PYMNTS

SEPTEMBER 19, 2019

This has become a larger problem for FIs as they must not only deal with protecting customers from fraud, but also guard against bad actors armed with 4.1 Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. billion stolen credentials.

Fraud 144

Fraud Data Mobile Tools 144

PYMNTS

DECEMBER 6, 2018

Such a scenario stands as a terrifying example of not only the sophistication of criminals, but also the threat of fraud in a real-time payments environment. And those criminals are experts at social engineering, enabling them to con people who might be on high alert for fraud attempts. That doesn’t mean all is hopeless, of course.

Fraud 133

Fraud Payments Security Cyber Security 133

PYMNTS

MARCH 18, 2019

Authenticating.com is working to combat identity fraud by combining different solutions to securely automate and outsource identity verification and fraud prevention as a service. billion in losses due to cybercrime, with various forms of identity fraud topping the list.

Fraud 108

Fraud Knowledge Base Regulation Data 108

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

JUNE 16, 2019

“However, data stolen in recent breaches such as the 2017 Equifax breach could be used fraudulently to respond to knowledge-based verification questions,” GAO wrote. But GAO added that two of the six agencies that the watchdog reviewed have eliminated knowledge-based verification.

Knowledge Base 108

Knowledge Base Online United States Fraud 108

PYMNTS

AUGUST 7, 2019

Conventional methods like knowledge-based verification have come under fire recently. This led the National Institute of Standards and Technology (NIST) to issue guidance after the 2017 Equifax breach that prohibits the use of knowledge-based verification among government agencies. Biometrics. The downside?

Knowledge Base 185

Knowledge Base blockchain Security System 185

PYMNTS

MARCH 17, 2017

A classic image of payment fraud involves a fraudster stealing credit card numbers and shopping for goods in-person or online. Founded in 2011, Pindrop’s security solution was built to protect banks and other financial institutions from call center and voice fraud. While the roll-out of EMV in the U.S. at Georgia Tech.

Fraud 107

Fraud Cards Houston Retail 107

PYMNTS

AUGUST 8, 2019

And that fact — shared by Cognito CEO Alain Meier during a recent PYMNTS interview centered around changes in digital ID – serves to show the weakness of knowledge-based authentication. “We Meier said there is serious pressure to move further away from knowledge-based authentication methods and even Social Security numbers.

Security 147

Security Knowledge Base Online Fraud 147

BankInovation

MAY 6, 2022

And ironically, at one institution, fraudsters were able to pass knowledge-based question barriers 92% of the time, while actual customers correctly answered the questions only about […].

Knowledge Base 98

Knowledge Base Fraud Data Survey 98

PYMNTS

JANUARY 28, 2020

The January 2020 AML/KYC Tracker® goes in-depth into the “hack-to-fraud cycle” and what to watch out for, because hacker attacks are often more successful than they first appear. Widely used rules-based anti-fraud measures are also not the safe bet they were just a few years ago. PSPs Taking Heat.

Compliance 151

Compliance cryptocurrency Fraud Regulation 151

PYMNTS

AUGUST 22, 2018

22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumer authentication that can be vulnerable to fraud. reached $5.1

Fraud 101

Fraud social media Knowledge Base Cards 101

PYMNTS

SEPTEMBER 4, 2019

In a recent PYMNTS interview, Sacknoff explained why call centers need to be sure to approach fraud holistically, which means relying on tools like AI. The advancement of fraud also means call centers are leaving m ore traditional authentication methods behind. contact centers for TD Bank.

Security 152

Security social media Tools Knowledge Base 152

PYMNTS

MAY 16, 2019

CCAI and similar systems consist of four major components – contact center interface, virtual agent, agent assist and knowledge base – that work together to assist both the caller and the agent, while simultaneously collecting data about the call for future analysis. Securing the Knowledge Base.

Knowledge Base 100

Knowledge Base Fraud Security Software 100

NCR

APRIL 23, 2018

However, this does not mean the work is done, as there are still additional stages related to PSD2 that are still to be implemented later this year – specifically those related to customer authentication and fraud prevention. Reducing fraud in an open banking environment. Technical standards set to come into force.

