PYMNTS

FEBRUARY 7, 2020

The European Union has issued new rules for contactless payments, which has caused confusion and forced one digital bank to issue new cards, according to a report in the Telegraph. If a customer goes over that limit on several card payments, then they’ll have to enter a pin.

Cards 204

Cards Regulation Digital Banking Maine 204

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

SEPTEMBER 30, 2020

It’s happened to almost all consumers: They’re idly perusing their credit card statements when they come across completely confusing, seemingly random charges from businesses they don’t recognize in locations they’ve never visited. Depending on the industry, friendly fraud can account for anywhere from 25-80 percent of all fraud losses.

Cards 220

Cards Online Fraud US 220

Abrigo

MAY 20, 2022

Fraud on Alert for 2022 A review of SAR data , government agenc y releases, a nd fraud findings found these f raud c oncerns and trends to wat ch in 2022. Takeaway 1 An Abrigo review of SAR data, government agency releases, and fraud findings revealed fraud trends to watch for. Fraud Concerns. Starting Point.

Trends 195

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Abrigo

FEBRUARY 8, 2024

Client fraud education to prevent banking losses Financial institutions play a crucial role in safeguarding customers and members from fraud. Fraud education is key. You might also like this infographic: 5 Fraud typologies impacting you and your customers or members. DOWNLOAD Takeaway 1 U.S.

Fraud 195

Fraud Resources social media Software 195

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 Mobile 195

PYMNTS

NOVEMBER 10, 2020

PSCU , which is billed as the nation's premier credit union service organization (CUSO), has announced its new Enhanced Fraud Services system, which the company said “has helped 10 early adopter credit unions combat fraud of all types, ranging from first-party chargeback fraud to identifying card information being sold on the dark web.”.

Fraud 151

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PYMNTS

MAY 27, 2020

Bad actors may dial into call centers and pretend to be legitimate customers to trick staff into revealing details about the individuals, which could then be used to figure out the victims’ digital banking logins. Around The FI Fraud Decisioning World. Otherwise, the fraud could continue unnoticed.

Fraud 245

Fraud How To Strategy Analysis 245

PYMNTS

NOVEMBER 30, 2020

There are other benefits that the function could provide, however, including more robust fraud protection. How can banks better communicate the benefits of location sharing — and its vast potential to combat fraud — to customers who are on the fence? The report surveyed 2,141 U.S. The report surveyed 2,141 U.S.

Fraud 171

Fraud Data social media Millennials 171

PYMNTS

JULY 14, 2020

PYMNTS research has shown that approximately 40 percent of consumers would be very interested in downloading highly functional mobile card apps that can be used to manage multiple cards, track spending and issue transaction alerts, among many other features. There is an important underlying dimension to these findings, however.

Cards 197

Cards Mobile Groups Survey 197

PYMNTS

JULY 25, 2019

Customers have varying banking needs, but the global fraud phenomenon tends to have equal impacts. Banking customers are affected by attacks ranging from phishing schemes to identity scams, and it is still up to FIs to provide accurate and real-time protection regardless of where their customers are located.

Fraud 164

Fraud Marketing US Resources 164

PYMNTS

JUNE 29, 2020

s Financial Conduct Authority (FCA) mandated that Wirecard ’s British Wirecard Card Solutions unit stop conducting regulated work, a number of consumers in the U.K. digital banking apps such as Anna, Curve, U Account and Pockit since they depend upon the technology of Wirecard to handle payment processing, per the CNBC report.

Digital Banking 150

Digital Banking Cards Regulation Payments 150

PYMNTS

MAY 28, 2020

The bank robbers who decades ago would have pulled off in-person heists have in many cases instead become cybercriminals who hack into mobile accounts, purchase stolen credit card information on the dark web and impersonate customers online or over the phone. Staying ahead of fraud requires constant innovation.

Fraud 139

Fraud Mobile Tools Missouri 139

PYMNTS

DECEMBER 27, 2019

The PYMNTS December 2019 Credit Union Tracker looks at the changing topography of the CU space, as digital transformation challenges the “all for one, one for all” mentality that has undergirded their business model since the 1800s. Strong balance sheets in key areas like credit card debt ($64.4 A Small Change It’s Not.

