PYMNTS

JANUARY 27, 2021

Banks’ use of such innovations is predicted to expand, too, with 60 percent of FIs saying they aim to gain customers and improve customer experiences using digital channels. This increased digital presence also brings a greater risk of digital fraud, however. The Fraud Threats Facing Digital-First Banks.

Security 213

Security Innovation Fraud Study 213

PYMNTS

OCTOBER 28, 2020

PSCU , the credit union service organization (CUSO), is teaming up with FICO Customer Communications Services (CCS) to develop a fraud alert tool for credit unions (CUs), PSCU said in a statement on Wednesday (Oct. In the event of possible fraud, members are alerted quickly and securely using their preferred method of communication.

Fraud 109

Fraud Tools Security Analytics 109

PYMNTS

JANUARY 25, 2021

This increased digital engagement can create challenges, however, as it opens up new avenues for fraud in addition to making transactions more convenient for customers. A Lloyds Bank study found that this type of fraud has increased fivefold over the past year, accounting for up to 1 percent of all loan applications.

Fraud 235

Fraud Digital Banking Missouri Trends 235

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. Banks are dealing with rapid rises in fraud schemes such as ATOs, synthetic identity fraud and account opening fraud.

Fraud 195

Fraud US Tools Strategy 195

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

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).

Fraud 150

Fraud Examples Online Data 150

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

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 10, 2020

And while payments tools indeed must be wary of the complex and ever-changing compliance requirements unique to the cannabis market, there is opportunity, he said, for the marijuana sector to eventually become a powerful influencer over other industries’ adoption of solutions like optimized B2B payment tools.

Innovation 210

Innovation Payments Tools Compliance 210

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

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. The Technology Barrier .

Fraud 136

Fraud Tools Security Examples 136

PYMNTS

APRIL 10, 2019

Reports in Virtual Strategy Magazine this week said InFactor, developed by the XinFin-powered TradeFinex Dev team, is connecting the factoring tool to QuickBooks so users can automatically obtain financing on their unpaid invoices. Factoring and the broader trade finance space are popular use cases for blockchain innovations.

blockchain 193

blockchain Tools Fraud Data 193

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

JANUARY 16, 2020

However, to do so, these companies will need to make some adjustments to their fraud protection strategies. Implementing a layered anti-fraud approach that utilizes several technologies could help protect against bad actors looking for vulnerabilities. The Latest Fraud Decisioning Developments.

Fraud 133

Fraud Tools Data Industry 133

PYMNTS

DECEMBER 21, 2020

Bolt was founded in 2014 in San Francisco and works on tools to streamline web transactions. Bolt deals with fraud reduction through detecting mouse pointer locations, typing speed and accuracy, copying and pasting behavior, and other data surrounding browsing, cart and checkout. Data from the IBM U.S. billion, the report says.

San Francisco 245

San Francisco Innovation Fraud Capital 245

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. Fraudsters made off with account numbers and other personal details, which could later be used for different synthetic identity fraud or related schemes. digital bank Monzo.

Fraud 196

Fraud Digital Banking Delaware Tools 196

PYMNTS

JANUARY 14, 2021

Numerous technological and logistical challenges have emerged as firms work to vet and verify applicants without meeting them in person, with 80 percent of companies recently reporting that they experienced candidate fraud. WilsonHCG On Using Digital Tools To Ease Remote Hiring. Around The Digital Identity Space. About The Tracker.

Video 184

Video Tools New York City New York 184

PYMNTS

NOVEMBER 19, 2020

This shift has prompted many eateries to rely on emerging tools like artificial intelligence (AI) to better manage various aspects of their operations as consumers transact remotely. The technology is also credited with helping them meet diners’ demands for seamless purchasing experiences as well as enabling them to battle fraud. .

Boston 200

Boston Fraud Meeting Mobile 200

PYMNTS

MAY 27, 2020

The COVID-19 pandemic is accelerating the pace of digital innovation across the financial sector, and credit unions (CUs) are no exception. Many CUs are investing heavily in new digital technologies to help serve their members during the COVID-19 pandemic, but not all innovations are successful.

