PYMNTS

SEPTEMBER 3, 2020

Those new avenues of fraud have leveraged hallmarks of the current pandemic — fears over public health and concerns about stimulus checks issued by the government — to snare unwitting victims. . . According to some estimates, as many as 22 percent of Americans have been impacted by COVID-related fraud. . .

Fraud 279

Fraud Data Policies Operations 279

PYMNTS

NOVEMBER 26, 2018

Call centers are facing the potential of fraud from inside and outside their facilities, and they are taking multi-pronged approaches to tackle these security challenges. And companies are creating fraud prevention defenses for the mobile order-ahead space, as quick-service restaurants (QSRs) are moving forward with digital innovation.

Fraud 141

Fraud Data Mobile Innovation 141

PYMNTS

DECEMBER 29, 2020

With digital transactions and eCommerce soaring during the pandemic, the rate of increasingly sophisticated fraud has also risen. It’s great to see the prioritization on innovation with this bill,” Wingert said, calling the AML regulatory changes important. Can you really know your customer if you don’t know their location?”

Fraud 270

Fraud Compliance cryptocurrency Security 270

PYMNTS

JANUARY 27, 2021

Banks’ use of such innovations is predicted to expand, too, with 60 percent of FIs saying they aim to gain customers and improve customer experiences using digital channels. This increased digital presence also brings a greater risk of digital fraud, however. The Fraud Threats Facing Digital-First Banks.

Security 213

Security Innovation Fraud Study 213

PYMNTS

DECEMBER 29, 2020

While fraud affects less than 1 percent of all card purchases, consumers who do lose funds from their bank accounts must go through lengthy and often stressful processes to get their money back. Leveraging Machine Learning, Rules-Based Analysis To Fight Debit Fraud. Find more on these and the rest of the headlines in the Tracker.

Fraud 303

Fraud Cards Analysis Tools 303

Perficient

AUGUST 4, 2024

Microsoft’s Azure Integration Services , a suite of tools designed to seamlessly connect applications, data, and processes, is emerging as a game-changer for the financial services industry. This connectivity enhances interoperability, allowing for streamlined operations and improved data flow across various platforms.

Industry 467

Industry Compliance Examples Risk Management 467

Abrigo

SEPTEMBER 30, 2024

Streamline fraud and AML efforts Financial institutions that combine fraud and AML/CFT alerts into a single transaction monitoring system can strengthen defenses and improve efficiency. Takeaway 3 Modernizing AML/CFT programs with shared case management aligns with FinCEN's emphasis on innovation and streamlining processes.

Management 195

Management Fraud Software Compliance 195

PYMNTS

JULY 2, 2020

On the upside, this digital gold rush has created an opportunity for merchants to push about a decade’s worth of digital innovations out the door in weeks. He added that fraudsters have been showing up across the board in terms of fraud types attempted. Sevounts said Kount has also recently noticed an uptick in “card-testing fraud.”

Fraud 280

Fraud Cards System Tools 280

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.

Fraud 316

Fraud Michigan Security Cards 316

PYMNTS

NOVEMBER 20, 2019

This rampant availability of users’ data makes it easier for bad actors to wreak havoc and commit fraud. She recently spoke to PYMNTS about how Scotiabank has revamped its fraud strategy in recent years. “I Scotiabank’s Three-Pronged Innovation Strategy. It is estimated that more than 4.1

Fraud 117

Fraud Data Management Analytics 117

PYMNTS

JANUARY 25, 2021

This increased digital engagement can create challenges, however, as it opens up new avenues for fraud in addition to making transactions more convenient for customers. A Lloyds Bank study found that this type of fraud has increased fivefold over the past year, accounting for up to 1 percent of all loan applications.

Fraud 235

Fraud Digital Banking Missouri Trends 235

PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion to $7.2 million USD).

Fraud 150

Fraud Examples Online Data 150

Insights on Business

JUNE 3, 2019

Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection. Modern payment fraud schemes require modern prevention. Data science projects can have unexpected results in the real world. This is no easy feat.

Fraud 138

Fraud Data Payments System 138

PYMNTS

OCTOBER 14, 2019

Money laundering and similar forms of fraud have become more concerning for FIs as reports of cybercrime circulate globally. dollar as their currency of choice on the black market, which means American banks must alter their anti-fraud and AML strategies — especially as regulatory fragmentation divides the U.S.

Strategy 109

Strategy Innovation Fraud Regulation 109

PYMNTS

MARCH 3, 2020

The need for innovation springs from many sources. It might come from the need to solve issues like waste fraud and abuse in the byzantine world of healthcare payments. Or it could take the form of a black swan event like the Wuhan Coronavirus – and the global scramble to innovate around a very unexpected disruption.

Innovation 140

Innovation Fraud Data System 140

PYMNTS

JUNE 4, 2019

In the old days, forged checks were the biggest problems that bank fraud departments had to manage. It is no wonder that fraud prevention is one of the problem areas that FIs hope artificial intelligence (AI) can help resolve. Yet, few FIs leverage this technology in their anti-fraud efforts — only 5.5 What’s more, only 12.5

Fraud 195

Fraud System Study Comparison 195

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

Independent Banker

NOVEMBER 30, 2021

As more customers moved online, fraudsters took advantage of new and increasingly inventive opportunities to commit remote authentication fraud. Say a scammer calls a community bank customer and gains their trust by using information obtained from a major data breach. Examples of remote authentication fraud. New account fraud.

Fraud 160

Fraud Strategy Community Bank New York City 160

PYMNTS

SEPTEMBER 13, 2018

The costs are myriad, and can be measured in funds delayed to businesses that need them (for fear of fraud), innovations not experimented with because of the heightened risk environment, or time and treasure spent trying to keep at least a step or two ahead of the fraudsters.

