PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Financial Companies’ Security And Regulatory Obligations . resources.

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

DECEMBER 21, 2020

with money laundering, fraudulent banking and computer fraud, Reuters reported. “It It is not yet clear whether he participated actively in the theft or if he simply decided not to increase security measures after discovering it,” Ivano Gabrielli, director of the national center for cyber crimes (CNAIPIC), told Reuters.

blockchain 206

blockchain Bitcoin Fraud Report 206

PYMNTS

DECEMBER 19, 2019

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. As the Tracker revealed, though, this journey comes with security concerns that add a new level of complexity to banks’ digitization journeys.

Fraud 104

Fraud Payments Security Fintech 104

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

MAY 28, 2020

Social distancing mandates during the COVID-19 pandemic have advanced banking’s trend toward omnichannel operations. This means FIs and account holders must communicate effectively regarding potential fraud and work together to thwart it. Staying ahead of fraud requires constant innovation. Red Flag Behaviors.

Fraud 139

Fraud Mobile Tools Missouri 139

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

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

FICO

MAY 18, 2023

The innovative pay-as-you-go solution allows Dock’s clients, including banks, fintechs, and retailers, to intercept fraudulent transactions and protect their operations, while also improving the user experience. The fraud prevention solution is based on FICO® Falcon® Fraud Manager and FICO® Customer Communication Services (CCS).

Fraud 52

Fraud Technology social media Innovation 52

PYMNTS

SEPTEMBER 24, 2020

Staying abreast of these various compliance shifts can be costly and challenging for banks, but doing so is necessary to ensure that financial institutions’ (FIs) operations can run smoothly and ward off cyberattacks. Failing to secure such information could open up FIs to fraud. Compliance, Cybercrime And The Cloud .

Compliance 151

Compliance Fraud Regulation Security 151

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

JUNE 29, 2020

digital banking apps such as Anna, Curve, U Account and Pockit since they depend upon the technology of Wirecard to handle payment processing, per the CNBC report. Anna counts 20,000 business banking clients, while Curve has in excess of 1.3 After the U.K.’s haven’t been able to get ahold of their cash, CNBC reported.

Digital Banking 150

Digital Banking Cards Regulation Payments 150

PYMNTS

OCTOBER 12, 2016

Q2 Holdings, a provider of secure, cloud-based digital banking solutions for community-focused financial institutions, announced on Tuesday (Oct. Fraud Alerts will not only allow us to minimize the dollars lost for the credit union but will save hours of time for members and staff in completing claims.” ”

Fraud 100

Fraud Tools Cards Management 100

PYMNTS

SEPTEMBER 23, 2020

Banks in the EU have been racing to comply with the General Data Protection Regulation ( GDPR ) and the revised Payment Services Directive ( PSD2 ) since both measures were enacted in 2018. He explained that the cloud can help FIs swiftly respond to compliance and security challenges during the pandemic. Security Takes Center Stage.

Compliance 225

Compliance Regulation Guidelines Security 225

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. FIs around the globe are also grappling with faster.

Technology 142

Technology Fraud Data Security 142

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

PYMNTS

NOVEMBER 14, 2019

And when businesses seek to open a new account from their mobile phone or computer, KYC and AML – critical components of the onboarding process – must be approached with a digital-first strategy, in a significant disruption to the status quo of verifying identities in-person at the bank branch. Digital Banking, Digital Onboarding.

Digital Banking 147

Digital Banking Video Strategy Tools 147

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

JUNE 10, 2020

This has increased the need for FIs to develop convenient mobile onboarding experiences, but those that lack confidence in their ability to secure such channels appear to be reluctant to offer them. They need to thoroughly vet new customers and comply with security obligations to prevent crime from proliferating. Tapping Mobile KYC .

Mobile 130

Mobile Security Examples Study 130

PYMNTS

MAY 25, 2020

Banks are largely considered essential businesses and allowed to continue their operations, but it has hardly been business as usual for financial institutions. The risk of infection is not bank customers’ only concern during the outbreak, however. COVID-19-Related Fraud. Secret Service.

Fraud 167

Fraud social media Security Guidelines 167

PYMNTS

SEPTEMBER 6, 2016

In a world where payments become more invisible the more digital they become, there’s never been a better opportunity to consider new ways to enable the digital transformation of financial services in a secure and compliant way. Or watch its digital disruption. Payments Security As A Digital Business Enabler.

Security 100

Security CA Payments Big Data 100

PYMNTS

JUNE 3, 2019

percent of those focused on data analytics said they also focused on fraud management solutions in the previous three years, compared to only 60.6 Instead, most are focusing on improving their anti-money laundering (AML), data security, mobile and digital payments, and anti-fraud operations. For example, 91.7

Analytics 150

Analytics Innovation Data Fraud 150

PYMNTS

OCTOBER 3, 2019

But what you probably don’t know is that consumers want the type of financial services control that could potentially reduce their risk for fraud and leave them responsible for more authentication tasks, according to fresh PYMNTS research. consumers, so the findings are solid enough to take to the bank, if you will.).