ATM 243

ATM Innovation Meeting United States 243

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

MAY 28, 2020

This means FIs must be able to ferret out and defend against an ever-more complex array of attacks, and they deploy advanced fraud detection strategies and designate additional resources to keep themselves and their customers safe. Staying ahead of fraud requires constant innovation. Red Flag Behaviors.

Fraud 139

Fraud Mobile Tools Missouri 139

PYMNTS

SEPTEMBER 10, 2019

Canada’s Everlink Payment Services , a payment solution and service provider for banks, credit unions and small businesses, is strengthening its fraud controls for clients through a collaboration with ACI Worldwide. In a press release Monday (Sept.

Fraud 122

Fraud Risk Management Cards Tools 122

PYMNTS

JANUARY 18, 2021

A Year of Innovation in the Face of Adversity Digital and omnichannel consumer journeys have accelerated during 2020, as click and collect, buy online pick up in-store (BOPIS), and contactless payments and touch-free shopping have all seen an enormous boost this year. Challenges And Opportunities Ahead In 2021.

Innovation 205

Innovation Payments Retail America 205

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 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

NOVEMBER 2, 2020

Banks and corporates can use it to help reduce the risk of ATM security breaches, money laundering and fraud. Serko Rolls Out Expense Management Tool In North America. Suplari Rolls Out New Tools For Spending Insights, Predictions.

Tools 148

Tools Management America ATM 148

PYMNTS

JULY 31, 2019

However, financial institutions (FIs) are getting better at separating vital areas of innovation from the hype. Banks are increasingly focusing on the fundamentals when determining their innovation agendas. Payment technology is in many ways the flagship among the fleet of innovations that banks are pursuing.

Innovation 151

Innovation Report UX User Experience 151

PYMNTS

SEPTEMBER 19, 2019

This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. billion stolen credentials.

Fraud 144

Fraud Data Mobile Tools 144

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. Looking at Geolocation Tools All Wrong. Those are very simple things to build a risk engine around,” he said. .

Fraud 266

Fraud Seattle Security Technology 266

PYMNTS

FEBRUARY 11, 2020

To help diners make the best use of their mobile devices to order meals, quick-service restaurants (QSRs) are tapping into mobile innovations. From Dunkin’ Brands to Grubhub , QSRs and ordering platforms are driving innovation with mobile ordering technology.

Mobile 144

Mobile Innovation Fraud Branding 144

Bank Innovation

SEPTEMBER 25, 2019

As fraudsters get more sophisticated, credit bureaus are sharpening their tools to detect and curtail fraudulent transactions. For many fraud victims, these transactions are irreversible, adding pressure on institutions to develop more robust solutions.

Fraud 150

Fraud Payments Tools Security 150

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

Abrigo

DECEMBER 10, 2019

Elder financial exploitation and elder fraud are rising at an alarming rate as they continue to be serious crimes in the United States. An increase in financial crime and fraud against the elderly is expected to continue to climb as the baby boom population (those born before 1964) age. The under-reported and growing crime.

Fraud 284

Fraud Study United States Training 284

PYMNTS

DECEMBER 6, 2019

The company uses automation tools to accelerate claims processing. It is often too risky for drivers to carry large amounts of cash, but other payment tools can be problematic as well. In this month’s Feature Story, the three gave PYMNTS an inside look at the financial tools and strategies that make trucking more seamless.

Tools 186

Tools Payments Millennials Strategy 186

PYMNTS

JULY 3, 2019

In a press release issued Tuesday (July 2), Palmarius Advisors announced that its AP solution provides automated reconciliation and increased security to mitigate the risk of fraud while simplifying accounts payable transactions. Our clients love how they can now generate additional revenue every time they pay their suppliers or vendors.”.

Tools 100

Tools Fraud Analysis Resources 100

Independent Banker

APRIL 30, 2022

Community bankers are embracing innovation like never before—with impressive results. But with so much emphasis placed on customer-facing products and technologies, innovating back-office operations can fall to the bottom of the priority list. By Charles Potts, ICBA. ICBA sees things differently. You might also consider a gap analysis.

Innovation 91

Innovation Community Bank New York City Community 91

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