7 (realistic) predictions about fintech in 2019
Payments Source
DECEMBER 26, 2018
Even the best technologies take time, making it necessary to rein in expectations about what will happen and won't happen in the coming year.
2019 To See Increase In Nation-State Cyberattacks, Ransomware
PYMNTS
DECEMBER 26, 2018
companies should expect to see a rise in breaches in 2019, “as chronically improving malware will be deployed more aggressively on more fronts.” Ackerman also warned that another wave of ransomware is expected to hit in 2019. According to Robert Ackerman, Jr., ” Those cyberattacks cost companies in all areas.
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How Shopgoodwill.com Authenticates Luxury Goods With AI Tech
PYMNTS
JANUARY 17, 2019
With that class of product, however, comes the possibility that items that seem like they are made by name brands might not, in fact, be authentic, which eCommerce auction websites are looking to mitigate. “We We want our customers to know that we’re selling them authentic merchandise,” Smith said. The Authentication Technology.
AI Trends To Watch In 2019
CB Insights
MARCH 19, 2019
Download the free report to learn about the biggest emerging trends in AI and strategies to watch for 2019. One of the top AI trends to watch in 2019 will be the growth of edge AI across applications. Look for increased investment to the sector in 2019 and beyond. Track all the 2019 AI 100 startups in this brief on our platform.
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In 2019, Mobilize The Commercial Card: JPMorgan
PYMNTS
JANUARY 2, 2019
We think 2019 will be a crucial year for this sector. Device authentication, which requires an identification number and/or fingerprint to set up, should also be utilized for an added layer of security.” ” What’s Next In 2019.
OfferUp CEO On Making Marketplace Authentication Smarter
PYMNTS
NOVEMBER 30, 2018
The collaboration will enable PNC users to access GIACT’s real-time fraud prevention capabilities, including transaction authentication and verification, to ensure that transferred funds reach their destinations. The two companies recently collaborated to bring GIACT’s verification services to PNC clients. Safeguarding Sellers And Buyers.
New Report: Why FIs Are Taking A Behind-The-Scenes Approach To Fighting Fraud
PYMNTS
JULY 9, 2020
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. A recent report highlighted this problem and advised FIs to adopt harder-to-trick methods like biometric authentication.
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Wallet wars: How digital payments are reshaping finance
The Payments Association
MARCH 19, 2025
Technological advancements, including NFC, QR codes, and biometric authentication, have made digital wallets more user-friendly and secure. Adopt multi-factor authentication (MFA) and biometric verification to reduce fraud risks. For example, Goldman Sachs partnered with Apple for the Apple Card and savings account offering in 2019.
12 Ways Consumers Will Pay (And Be Paid) In 2019 And Beyond
PYMNTS
DECEMBER 24, 2018
But in hopes of hopping on the holiday bandwagon — and providing data-backed insight in the hottest payment trends for 2019 — allow us to offer this list of a dozen ways that consumers (and some businesses) are paying now, methods that promise to play big roles in 2019. 6: With Person-To-Person Mobile Tech. 7: With Biometrics.
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How Digital Will Change Brick-and-Mortar In 2019
PYMNTS
DECEMBER 11, 2018
Give a deep and welcoming hello to the newest form of window shopping — a consumer behavior that will help to shape retail in 2019 and beyond, and a trend that stands as an increasing part of shopping, one that promises to impact brick-and-mortar merchants as they decide how to innovate. percent innovating to improve business analytics.
Bots And Outside-The-Bots, CES 2019: Payments And Commerce Highlights
PYMNTS
JANUARY 12, 2019
Reviewed as a large, friendly-looking robot, Cruzr will be available for use in retail locations by the end of 2019. 2019 was also a year when payments power made an appearance – and with some well-known brand s. The first edition with that capability will be available later in 2019, according to the company.
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Mobile Banking App Users Pull Ahead Of FIs On Expectations
PYMNTS
NOVEMBER 20, 2020
percent more likely to be using mobile banking apps now than they were in 2019.” Among stranger findings in the latest Mobile Banking Report is this: “A massive gap exists between how mobile banking app users want to authenticate their identities and how they actually authenticate them. Consumers are 8.7 They do not, however.
