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Deep Dive: How FIs Are Looking Beyond Traditional Know Your Customer Data To Spot Synthetic ID Fraud

PYMNTS

Fraudsters and financial institutions (FIs) are constantly evolving to best each other, and growth in synthetic ID fraud is revealing that many banks must enhance their security measures to stay in the lead. Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S.

Fraud 132
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Enforcing AML/KYC Compliance When Legal Precedent Does Not Apply

PYMNTS

Biometric recognition technology uses a combination of artificial intelligence (AI) and machine learning (ML) to scan, analyze and store users’ biometric data, such as fingerprints, facial features, voices or even online browsing patterns to confirm that users are who they say they are. Digital Innovation, Legal implementation.

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Deep Dive: The Need For Real-Time Data To Keep Onboarding Fast And Secure

PYMNTS

New account fraud is a significant problem for FIs, with 48 percent of values generated from fraud attempts coming from accounts that have only been open for one day, according to a recent report. FIs have been interested in biometrics ever since fingerprint-based login became a common functionality on smartphones and other devices.

Security 133
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Outfoxing The Cyberfraudsters In Real-Time With Live IDs

PYMNTS

Among the front row seat observers in the battle for payments security is Stephen Stuut, CEO of online mobile payments and identity verification company Jumio. PYMNTS: How would you define your company’s approach to innovation? SS: Our approach to innovation is two-pronged. SS: Our approach to innovation is two-pronged.

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Biometrics in banking: What are the risks?

NCR

As exciting and beneficial as these innovations might be, it’s the job of the FI to think about the potential flaws and weak points in biometric systems that could be exploited by fraudsters. These might involve the use of one-time passcodes or knowledge-based authentication. What are the risks?

Fraud 96
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The Perfect Secure Payments Storm

PYMNTS

Sass says weak security challenges like passwords and knowledge-based questions (i.e. coincides almost too neatly with the introduction of the European Union’s second Payment Services Directive, or PSD2 — a whole new set of regulatory requirements for online payments that 3DS 2.0 The innovation that 3DS 1.0 Data Trove.

Security 109
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Wake up: Your bank is not efficient

Gonzobanker

Most banks have horrible business, mortgage servicing and wealth management self-service capabilities, and the amount of online lending and deposit account opening is sad compared to more innovative players like USAA and Capital One 360. Force the discipline of a KPI culture.