024. About The Tracker.

Analytics 266

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PYMNTS

SEPTEMBER 17, 2019

Banks lost about $4 billion to account takeover (ATO) fraud attempts last year and fraudsters have been reluctant to abandon the scheme as this year progresses. Arou nd the Digital Banking World. Banks in other regions are also dealing with data breaches of their own, such as U.K. digital bank Monzo.

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PYMNTS

SEPTEMBER 29, 2020

A new Mastercard initiative aims to improve online transaction clarity so that customers can know exactly who they purchased from, according to a press release Tuesday (Sept. This can lead to consumers contacting their banks, which could incur costs and waste time with unnecessary chargebacks.

Online 243

Online Guidelines Study Fraud 243

PYMNTS

OCTOBER 7, 2020

Higher volumes of consumers are continuing to shop online even as brick-and-mortar stores reopen. Businesses and financial institutions (FIs) are following suit, reordering their products and services for a new digital normal — but unfortunately, fraudsters are tagging along.

Online 223

Online Report Tools Fraud 223

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

SEPTEMBER 30, 2020

Sometimes they’re just looking for more information, but other times they skip right to demanding chargebacks because they’re quite sure these purchases aren’t theirs and that they’ve been victims of fraud. Depending on the industry, friendly fraud can account for anywhere from 25-80 percent of all fraud losses.

Cards 220

Cards Online Fraud US 220

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

FICO

DECEMBER 5, 2022

Top 5 Surprises from FICO’s Fraud and Digital Banking Survey. Our survey found that good fraud protection is paramount for customers - even though they themselves may exaggerate income or claims. A report released by the FTC in February 2022 indicates a 71% increase in fraud in 2021, which cost consumers roughly $5.8

Survey 52

Survey Fraud Digital Banking social media 52

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. The Impact of ML on Account Opening Fraud. Cybercriminals are still masters of a thriving trade, though.

Fraud 195

Fraud US Tools Strategy 195

Payments Source

MARCH 24, 2020

While financial institutions are encouraging customers to use their digital banking services rather than the branch or ATMs during the outbreak, attackers will also be looking to exploit this potential increased adoption of mobile banking and mobile payment apps, says OneSpan's Sam Bakken.

Online 136

Online Fraud ATM Payments 136

Gonzobanker

OCTOBER 13, 2020

Cornerstone’s Growth Engine Framework illustrated below summarizes common measurements used to monitor the digital customer through the capture, acquire and nurture stages of relationship development. Typically, some of the lowest Net Promoter scores (NPS) in banking come from frustrated digital banking and payments users.

Strategy 158

Strategy Digital Banking Digital Strategies Mobile 158

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

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

JUNE 10, 2020

In one of the signs of where we are and where we are headed in the warp-speed transformation of digital banking, consider the internet meme that poses a multiple-choice question and series of answers. Who led the digital transformation of your company? A) CEO B) CFO C) COVID-19.”.

Digital Banking 145

Digital Banking Mobile Security Examples 145

PYMNTS

NOVEMBER 30, 2020

There are other benefits that the function could provide, however, including more robust fraud protection. How can banks better communicate the benefits of location sharing — and its vast potential to combat fraud — to customers who are on the fence? The report surveyed 2,141 U.S.

Fraud 171

Fraud Data social media Millennials 171

PYMNTS

MAY 28, 2020

The bank robbers who decades ago would have pulled off in-person heists have in many cases instead become cybercriminals who hack into mobile accounts, purchase stolen credit card information on the dark web and impersonate customers online or over the phone. Staying ahead of fraud requires constant innovation.

Fraud 139

Fraud Mobile Tools Missouri 139

PYMNTS

SEPTEMBER 28, 2020

Saudi Arabia and the United Arab Emirates are attempting to square away increasing consumer use of online channels with their privacy and banking standards. The aim of doing so is to create a more robust framework for digital banking. The ensuing lawsuit would represent the country’s largest class-action GDPR lawsuit.

Online 151

Online Report Payments Regulation 151

PYMNTS

JANUARY 13, 2021

The Office of the Comptroller of the Currency (OCC) granted digital asset platform Anchorage Trust Company a digital banking license, according to a press release Wednesday (Jan. With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association.

