PYMNTS

DECEMBER 6, 2018

Such a scenario stands as a terrifying example of not only the sophistication of criminals, but also the threat of fraud in a real-time payments environment. Ron Plesco, principal of Cyber Security, and Bob Ruark, principal of Banking and Financial Services Strategy and KPMG’s FinTech leader in the U.S. The antidote?

Fraud 133

Fraud Payments Security Cyber Security 133

Perficient

FEBRUARY 22, 2023

AI is increasingly being used to automate a variety of tasks in financial services institutions, including customer service, fraud detection, and loan applications. RPA is a form of automation that uses software robots to automate repetitive, mundane tasks, freeing up employees to focus more on strategic, knowledge-based, value-adding tasks.

Trends 474

Trends North Carolina Customer Experience Charlotte 474

PYMNTS

APRIL 22, 2020

Banks must enable fast and seamless onboarding experiences, but these processes should also be secure. 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.

Security 133

Security Data Fraud Tools 133

The Paypers

APRIL 25, 2022

Pindrop , a provider of voice technology, has released its annual Voice Intelligence & Security Report uncovering how companies might be accidentally inviting fraud, threat mongers from the dark web, and bad actors better prepared to pass authentication.

Knowledge Base 31

Knowledge Base Fraud Security Technology 31

PYMNTS

JUNE 16, 2019

Postal Service, the Social Security Administration, Veterans Affairs, and the Centers for Medicare and Medicaid Services, for example, ask questions of a new user and match their answers to information held in an individual’s credit file. For instance, not all applicants have cell phones,” the watchdog explained.

Knowledge Base 108

Knowledge Base Online United States Fraud 108

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

MARCH 17, 2017

A classic image of payment fraud involves a fraudster stealing credit card numbers and shopping for goods in-person or online. But what’s left out of this picture, said David Dewey, director of research at Pindrop Security , is the element of voice. From there, I could have done anything I wanted to on his account.”.

Fraud 107

Fraud Cards Houston Retail 107

PYMNTS

NOVEMBER 1, 2017

The updated 3D Secure 2.0 In a recent digital discussion with Karen Webster, Michael Sass, VP Market Product Management, Security Solutions, Europe, Mastercard , and James Rendell, VP Product Management, Payment Security, CA Technologies , discussed the advantages as well as the obstacles that are still in the way. 3D Secure 2.0

Security 109

Security Payments CA Data 109

PYMNTS

MAY 16, 2019

The former intends to integrate the latter’s Contact Center AI (CCAI) into its call center products and, in a recent interview with PYMNTS, Lasserre and Gnan Gowda, Genesys’ senior director of software product management and global security, discussed how this will help the company’s customers without compromising security.

Knowledge Base 100

Knowledge Base Fraud Security Software 100

NCR

APRIL 23, 2018

However, this does not mean the work is done, as there are still additional stages related to PSD2 that are still to be implemented later this year – specifically those related to customer authentication and fraud prevention. Reducing fraud in an open banking environment. Technical standards set to come into force.

Fraud 72

Fraud Knowledge Base Guidelines Security 72

PYMNTS

AUGUST 22, 2018

22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumer authentication that can be vulnerable to fraud. reached $5.1

Fraud 101

Fraud social media Knowledge Base Cards 101

PYMNTS

JUNE 11, 2020

What is new is the way in which the technology is being incorporated into businesses’ broader efforts to comply with relevant AML/KYC regulations to help mitigate identity theft and fraud and the legislation being adopted to support those technologies and govern the ways they are implemented.

Compliance 186

Compliance Guidelines Meeting Tools 186

PYMNTS

JULY 10, 2019

Despite the pervasiveness of digital identity in everyday life, concerns surrounding digital ID security continue to make headlines, with billions of dollars lost to fraud. Switzerland’s Jura Hospital is currently testing a 3D finger vein scanner to more effectively secure patient data. Find the feature story in the Tracker.

