PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. It’s great to see the prioritization on innovation with this bill,” Wingert said, calling the AML regulatory changes important. Can you really know your customer if you don’t know their location?”

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PYMNTS

FEBRUARY 12, 2020

As for the areas where scammers managed the biggest hits, business email compromise (BEC), confidence/romance fraud and spoofing were the top three types of crime in terms of monetary losses. BEC fraud does not respect seniority, and it pays exceedingly well.”. billion (or slightly over half) of all losses tracked in 2019.

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Fraud Handbook Security Comparison 253

PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. Cautious shoppers may find comfort in debit, with fraud losses associated with the payment method declining over the past several years. Card fraud is an ever-present threat. A Big-Picture Approach To Thwarting Debit Fraud.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Along with the security benefits, Kount’s product will also ensure “marketing campaign efficiency and conversion,” the company added. In a Tuesday (Aug.

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PYMNTS

NOVEMBER 16, 2020

Fraud targeting digital banking users has been around as long as digital banking itself, but it has recently become more prevalent. The pandemic is exacerbating the problem, with a study finding that 22 percent of Americans were the targets of pandemic-related fraud attempts as of March. APP fraud is not a new occurrence.

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Fraud Security Strategy Digital Banking 182

PYMNTS

JUNE 23, 2020

Federal Reserve has introduced a new effort to combat payments fraud. PYMNTS explores these stories and others in this week’s Payment Rail Innovation Tracker. Federal Reserve Tackles Fraud Across Rails. The solution supports the need to classify fraud independently of payment type or other payment characteristic.

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PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. ATMs are common avenues for fraud, however, especially those that are running outdated software. billion by 2024.

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Analytics Fraud ATM Report 266

Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. These types of scams fall under the broad term of remote authentication fraud, and they’re increasingly common—and inventive. Examples of remote authentication fraud. New account fraud.

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Fraud Strategy Community Bank New York City 160

Bank Innovation

SEPTEMBER 27, 2017

Challengers to traditional banking, payment, and loan products have all launched this year, and FIs are fighting fraud, hacks, and scams with an increasing number of biometric security measures. 2017 has been a […].

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Innovation cryptocurrency blockchain Fraud 360

PYMNTS

NOVEMBER 10, 2020

Atlanta payments encryption firm Bluefin is partnering with New York mobile payments processor PAAY to advance eCommerce security. Founded in 2007 by Miles and John Perry, who serves as chief executive officer, Bluefin specializes in encryption and tokenization payment and data security. . Each $1 of fraud costs retailers $3.13. .

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PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2 million USD).

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Fraud Examples Online Data 150

Bank Innovation

MAY 2, 2018

Security and fraud risk remain the top priority for retail banks seeking to update their payments infrastructure, a study released this week by ACI WorldWide and Ovum found.

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Security Innovation Payments Study 150

PYMNTS

OCTOBER 14, 2019

Money laundering and similar forms of fraud have become more concerning for FIs as reports of cybercrime circulate globally. Part of the problem is that money laundering controls are easier for fraudsters to anticipate than security measures for other cybercrimes. security standards from those in markets like Europe.

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BankInovation

JANUARY 3, 2022

In 2022, banks must counter the continued growth of fraud, which saw increased frequency in the wake of the COVID-19 pandemic, while also acknowledging competitor fintechs as equal players in the financial services space.

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Fraud Fintech Innovation Security 98

PYMNTS

JUNE 3, 2019

In fact, credit unions that focus on data analytics are more likely to pursue a wider range of innovations than those that do not. 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 For example, 91.7 Other notable findings include: 79.4

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Analytics Innovation Data Fraud 150

PYMNTS

JANUARY 21, 2021

Melissa Townsley-Solis, head of GIACT , discusses one of the negative effects of COVID-19: the escalation of fraud in the payments arena. She stresses the importance of small businesses fighting back against fraud in 2021 in order to achieve economic recovery. Fraud was red-hot in 2020. Businesses across the U.S.

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PYMNTS

OCTOBER 8, 2020

The growing cost of online fraud – and finding ways to detect it – has long been a costly concern of financial institutions (FIs). If you beat the geolocation fraud, you beat all the fraud,” Briggs said. Briggs described filling that security gap as an evolutionary step that will give banks and customers something they all want.

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PYMNTS

JULY 29, 2020

That would be terrific news, Kount Chief Customer Experience Officer Rich Stuppy told PYMNTS in an interview, except for one thing: fraudsters love seeing consumer-centric innovations because those present fresh access points for ill-gotten gains. But he added that fighting fraud isn’t about building the highest possible wall.

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Fraud Branding Customer Experience Security 216

Bank Innovation

FEBRUARY 20, 2018

EXCLUSIVE—As banks begin to implement faster payment networks, they have to be ready to react to new cases of fraud in higher numbers, Genevieve Gimbert, head of fraud management consulting for financial consultancy PwC told Bank Innovation.

