PYMNTS

NOVEMBER 17, 2020

The rising trend of digitization in commerce and the increased occurrence of card-not-present fraud were not created by the COVID-19 pandemic. Those dynamics have made the dangers of fraud far less abstract to consumers. Fraud, he said, is occurring at an unprecedented rate and scale and it was far from a small issue before.

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PYMNTS

AUGUST 14, 2020

When PAAY , a software-as-a-service company that protects merchants from fraud and increases authorization rates first started offering EMV 3DS, it had to do a lot in educating potential clients in the face of many saying: “We don’t want to hear about this.” Fraud prevention should never be a problem that the merchants have to worry about.”.

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Bank Innovation

MARCH 22, 2018

UK-based fintech Revolut’s newest product is a “disposable” virtual card, a product that was designed with fraud protection in mind, the fintech announced today. The card, which sits inside Revolut’s mobile app, wipes a user’s details and resets them after every payment.

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PYMNTS

DECEMBER 31, 2020

Debit card issuers face an ever-growing array of fraud schemes perpetrated against them and their account holders. Effective card offerings require financial institutions (FIs) to quickly and accurately detect myriad forms of fraud, forcing them into a delicate balancing act. Security challenges are mounting, too.

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PYMNTS

OCTOBER 19, 2020

19) announced that its Sigma Instant Desktop Issuance product will set “the standard for simple, secure and smart instant-ID solutions across enterprise, healthcare, government, higher education and financial institutions (FIs)." The Entrust website describes the company as “the leader in credit card production systems.”

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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. Canada and the world over. Canada and the world over.

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PYMNTS

MAY 5, 2020

In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.

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Cards Fraud Guidelines Mobile 197

PYMNTS

MAY 18, 2020

Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Mastercard said.

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Payments Dive

APRIL 15, 2024

Card programs can increase purchase authorization rates without taking on undue fraud-liability risk with 3-D Secure (3DS). Here’s what it is and how card issuers can leverage it.

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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

SEPTEMBER 30, 2020

Long before the pandemic, consumers were trending toward digital in their financial services relationships — experimenting with mobile wallets, digital cards, self-service mobile banking and digital gifting. Firms must position themselves to take that valuable top-of-wallet card location with consumers.

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Payments Dive

JULY 17, 2018

For banks, direct debit fraud represents a bigger financial risk than card fraud.

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Security Payments Fraud Cards 279

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

AUGUST 5, 2020

Tim Horton , head of global merchant security and fraud solutions at Fiserv , told a recent PYMNTS Masterclass that online purchases have more than doubled year on year in the general retail segment, while online grocery sales have surged by 250 percent. In fact, it’s becoming more valuable than card information itself.

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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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PYMNTS

NOVEMBER 27, 2020

More consumers than ever are turning to online shopping channels to meet their needs during the pandemic, but many are also aware that cybercriminals are looking to capitalize on this stepped-up online activity to steal their card data. Firms are also prioritizing security as they transact online more heavily as well.

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Cards Security Tools Online 197

PYMNTS

JANUARY 28, 2021

One of the more notable differences is their tendency to favor credit cards online and other options such as digital wallets over debit cards. PYMNTS’ latest research report, Online Security And The Debit-Credit Divide , a PYMNTS collaboration with Elan based on a survey of 2,466 U.S. The report finds that 45 percent of U.S.

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Cards Online Security Data 210

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

SEPTEMBER 21, 2020

And consumers want to pay with their preferred methods, across cards or digital wallets. Artificial intelligence (AI) can improve the eCommerce experience – not just in terms of warding off fraud, but also in making sure payments can be processed efficiently and that the most effective payment gateways are accessed.

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PYMNTS

NOVEMBER 13, 2020

The telecommunications industry is but one of many sectors looking to more securely verify customers and avoid fraud, which remains a growing problem. Robust digital ID verification practices could make many fraud schemes a thing of the past, but many banks and businesses have yet to adopt them.

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PYMNTS

OCTOBER 1, 2020

The plastic card, by necessity, is giving way to digital cards, and mobile apps are bringing card-not-present transactions, increasingly, to mobile devices. She said there are a number of basic pillars that should be in place in order to have an effective mobile card app, where cardholders and issuers interact.

