Remove Fraud Remove Knowledge Base Remove Online
article thumbnail

Deep Dive: Why ML Plays A Key Role In Debit Issuers' Fraud-Fighting Strategies

PYMNTS

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. The Face of Fraud.

Fraud 273
article thumbnail

Deep Dive: Why New Hacking Technology Has Made Application Fraud More Difficult To Fight

PYMNTS

The financial industry is particularly vulnerable to digital fraud. Application fraud, which sees cybercriminals submitting financial product applications to banks with no intention of paying them back, is among the most popular techniques. Defining Application Fraud.

Fraud 208
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Worldpay On Staying One Step Ahead of eCommerce Fraud

PYMNTS

trillion online in 2019 — an approximately 18 percent year-over-year increase in worldwide sales. . Entrepreneurs are not alone in seeing moneymaking potential in online shopping, though, as fraudsters are eager to steal what they can. The Hack-to-Fraud Cycle. Security’s New Face.

Fraud 153
article thumbnail

GAO: Post-Equifax, Agencies Must Tighten Online ID Proofing

PYMNTS

A report from the Government Accountability Office ( GAO ) said several government departments still rely on the three major credit agencies — Equifax, Experian and TransUnion — to verify a person’s identity before they can access their services online. Agencies like the U.S.

article thumbnail

A Full-Picture Approach To Thwarting Debit Fraud

PYMNTS

Consumers appear to be moving their debit payments away from brick-and-mortar stores toward eCommerce channels, meaning FIs and card issuers must work to support them while minimizing online security risks. These organizations need to fend off anything threatening, combatting both popular and emerging debit fraud attack methods.

Fraud 148
article thumbnail

Deep Dive: How FIs Are Looking Beyond Traditional Know Your Customer Data To Spot Synthetic ID Fraud

PYMNTS

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
article thumbnail

Can Less Digital Security Actually Be More Secure?

PYMNTS

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