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Fraud Payments Innovation Management 256

PYMNTS

SEPTEMBER 18, 2020

This week's look at payment rail innovation is all about speed, both for legacy rails and new ones. Combining these elements, we are creating a broad platform with faster technology and smarter and better services that the industry can trust as a foundation for innovation towards their own end-clients," he added.

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PYMNTS

NOVEMBER 4, 2020

The seizure stemmed from a cryptocurrency fraud scheme being investigated by Brazilian federal police called Operation Egypto. In addition, the Financial Crimes Enforcement Network ( FinCEN ) has warned banks to look out for cryptocurrency-related fraud, with reports rising due to pandemic-related chaos in recent months.

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PYMNTS

DECEMBER 30, 2016

Still, researchers have found, many businesses do just that: RedSeal released a report this month that described the state of corporates’ approach to enterprise security as one of “cyber naïveté,” with many executives believing that their existing strategies are sufficient to ward off a cyberattack.

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Fraud Security Survey Technology 145

PYMNTS

FEBRUARY 3, 2020

Such transparency between buyers and sellers allows the economy to quickly grow — but also presents fraud and security challenges. More sophisticated fraud detection systems force cybercriminals to rely on more subtle attacks, such as building false identities that appear real until money changes hands.

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PYMNTS

SEPTEMBER 3, 2020

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . According to some estimates, as many as 22 percent of Americans have been impacted by COVID-related fraud. . .

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PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Social Security numbers. Another threat is identity fraud, in which bad actors will either steal an individual’s identity or forge a new one, and then use it to open new accounts or apply for fraudulent loans they have no intention of paying back. Identity fraud accounted for $16.9

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PYMNTS

JULY 22, 2019

RHB in Malaysia is introducing fraud protection cards with mini screens on the back that auto-generate new card verification value (CVV) numbers, according to reports. A study done by Bank Negara Malaysia showed that upwards of 92 percent of total fraud losses were connected to card payment fraud.

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PYMNTS

OCTOBER 8, 2020

Mobile ordering services, advanced drive-thrus and customer safety and security are the top customer priorities for restaurants amid the pandemic. Safety and Security. Securing payment data and other aspects of the customer experience is the keystone to driving customer demand during the pandemic and in the future.

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Innovation Fraud Mobile Security 141

PYMNTS

APRIL 24, 2020

As Thorness explained, their embrace of ACH processing technologies is likely to have far-reaching impacts into how they send and receive payments with government suppliers, too, particularly as ACH innovation accelerates. ” Accelerating ACH Innovation. “There is a great emphasis on data security,” he said.

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PYMNTS

MARCH 17, 2020

Simply put, the back-office systems are ill-equipped to handle the demands of technological innovation, especially as financial services cross channels. The Challenges Of Multi-Channel Payment Innovation. 1: Security. FIs, he said, have been consistently underestimating the end user’s expectation of security.

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PYMNTS

JANUARY 19, 2021

Fraudsters have unfortunately also carefully followed this payment trend, with skimming, prepaid card and ATM fraud all seeing upticks recently — especially in regard to debit transactions. Another study indicated that debit-related fraud is on the rise across the U.S. Around The Next-Gen Debit World. The report noted that U.S.

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PYMNTS

SEPTEMBER 21, 2020

Artificial intelligence (AI) can improve the eCommerce experience – not just in terms of warding off fraud, but also in making sure payments can be processed efficiently and that the most effective payment gateways are accessed. And consumers want to pay with their preferred methods, across cards or digital wallets.

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PYMNTS

JULY 2, 2020

Although CU members want innovation in member loyalty and rewards, most credit unions are not delivering these programs up to the desired standards. Credit union members’ high expectations when it comes to loyalty innovation do not necessarily make or break their banking relationships. Loyalty Innovation Strategies .

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Innovation Branding Tools Innovation Strategies 155

PYMNTS

JANUARY 20, 2020

Fraud protection techniques have advanced rapidly over the past decade to keep pace with fraudsters preying on emerging weak points. Banks, businesses and others still have numerous fraud problems to address, from text-based scams and phishing to synthetic identity theft. Fraudsters and the Access Problem. The Technology Barrier .

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Fraud Tools Security Examples 136

PYMNTS

MAY 24, 2016

It’s no secret that, as fraudsters continue to evolve and increase the sophistication of their tactics, the­ fraud prevention landscape must do the same in order to stay one step ahead. With global fraud attacks on the rise , Forter is looking to transform the need for retailers to manage these rules-based systems that produce scores.

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PYMNTS

SEPTEMBER 28, 2020

PYMNTS' September Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , analyzes the pandemic-era fraud landscape and identifies its many pitfalls. This fraud targets all demographics and generations, with U.S. Financial crime-fighters simply won’t suffer this state of affairs.

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PYMNTS

JANUARY 18, 2021

Looking ahead to 2021, I believe that secure digital transformation will remain a priority globally as individuals, businesses and economies begin to bounce back from the events that have so challenged us all in 2020. Challenges And Opportunities Ahead In 2021. 2021 is likely to be the year when omnicommerce moves from hype to reality.

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Innovation Payments Retail America 205

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. ” Innovation’s Security Downsides.

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