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.”.

Authentication 60

Authentication MFA Phishing Scams 60

PYMNTS

JUNE 29, 2020

It has been steadily gaining popularity in recent years, with more than 10,000 financial institutions (FIs) around the world practicing open banking and 87 percent of the world’s nations having open banking protocols in place as of 2019. billion such attacks between December 2017 and November 2019, 16.55 There were 85.42

MFA 96

MFA Risk Security API 96

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.

Financial Crimes 91

Financial Crimes MFA Federal Trade Commission Crime 91

PYMNTS

JANUARY 27, 2021

This type of fraud is often deployed in tandem with various forms of identity fraud, with bad actors typically tapping bot networks to test stolen credentials en masse. One study found that the use of malicious botnets to register false accounts increased by more than 70 percent in Q3 2019, for example.

Innovation 85

Innovation Security Bots Identity Theft 85

PYMNTS

JUNE 10, 2019

In a new PYMNTS discussion, Karen Webster and Debbie Gamble, chief officer of innovation labs and new ventures at Interac , spoke about what trust really means to digital commerce and payments as 2019 tilts toward 2020, and how online and mobile players can make sure they are on the right path. Data, of course, plays a big role in all this.

Online and Mobile Banking 66

Online and Mobile Banking Authentication Data Breach Credential 66

PYMNTS

MARCH 11, 2020

Payments security , solving the byzantine world of healthcare payments, expanding the reach and efficacy of digital authentication – none of these are new news, so much as they are ongoing challenges for innovators. 116 percent: Increase in consumers’ use of Zelle to send funds between 2018 and 2019. Some were known issues.

Zelle 52

Zelle Credential Authentication Payment Security 52

PYMNTS

NOVEMBER 22, 2019

The practice may have been halted there, at least, but it shines a bit of light on how black markets for (stolen) assets and credentials continue to proliferate around the world and target virtual verticals. Just relying on a username and password is no longer enough, Cavicchia said. The tools are there, but mindset matters.

Credential 70

Credential Cybersecurity Push-to-Card Financial Crimes 70

FICO

DECEMBER 21, 2018

Thus, a couple of weeks from now we’ll ring in 2019, the Year of Cyber Insecurity: 52 weeks in which companies of all sizes and industries will experience a new level of fear – and in some cases panic – in realizing their vulnerability to data breaches, hacking and other cybercrimes. That's the best way to deal with cyber insecurity.

Data Breach 40

Data Breach Breach Cybersecurity Assessments 40

PYMNTS

JUNE 3, 2020

Bad actors often find them a more appealing target than the apps to which they are connected, as they can bypass in-app authentication procedures and seize control of all connected apps at the same time by infiltrating the API’s code. Deep Dive: Harnessing Authentication, Machine Learning To Counter B2B API Fraud. About The Tracker.

Real Time Payments 75

Real Time Payments API B2B MFA 75

PYMNTS

AUGUST 6, 2019

In light of such breaches, FIs and merchants alike looking for ways to keep the data safe of their customers secure and further improving on their digital ID authentication procedures. The project will be tested throughout 2019 before its implementation next year. Deep Dive: Improving digital ID authentication — sans passwords.

Verification 59

Verification Authentication Governance Government 59

PYMNTS

DECEMBER 10, 2018

SRC will end the year having published a draft specification along with a roadmap for its 2019 deployment. A year from now, at the end of 2019, I think we will see the beginnings of scale with more websites offering [the SRC guest checkout experience], and more applications built off this common industry standard.”.

Credential 72

Credential Interoperability Security Checks 72

PYMNTS

JULY 21, 2020

Compromised credit card fraud increased 212 percent year over year in 2019, while customer credential leaks increased 129 percent during the same period. billion in 2019, a 15 percent increase over 2018. The increase in credit card fraud is part of a larger trend over the past several years, with such losses totaling $16.9

Crime 66

Crime Financial Crimes FBI Cybersecurity 66

PYMNTS

JANUARY 27, 2020

million in 2019 — a 1.5 Phishing attempts threaten many firms’ security operations, often tricking employees into revealing email addresses, login credentials, passwords or other sensitive details. Two-factor authentication (2FA) or encrypting sensitive data can also help. percent increase from 2018. Fighting the Phishers.