Fraud 115

Fraud Data Cards Innovation 115

PYMNTS

FEBRUARY 12, 2020

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. 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.

Fraud 253

Fraud Handbook Security Comparison 253

PYMNTS

JULY 28, 2020

Fraudsters and financial institutions (FIs) are constantly evolving to best each other, and growth in synthetic ID fraud is revealing that many banks must enhance their security measures to stay in the lead. Researchers dubbed synthetic ID fraud the “fastest-growing form of identity theft” in the U.S.

Fraud 132

Fraud Data Examples Security 132

PYMNTS

MARCH 4, 2020

Among direct losses, there is fraud , both internal and external, which tends to eat up revenue. And inefficiency exacts higher costs than the money that dribbles out the door – there are also the invisible losses of sales never made due to a bad consumer experience , and opportunities never pursued for lack of innovation.

Innovation 130

Innovation Fraud Data Industry 130

PYMNTS

SEPTEMBER 18, 2020

This week's look at payment rail innovation is all about speed, both for legacy rails and new ones. Combining these elements, we are creating a broad platform with faster technology and smarter and better services that the industry can trust as a foundation for innovation towards their own end-clients," he added.

Innovation 291

Innovation Payments cryptocurrency Cards 291

PYMNTS

JANUARY 21, 2021

Melissa Townsley-Solis, head of GIACT , discusses one of the negative effects of COVID-19: the escalation of fraud in the payments arena. She stresses the importance of small businesses fighting back against fraud in 2021 in order to achieve economic recovery. Fraud was red-hot in 2020. Businesses across the U.S.

Fraud 180

Fraud social media Strategy Maine 180

PYMNTS

OCTOBER 15, 2018

Where there are underserved consumers looking to enter the digital ecosystem, there are innovators big (and, in some cases, very big ) and small looking to serve them. Lots to manage, lots of warning lights to watch – and a lot of consumers awaiting risk-proofed innovations.

Innovation 152

Innovation Data FDIC Management 152

PYMNTS

APRIL 24, 2020

As Thorness explained, their embrace of ACH processing technologies is likely to have far-reaching impacts into how they send and receive payments with government suppliers, too, particularly as ACH innovation accelerates. ” Accelerating ACH Innovation. “There is a great emphasis on data security,” he said.

Innovation 161

Innovation Payments System Data 161

FICO

MARCH 25, 2021

And neither was the FICO® Falcon® Intelligence Network , the industry’s richest repository of legitimate and fraudulent payment data. But unlike crumbling ancient Roman ruins, the Falcon Intelligence Network, FICO’s fraud consortium, is stronger and more vital today than ever. What Is the FICO Falcon Intelligence Network?

Fraud 52

Fraud Innovation Analytics Training 52

PYMNTS

JULY 29, 2020

That would be terrific news, Kount Chief Customer Experience Officer Rich Stuppy told PYMNTS in an interview, except for one thing: fraudsters love seeing consumer-centric innovations because those present fresh access points for ill-gotten gains. But he added that fighting fraud isn’t about building the highest possible wall.

Fraud 216

Fraud Branding Customer Experience Security 216

PYMNTS

JULY 21, 2020

They are going to have to update how they mitigate and control fraud and risk and update their systems. She added that even those that do tend to rely on credit header data or application data, which doesn’t work because “every fraudster in the world also has access to that information.”. There’s No Time To Waste.

Fraud 160

Fraud System Maryland Michigan 160

PYMNTS

SEPTEMBER 24, 2020

Fraud Threats To Digital Banking. These attacks involve hackers gaining access to bank customers’ accounts and doing as they please with them, whether transferring funds to the hackers’ own accounts or pilfering personal data like passwords or U.S. Identity fraud accounted for $16.9

Video 205

Video Fraud Digital Banking System 205

PYMNTS

DECEMBER 21, 2020

While it initially focused on currency in online checkouts, the company has branched out to work on checkout and fraud detection, integrating with companies like Shopify , Magento , BigCommerce , WooCommerce and Salesforce Commerce Cloud , according to the the report. Data from the IBM U.S. billion, the report says.

San Francisco 245

San Francisco Innovation Fraud Capital 245

PYMNTS

JANUARY 16, 2020

Fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. Today’s fraudsters are practiced and well-equipped, making proper data and consumer identification a must to maintain a successful business in any industry.

Fraud 133

Fraud Tools Data Industry 133

The Paypers

AUGUST 23, 2024

Sift, an AI fraud protection platform that safeguards digital trust, has introduced ThreatClusters, an innovative data science solution for detecting fraud.

Fraud 36

Fraud Innovation Data 36

PYMNTS

JUNE 13, 2019

Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they’re least expected. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud.

Fraud 128

Fraud Analytics New Jersey Data 128

PYMNTS

SEPTEMBER 21, 2020

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. At least some of that data, he said, can be gathered at the point of sale interaction.

Fraud 311

Fraud Payments Cards Security 311

PYMNTS

OCTOBER 8, 2020

The growing cost of online fraud – and finding ways to detect it – has long been a costly concern of financial institutions (FIs). If you beat the geolocation fraud, you beat all the fraud,” Briggs said. One minute I was in Italy, the next minute I was in Seattle – and I’m coming in from a data center, right?

Fraud 266

Fraud Seattle Security Technology 266

PYMNTS

JULY 31, 2019

However, financial institutions (FIs) are getting better at separating vital areas of innovation from the hype. Banks are increasingly focusing on the fundamentals when determining their innovation agendas. Payment technology is in many ways the flagship among the fleet of innovations that banks are pursuing.

Innovation 151

Innovation Report UX User Experience 151