PYMNTS

JULY 21, 2020

She added that what few people realize is that the pandemic didn’t break the public payments system so much as expose how incredibly broken it already was. COVID [is] forcing … states and cities and municipalities to address a problem that’s really been going on for years and years — that is, their systems are outdated,” Townsley-Solis said.

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Payments Dive

JANUARY 31, 2019

Mobile point-of-sale systems are a growing consideration for retailers, but carry a number of concerns about fraud and secure payment.

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PYMNTS

JANUARY 23, 2020

The European Union’s long-anticipated 5th Anti-Money Laundering Directive (5AMLD), which modernizes security rules to reflect the needs and threats facing today’s economy, took effect in mid-January, and its impacts are already being felt across the payments space. Fiat-focused digital wallets must also boost their security.

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PYMNTS

APRIL 10, 2020

The coronavirus pandemic poses an unprecedented challenge to healthcare systems that will likely extend for months — and perhaps even years — to come. Yet, these advanced computational systems have a long way to go in healthcare administration. In contrast, nearly 10 percent of financial institutions (FIs) use these systems.

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PYMNTS

MAY 31, 2017

Visa announced Tuesday (May 30) that it is rolling out enhancements to its Verified by Visa service, a global solution designed to make online purchases more secure by helping ensure payments are made by the rightful owner of the Visa account. As part of the upgrade, Visa said it was enhancing its systems to support 3-D Secure 2.0,

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PYMNTS

SEPTEMBER 28, 2020

Pandemic-related fraud attempts continue to climb. This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporate finance teams. According to the report, business leaders are more concerned about data security than ever before, citing the pandemic as one factor behind the fears. 45 percent of U.S.

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PYMNTS

JANUARY 26, 2021

percent said they are ‘very’ or ‘extremely’ interested in the system. Real-time payments are becoming more and more popular among consumers and businesses alike, but some FIs are finding it challenging to safeguard such systems. PYMNTS recently reported that “66.7 Indeed, 85.3 They’re also “very interested.”.

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PYMNTS

AUGUST 24, 2020

In a case that highlights how anybody — truly, anybody — can be a victim of invoice fraud, federal officials have reportedly charged two brothers in New York State for an alleged $19 million scam targeting Amazon. Fitzhugh warned, "Invoice fraud is not a victimless crime. In a statement, Acting Manhattan U. Canada and the world over.

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PYMNTS

AUGUST 3, 2020

When it comes to B2B payments fraud, it’s not a matter of if it happens, but when. Speaking with Karen Webster in a recent interview , OnPay Solutions President and CEO Neal Anderson explained that organizations have to prepare themselves to mitigate the fraud threat, even as employees work from home. ” $4.13 ” $4.13

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PYMNTS

AUGUST 21, 2020

Mobile banking is under constant attack from fraudsters, however, who are targeting both customers’ funds and personal data, such as account numbers, Social Security numbers, payment card data and login credentials. ATMs are common avenues for fraud, however, especially those that are running outdated software. billion by 2024.

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PYMNTS

NOVEMBER 16, 2020

The risk of fraud continues to climb for organizations of all sizes as the latest data reveals third-quarter spikes in business email compromise and ransomware scams. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S. Plus, the latest allegations of fraud hit the PPE supply chain, and the U.S.

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PYMNTS

DECEMBER 16, 2020

Mobile ordering apps are largely responsible for keeping the industry above water, but fraud still plagues the sector. And while promising news regarding COVID-19 vaccines may have put the end of the pandemic in sight, the restaurant industry’s growing fraud concerns will not cease as abruptly.

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PYMNTS

JANUARY 27, 2021

This increased digital presence also brings a greater risk of digital fraud, however. Some schemes that are impractical to wage in person are simpler to perpetrate online because of a decreased security presence, the anonymity of transactions and fraudsters’ abilities to stage hundreds of attacks simultaneously.

Security 213

Security Innovation Fraud Study 213

PYMNTS

JUNE 18, 2019

Unfortunately, platforms that are designed to be seamless are also often attractive targets for fraud. It’s the users who often become the victims in stringent security measures when fraud detection is too broad. This is why fraud-related costs consume large portions of digital platforms’ budgets—to the tune of 2.2

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Accenture

MARCH 24, 2017

With the introduction of PSD2, a new era of secure payments has begun in the European Union. The new regulation is aimed at enhanced customer protection against fraud, with stringent liability and accountability requirements and strong customer authentication features. Maintain transparency of operations of the IT systems.

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Accenture

MARCH 24, 2017

With the introduction of PSD2, a new era of secure payments has begun in the European Union. The new regulation is aimed at enhanced customer protection against fraud, with stringent liability and accountability requirements and strong customer authentication features. Maintain transparency of operations of the IT systems.

Fraud 186

Fraud Security System Payments 186

PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. Social Security numbers. 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

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PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. Unlike the crypto markets, Wingert said the banking and payments industries continue to be slow to adapt to the challenges of KYC and fraud prevention. In fact, a recent GeoGuard survey found that U.S.

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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.

