PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). We securely store over 18 petabytes of sensitive data — this is a significant amount of data that we’re dealing with every day,” she said. “And And we detect and defeat over 200 attacks on our network every minute of every day.

Fraud 216

Fraud System Security Leadership 216

PYMNTS

JULY 2, 2018

Just a few weeks in, the data privacy law that has just taken root in the European Union already has some regulators seeking exemptions around the globe. Pertaining to investigations, the regulation – which took effect on May 25 – places restrictions on the data that can be shared internationally in the “public interest.”

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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.

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Fraud Data Mobile Tools 144

PYMNTS

FEBRUARY 4, 2020

Open Banking’s European success has kicked off interest in similar regulations worldwide, most notably in China, India and Singapore, where digital banking’s popularity among general consumers is rapidly rising. The main strength of Europe’s Open Banking legislation is also its major weakness: It applies to the entire EU.

Fraud 144

Fraud Regulation Compliance Innovation 144

PYMNTS

SEPTEMBER 23, 2020

Banks in the EU have been racing to comply with the General Data Protection Regulation ( GDPR ) and the revised Payment Services Directive ( PSD2 ) since both measures were enacted in 2018. He explained that the cloud can help FIs swiftly respond to compliance and security challenges during the pandemic.

Compliance 225

Compliance Regulation Guidelines Security 225

PYMNTS

MARCH 30, 2018

With fresh concerns about government regulation of cryptocurrency surfacing, Bitcoin and other digital tokens continued the recent declines in value, erasing $550 billion in value for the global cryptocurrency market since the start of 2018. After all, one of the appeals of digital tokens is that they are not regulated and are anonymous.

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cryptocurrency Bitcoin Regulation social media 115

PYMNTS

FEBRUARY 21, 2019

That said, IoT device creators and consumers are looking at IoT security with a higher level of scrutiny. In the February Intelligence of Things Tracker , PYMNTS examines how countries, developers and consumers are responding to increased calls for security, as well as how the IoT market is growing worldwide. Around the IoT World.

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Security Data Conference Regional 180

PYMNTS

AUGUST 2, 2019

Regulators’ influence over non-banks is limited, and banks are left to vet their own vendors. Bank regulations hadn’t “sufficiently modernized to accommodate cloud and other innovative technologies,” according to a U.S. One of the main issues being revisited is Facebook’s purchase of Instagram and WhatsApp.

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Regulation Virginia Google Capital 144

PYMNTS

JUNE 28, 2018

But the recent thefts, along with other attempted and completed cyberattacks, demonstrate why payments officials in the region are expressing fresh concern about financial security there. Fraud is a Top Worry. The lack of security cooperation between bankers and regulators also comes up for blame. Growing Awareness.

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PYMNTS

FEBRUARY 26, 2019

The Tracker also looks at the security challenges that QSRs are tackling as they work to keep fraudsters away. However, the rise of mobile ordering also comes with growth in account takeover fraud. Around the Mobile Order-Ahead World. The service will roll out to select locations as 2019 progresses. About the Tracker.

Fraud 186

Fraud Mobile Branding User Experience 186

PYMNTS

JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. ” A memo included with the subcommittee’s documents also pointed to the U.S.

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US Cyber Security Security National 227

PYMNTS

MAY 15, 2018

The Central Bureau of Investigation (CBI), India’s main investigative agency in the country, has filed charges in the Punjab National Bank fraud case against Nirav Modi, the jewelry retail owner, and his uncle Mehul Choksi, as well as senior executives at the state-run lender.

Fraud 100

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PYMNTS

JULY 16, 2019

Banks are innovating their application programming interface (API) platforms to allow for more third parties, while online merchants are prepping for a potential loss in revenue due to the security frictions that SCA might bring. Both banks and regulators are re-examining how exactly SCA will affect the financial ecosystem.