Apple 158

Apple social media Knowledge Base Mobile 158

PYMNTS

SEPTEMBER 5, 2019

Fraud protection has never been taken lightly by call centers, but the need for stricter authentication is reaching new levels in the face of automated bot attacks and near-daily account takeover (ATO) attempts. Fraud is an ever-evolving space, [so] it’s important, with multifactor authentication, to look at it holistically,” she said.

social media 116

social media Fraud Tools Knowledge Base 116

PYMNTS

OCTOBER 19, 2018

Bill Nelson, CEO of the Financial Services Information Sharing and Analysis Center (FS-ISAC), told PYMNTS that these rumors are likely the result of an overzealous watchdog, or security vendors that are hoping to create a market for their offerings. Using data to fight fraud. They have to know what [and who] the biggest threats are.”.

Fraud 100

Fraud Knowledge Base System Tools 100

PYMNTS

MAY 15, 2018

The Pros and Cons of Standard Security Choices. Beyond the static password, there are a few methods that organizations have been implementing in recent years to try to stay ahead of the fraud problem. Plus, data breaches have left a lot of those security responses exposed. Then there’s two-factor authentication.

Fraud 129

Fraud Training Security Compliance 129

NCR

DECEMBER 15, 2017

By allowing consumers to verify their identity with a fingerprint scan or a spoken word, biometrics could eliminate the need for passwords and unique user IDs – removing one of the weakest links in the security chain. These might involve the use of one-time passcodes or knowledge-based authentication.

Fraud 96

Fraud Security Knowledge Base Analysis 96

PYMNTS

OCTOBER 7, 2019

Identity security is key when it comes to protecting financial information, and it can be devastating if sensitive documents from credit checks fall into the wrong hands, making authentication critical. As part of the sign-up [process], the user provides us with [their] full name, address and Social Security number.

Tools 101

Tools Data Security Fraud 101

PYMNTS

MARCH 28, 2017

Many smartphone users go through biometric authentication processes every time they unlock their phone using a fingerprint, and many secure applications, including banking and other financial services apps, are enabling users to log into their accounts using a fingerprint or eye scan or other biometric indicators.

Report 100

Report Knowledge Base Security Technology 100

PYMNTS

MARCH 14, 2017

Though money laundering is a dangerous and enormous aspect of fraud, it’s often overshadowed by high-profile data breaches and other cybercrime activities. As fraud moves away from point of sale, Clark said the landing spot of choice is application fraud — applying for an account using a fraudulent identity that’s either stolen or synthetic.

Meeting 111

Meeting Fraud Knowledge Base User Experience 111

PYMNTS

FEBRUARY 12, 2019

The ideal — the goal of ongoing work across much of the digital payments and commerce industries — is to join two related, but distinct, tasks in the hopes of bringing more security and convenience to financial and retail transactions. The Hot Thing. The key to all that? According to Pointner, that would be facial recognition technology.

St. Louis 144

St. Louis Mississippi User Experience Knowledge Base 144

PYMNTS

OCTOBER 10, 2019

Knowledge-based authentication (KBA) tools, including passwords and security questions, tend to be the primary strategy for verifying identity, and this is true for areas of financial services beyond the consumer world.

Strategy 124

Strategy Lending Knowledge Base Tools 124

PYMNTS

AUGUST 21, 2018

According to Philipp Pointner, chief product officer at Jumio , a full 90 percent of consumers are comfortable with simply answering knowledge-based questions when it comes to proving their identity. Which, he noted, institutions are — because they are looking for alternatives to knowledge-based authentication.

Knowledge Base 110

Knowledge Base Data Security Trends 110

FICO

JULY 21, 2019

For many customers, biometric authentication is not practical — both because of limited consumer adoption but also because availability through 3D Secure is not wide. To learn more, see our pages on both managing SCA and on limiting the need to use SCA by using permitted exemptions that secure payments by transaction risk analysis.

Knowledge Base 40

Knowledge Base Conference Analysis Security 40

PYMNTS

JANUARY 24, 2018

Securing the Signatures. Both solutions rely on knowledge-based authentication (KBA) protocols, like those used by banks or other financial players. “If That entails a knowledge-based authentication, which is similar to what a bank does.”. So, that’s the process people are used to, and the process they trust.”.

