PYMNTS

JUNE 4, 2019

In the old days, forged checks were the biggest problems that bank fraud departments had to manage. It is no wonder that fraud prevention is one of the problem areas that FIs hope artificial intelligence (AI) can help resolve. Yet, few FIs leverage this technology in their anti-fraud efforts — only 5.5 What’s more, only 12.5

Fraud 195

Fraud System Study Comparison 195

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.

Fraud 266

Fraud Community Bank Virginia Community 266

PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. 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

Video 205

Video Fraud Digital Banking System 205

PYMNTS

JUNE 27, 2017

In this week’s Commander in Chief series, PYMNTS talks with mobile capture and identity verification company Mitek Systems ’ CEO James DeBello about what moves the ball for the mobile industry. He also offers advice for how to innovate in the field. PYMNTS: Where do you look for innovative ideas, and why?

Innovation 145

Innovation System Mobile Trends 145

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?”

Fraud 270

Fraud Compliance cryptocurrency Security 270

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.

Fraud 160

Fraud Strategy Community Bank New York City 160

PYMNTS

AUGUST 21, 2020

In the August Digital-First Banking Tracker® , PYMNTS explores the latest in the world of digital-first banking, including how the pandemic is driving ATM innovation, how FIs are protecting both digital accounts and ATMs from potential fraudsters, and the new cybercrime-fighting techniques that are revolutionizing the digital banking industry.

Analytics 266

Analytics Fraud ATM Report 266

PYMNTS

MARCH 3, 2020

The need for innovation springs from many sources. It might come from the need to solve issues like waste fraud and abuse in the byzantine world of healthcare payments. Or it could take the form of a black swan event like the Wuhan Coronavirus – and the global scramble to innovate around a very unexpected disruption.

Innovation 140

Innovation Fraud Data System 140

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.

Fraud 253

Fraud Handbook Security Comparison 253

PYMNTS

APRIL 24, 2020

It’s been a boon for ACH payments, said Jeff Thorness, president of Forte Payment Systems , a CSG company. 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.

Innovation 161

Innovation Payments System Data 161

PYMNTS

JANUARY 31, 2019

Instead, a deeper understanding of fraud — down to its genetic outline — is needed to be truly effective in fighting it. Fighting fraud is often a group effort, as can be seen in several global markets. In the UAE, for instance, a group of banks recently banded together to crack down on acts of check-related fraud.

System 197

System Fraud Digital Banking Groups 197

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.

Innovation 291

Innovation Payments cryptocurrency Cards 291

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. This is where Zielke says rules-based systems fall short.

Fraud 138

Fraud Innovation Retail System 138

PYMNTS

JUNE 11, 2019

Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has been used by financial institutions (FIs) to great effect. In fact, a typical consumer who gets a fraud alert might not even know there was an algorithm working behind the scenes that spotted suspicious activity. Most FIs (63.6

Fraud 140

Fraud System Innovation Data 140

PYMNTS

SEPTEMBER 25, 2019

Innovation can be a blanket term in the banking world. Is artificial intelligence (AI) for anti-money laundering (AML) compliance innovation? The latest Innovation Readiness Playbook surveyed more than 200 bank executives to reveal the role that core processing and IT infrastructure play in innovation performance and strategy.

Innovation 171

Innovation System Compliance Payments 171

PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). From those manual reviews, these highly experienced investigators create rules, monitor suspicious activity and collaborate with law enforcement to mitigate fraud in the system, she continued. Modifying the System.

Fraud 216

Fraud System Security Leadership 216

PYMNTS

MARCH 17, 2020

To stay competitive, especially with digital startups unencumbered by legacy systems, traditional financial institutions (FIs) need to deliver seamless customer services to individual consumers and enterprise customers alike. You don’t want to break your back-end systems,” Caldeira told PYMNTS.

Innovation 228

Innovation Payments System Security 228

PYMNTS

OCTOBER 14, 2019

Money laundering and similar forms of fraud have become more concerning for FIs as reports of cybercrime circulate globally. dollar as their currency of choice on the black market, which means American banks must alter their anti-fraud and AML strategies — especially as regulatory fragmentation divides the U.S.

Strategy 109

Strategy Fraud Innovation Regulation 109

PYMNTS

JULY 16, 2019

False positives — instances of potential but uncertain fraud — can significantly gum up the works when it comes to anti-money laundering (AML) efforts, leading to friction and massive manual review that can eat up costs and cut into profits. We all know the system is broken,” he said. The system is not working.”. AI Disconnect.