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Strategy social media Regulation Retail 188

PYMNTS

OCTOBER 1, 2019

The global threat of fraud shows no signs of slowing down. Losses related to fraud are valued at $14.7 billion, according to the most recent DataVisor Fraud Index Report. As fraudsters become increasingly aggressive, new global regulations and solutions are being deployed to keep consumers, merchants and banks safe.

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Fraud Millennials Regulation Trends 156

PYMNTS

SEPTEMBER 23, 2020

A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total of $42 billion in funds stolen over this period of time. There were 223,163 cases of identity theft that year across all generations, with 42 percent of them consisting of bank and credit card fraud.

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Technology Report Fraud Study 208

PYMNTS

MARCH 27, 2019

regulators in the wake of money laundering scandals, reported the Financial Times. regulators are looking into Swedbank’s actions. Swedbank is the subject of an inquiry by U.S. In February, Sweden and Estonia announced a joint inquiry into money laundering in the Baltics.

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Regulation New York US Maine 122

Insights on Business

NOVEMBER 22, 2017

The same technology that has helped change the world of payments has also fueled fraud complexity, requiring an increasingly sophisticated anti-fraud response – payments fraud has become a €20Bn ($23Bn) worldwide problem for financial institutions while the fraud detection and prevention market will be worth €28.49Bn ($33.19Bn) by 2021 [1].

Fraud 125

Fraud Payments Innovation Industry 125

PYMNTS

AUGUST 8, 2019

The regulation is aimed at protecting consumers and merchants alike from fraudsters and other online criminals wishing to access their financial information, which means increased security at online checkout. Circumventing this problem before the regulation’s deadline remains a daunting task. Around the PSD2 and GDPR World.

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Regulation Fraud Maine Online 144

PYMNTS

JULY 13, 2020

Technology may have had a place in the real estate industry for some time, but its main purpose until now was in facilitating the consumer’s initial steps in the home buying process. KYC, Security In The Digital Onboarding Age.

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Data New York City New York Fraud 198

PYMNTS

JULY 25, 2017

Protecting digital identities is all about keeping up — keeping up with new technology, new regulations and, of course, bad actors. . Meanwhile, Precise Biometrics is hoping to prevent biometrics fraud with a new mobile security suite. With new technology and capabilities comes new regulation.

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Security Report Regulation Course 101

PYMNTS

AUGUST 28, 2019

It’s hardly news that consumers (along with regulators and politicians) are becoming increasingly focused on privacy and online security. These worries regarding connected vehicles are, in a broader sense, tied into larger security issues involving the Internet of Things (IoT) — to which all those cars and trucks will connect.

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Security System Operations Report 119

PYMNTS

FEBRUARY 26, 2019

It was designed to settle transactions with clients of its wholesale payments operation, mainly for international and securities transactions related to blockchain. Dimon called bitcoin a “ fraud ” during the apex of the crypto boom. The bank said it supported crypto as long as it was properly regulated. “We

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cryptocurrency blockchain Bitcoin Payments 175

PYMNTS

DECEMBER 7, 2018

Not to ruin your holiday spirit, but let’s start this story with the cold and brutal truth: One of the largest risks that payments and commerce operators face in 2019 is being called to account by government officials, regulators or media about a failure to secure their organizations from cyberattacks. and other places.

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Payments Tools Security Regulation 240

PYMNTS

JUNE 3, 2020

These APIs are constantly threatened by fraud, however. Banks are working on a range of security solutions to stop them, including periodic API key rotation and advanced machine learning (ML) systems that can detect anomalous behavior. Nordea Bank On Providing Security For B2B Payments APIs.

Payments 188

Payments Fraud Security Data 188

PYMNTS

MARCH 12, 2019

Any security mishap can send customers to one of the other digital banking apps that are ready and waiting for them. In the new Digital Banking Tracker , PYMNTS examines the ways digital banking is changing as security measures grow more stringent, and challenger banks look to amass more customers.