Authenticating Luxury Goods, Remotely And Reliably
PYMNTS
JANUARY 13, 2020
Marketplaces that specialize in reselling luxury items – like Poshmark ,TheRealReal and StockX – have invested heavily in authentication procedures to make sure that what is advertised as luxury or designer on their site actually delivers on that promise. For items below that threshold, the additional step is removed.
Mixed Bag For 2019 Retail IPO Stars
PYMNTS
MARCH 11, 2020
The volatile, COVID-driven stock market has had a mixed effect on the retail IPO class of 2019. Its problems started with its first earnings report in August 2019, after the company reported net losses. Chewy, which sells pet food, treats and accessories, was trading at $27.29 after going down by $0.73 at the March 10 close.
Digital Approaches To Retail And Onboarding
PYMNTS
OCTOBER 8, 2020
And in digital onboarding, email verification and other authentication technologies can assist in offering a seamless and safe experience for consumers. Data: $509: Average amount that millennials spent on Black Friday in 2019. 20.2%: Share of shoppers who went to a physical store on Black Friday 2019.
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What is Click to Pay and How Does It Work?
Stax
JANUARY 28, 2025
The payment system was introduced in 2019 by the major card schemes, including Visa, American Express, Mastercard, and Discover in response to the demand for a more standardized, frictionless, and secure online payments regime. The customer will then input the passcode to complete the authentication process.
Digital Payments: 12 Digital Payment Options to Consider Accepting in Your Business
Stax
JULY 9, 2024
In 2019, 77% of US consumers were using at least one type of digital payment system. Between 2019 and 2020, there was an 8% rise in the number of consumers increasing their payment options to two or more types of digital payments. For those that have enabled facial recognition, this too can be the authenticator to enable payments.
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Deep Dive: How FIs Can Upgrade Authentication Measures To Foil Fraudsters? Open Banking Attacks
PYMNTS
JUNE 8, 2020
percent between 2019 and 2026, hitting $43.2 Tightening Authentication. FIs must use highly secure methods to authenticate customers’ identities and make it difficult for cybercriminals that manage to steal customer information to pass themselves off as legitimate customers. percent “less likely to be compromised.”.
The rise of generative AI in payment security: A double-edged sword for data privacy
The Payments Association
DECEMBER 9, 2024
Enhanced fraud detection extends to biometric authentication, a key element of payment security. This adaptability strengthens biometric authentication, adding protection for consumers and businesses. AI generates ‘fake’ data that mirrors potential fraud, training systems to recognize and counteract these evolving attacks.
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PAAY Rolls Out Partner Platform To Complement EMV 3DS Technology
PYMNTS
AUGUST 13, 2020
The company’s clients can currently log in to see authentication rates, protected transactions and additional new offerings, according to an announcement. PAAY, however, indicates that it sees authentication rates of up to 94 percent and transactions approved in less than 2.5 seconds on average through EMV 3DS. Merchants pay $3.13
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The state of fraud in 2024: Key mid-year takeaways
The Payments Association
OCTOBER 28, 2024
These build on the voluntary code in place since 2019 and aim to provide more consistent compensation for victims. This can be attributed to the increasing sophistication of fraud detection tools, improved authentication measures, and greater consumer awareness of phishing scams.
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TOPPAN IDGATE Boosts Trust With Digital Identity Solutions for Banks
Fintech News
JANUARY 10, 2024
Recognising the shift towards mobile devices as a primary means of payment and financial services, IDGATE introduced iDenKey, a notable device binding technology that supports risk-based multi-factor authentication and introduced the in-app push notification mechanism.
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Entersekt, Netcetera Team Up On eCommerce Payment Security
PYMNTS
JANUARY 22, 2020
FinTech solution company Entersekt has upgraded its authentication technology in the DACH region of Europe, according to a release. The company recently announced that the software company Netcetera implemented the authentication system for Bank-Verlag, a company that makes and provides secure services for Germany’s banks.
