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. Getting security right also means balancing customers’ security and privacy concerns. Read the full story in the Tracker.

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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 The main offender, constituting 29.8

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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.

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PYMNTS

JUNE 19, 2018

attorneys’ offices and the Better Business Bureau (BBB), the FTC has released the results of Operation Main Street: Stopping Small Business Scams. attorneys’ offices and 18 actions by state AGs over the past year. “A top FTC priority is to stem the tide of fraud against small businesses.”. Postal Inspection Service, two U.S.

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PYMNTS

APRIL 10, 2020

This brings a longstanding challenge to the fore: Healthcare organizations have long struggled with fraud, waste and abuse (FWA), costing the United States healthcare sector more than $200 billion annually by some estimates. Moreover, the benefit cited by the greatest proportion of healthcare firms (65.6

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PYMNTS

DECEMBER 10, 2019

The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. As of today, 85 percent to 95 percent of synthetic fraud identities are easily slipping past risk detection systems that are failing to flag them.

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PYMNTS

SEPTEMBER 25, 2020

We have deep dives on the financial health of Main Street small and medium-sized businesses (SMBs), digital accounts payable (AP), and GoodRx ’s initial public offering (IPO). . The outlook for a number of Main Street SMBs seems to be getting better, but a cash crunch is still a lingering headwind.

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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

JULY 9, 2020

The July FI Fraud Decisioning Playbook examines how FIs are working to better detect and defend against ATOs. Relying on static usernames and passwords to authenticate customers is no longer sufficient, and many FIs are therefore examining how tools like biometrics can offer greater security. Around The FI Fraud Decisioning World.

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PYMNTS

JANUARY 13, 2021

The prevalence of online commerce opens new doors for digital fraud, however, both from career fraudsters and opportunistic customers. Developments F rom The World Of Digital Fraud. Developments F rom The World Of Digital Fraud. For more on these and other digital fraud news items, download this month’s Tracker.

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PYMNTS

JANUARY 30, 2020

Widely publicized data breaches and hacks have made today’s consumers especially concerned about fraud. Cautious shoppers may find comfort in debit, with fraud losses associated with the payment method declining over the past several years. Card fraud is an ever-present threat. A Big-Picture Approach To Thwarting Debit Fraud.

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PYMNTS

APRIL 21, 2020

Cybersecurity experts are scrambling to fight the sheer number of different digital fraud forms that are on the rise, and the ongoing COVID-19 pandemic has only exacerbated this problem. COVID-19 fraud may be new, but it is just the latest iteration of a problem that has been plaguing businesses and consumers for years.

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PYMNTS

OCTOBER 9, 2020

This includes upgrading digital security measures, but the resurgence of brick-and-mortar commerce has required upgraded technologies to accept contactless payments and mobile wallets. These include running scheduled checks on their platforms to detect fraud. Why Automated Tools Can Add Security To Online, CNP Transactions.

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PYMNTS

MARCH 15, 2019

The new Digital Fraud Tracker highlights the latest developments in payments fraud, and how different companies are working to keep funds safe from bad actors as payment solutions grow increasingly faster. Around the World of Digital Fraud. Australia’s CNP fraud problems seem to be part of a broader pattern.

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PYMNTS

JULY 25, 2017

As such, it would be logical to utilize machine learning to help tackle one of the largest threats to the eCommerce shopping world – online retail sales fraud. In 2016, online financial fraud hit 15.4 Several companies have popped up over the last few years with the specific purpose of combatting online fraud.

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PYMNTS

SEPTEMBER 20, 2018

Should banks and financial institutions (FIs) focus more on giving consumers the convenience and simplicity they expect — and even demand — or instead focus more on implementing stringent security measures, potentially at the expense of user experience? Fraud is on the rise, as 17 million people in the U.S.

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PYMNTS

SEPTEMBER 10, 2019

Companies therefore must either invest in teams of AML specialists or in fraud-fighting technologies. . The September AML/KYC Tracker examines the latest fraud challenges and efforts to ensure tight security and compliance. . How Mobile Financial Startups Can Bridge the Security Gap. Around the AML/KYC Worl d.

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PYMNTS

MARCH 2, 2020

Instead, she noted, an estimated $240 billion is going out the door to fraud, waste and abuse (FWA). We securely store over 18 petabytes of sensitive data — this is a significant amount of data that we’re dealing with every day,” she said. “And And we detect and defeat over 200 attacks on our network every minute of every day.

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PYMNTS

MAY 8, 2020

And the challenges — particularly the security challenges — existed both for the digitally native firms that suddenly found their services in-demand and rapidly scaling, as well as the Main Street SMBs that were forced to make the great digital leap forward. We can give them that,” Cohen said. A New Landscape.

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PYMNTS

FEBRUARY 19, 2019

One day — maybe one that has already happened for some PYMNTS readers — we might look back with fondness and nostalgia on that time when chargebacks stood as the main worry merchants and other organizations faced when it came to fraud and risk. That’s where Kevin Lee comes in. Changing Scope. The stakes could hardly be higher.

