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

PYMNTS

These attacks have grown more sophisticated as technology advances, and fraudsters are furthering their schemes with synthetic identity fraud, or scams in which bad actors invent new identities specifically for criminal purposes. Many FIs are thus relying on AI or ML tools to automate authentication.

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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.

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Does KBA Have A Place In Online SMB Credit Checks?

PYMNTS

Technology providers are exploring a range of solutions to seamlessly verify customers’ identities, with the biometrics market projected to reach more than $59 billion by 2025. Hitachi first demonstrated the technology in London in September, and plans to officially launch the product in Europe next year. billion by 2024. billion.

Online 144
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10 Questions Banks Should Ask About Their Digital Account-Opening Capabilities

Perficient

If it’s more than 10 minutes for an online/website process or more than five minutes for a mobile process, the abandonment rate impacts account openings as much as 40%. How many clicks does it take to open an online account? Abandonment rates increase significantly when the time to complete an application exceeds five minutes.

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Enforcing AML/KYC Compliance When Legal Precedent Does Not Apply

PYMNTS

This is fueling a wave of interest and need for digital alternatives, many of which leverage biometric technology. The technology itself is not new — many consumers already use biometric authentication in their daily lives, with 80 percent of consumers using their fingerprints to unlock their smartphones, for example. Pennsylvania Gov.

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

PYMNTS

Fighting such losses requires the ability to detect when stolen debit cards are being used online or for contactless purchases. These approaches could even prove to be more secure than knowledge-based authentication (KBA) measures because information such as PINs can be stolen, while behavioral patterns are much harder to mimic.

Fraud 273
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ID Verification Benefits Both Consumers And eCommerce Sites

PYMNTS

The new Tracker adds that “up to 25 billion connected smart devices are expected to be in use by the end of next year, prompting businesses to consider these technologies’ roles in enabling seamless consumer journeys. That doesn’t leave a whole lot of room for error, customer experience-wise.

Security 189