PYMNTS

FEBRUARY 19, 2019

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. That’s where Kevin Lee comes in. Changing Scope. The stakes could hardly be higher.

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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. The next offering for adoption within automation is more human-like Advance AI, which is being referred to as Autonomous Enterprise.

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Independent Banker

FEBRUARY 28, 2022

Kathy Strasser of IncredibleBank is evaluating marketing campaign management platforms. We asked several banking leaders how they’ve employed fintech to ramp up their marketing campaigns, hone their analytic strategies and gain new patrons in the process. Their ability to market and add banking functionality … is a natural fit.”.

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PYMNTS

FEBRUARY 18, 2019

So much of the focus on fraud these days involves exploiting holes in software, hacking into systems to steal personal information and payment data, or otherwise using digital methods in heists. But recent news involving “death-spiral financing” reminds us that fraud is still conducted in other, relatively old-fashioned ways.

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PYMNTS

AUGUST 26, 2019

The phenomenon of payments fraud is not a modern one — far from it. But as RL Prasad, SVP of payment system risk at Visa , told Karen Webster in a recent conversation, what is new today is the who and the how of fraud, particularly in a digital world. Seeing the Attack Before it Happens . Fighting The Infection .

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Abrigo

APRIL 18, 2022

However, today it is still a relatively new market that does not have mainstream usage within the United States. The industry's most significant market increase was between 2016 and 2018. It experienced a downward correction from 2018 to 2019, sometimes referred to as the "crypto winter." Executive Action. Priorities.

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cryptocurrency Fraud United States Leadership 195

PYMNTS

OCTOBER 13, 2019

financial regulators have warned firms with registered digital assets that they must follow securities laws to prevent money laundering, as well as report any suspicious activity. laws as securities, commodities, and security- or commodity-based instruments such as futures or swaps.

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Regulation Security New York City Bitcoin 122

Abrigo

JANUARY 31, 2023

Takeaway 2 Banks should be proactive in understanding fraud trends and FinCEN priorities to prepare for future rulemaking. While a BSA/AML program is now officially referred to as an AML/CFT Program, “BSA Officer” is a title required by law and remains unchanged, as does compliance with the BSA. That represents nearly 2.8

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Perficient

APRIL 2, 2021

fraud detection and financial crime monitoring). email, text, audio data), with the aim of identifying fraud or anomalous transactions. These technologies are also used to better target marketing in retail and customize trade recommendations in wealth management. Credit Decisions. Textual analysis.

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PYMNTS

SEPTEMBER 28, 2016

Can a smartphone keep you and your money safe from fraud? According to the Brazilian financial services firm, launched in 2014, it boasts a fraud rate just one-tenth that of larger banks and financial institutions. The rise of digital and mobile technology has made preventing fraud much more challenging for financial service providers.

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PYMNTS

APRIL 13, 2016

Fraud prevention technology provider ACH Alert has partnered with Venture Bank to provide customers with real-time fraud protection through its PRO-TECH solution, the companies announced on Tuesday (April 12).

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South State Correspondent

NOVEMBER 9, 2023

The underlying point here is that banks have traditionally used fraud data on an ad hoc basis. Equally important is for banks to either use a single set of fraud management tools across the organization or at least orchestrate the various fraud tools into a comprehensive unit.

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PYMNTS

MARCH 5, 2020

Virgin Media announced Thursday (March 5) that the personal details of 900,000 customers had been accessed by a third party as the company left a marketing database unsecured for months, according to the Financial Times. Non-Virgin Media users could have also been affected as the database included some “refer a friend” promotions.

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PYMNTS

APRIL 23, 2019

The market has the potential to expand even further, too, as Puerto Rico is reportedly considering legalization. . This means fantasy sports platforms must enact robust anti-money laundering (AML), KYC checks and other fraud monitoring services. Sports and fantasy sports gambling operations are a big deal in the U.S.,

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PYMNTS

NOVEMBER 8, 2016

Given the staggering volume that comes through in the banking industry, it would follow that securing those accounts would be imperative, especially in the wake of the seemingly innumerable data breaches worldwide. Halfway through 2016 alone, she stated, there had been 974 known data breaches that have affected half a billion people.

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PYMNTS

DECEMBER 17, 2018

As far as security is concerned, the roughly 61 percent of firms said that they had “basic controls” in place to contend with data breaches, with 50 percent of firms stating that they have plans in place to notify supervisors in the event of such breaches. “May Push Payments Fraud in the Crosshairs. The time is now.”. The verdict?

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PYMNTS

FEBRUARY 27, 2020

For the growing number of challenger banks in the market, open banking may just be an important driver of adoption of digital financial institutions (FIs), a recent PYMNTS report noted, pointing to Revolut as the latest challenger bank to embrace open banking. Enfuce Tackles Fraud In Open Banking. As part of the U.K.’s

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Fintech Fraud Data Lending 192

Abrigo

MAY 15, 2020

Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. From 9/11 to Hurricane Sandy, and now, during COVID-19, federal relief funds aimed to help people rebuild after a disaster becomes subject to fraud.

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PYMNTS

OCTOBER 7, 2019

Securities and Exchange Commission (SEC) is seeking to “modernize” the regulation of exchange-traded funds (ETFs) in a bid to make those investment vehicles more innovative, and give them quicker entrance to the market. SEC Chairman Jay Clayton told CNBC last month that “progress is being made” in crypto ETFs coming to market.

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PYMNTS

JUNE 8, 2020

The Securities & Exchange Commission ( SEC ) has moved to freeze the assets of a $12 million cryptocurrency mining and multi-level marketing (MLM) scheme, Coindesk reports. The defendant in the case is Utah resident Daniel F. Putnam, whose businesses — MMT Distributions and R&D Global — and associates — Angel A.