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PYMNTS

OCTOBER 2, 2019

Consumers want their digital banking experiences to do more than just provide security, and processes that are not seamless could frustrate them into seeking alternatives. What we aim to do as a bank is keep in mind that our main focus is to protect customers, their data and their money and deliver a digital experience,” Sloper said.

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PYMNTS

MAY 22, 2019

Faced with a growing number of transactions to process in real time, payment service providers (PSPs), financial institutions (FIs) and FinTech firms also need to make sure the security of these smarter payment systems is up to par. Regulators in Ghana and Uganda are exploring changes to their remittance rules to keep payments secure.

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PYMNTS

JULY 8, 2020

Adding to the series of legal difficulties for Wirecard , the Justice Department is looking to see if the German payments company had an essential part in a purported $100 million bank fraud case involving a digital cannabis firm, The Wall Street Journal reported, citing unnamed sources.

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PYMNTS

JANUARY 20, 2020

Now four months in, he told Webster that the idea of a secure and trusted payments ecosystem is part of Visa’s “corporate DNA.” Regardless of the product or initiative, every conversation starts and ends with a single overriding question: “Is it secure?”. It has motivated a different approach for fighting fraud in the 2020s and beyond.

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PYMNTS

NOVEMBER 23, 2018

But those illegal marketplaces — often called the “Dark Web” — also present a juicy opportunity for those fighting fraud to detect and even preempt criminal activities than cost businesses revenue and, often, parts of their brand reputation. Early Warning Value. Enough of the basics. But that goes only so far.

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PYMNTS

AUGUST 31, 2018

Fraud, on the other hand, paid extremely well, a fact he learned at the age of 13 when he embarked on his first subscription scam. The part where he comes back to work as director of strategic development at We Fight Fraud , a security firm dedicated to helping businesses fend off fraudsters? Less expected.

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PYMNTS

MAY 29, 2020

We have deep dives on Main Street’s digital shift, ATM innovation and PPP loans. NEW DATA: Inside Main Street SMBs’ Digital Shift. FIs need to have the ability to find and thwart fraud, without accidentally sweeping up legitimate clients. Consumers expect secure and fast access to digital tools.

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PYMNTS

OCTOBER 11, 2018

Cyberattacks on banks have become seemingly inevitable, with banks and financial institutions (FIs) at risk of losing as much as $100 billion to online fraud every year. FIs hoping to win the fight against fraud are increasingly embracing new tools and technologies like machine learning (ML) and artificial intelligence (AI).

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PYMNTS

JANUARY 30, 2020

This new reality isn’t without its challenges for financial services providers, however, with security and fraud mitigation among the largest concerns. By definition, real-time payments give financial institutions (FIs) almost no time to analyze and authenticate a transaction to prevent fraud and other financial crimes.

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PYMNTS

OCTOBER 14, 2019

However, beyond being an irritant, he noted, one-off friendly frauds like these aren’t a major risk to a firm’s bottom line. Unfortunately, there is a far more malignant form of offer fraud out there that does pose a much bigger risk. The Dark Side Of Offer Fraud . Beating Back Opportunistic Offer Fraud .

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PYMNTS

MAY 16, 2019

These mobile controls, however, also offer consumers a powerful tool for dealing with arguably higher stakes: the risk of credit card fraud. As a part of fraud protection efforts, card issuers and financial institutions (FIs) already flag unusual locations for potentially fraudulent payments. The research shows that 52.9

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PYMNTS

JULY 24, 2019

In the latest Digital Fraud Tracker , PYMNTS examines how fraudsters are utilizing mobile and app-based channels for fraud attacks, as well as why fraudsters are still relying on phishing as a major fraud strategy even as they increase their use of new technologies and techniques. Around the Digital Fraud World.

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PYMNTS

JULY 15, 2019

In Australia, a new report shows just how widespread internal fraud in the Commonwealth, aimed at government agencies, has become. This past week it was reported that, per an investigation by the Australian Institute of Criminology, such fraud amounted to $42 million over the past year. Grayson Jr., owner of Zealcon Corp.,

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PYMNTS

DECEMBER 13, 2018

In a way, the world has entered a new era of fraud (and fraud prevention). He described the current era as “Fraud 3.0.”. basically ran from the birth of Amazon to perhaps 2005 or so, when the verification of online shoppers’ physical addresses was a main feature of digital fraud prevention.

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PYMNTS

OCTOBER 12, 2018

For all the buzz about the advent of real-time payments, and the various opportunities it can reportedly unlock, the lingering uneasiness is that speed also brings the potential for more fraud. That fear, according to David Barnhardt, EVP of product at fraud prevention firm GIACT , is not unwarranted or unreasonable.

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PYMNTS

OCTOBER 18, 2018

In the latest Digital Banking Tracker , PYMNTS examines how customer migration to mobile and digital offerings is creating security related challenges for banks big and small — and how financial institutions (FIs) around the space are working to solve them. How Banks Are Weaponizing Data To Fight Fraud. About the Tracker.

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PYMNTS

OCTOBER 29, 2018

But those gains come with fresh concerns about digital security. Security Vulnerabilities. The main areas of security risk? Those devices are not the microchips from those programs in Wisconsin and Sweden — nor, of course, the chips implanted into pets.

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