Phishing 99

Phishing Data Breach Breach Fraud Prevention 99

PYMNTS

SEPTEMBER 19, 2019

billion customer records — occurred in the first six months of 2019, for example. billion stolen credentials. Account opening fraud is a favorite tactic among such cybercriminals, many of whom rely on these credentials to pose as legitimate customers. AI, ML Innovations Necessary to Stop Account Opening Fraud.

AI 57

AI Accounts Data Breach Credential 57

PYMNTS

OCTOBER 21, 2020

Companies charged with protecting people’s data lost ground in 2020, after an abysmal 2019 of breathtaking data breaches. This means that even one compromised account could threaten all others that rely on the same credentials, potentially costing victims a fortune in stolen money and data.”. P2P Is A Double-Edged Sword. There were 1.4

P2P 56

P2P Security MFA Financial Crimes 56

PYMNTS

AUGUST 7, 2020

said in October 2019 that it was halting the sale and trade of “container keys,” which could be purchased or bartered on the company’s Steam platform and used to snag in-game items and rewards for its Counter-Strike: Global Offensive game. Video game developer and distribution firm Valve Corp. Fighting Back Against Gaming Fraud .

Phishing 89

Phishing Data Breach Account Takeovers Verification 89

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. More than $1.2 Low-Friction KYC. Tackling such fraud issues requires cryptocurrency trading platforms to take a variety of approaches.

Crime 77

Crime Cryptocurrency Law Enforcement Verification 77

PYMNTS

SEPTEMBER 10, 2019

The project is seemingly in early stages, as underlying tech still remains to be developed, including the very software that will develop and authenticate the IDs. As noted in the report, there should be clarification on whether credentials can be reused, such as across PSD2 and the Fifth AML Directive (AMLDS).

Blockchain 62

Blockchain Distributed Ledger Technology (DLT) Credential Governance 62

PYMNTS

MARCH 14, 2019

Consumers in 2019 are well past the point where they have a few digital relationships such that they only have to remember a password or two — they have dozens, if not more, and trying to keep the mix of letters and numbers straight for each site can be a bridge too far for most of us. The Evolution of Authentication.

Authentication 59

Authentication Master Account Push-to-Card Use Case 59

PYMNTS

FEBRUARY 21, 2020

Criminals might use faked credentials to sign up for monthly purchasing plans, gain services for 30 days, and then vanish once the first bill arrives. A 2019 PYMNTS survey found that 60.8 Cybercriminals are eager to make off with valuable customer credentials they can use to perpetrate scams, and more than 7.9

B2B 61

B2B Scams Credential B2C 61

PYMNTS

JANUARY 24, 2020

trillion online in 2019 — an approximately 18 percent year-over-year increase in worldwide sales. . Merchants can better trust transactions made with cards issued by firms with strong authentication approaches, for example. . Securing transactions requires robust measures by everyone involved, Fox said.

Issuers 61

Issuers Card Issuer Authentication Processors 61

PYMNTS

FEBRUARY 3, 2020

Many had used Amazon credentials to access their Ring services, so the breach gave fraudsters a jumping-off point to attack Amazon sharing services, plant false goods or spark other new fraud types. Sharing economy stakeholders can thus no longer rely on static PII for authentication. Fraudsters are unlikely to stop innovating, though.

AI 53

AI Consumer Security Fraud Detection 53

Fintech Finance

MAY 16, 2024

The new products and services Visa has unveiled which will begin to roll out later this year, include: Visa Flexible Credential A Visa study found that more than half of card users want the power to access multiple accounts through a single credential.1

Product 52

Product Online and Mobile Banking Credential RTP 52

PYMNTS

JANUARY 16, 2020

Fraudsters are starting off the new decade armed with the stolen data and credentials of millions of global consumers, and they are already putting that data to use. billion and $42 billion to fraudsters in 2019, according to some reports. Advertisers were expected to lose between $5.8

AI 53

AI Identity Theft Authentication Verification 53

PYMNTS

JANUARY 20, 2020

Fabara officially joined Visa in September of 2019, coming from Amex, where he was president of its global services group. In the longer future, he sees the development of authentication and payment tech converging, making the authentication method and the payment method a single credential that consumers use to transact across the ecosystem.

Risk 67

Risk Security Data Breach EMV 67

PYMNTS

APRIL 3, 2019

In case you’ve not noticed – and being PYMNTS readers, you no doubt have – ID verification and authentication is gaining attention, focus, investment and use in digital payments and retail. ID verification and authentication will keep advancing, with new experiments and deployments coming at a quick pace. Verification Trends.