System 143

System Fraud Data Maine 143

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

JULY 27, 2020

It’s a landscape that has created an opportune environment for technological innovation. As firms like Lemonade are able to build an insurance company from the ground up, they aren’t bogged down by outdated systems and processes — and many of the market’s biggest points of frictions can be overcome right from the start.

Innovation 247

Innovation User Experience Industry Fraud 247

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.

Fraud 216

Fraud Branding Customer Experience Security 216

PYMNTS

JUNE 22, 2017

There’s another way, though, in which the fear of fraud bears down on the enterprise. A new report from Vesta Corporation finds fraud positions itself in the way of innovation and growth, even compliance. to understand how payments fraud is limiting corporates’ path to success. cents per every $100 transacted.

Fraud 108

Fraud Innovation Survey eBook 108

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.

Fraud 311

Fraud Payments Cards Security 311

Perficient

FEBRUARY 29, 2024

Going forward, banks should: Implement AI-driven systems to streamline credit decision processes, reducing decision times, and enabling faster responses to loan applications. Explore and integrate alternative data sources and innovative scoring models to offer fairer assessments of creditworthiness.

Trends 221

Trends Industry Analytics Compliance 221

Bank Innovation

OCTOBER 2, 2017

EXCLUSIVE—Preventing fraud is an ongoing battle, and Mastercard wants to make it a little easier for card issuers with the launch of its Early Fraud Detection System. The system, announced by the payment processor today, will allow FIs and other card issuers to create a greater net of protection for card customers.

System 191

System Cards Fraud Payments 191

PYMNTS

SEPTEMBER 24, 2019

That sentiment was underscored earlier this month when South Korea said it would delist a number of altcoins from an exchange over privacy concerns – namely, the anonymous nature of the transactions are at odds with the goals of the Financial Action Task Force (FATF), which include combating money laundering and fraud.

Innovation 182

Innovation Fraud Technology Security 182

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 .

Innovation 155

Innovation Branding Tools Innovation Strategies 155

PYMNTS

JULY 25, 2017

From enhancing the supply chain process to learning more about consumers’ shopping behavior, machine learning is a technology that’s at the forefront of retail advancements and innovation. In 2016, online financial fraud hit 15.4 million Americans, a 16 percent increase to $16 billion in stolen money.

Fraud 196

Fraud Online Retail Maine 196

PYMNTS

SEPTEMBER 21, 2020

Consumers are using mobile apps’ order-ahead features and loyalty perks more often during the COVID-19 pandemic, yet chargeback fraud — also known as friendly fraud — is unfortunately also rising. A Proactive Approach To Friendly Fraud. Friendly fraud often develops around online promotions at restaurants.

Fraud 177

Fraud Mobile social media Customer Experience 177

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. Those growth rates are not the whole story when it comes to AI research and innovation, however. percent, agriculture (32.3

Innovation 194

Innovation Study Fraud Technology 194

PYMNTS

APRIL 1, 2019

It’s a statement borne out by the new Credit Union Innovation Playbook , a PYMNTS/ PSCU collaboration. They very naturally want to see those types of innovations incorporated into their banking relationships. According to this survey of credit union customers, an overwhelming 81.3 But, Lynch noted, it is still a starting point.

Innovation 141

Innovation Fintech Fraud Security 141

PYMNTS

DECEMBER 26, 2019

Companies are getting much better at fraud detection and prevention, partly in response to its rapid spread. A leading index of digital theft found that loyalty fraud exploded by 89 percent over 2018, opening a vast new front in the battle. For their part, the anti-fraud community is hitting back hard. Fighting Fakes With Fire.

Fraud 131

Fraud social media Massachusetts Data 131

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

OCTOBER 21, 2020

Spend controls were the focus of innovation in the commercial card space this week thanks to feature and program launches. This week’s commercial card innovation tracker includes a rollout of the next generation of authorization controls from Comdata Inc., as well as the launch of the Flex by Finaxar initiative from Finaxar.

Cards 130

Cards Innovation Management Fraud 130

PYMNTS

OCTOBER 8, 2020

A survey found that 62 percent of customers worry about fraud — such as pilfered payment details, account takeovers or fake reviews being left in their names — when interacting with QSRs. Securing payment data and other aspects of the customer experience is the keystone to driving customer demand during the pandemic and in the future.

Innovation 141

Innovation Fraud Mobile Security 141

PYMNTS

JANUARY 7, 2020

Innovation is no longer optional – it’s table stakes to stay in the game. The good news: There is no shortage of innovative ideas and options for today’s FIs to offer to their customers: digital wallets, P2P payments, card controls, fraud and security protection, and loyalty and rewards perks among them.

Innovation 139

Innovation Technology Marketing System 139