Knowledge Base 121

Knowledge Base Virginia Security Technology 121

PYMNTS

SEPTEMBER 5, 2019

One of the biggest changes is that call centers are moving away from knowledge-based authentication (KBA) methods like passwords and PINs and employing methods with multi-factor authentication (MFA). Call centers are experimenting with hybrid methods to combat ATO attacks and other types of fraud. Voice Authentication.

Tools 149

Tools Knowledge Base Google Technology 149

PYMNTS

SEPTEMBER 6, 2018

Might an on-demand mindset benefit those tech upstarts when tackling issues like fraud and anti-money-laundering (AML)? There also is what is being billed as a “plugin knowledge base” that offers implementation and reference guides, along with videos. they can take place with tokens classified as securities.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

PYMNTS

DECEMBER 26, 2016

As a result, authentication and identity verification practices that rely on data only, such as passwords and knowledge-based authentication questions, have been scrutinized and are largely seen as no longer sufficient. billion end users making domestic as well as international P2P payments. Download the eBook.

Mobile 109

Mobile Payments eBook User Experience 109

PYMNTS

JULY 26, 2017

This controversy speaks to larger security concerns surrounding the regulation. Regardless of how FinTechs access customers’ financial data, that data is going to be open to more players and shared more often than before, creating privacy and security issues. PSD2 says, if you accessed something, you’re not allowed to store the data.”.

Regulation 110

Regulation Fintech Data Security 110

PYMNTS

SEPTEMBER 22, 2017

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. A large number of banks and online sites still rely on knowledge-based authentication. We also keep a close eye on emerging cyber threats and data breaches. Guess what?

Innovation 140

Innovation Knowledge Base Online Mobile 140

NCR

APRIL 15, 2016

Institutions that have managed to survive need to improve security efforts to avoid becoming a statistic – because fraudsters don’t discriminate, and losses inflicted by these banking bandits can be crippling. Biometrics authentication is a critical component of mobile banking security.

Security 40

Security Knowledge Base FDIC Mobile 40

NCR

DECEMBER 20, 2017

User authentication has been a chief security concern for financial institutions (FIs) for many years, and is arguably more pressing today than it has ever been before. It should be remembered that, like any new security technology, biometrics could raise its own unique questions and concerns.

Security 77

Security Knowledge Base blockchain Analysis 77

PYMNTS

AUGUST 7, 2019

Based on the flurry of consumers scrambling to get their $125 settlement from Equifax , data security is an issue with far-reaching consequences. percent said they were “very” or “extremely” satisfied with their current authentication options, indicating a knowledge gap surrounding security best practices. Biometrics.

Knowledge Base 185

Knowledge Base blockchain Security System 185

PYMNTS

SEPTEMBER 4, 2019

That’s why banks, such as TD Bank , are approaching call center security needs with tools like MFA, said Lindsay Sacknoff, head of U.S. In a recent PYMNTS interview, Sacknoff explained why call centers need to be sure to approach fraud holistically, which means relying on tools like AI. contact centers for TD Bank. About the Tracker.

Security 152

Security social media Tools Knowledge Base 152

FICO

JULY 15, 2020

By building a 360 º view around their customers, companies are able to develop a very detailed knowledge base around each customer that reveals all sort of unprecedented insights about their future behaviors and needs. No need to tell them it came from knowledge base full of algorithms. TIP 4: Be a good listener.

How To 52

How To Study Analytics Knowledge Base 52

PYMNTS

JANUARY 28, 2020

In the latest PYMNTS AML/KYC Tracker®, we learn that crypto is increasingly being defined as a security, not a currency – but either way, it’s getting a lot more scrutiny. Widely used rules-based anti-fraud measures are also not the safe bet they were just a few years ago.

Compliance 151

Compliance cryptocurrency Fraud Regulation 151

PYMNTS

AUGUST 21, 2018

However, complacency seems to reign, as Webster and Pointner discussed, and as rendered by this second data point, which is the percentage of consumers comfortable with simply answering knowledge-based questions when it comes to proving their identity. In other words, it’s not just about onboarding. Where We Are Headed.

Data 105

Data Knowledge Base Security Cards 105