Fraud 72

Fraud Knowledge Base Guidelines Security 72

South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. Fraud & Identity: By far, the largest number of vendors and conversations were over fraud and identity. Maybe a topic for next year?

Conference 221

Conference Las Vegas Fraud Data 221

PYMNTS

APRIL 22, 2020

New account fraud is a significant problem for FIs, with 48 percent of values generated from fraud attempts coming from accounts that have only been open for one day, according to a recent report. FIs have been interested in biometrics ever since fingerprint-based login became a common functionality on smartphones and other devices.

Security 133

Security Data Fraud Tools 133

PYMNTS

JUNE 11, 2020

What is new is the way in which the technology is being incorporated into businesses’ broader efforts to comply with relevant AML/KYC regulations to help mitigate identity theft and fraud and the legislation being adopted to support those technologies and govern the ways they are implemented.

Compliance 186

Compliance Guidelines Meeting Tools 186

PYMNTS

JULY 10, 2019

Despite the pervasiveness of digital identity in everyday life, concerns surrounding digital ID security continue to make headlines, with billions of dollars lost to fraud. Developments From Around the Digital Identity World. Apple announced its own digital ID program, Sign In with Apple, at its recent Worldwide Developers Conference.

Apple 158

Apple social media Knowledge Base Mobile 158

PYMNTS

MAY 15, 2018

Beyond the static password, there are a few methods that organizations have been implementing in recent years to try to stay ahead of the fraud problem. While it may introduce some friction to the user journey, Patel said that’s a necessary evil in today’s fraud-rich web environment. A Portrait of IDV Nirvana.

Fraud 129

Fraud Training Security Compliance 129

PYMNTS

OCTOBER 19, 2018

There hasn’t been a surge in the amount of fraud specifically targeting financial services firms, but the overall fraud rate is climbing, particularly as consumers embrace mobile banking applications and digital banking channels. “We Banks seem to be following that advice and have ramped up fraud prevention efforts in recent years.

Fraud 100

Fraud System Knowledge Base Tools 100

PYMNTS

SEPTEMBER 5, 2019

Fraud protection has never been taken lightly by call centers, but the need for stricter authentication is reaching new levels in the face of automated bot attacks and near-daily account takeover (ATO) attempts. Fraud is an ever-evolving space, [so] it’s important, with multifactor authentication, to look at it holistically,” she said.

social media 116

social media Tools Fraud Knowledge Base 116

The Paypers

APRIL 25, 2022

Pindrop , a provider of voice technology, has released its annual Voice Intelligence & Security Report uncovering how companies might be accidentally inviting fraud, threat mongers from the dark web, and bad actors better prepared to pass authentication.

Knowledge Base 31

Knowledge Base Fraud Security Technology 31

PYMNTS

MARCH 14, 2017

Though money laundering is a dangerous and enormous aspect of fraud, it’s often overshadowed by high-profile data breaches and other cybercrime activities. As fraud moves away from point of sale, Clark said the landing spot of choice is application fraud — applying for an account using a fraudulent identity that’s either stolen or synthetic.

Meeting 111

Meeting Fraud Knowledge Base User Experience 111

PYMNTS

SEPTEMBER 5, 2019

One of the biggest changes is that call centers are moving away from knowledge-based authentication (KBA) methods like passwords and PINs and employing methods with multi-factor authentication (MFA). Call centers are experimenting with hybrid methods to combat ATO attacks and other types of fraud. Voice Authentication.

Tools 149

Tools Knowledge Base Google Technology 149

NCR

DECEMBER 15, 2017

In a webinar titled ‘Whose Biometric is it Anyway’ , Al Pascual, research director and head of fraud and security at Javelin Strategy and Research, pointed out that it didn’t take long for criminals to get very good at undermining the username and password protections developed for online banking.