Verification 59

Verification Money Laundering Authentication API 59

FICO

DECEMBER 19, 2022

As customer interactions go completely online, digital identity verification and authentication help — but sophisticated authentication can’t stop all types of fraud. Thu, 08/22/2019 - 12:37. FI can see this and ask whether this odd behavior is authentic, or is indicative of authorized or unauthorized fraud. AND “Why?”.

Assessments 52

Assessments Scams Authentication Authorization 52

Seon

JUNE 15, 2023

According to the FBI’s 2020 Internet Crime Report, 2020 alone saw 791,790 complaints of suspected internet crime – an increase of more than 300,000 since 2019. Business email compromise (BEC) attacks can be a major risk to businesses’ finances and reputations. Reported losses in 2020 exceeded $4.2

Email Compromise 52

Email Compromise Compromise Business Email Compromise Risk 52

PYMNTS

APRIL 25, 2019

Alcohol is the use case everyone is used to, Fields said, but, in 2019, it is far from the only one. When the customer checks out, AgeChecker verifies the information they have given in the background — their name, payment credentials, shipping address, etc. — and runs it against an extensive data network looking for a match.

Verification 78

Verification Checks Best Practices Legal 78

FICO

MARCH 22, 2022

CIFAS This is Fraud Landscape 2021 (where ATO is referred to as facility takeover) reports that in 2020 there was a 21% increase over 2019 levels in the UK and in the first six months of 2021 a 13% increase over the same period in 2020 – three quarters of these cases are the takeover of bank accounts. Strong customer authentication.

Account Takeovers 52

Account Takeovers Accounts Authentication Data Breach 52

FICO

DECEMBER 23, 2019

Even the most aware and astute consumers can unwittingly give fraudsters financial credentials. In addition to making a renewed vow to be more vigilant, I can let you know that you can rest a little easier; there is one way it will soon be much harder for cyber crooks to steal your credentials and get into your finances.

Online and Mobile Banking 52

Online and Mobile Banking Credential Scams Irrevocability 52

PYMNTS

JUNE 4, 2019

If anything has become clear within the last few years, it’s that electronic ID verification — using digital methods and data to confirm and authenticate identities — is increasingly taking on crucial importance. The name of the game in 2019 and beyond is frictionless transactions — and that applies to ID verification as well.

Verification 62

Verification Online and Mobile Banking Fraud Prevention Privacy 62

PYMNTS

MAY 6, 2020

Banks are used to innovating their fraud approaches annually to respond to bad actors using new tactics or upgraded tools, with one report finding that financial institutions (FIs) and businesses saw 30 distinct fraud attacks every hour in 2019, for example. percent of their revenues on average, according to a 2019 survey. and the U.S.

Fraud Prevention 72

Fraud Prevention Money Laundering AI Identity Theft 72

FICO

JULY 28, 2021

increase in dollar value over 2019. Additionally, ACH internet transactions rose 15% from 2019 to 2020. Use financial institution credentials to access the end user’s bank accounts. NACHA, the payments clearing house through which ACH transactions flow, reported a banner year in 2020, posting an 8.2% increase in volume and a 10.8%

NACHA 52

NACHA ACH Scams Account Validation 52

PYMNTS

JULY 21, 2020

This problem is widespread, as 53 percent of respondents in a 2019 survey said they had used P2P apps to send money to unknown sellers on bidding platforms like eBay. Researchers in 2019 discovered an unsecured database containing more than 267 million records about Facebook users, including their full names and phone numbers.

P2P 60

P2P Scams Security Account Takeovers 60

PYMNTS

JANUARY 16, 2020

According to the FBI, more than $26 billion in losses linked to BEC were reported between July 2016 and September 2019. As Sadler explained, cyberattackers will often use the BEC tactic rather than attempt to steal a company’s bank credential information, due to banks’ elevated security measures.

Business Email Compromise 44

Business Email Compromise Security Scams Email Compromise 44

FICO

FEBRUARY 25, 2022

Since May 2019, major UK banks have participated in a voluntary code - the Contingent Reimbursement Model (CRM), designed to provide funds back to the victims of authorised push payment fraud or APP fraud. PSD2 and Strong Customer Authentication have made life a lot more difficult for fraudsters.

Scams 52

Scams Payee Romance Scams Payments 52