Digital Banking 130

Digital Banking Millennials Banking Trends Mobile 130

FICO

NOVEMBER 10, 2020

I am always glad to see headlines like this one, which ran last summer in The New York Times: “ How to Reduce Credit Card Fraud.” Every Transaction Is Assessed for Fraud. FICO’s patented and proven fraud analytic capabilities have helped organizations save $90 billion+ per year. Steps Ahead of Financial Criminals.

Fraud 98

Fraud Cards Analytics Mobile 98

PYMNTS

FEBRUARY 18, 2020

Banks are increasingly embracing new channels to offer seamless omnichannel services to their customers, but doing so often creates silos that handle large amounts of collected data. Fraud orchestration can help solve this issue as it allows banks to build holistic fraud prevention defense systems and gain 360-degree views of their customers.

Fraud 131

Fraud Customer Experience Survey Compliance 131

PYMNTS

SEPTEMBER 23, 2019

And as banks and mobile providers have taken tech in hand to battle CNP, fraudsters have plied their trade through other means. As we noted in the recent Digital Banking Tracker, the CNP fraud has taken a leg down in favor of fraud that looks to snag credit card numbers. Check Fraud, Too.

Cards 124

Cards Data Florida Fraud 124

PYMNTS

NOVEMBER 19, 2019

The fact that fraud is on the rise is not new, nor is it surprising that banks are turning to artificial intelligence (AI) and machine learning to fight back. In the latest Digital Banking Tracker , PYMNTS looks at how banks are currently approaching their use of AI and machine learning in fraud protection and technology innovation.

Fraud 109

Fraud Digital Banking Innovation Data 109

PYMNTS

OCTOBER 8, 2020

one of the biggest payments processors in the world, one of the top 3 banks in Brazil, one of the big four banks in Australia, the largest national card processor in Europe, and several others),” according to the release. Feedzai has seen the increase in fraud and scams with the pandemic. And meanwhile, 35.7

Report 247

Report Fraud Risk Management America 247

PYMNTS

OCTOBER 13, 2017

13), as the beleaguered bank — rocked by scandals tied to sales activities and fake account openings, among other practices — missed top-line estimates but beat on earnings per share. Within those results, however, Wells Fargo showed traction in its credit card and digital banking initiatives. billion, lower than the $22.4

Digital Banking 100

Digital Banking Cards ATM Lending 100

PYMNTS

SEPTEMBER 15, 2020

Consider the fact that in Mexico it can take four to six months to open a business account — and as much as a year to get access to a debit card. As Poovala told Webster: “We had to get a debit card by actually creating our own startup. It’s been 20 months, and we tried to get a debit card from some of the largest banks.

System 258

System Operations Fintech Taxes 258

NCR

JULY 28, 2017

This convenience offers many advantages to the consumer, but financial institutions and consumers need to recognize one of the biggest disadvantages of this technological expansion: the increased risk of digital banking fraud. million instances of fraud and two million computer misuse offenses in England and Wales alone. .

Fraud 74

Fraud Digital Banking Survey Security 74

PYMNTS

OCTOBER 12, 2016

Q2 Holdings, a provider of secure, cloud-based digital banking solutions for community-focused financial institutions, announced on Tuesday (Oct. Far too many institutions are simply unable to quantify the impact of card breaches. It’s guesswork at best,” said Tim Kindschuh, CentrixDTS product manager, in the press release.

Fraud 100

Fraud Tools Cards Management 100

PYMNTS

JANUARY 28, 2020

Many accounts payable (AP) professionals turning to electronic payments to streamline their companies’ payment processes — specifically, how they pay invoices from suppliers — are putting virtual cards at the top of their lists, and for good reason. The cards can also be fully integrated into ScaleFactor’s accounting and finance platform.

Cards 143

Cards New Jersey System Texas 143

PYMNTS

SEPTEMBER 23, 2020

Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. 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. billion in 2019.