FCA and PSR Detail ‘Significant Opportunity’ of Digital Wallets, as Reliance on Them Grows
The Fintech Times
FEBRUARY 19, 2025
fact, digital wallet adoption more than tripled between 2019 and 2023, with the proportion of card transactions using a digital wallet increasing from eight per cent to 29 per cent, the regulators revealed. Digital wallets are rapidly increasing in popularity across the globe, not least in the UK.In
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Biometrics: The Key To Overcoming Contactless Payment Limits?
PYMNTS
MARCH 10, 2020
Digital identity solutions are becoming more and more commonplace, especially as consumers grow increasingly aware of the weaknesses of authentication methods like passwords. NatWest Launches Card-Mounted Fingerprint Readers For Contactless Authentication.
NEW DATA: 43M Consumers Are Holding Out On Mobile Banking Apps — How Banks Can Change Their Minds
PYMNTS
NOVEMBER 17, 2020
percent more likely to use mobile banking apps now than they were in 2019, and 51.1 Providing users with more control over their apps’ authentication systems can go a long way in improving their satisfaction. percent of consumers would be more likely to use mobile banking apps if those apps offered more authentication options, and 24.7
Deep Dive: Why ML Plays A Key Role In Debit Issuers' Fraud-Fighting Strategies
PYMNTS
DECEMBER 31, 2020
Addressing security concerns is no trivial pursuit for debit issuers, as they incurred more than $1 billion in net fraud losses in 2019. Contactless debit payments made at the POS can face more risks because they typically do not require cardholders to provide authentication before completing purchases. The Face of Fraud. 3D Secure 2.0
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PAAY Partners With Bluefin To Further Secure eCommerce Transactions
PYMNTS
NOVEMBER 10, 2020
PAAY provides strong authentication at the front door and Bluefin encrypts and tokenizes the data at the point of interaction on the web. New York-headquartered PAAY, a consumer authentication innovator co-founded in 2011 by James Ruffer and Yitz Mendlowitz, has a new security solution that aims to obliterate hacking and fraud threats.
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FIs Expect Cybersecurity Spending To Increase In 2021, Study Finds
PYMNTS
NOVEMBER 25, 2020
The SEC warned in October that cyberattacks on corporations had been increasing, and businesses were advised to include multi-factor authentication to prevent credential compromises. Morgan Chase found that 81 percent of business owners reported experiencing payments fraud in 2019. And in another recent study, J.P.
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Retail Rents Plummet In NYC As Vacancies Rise
PYMNTS
JANUARY 8, 2021
Rent for retail space in New York City took a nosedive amid the pandemic, dropping about 25 percent from the same period in 2019, as longtime retailers like Neiman Marcus and Century 21 shuttered stores.
Twitter Buys Screen-Sharing Video Chat Startup Squad
PYMNTS
DECEMBER 11, 2020
“Four and a half years ago when my cofounder Ethan Sutin and I started the company we were determined to build a consumer social product whose purpose and mission was rooted in facilitating authentic connection.
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Barneys, Pier 1 And Other Iconic-But-Bankrupt Retailers Are Coming Back To Life
PYMNTS
JANUARY 21, 2021
However, Barneys fell into bankruptcy in 2019, due in part to rising rents at its Manhattan and Los Angeles stores. Authentic Brands Group, a firm that buys the rights to distressed brand names and typically licenses them out, purchased the company’s intellectual property for $271.4 A slimmed-down version of the U.S.
Investec: What FIs Must Know About Open Banking And Gaining Consumer Trust
PYMNTS
JUNE 25, 2020
Digital fraud and cybercrime are constant worries for financial institutions (FIs) of all sizes, with these businesses seeing an average of 30 cyberattacks per hour in 2019 for a total annual cost of $1.45 million such attacks aimed at APIs between December 2017 and November 2019. trillion in stolen funds.
JPMorgan Ups Payment Fraud Protection For SMBs
PYMNTS
SEPTEMBER 28, 2020
Morgan executives told Reuters that the four in five businesses that were targeted by payment fraud attempts in 2019 could have an even better way to fight it with more tools to detect illicit payments. Since August, PYMNTS reported , the Federal Trade Commission (FTC) has tracked 184,000 cases related to the pandemic.