Fraud 151

Fraud Digital Banking Mobile Analysis 151

PYMNTS

OCTOBER 8, 2020

And the company has continued implementing new machine-learning tech and filing new patents in areas such as deep learning, model fairness operations, active learning, transaction graph representations and more, the release says. Feedzai has seen the increase in fraud and scams with the pandemic. And meanwhile, 35.7

Report 247

Report Fraud Risk Management America 247

Celent Banking

NOVEMBER 11, 2015

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. Mandated training of security will be required. Information security. Systems operations and availability concerns.

Cyber Security 100

Cyber Security Regulation Security New York 100

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

JUNE 8, 2020

The Securities & Exchange Commission ( SEC ) has moved to freeze the assets of a $12 million cryptocurrency mining and multi-level marketing (MLM) scheme, Coindesk reports. In Hong Kong, 39 percent of new FinTech firms launched in the last year are now operating via blockchain, Cointelgraph reported.

blockchain 131

blockchain Analytics Utah cryptocurrency 131

PYMNTS

APRIL 2, 2020

This often means providing digital solutions and convenient banking options despite smaller technology and innovation budgets, however. Security is an ongoing concern as well, with countless fraudsters set on hacking CUs to obtain customers’ data. I believe [that] things have kind of really evolved.

United States 174

United States Security Innovation Mobile 174

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

South State Correspondent

JUNE 27, 2023

Bank data is much the same. You can survive as long as you use the same ecosystem, such as your core system and digital banking platform. For example, ISO 20022 defines the elements of a real-time payment, what constitutes a beneficial owner, or what happens during a transfer of securities for collateral (below).

System 195

System Data Examples Payments 195

PYMNTS

JUNE 17, 2020

Both of these channels are thus perfect targets for fraud, with cybercriminals posing as restaurants on social media and attempting to scam customers of their personal data, and fake reviews driving customers away from restaurants.”. Successful attacks are often the result of inadequate digital defenses meeting these methods.

Tools 141

Tools social media Fraud Mobile 141

PYMNTS

DECEMBER 11, 2020

Invisible” is the operative word here, as the tsunami of remote onboarding triggered by COVID lockdowns has given fraudsters yet more cover to add to their anonymity. adult consumers are more likely to use digital banking in response to these mandates.”. But that’s about to end.

Video 204

Video Security National Digital Banking 204

PYMNTS

NOVEMBER 23, 2020

“While technological advancements have revolutionized many aspects of operations, payroll and expense management are not [among] them. Banking as a service makes it far easier for [entities] from startups to multinational corporations to access and create simple, fast, secure and transparent full-fledged financial products,” Athavale said.

System 165

System Management Tools Cards 165

PYMNTS

OCTOBER 1, 2020

Security and fraud risk is also reduced, he said. The emergence, and embrace, of platforms, he said, can help bridge the great divide between the in-store, hardware laden (via terminals and NFC readers) and online payment processes, which revolve around tokenization, card not present transactions and other digital hallmarks.

Payments 271

Payments Colorado Marketing Cards 271

PYMNTS

MAY 27, 2020

The ATM has emerged as one of CUs’ most important tools in this member engagement effort, in fact, with many investing in digitally-enabled ATM kiosks that provide members with on-demand videoconference consultations and a full range of digital banking services. Deep Dive: Offering An End-To-End Customer Experience Through ATMs.

ATM 243

ATM Innovation Meeting United States 243

FICO

JANUARY 25, 2021

The goal of CIM is to meet regulatory rules and legislation, prevent fraud and financial crime, and manage risk—all while making it simple for customers to transact. Customer identity management operates today in an unpredictable environment. Fraud prevention. Follow my posts on fraud and identity management at @dougoclare.

Management 98

Management Fraud Customer Experience Compliance 98

PYMNTS

SEPTEMBER 8, 2020

rolled out the Paycheck Protection Program ( PPP ), it lifted the veil on one of the biggest friction points in business banking today. Middesk aims to help these firms streamline and digitize this process. When the U.S. On Tuesday (Sept. On Tuesday (Sept.

Fintech 198

Fintech Compliance Fraud social media 198

PYMNTS

MARCH 3, 2020

Banks looking to make the most out of these rare visits must use the latest technologies. Digital-first transformations can improve personalization and operating efficiencies, but they also bring challenges, including adoption-related costs and new avenues for fraud. million compared to unsecured companies’ $5.16

ATM 151

ATM Fraud Study Regional 151