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Fraud Handbook Security Comparison 253

PYMNTS

JULY 9, 2020

The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Relying on static usernames and passwords to authenticate customers is no longer sufficient, and many FIs are therefore examining how tools like biometrics can offer greater security. Around The FI Fraud Decisioning World.

Fraud 261

Fraud Report Tools Security 261

PYMNTS

OCTOBER 26, 2018

Hong Kong’s Faster Payments System (FSP) has only been live for a few weeks, but already it’s facing claims regarding allegations of fraudulent use. Reports said the HKMA has stressed that these instances of fraud are not related to a security shortfall within FPS itself, however. ”

System 128

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PYMNTS

NOVEMBER 17, 2020

Onboarding these customers can be a tedious challenge prone to fraud and consumer frustrations, and the industry faces the ever-looming threat of SIM swap fraud. Customers still face potential fraud threats once they are signed up, with SIM swap fraud being a particularly common foe.

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PYMNTS

NOVEMBER 17, 2020

The number of real-time payments has risen dramatically in recent years, and APP fraud has grown alongside it. Bad actors typically perpetrate APP fraud in several ways. APP Fraud Ramps Up. Instances of APP fraud around the globe have continued to rise as real-time payment rails extend their reach.

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PYMNTS

OCTOBER 2, 2017

As of today, Mastercard is releasing one — it announced its new Early Fraud Detection System. With the system, issuers can now receive advance alerts about cards and accounts that are facing a higher risk of fraud due to involvement or exposure in an earlier data breach.

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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.

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Abrigo

MARCH 4, 2022

Synthetic ID fraud is growing quickly and hurts FIs and customers Knowing the schemes associated with synthetic identity fraud and how criminals avoid detection can help minimize losses. Takeaway 1 Synthetic identity fraud is a growing form of identity theft in which an individual is impersonated by using stolen information.

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Fraud Cards Software Trends 195

PYMNTS

JUNE 23, 2020

Federal Reserve has introduced a new effort to combat payments fraud. According to the announcement, the Bank of Thailand is planning to use central bank digital currency (CBDC) to support funds transfer, with an eye on accelerating supplier payments as an early use-case of the payment system. In the U.S.,

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Abrigo

APRIL 6, 2022

New Rule Outlines Computer-Security Incident Notification Obligations for Banks Financial institutions and their service providers should prepare to meet new computer-security notice requirements by May 1, 2022. . Computer-security incident notifications required. Expand and Clarify.

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PYMNTS

NOVEMBER 23, 2020

And even before then, as evidenced by an earlier conversation between Karen Webster and Drew Edwards , CEO of Ingo Money , mobile deposit fraud was increasingly becoming a favorite vector for criminals. Back then, Edwards noted that mobile check fraud was escalating so much that some banks were shutting off the feature entirely.

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PYMNTS

OCTOBER 22, 2020

As has historically been the case with commerce security upgrades that roll in by government mandate, the path to European Union adoption of 3D Secure 2.0 That’s a path that McCutcheon said will have challenges, but perhaps fewer than we’ve seen in the recent history of security upgrades. also known as “3DS 2.0” Why 3DS 2.0

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PYMNTS

MARCH 15, 2019

While person-to-person (P2P) payment solutions and real-time payment platforms are making the quick exchange of funds possible, fraudsters also see an opening to exploit these systems’ vulnerabilities. Around the World of Digital Fraud. The Australian Payments Network noted that CNP fraud incidents rose by 76 percent last year.

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Abrigo

MAY 10, 2021

Features of a Commercial LOS What basic functions should a loan origination system complete? Takeaway 1 Know the features and functions of a loan origination system (LOS) if your financial institution is shopping for one or upgrading. What should an LOS vendor provide? . You might also like this Aite Group report on LOS vendors.

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PYMNTS

NOVEMBER 10, 2020

Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud. According to Throckmorton, Phixius fixes issues with the old system by using congruent regulations and leveraging blockchain technology.

Security 181

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Abrigo

AUGUST 22, 2022

Emerging Check Fraud Trends to be Aware of It seems check fraud will never go away, it just changes its approach every opportunity. Check Fraud. Still the number one type of fraud in banking. There is also usually more than one signee assigned to those accounts, making them more susceptible to fraud.

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PYMNTS

JANUARY 26, 2017

Mastercard is teaming up with Oversight Systems to help government agencies detect payment fraud, according to a new announcement. 25) that it will collaborate with Oversight Systems to offer government agencies their collective data analytics and fraud detection solutions.

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System Fraud Payments Analytics 100

PYMNTS

MARCH 14, 2020

With the coronavirus putting eCommerce front and center, it has unfortunately been joined by its cousin: online retail fraud. According to online security company Signal Sciences , eCommerce retailers deal with an average of 206,000 web attacks per month. “The percent of all eCommerce fraud , is still account takeover.

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Fraud social media Online Retail 230

Payments Dive

JUNE 16, 2023

Relay Payments’ app-based system uses secure codes to make transactions, allowing drivers to avoid worries about fraud, said Spencer Barkoff, the company’s co-founder and president.

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