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PYMNTS

APRIL 22, 2020

Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors.

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Cards Payments Fraud Data 243

PYMNTS

JANUARY 22, 2020

The company recently announced that the software company Netcetera implemented the authentication system for Bank-Verlag, a company that makes and provides secure services for Germany’s banks. Two major Austrian card issuers are also using the technology.

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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] keeps them from getting in trouble with the card brands, and obviously avoids the significant costs that come along with fighting, investigating and resolving chargebacks.

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PYMNTS

AUGUST 11, 2020

Idaho-based Kount has released a new product aimed at preventing insurance fraud as the industry increasingly turns to digital, and even mobile, setups. Along with the security benefits, Kount’s product will also ensure “marketing campaign efficiency and conversion,” the company added. In a Tuesday (Aug.

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PYMNTS

JUNE 24, 2020

Those less tech-savvy individuals represent juicy targets for fraudsters, who have been fine-tuning card-not-present (CNP) schemes to work across all manner of channels during the pandemic as we wield smartphones to make transactions or bank over the phone. CNP fraud, Nolte said, has become a numbers game.

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PYMNTS

SEPTEMBER 22, 2020

The growth in digital transactions is also spurring a boost in friendly fraud, which occurs when legitimate customers either knowingly or unwittingly claim that they did not make legitimate purchases and seek reimbursement for them. It also analyzes how focusing on the customer experience can help prevent such fraud in the first place.

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PopularBank

NOVEMBER 14, 2024

tend to be more active during the holiday months because more people are using their credit cards to make purchases across numerous websites. Credit card fraud When an unauthorized person gains access to your credit cards, fraud may follow. How to report holiday fraud. Online scammers, in particular.

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PYMNTS

NOVEMBER 10, 2020

Atlanta payments encryption firm Bluefin is partnering with New York mobile payments processor PAAY to advance eCommerce security. Founded in 2007 by Miles and John Perry, who serves as chief executive officer, Bluefin specializes in encryption and tokenization payment and data security. . Each $1 of fraud costs retailers $3.13. .

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Security New York Atlanta Fraud 233

Abrigo

JANUARY 24, 2024

Prevent fraud when adopting FedNow Credit unions can prevent fraud as they connect to FedNow. Use this guide to understand available tools and the steps AML and fraud teams should take. You might also like this FedNow implementation guide with details on appropriate AML/CFT and fraud considerations.

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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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PYMNTS

JULY 15, 2020

Mari Anne Bayliss , senior director of solution management at CyberSource , told Karen Webster that simply relying on machine learning as a weapon against fraud is not enough — not in an age where managing fraud risk during the great digital shift (and unprecedented transaction volumes) is so challenging. . Lying In Wait .

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Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

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Perficient

FEBRUARY 12, 2025

This transformation will require a delicate balance between innovation and compliance, ensuring that advancements in AI contribute to a secure and efficient payments landscape. The future of payments promises not only enhanced efficiency and security but also personalized experiences that align with broader societal values.

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Trends Payments Compliance blockchain 221

PYMNTS

APRIL 15, 2020

While there is no shortage of new things in the world to get used to these days, cybercrime and fraud are, unfortunately, not among them. The good news, both Srinivasan and Awad told PYMNTS, is that while fraud attempts are up among U.S. consumers, fraud losses are not, yet. million pounds out of the unwitting. The New Normal.

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PYMNTS

JANUARY 27, 2021

Although commercial cards are evolving to gain traction in more B2B payment scenarios — particularly, accounts payable (AP) — new challenges emerge that can slow down the rate of adoption. Billtrust, REPAY Drive Virtual Card Adoption. Tat Capital Debuts Value-Add For Corporate Cards.

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PYMNTS

APRIL 15, 2020

According to the FTC, there have been 18,235 reports of fraudulent activity or fraud attempts related to the coronavirus since Jan. million to fraud. On its website, the FTC breaks down the numbers of fraud cases by state. Fraud cases related to the pandemic have been surging with every passing week.

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