Fraud 96

Fraud Security Knowledge Base Analysis 96

Independent Banker

DECEMBER 31, 2022

We’ve seen an amazing uptick in fraud,” she adds. “So, If candidates didn’t come from a traditional banking background, the community bank knew it needed to provide a solid knowledge base for them, while thinking more creatively about its leadership development and career ladder opportunities.

Training 98

Training Community Bank Community Knowledge Base 98

PYMNTS

FEBRUARY 12, 2019

As PYMNTS readers probably know better than others, those easily exploited sources of knowledge-based consumer authentication data continue to endure, even as criminals steal and trade massive amounts of that information on the digital black market. For one, legacy and inertia serve as powerful anchors that can work against change.

St. Louis 144

St. Louis Mississippi User Experience Knowledge Base 144

PYMNTS

NOVEMBER 15, 2017

For firms such as GIACT — firms seeking to help other companies reduce payment fraud — other tells can come from the ways people relate to technology. Barnhardt and the banks with which GIACT speaks value flexibility beyond single-point solutions, and have learned that friction can be an ally in the anti-fraud fight.

social media 100

social media Fraud Knowledge Base Data 100

PYMNTS

OCTOBER 10, 2019

Knowledge-based authentication (KBA) tools, including passwords and security questions, tend to be the primary strategy for verifying identity, and this is true for areas of financial services beyond the consumer world.

Strategy 124

Strategy Lending Knowledge Base Tools 124

PYMNTS

OCTOBER 7, 2019

Nav’s primary tool in determining that authenticity is Experian’s Precise ID platform, which leverages knowledge-based authentication (KBA) by asking users questions about their credit reports. The system has never fallen victim to fraud, despite several attempts by bad actors, according to Hanson.

Tools 101

Tools Data Security Fraud 101

PYMNTS

JANUARY 24, 2018

Both solutions rely on knowledge-based authentication (KBA) protocols, like those used by banks or other financial players. “If That entails a knowledge-based authentication, which is similar to what a bank does.”.

Knowledge Base 121

Knowledge Base Security Virginia Technology 121

PYMNTS

APRIL 11, 2017

In an age where credentials are lifted and bartered and sold like the currencies hackers target themselves, the concept of anti-fraud efforts revolves around a simple idea: to make sure that the person being done business with is who they say they are in the first place.

Data 101

Data Online social media Fraud 101

PYMNTS

MARCH 28, 2017

We are moving away from knowledge-based authentication to authenticate member interactions across all of our channels. And as digital identity protection and security become increasingly important to financial markets and institutions across the U.S.

Report 100

Report Knowledge Base Security Technology 100

PYMNTS

SEPTEMBER 22, 2017

A large number of banks and online sites still rely on knowledge-based authentication. These legacy customer verification methods such as email, fax, knowledge-based authentication or even the physical presence have been a tinderbox of unfavorable customer experiences and lost business opportunities. You know the ones.

Innovation 140

Innovation Knowledge Base Online Mobile 140

PYMNTS

SEPTEMBER 12, 2019

Merchants may have many remaining questions regarding SCA, but there is clarity on one issue: A single method of knowledge-based identity verification is no longer enough to qualify as security under SCA. Deep Dive: Biometric Authentication in a Post-SCA World.

Regulation 126

Regulation Google Compliance Knowledge Base 126

PYMNTS

AUGUST 21, 2018

However, complacency seems to reign, as Webster and Pointner discussed, and as rendered by this second data point, which is the percentage of consumers comfortable with simply answering knowledge-based questions when it comes to proving their identity. In the end, yes, the data is out there, numbering in billions of records.

Data 105

Data Knowledge Base Security Cards 105

PYMNTS

DECEMBER 26, 2016

As a result, authentication and identity verification practices that rely on data only, such as passwords and knowledge-based authentication questions, have been scrutinized and are largely seen as no longer sufficient. Close to 75 percent of companies surveyed are planning to move away from relying on passwords for this very reason.

Mobile 109

Mobile Payments eBook User Experience 109