South Dakota 131

South Dakota Digital Banking Bitcoin cryptocurrency 131

PYMNTS

MARCH 13, 2019

Digital banking customers are looking for an institution that can keep their data safe, with security mishaps creating the possibility that they can move to other apps. 90 percent: The portion of consumers whose top online activity is personal banking. In addition, Stitch Fix Inc. 60 percent: The share of U.S.

Digital Banking 128

Digital Banking Security Data Branding 128

PYMNTS

MAY 27, 2020

Bad actors may dial into call centers and pretend to be legitimate customers to trick staff into revealing details about the individuals, which could then be used to figure out the victims’ digital banking logins. Around The FI Fraud Decisioning World. Otherwise, the fraud could continue unnoticed.

Fraud 245

Fraud How To Analysis Strategy 245

PYMNTS

JULY 14, 2020

“Organizations may have had to engage in relaxation strategies, which could inversely impact their fraud appetite, as they had to let more transactions through without reviewing them. Alert rates have stayed flat and fraud detection has gone unchanged. Complete fraud and customer service teams are working from home.

Fraud 311

Fraud Meeting Strategy Operations 311

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

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

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 The increasing sophistication of fraud attacks has led Scotiabank to reassess how it employs AI, ML and automation.

Fraud 117

Fraud Data Management Analytics 117

CB Insights

JANUARY 5, 2021

In the past few years, the burgeoning popularity of digital banks has only underscored the severity of these problems, with upstarts like Chime and SoFi offering cheaper, faster, and more convenient banking experiences. . get the state of challenger banks report. The digital divide spans countries as well.

Digital Banking 98

Digital Banking US Online FDIC 98

FICO

MARCH 9, 2022

The last few years have thrown up many challenges for banks and card providers as everything has shifted online, one of the primary challenges being fraud scams. But the online shift has also created opportunities for financial institutions to demonstrate their strong fraud controls in the digital space.

Customer Experience 59

Customer Experience Survey Fraud Cards 59

PYMNTS

OCTOBER 12, 2016

Q2 Holdings, a provider of secure, cloud-based digital banking solutions for community-focused financial institutions, announced on Tuesday (Oct. The online reporting provides transparency into the financial impact of the breach, including high-level summary reporting and detailed statistics, Q2 said.

Fraud 100

Fraud Tools Cards Management 100

FICO

JANUARY 11, 2022

Last year we published a highly successful The 11 Commandments of Digital Banking eBook that introduced the 11 commandments: Digital lift-and-shift is not a strategy! In addition to a new blog post that will be published monthly over 5 months, we are also excited to launch the following event: LinkedIn Live on Digital Banking.

Digital Banking 98

Digital Banking Customer Experience eBook UX 98

PYMNTS

JANUARY 28, 2020

Money travel service Travelex is back online after a cyberattack forced it to use paper and pen to manually complete transactions for customers over the holidays, according to a report by Reuters. 28), Reuters checked Travelex partner websites Tesco Bank, Barclays, HSBC and Virgin Money and said they were still down.

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The Paypers

SEPTEMBER 8, 2021

UK-based fraud prevention company GBG has partnered with Hungary-based SEON to help banks, fintechs, and digital banks increase efficiency and reduce costs due to fraud.

Fraud 31

Fraud Online Digital Banking Fintech 31

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

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PYMNTS

NOVEMBER 14, 2019

While small businesses often struggle with a lack of integrated digital tools from their traditional financial service providers, the friction in small business banking is often acute even before an SMB opens an account. That’s despite the majority – 70 percent – that say they would prefer to open a deposit account online.

Digital Banking 147

Digital Banking Video Strategy Tools 147

PYMNTS

JULY 10, 2018

Use of online banking portals for corporates is ubiquitous — 99 percent of executives recently surveyed by JPMorgan said they conduct business banking online. JPMorgan’s latest report, Trends in Digital Business Banking , was released Monday (July 9).

Online 100

Online Meeting Survey Analysis 100

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

OCTOBER 8, 2020

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. percent of users who hadn’t experienced fraud were concerned about it, too. And meanwhile, 35.7

Report 247

Report Fraud Risk Management America 247

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. GDPR has been a blueprint for many online data and privacy regulations rolled out around the world.

Compliance 151

Compliance Fraud Regulation Security 151

Payments Source

AUGUST 12, 2016

Banks have gotten better at detecting digital banking fraud, but the process of closing and reopening accounts is still a mess — and that is what could send more customers packing.

Fraud 60

Fraud Online Digital Banking Analytics 60