Digital Banking 209

Digital Banking Fraud United States Security 209

PYMNTS

JANUARY 25, 2019

In the January PSD2 Tracker , PYMNTS examines how money movement and data flow are getting an upgrade with PSD2, as well as how the upcoming SCA regulation is bound to affect user authentication. PSD2 may have a greater effect on payments, even outside the EU, as consumers all over the globe are clamoring for more data security.

Operations 195

Operations Regulation Data Trends 195

PYMNTS

DECEMBER 8, 2020

Nonetheless, Many FIs are looking to simplify and secure their onboarding procedures while also enabling customers to stay safe during the pandemic, leading them to seek out innovative technologies to do so. The company said its technology prevented one fraud attempt every 51 seconds during the month, totaling 22,000 thwarted attacks.

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Video Report Meeting United States 211

PYMNTS

APRIL 17, 2019

Payfone announced that it has secured a $24 million funding round, led by TransUnion. “The fear of identity fraud and cyberattacks holds the digital economy back from its full potential,” said Rodger Desai, CEO of Payfone, in a press release. Payfone serves six of the top 10 U.S.

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PYMNTS

MARCH 7, 2019

Merchants and customers are now transacting under PSD2 and GDPR in the European Union (EU) — regulations that allow a greater window into how customer data is being used. While these regulations are aimed at increasing consumer trust by allowing them more transparency, many consumers in the region are still adjusting.

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Lending Regulation Regional Data 198

PYMNTS

SEPTEMBER 22, 2020

Consumers pivoting to online banking are also more concerned over the privacy and security of their data, especially as fraud volumes creep up —and financial regulators are taking notice. Banks are continuing their ongoing movement to the cloud even as data and security questions continue to grow.

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Compliance Digital Banking Security Online 191

PYMNTS

JANUARY 24, 2020

However, government bodies are unable to innovate at the same breakneck pace as retailers or other consumer service industries, as they must adhere to complex regulations, and ensure that their software is not leaving partners behind. Fraud Issues Stemming From Paper Check Use. Check fraud affected 70 percent of U.S.

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Payments US Fraud Innovation 130

PYMNTS

DECEMBER 18, 2018

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. We hope this comic book helps illustrate the importance of regulations and compliance professionals around the globe.”. One reason?

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CFPB Monitor

JULY 6, 2021

The Priorities have been much-anticipated because, under the AML Act, regulators will review and examine financial institutions in part according to how their AML/CFT compliance programs incorporate and further the Priorities, “as appropriate.”. A prime example of this problem is the inclusion of “fraud” as a Priority.

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United States Fraud Regulation Compliance 78

Abrigo

MAY 24, 2023

Bipartisan support The SAFE Banking Act's long road to the Senate Many in the AML/CFT community have been watching the unfolding of the Secure and Fair Enforcement (SAFE) Banking Act for some time now with no significant progress.

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Lending Fraud Operations Ohio 195

PYMNTS

OCTOBER 10, 2019

Consumers have noticed the rising levels of fraud in digital banking, and they are not pleased. Many want more options and control when it comes to their security. percent of customers agreed that mobile transactions would be more secure if the consumers themselves had more control over their authentication options.

Fraud 126

Fraud Digital Banking Strategy Security 126

PYMNTS

AUGUST 18, 2016

The financial messaging service known as SWIFT — which operates as a bank-owned consortium and helps payments in the billions of dollars move globally — has been beset by security flaws, has known about those flaws and has done little to address those flaws. So reported Reuters on Wednesday (Aug. So reported Reuters on Wednesday (Aug.

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Security Software New York System 100

PYMNTS

MAY 24, 2019

However, with this growth comes the increased risk of data breaches and fraud. It has also raised concerns among privacy advocates and security experts, with many warning against the dangers of weak security protocols and constant vigilance. Can Device Manufacturers and Governments See Eye to Eye on IoT Security?

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California San Francisco Charlotte Security 188