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PYMNTS

SEPTEMBER 23, 2020

market as regulatory restrictions were lifted from online gambling in recent years. Online gaming sites are an attractive target for fraud , so firms must work hard to keep the bad guys out while making it easy for the good guys to get in. If that’s not the gaming site itself, it might just be the consumer’s lax security habits.

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PYMNTS

AUGUST 20, 2019

Third parties who obtained DD Perks account holders’ usernames and passwords through other companies’ or organizations’ security breaches may have used this information to log into certain DD Perks accounts if the account holders used the same username and password for unrelated accounts,” a Dunkin’ spokesperson told ZDNet at the time.

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PYMNTS

NOVEMBER 19, 2018

The members will all use Invoice Check, a blockchain application developed by Trade Finance Market (TFM), which works with existing workflows and is the first in a suite of distributed ledger technology (DLT) tools developed by TFM. For lenders, it seeks to reduce the perennial risks associated with invoice fraud or multiple invoicing.

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blockchain Fintech Fraud Community 153

PYMNTS

MARCH 5, 2019

In an interview with PYMNTS, Marie Perrin-Largilliere, senior manager of global product marketing at HomeAway, got a bit more granular on how the firm seeks to engage both sides of the transaction. She stated, too, that a fraud detection team is tasked with watching for and preventing account takeovers.

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PYMNTS

AUGUST 5, 2019

Fraud comes in many flavors, and a payments-related lawsuit arising from the growing business of legal, recreational marijuana is proof of that point. Technology can help prevent such fraud, particularly that associated with beneficial ownership of company and using shell companies in support of fraudulent activities. The good news?

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PYMNTS

OCTOBER 18, 2018

17) that it will enable tokenization services on all cards by 2020, as part of its Digital Commerce Solutions, a suite of offerings geared toward making online transactions speedier and more secure. Fraud-scoring efforts with Bank of America will help boost approval rates, said the firm. Mastercard said Wednesday (Oct.

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PYMNTS

OCTOBER 10, 2018

But just as it was a disruptive force when it emerged in the mid-19th century, today the wire has secured a bit of attention as players like SWIFT move to promote faster, more efficient cross-border transfers. billion via business wire fraud between October 2013 and December 2016, the FBI calculated. Thieves attempted to steal $5.3

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Abrigo

JUNE 5, 2023

In the case of Silicon Valley Bank, the bank needed liquidity fast due to significant depositor withdrawals and had to liquidate its securities portfolio. The sale depleted its capital because SVB was in a large unrealized loss situation on its held-to-maturity investment securities.

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PYMNTS

NOVEMBER 1, 2018

Hong Kong Monetary Authority (HKMA) has received a trio of complaints that the faster payments infrastructure has been a conduit to fraud, and the transactions range from $1,280 to $12,750. The alleged fraud involves personal data used to set up eWallet accounts and facilitate direct debit activity.

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Payments Fraud Survey Innovation 144

PYMNTS

FEBRUARY 18, 2019

However, participation from the traditional financial services sector isn’t necessarily a requirement when it comes to crypto adoption, even in the B2B payments market, according to BitRail Co-founder and Vice Chairman Cameron Chell. “I see folks referring to it as a cryptocurrency. ” Confusion, Doubt Remain.

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cryptocurrency Payments blockchain Compliance 175

PYMNTS

MAY 18, 2018

But the move towards bits and bytes is gathering steam in a bid to bring security to far flung transactions. Through remote notarization (and through Notarize, she added), parties to a transaction can save time and reduce fraud. The affixation of seal, and stamp, and signature is a process that seems necessarily bound in paper and ink.

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PYMNTS

MARCH 22, 2019

One way to secure funding is to use invoice financing. To that end, Netherlands startup Finturi earlier this month said it had secured $2.2 USD equivalent to help fund its efforts to help companies secure loans against invoices (through linkups with investors) using blockchain and artificial intelligence.

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blockchain social media Lending Security 162

Accenture

SEPTEMBER 22, 2019

An obvious reason is the inroads they’re making into the market, both domestically and globally: recent Accenture research finds that digital-only banks operating in the UK could amass a total of 35 million customers globally within the next 12 months, up from 13 million today. Why the intense interest in the neo-challengers? Profitability.

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Innovation Metro Apple Marketing 150

PYMNTS

DECEMBER 16, 2019

Bart Claeys, Head of KYC and Reference Data at SWIFT, said its global KYC registry offers “huge benefits to the 5,000 banks and financial institutions which are currently using it.” . This is especially interesting for us as we continue to grow and enter complex markets, where KYC can be overwhelming.”.

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CFPB Monitor

DECEMBER 18, 2020

LLC, and various Yellowstone subsidiaries and affiliates alleging that the defendants violated the New Jersey Consumer Fraud Act (CFA) and the New Jersey Regulations Governing General Advertising (Advertising Regulations) in connection with marketing and providing merchant cash advances.

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PYMNTS

APRIL 24, 2019

It may seem like ancient history now — about four years ago, the idea that consumers, merchants, financial institutions (FIs) and payment service providers would rely on the selfie (that much maligned form of self-expression in the smartphone age) for digital security seemed silly.

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PYMNTS

JUNE 15, 2018

In reference to the partnership’s advantages, the firms said, is the elimination of manual data entry and accounting. The Asia Securities Industry and Financial Markets Association (ASIFMA) advocated enhanced use of new technologies tied to “know your client” or KYC efforts.

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Fintech Compliance Software Taxes 115