Zelle: The Role Of AI In Stopping COVID-Related P2P Payment Scams
PYMNTS
OCTOBER 16, 2020
A financial fraud attack against FIs or businesses occurred every two minutes on average in 2019, resulting in 59,627 attacks in total. million pounds (about $483 million) during the first half of this year compared to the same period in 2019, blocking 853 million pounds (about $1.1 trillion a year. billion) in attacks.
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Inside The Fight For Digital Driver’s Licenses
PYMNTS
FEBRUARY 10, 2020
A recent study from Visa found that two-thirds of surveyed consumers preferred biometric authentication to passwords for a variety of reasons when using their cards. Banco Santander Mexico is in the midst of its own biometric upgrade, having collected customers’ fingerprints and facial data since February 2019.
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Visa Upgrades Systems To Support 3D-Secure 2.0
PYMNTS
MAY 31, 2017
In a press release, the credit card company said that with the upgrade, financial institutions and merchants would be better able to authenticate consumers and reduce fraud on transactions made via a mobile or desktop browser, app or connected devices. As part of the upgrade, Visa said it was enhancing its systems to support 3-D Secure 2.0,
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Forever 21 Bailout Team May Rescue JCPenney
PYMNTS
JUNE 16, 2020
Reports circulating Tuesday (June 16) have Authentic Brands teaming with mall landlords Simon Property Group and Brookfield Properties teaming up to purchase the troubled retailer, which filed for bankruptcy on May 15. According to several sources, Authentic and Simon are also looking at Brooks Brothers Inc.
BILL Taps Adyen to Deliver Acquiring and Issuing Experiences
Finovate
FEBRUARY 2, 2024
.” Sweden-based Adyen was founded in 2006 and offers payment acceptance, embedded payments, virtual card capabilities, authentication, risk management, insights, and more. BILL was founded as Bill.com in 2006, went public in 2019, and rebranded to its current name in 2022. The company has a current market capitalization of $8.19
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How PSD2 Is Changing ING Bank’s API Strategy
PYMNTS
JULY 16, 2019
Banks and merchants are racing to meet the Strong Customer Authentication (SCA) deadline as September 2019 approaches. Acquirer WorldPay, for example, has launched an Exemption Engine, which will allow companies to search for relevant exemptions that may help them better manage payments and authentication under the regulation.
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Deep Dive: How FIs Can Keep Their Digital-First Innovations Secure
PYMNTS
JANUARY 27, 2021
One study found that the use of malicious botnets to register false accounts increased by more than 70 percent in Q3 2019, for example. How Authentication Prevents Fraud. Lackluster customer onboarding authentication is one of the weakest points in most banks’ anti-fraud security systems. How Authentication Prevents Fraud.
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Deep Dive: How Biometrics Help Telecommunication Companies Fight Onboarding Challenges, SIM Swap Fraud
PYMNTS
NOVEMBER 17, 2020
This overwhelming reliance on smartphones has generated record profits for major telecommunications companies, including AT&T , Sprint and Verizon , with the industry generating $610 billion in revenue in 2019. Telecommunications companies face a number of challenges in their day-to-day operations, however.
FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML
PYMNTS
SEPTEMBER 21, 2020
As Standard Chartered noted to BuzzFeed in the wake of the FinCEN files report: "In 2019 we monitored more than 1.2 Drill down a bit, and as noted by PYMNTS, the efforts to track and catch the bad guys is akin to playing a game of whack-a-mole.
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Deep Dive: Why Leveraging Biometrics Can Ease FIs’ $4B ATO Problem
PYMNTS
JULY 13, 2020
Bad actors attempting ATOs seek to gain control of victims’ bank accounts without alerting FIs, and they therefore aim to obtain the login credentials necessary to smoothly move through FIs’ authentication measures. FIs can struggle to detect such attacks because fraudsters provide the authentication details necessary to access the accounts.
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