Technology 208

Technology Report Fraud Study 208

PYMNTS

JANUARY 20, 2021

The ongoing pandemic has pushed more consumers online to carry out their shopping and banking, with fraudsters following suit. Bad actors have moved to take advantage of the rush to digital payments — particularly those made with debit cards — leaving banks and financial institutions (FIs) racing to keep them off their platforms.

Security 130

Security Cards Mobile Fraud 130

PYMNTS

JULY 27, 2020

Hackers boasting that they have “cracked” some of the hashed passwords stolen from digital banking aggregator Dave may be one of the most disturbing elements to emerge from the cyberheist that exposed the private information of millions of users, a top expert notes.

Data 246

Data Fintech Report Security 246

PYMNTS

MAY 28, 2019

According to a report on Tuesday (May 28), a France-based “digital banking startup aimed at teenagers” called Pixpay has raised nearly $3.5. million in fresh capital. That challenge has impacted even the biggest players in eCommerce. Retail and Teenagers.

Digital Banking 139

Digital Banking Google Mobile Groups 139

NCR

JULY 31, 2017

As we explored in the first part of this two-part guide, digital banking fraud is an escalating threat to financial institutions and their customers. Digital banking fraud can take many forms, such as identity fraud and account takeover , which are becoming increasingly common. million in 2016.

Fraud 74

Fraud Digital Banking social media Security 74

PYMNTS

SEPTEMBER 29, 2020

This can lead to consumers contacting their banks, which could incur costs and waste time with unnecessary chargebacks. Mastercard, through its collaborative fraud and dispute resolution technology Ethoca , will now offer a new version of online statements with added logos and clear business names for each transaction.

Online 243

Online Guidelines Study Fraud 243

PYMNTS

JULY 31, 2019

Mobile card services could be the Swiss Army knife of card management for consumers, because of the capabilities they can make easily accessible to the customer or business using them. There is a focus on the ability to turn cards off and off — I think even going back a few years we’ve seen that in banks’ advertising.

Cards 137

Cards Mobile Fraud Tools 137

PYMNTS

SEPTEMBER 13, 2019

Rampant data breaches have left consumers on edge about digital fraud. They are not only anxious that their personally identifiable information may be compromised, but also skeptical that their financial institutions (FIs) would be able to spot fraud when it happens. percent) or using mobile card controls (63.5

Fraud 166

Fraud Mobile Digital Banking Security 166

PYMNTS

FEBRUARY 1, 2019

Many financial institutions are achieving this state of vigilance by investing in artificial intelligence (AI) and machine learning (ML) solutions as part of their anti-fraud efforts. . But as Jeremy Balkin, head of innovation for Swiss bank HSBC , recently told PYMNTS, even AI and ML need assistance sometimes — from humans. .

System 123

System Digital Banking Fraud Customer Experience 123

PYMNTS

AUGUST 16, 2018

Risk looms large with rampant growth in fraud, however, and financial institutions (FIs) must stay guarded to prevent cybercrime. The question becomes how you use those strengths and capabilities, and that’s really up to each individual bank.”. Reducing Risk By Fighting Fraud. The financial services industry is booming.

Digital Banking 101

Digital Banking Fraud Data Tools 101

PYMNTS

SEPTEMBER 24, 2020

Singapore, Donlea added, has a forward-thinking government in place that is friendly toward commercially oriented technology and is eager to attract global investments (and has narrowed down finalists for five digital banking licenses). Every recession leads to an increase in fraud ,” he said. People are desperate.

Mobile 245

Mobile Management Fraud Online 245

PYMNTS

JANUARY 19, 2021

And increasingly, those services are being leveraged in verticals such as online sports betting, where location must be verified at the time of the wager (to make sure the activity is in a legally permissible area) to help banks comply with international Know Your Customers (KYC) rules. Not all data are created equal, of course.

Data 227

Data Fraud Los Angeles Course 227

PYMNTS

MAY 5, 2017

The news of the Sabre breach investigation comes just a few days after omnichannel tech and operations company Radial released some alarming new fraud insights from the retail space which should work to further fan the fire beneath cybersecurity and authentication initiatives for businesses operating online.

Cards 113

Cards Fraud Security Retail 113