Veriff upgrades biometric authentication solution
The Paypers
JULY 22, 2024
Estonia-based identity verification provider Veriff has augmented its Biometric Authentication solution to prevent account takeover fraud.
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Report: Zulily On How Digital IDs Help Flag Account Takeovers
PYMNTS
OCTOBER 13, 2020
The October Digital Identity Tracker ® explores how sellers are adopting biometric-based verification and artificial intelligence (AI) tools to draw in customers and fend off fraudsters. Public officials intended this initiative to give residents a quick, convenient verification process. Around The Digital Identity Ecosystem.
Socure Acquires Real-Time Risk Decisioning Company Effectiv for $136 Million
Finovate
OCTOBER 24, 2024
Socure has acquired risk decisioning company Effectiv for $136 million Socure will integrate Effectiv’s AI-powered orchestration platform into its digital identity verification and fraud solutions. Digital identity verification company Socure has acquired risk decisioning company Effectiv in a $136 million deal.
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ID Verification Platform Payfone Raises $100M
PYMNTS
JUNE 19, 2020
ID verification firm Payfone has completed a $100 million funding round which the company says it will use for strengthening machine learning and building a new consortium to help secure digital transactions, the press release says. The round was led by funds advised by Apax Digital , the growth equity team of Apax Partners.
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Deep Dive: How Digital ID Verification Helps Build Trust in Carsharing and Housesharing Platforms
PYMNTS
SEPTEMBER 17, 2020
Identity verification provider Jumio found in its Global Trust and Safety Survey that one in five U.S. The sharing economy — a market projected to be valued at more than $300 billion by 2025 — can adopt a number of different digital identity verification tools to help build that trust, however. . Seamless, Secure Onboarding .
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Trust And Verification Undergird The Sharing Economy
PYMNTS
SEPTEMBER 18, 2020
Making sure that you are being yourself, so to speak, is the province of ever-smarter authentication systems that verify parties to a transaction and keeping things legit. When you create a new online account, we are capturing an image of the government-issued ID and a 3D face map. Factoring In Authentication.
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Security Keys: The Answer For Account Takeovers?
PYMNTS
DECEMBER 27, 2016
Account takeovers, even of high-profile people, has become a common occurrence in this era of sophisticated cyberattacks and hacks, but researchers think they’ve found a way to fight back against account takeovers : cryptographically based security keys.
Fiserv Rolls Out Enhanced Consumer Authentication Solutions
PYMNTS
AUGUST 22, 2018
22) that it has rolled out two enhanced consumer authentication solutions, step-up authentication and identity verification, to mitigate card fraud within call centers. In a press release , Fiserv said the two new solutions expand beyond knowledge-based consumer authentication that can be vulnerable to fraud. reached $5.1
The Rising Fever of Account Takeover Fraud
PYMNTS
OCTOBER 23, 2017
If people can accept long lines at the TSA and the occasional sore arm at the Minute Clinic, why can’t they accept an extra layer of authentication when using their credit cards online or the need to update their passwords more frequently? They’re using weak passwords – oftentimes, the same weak password for all of their online accounts.
What is Third-Party Fraud?
Fi911
JANUARY 18, 2024
They can then open new accounts, apply for loans, or make unauthorized purchases in that person’s name, leaving the victim to deal with the financial and emotional consequences. Multi-Factor Authentication (MFA) Implementing MFA for customer authentication can significantly enhance security. The post What is Third-Party Fraud?
3 Ways Fintechs are Helping Financial Institutions Fight Fraud
Finovate
AUGUST 14, 2024
Digital identity verification innovator Socure has unveiled its Selfie Reverification solution. Built on the company’s Document Verification (DocV) solution, Selfie Reverification also detects signs of deepfaking, and readily identifies age discrepancies between the photo and the credential.
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Socure and Trustly Partner to Offer Industry-First Streamlined Onboarding and Open Banking Payments Process for Merchants and Fintechs
Fintech Finance
FEBRUARY 29, 2024
Socure , the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and Trustly , a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution.
FinovateFall 2024 Sneak Peek Series: Part 7
Finovate
AUGUST 27, 2024
Illuma IllumaShield by Illuma streamlines caller verification with a frictionless voice biometrics authentication solution that protects against account takeovers. Any businesses that generate reports.
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Cybersecurity Trends For 2024 With TransUnion, Forter, WatchGuard, Vouched, FIDO Alliance, Fusion
The Fintech Times
DECEMBER 18, 2023
They predict that social engineering attacks will surpass ransomware in 2024 due to increased sophistication, AI tools and emerging techniques, leading organisations to bolster cybersecurity defences with AI, scenario testing and multi-factor authentication. When you think about it, it’s the high-tech version of social engineering.
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72% of Consumers Worry About Becoming a Victim of Fraud Due to Deepfakes, Jumio Finds
The Fintech Times
MAY 17, 2024
New data from Jumio , the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study , the third instalment of its annual global consumer research. To counter the rise in deepfakes and cyber deception, incorporating multimodal, biometric-based verification systems is imperative.
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The Power of Digital Identity: Key to Remaining Competitive in Financial Services
The Fintech Times
FEBRUARY 26, 2024
Enter IAM platform convergence Many financial institutions still rely on home-grown and/or legacy Identity and Access Management (IAM) solutions to meet their authentication, identity verification and authorisation needs. Customer experience : They excel at streamlined, connected journeys, leaving clunky interfaces in the dust.
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New Report: How Alipay Fends Off The Fraudsters
PYMNTS
JULY 17, 2020
Identity verification and authentication solutions help financial institutions (FIs) block out fraudsters, but leveraging just one or two of these offerings may not be enough. Some FIs are therefore using digital identity networks that help them access and draw insights from a wide variety of verification tools.
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Why Mobile Phones Are The Better Consumer Authentication Mousetrap
PYMNTS
AUGUST 7, 2019
At this point in 2019, we’ve all dealt with some flavor of two-factor authentication that uses SMS one-time passcodes. It is perhaps easy to beat up on SMS-based authentication for how relatively easy it is to overcome — but it is perhaps a bit unreasonable to expect it to act as an authentication method.
5 Steps to Stop Identity Fraud and Improve the Digital Experience
FICO
JANUARY 11, 2021
Identity-based fraud takes many forms: application fraud , bust-out fraud , account takeover , synthetic identities and identity theft. Because humans are involved, the thoroughness of document verification varies based on the person performing this manual process. Build consumer trust in digital identity verification processes.
How Axis Bank Prevents Identity Fraud With Video-Based Onboarding
PYMNTS
SEPTEMBER 24, 2020
Without in-person interactions with bank staff, account takeovers (ATOs) and customer impersonations are much easier for fraudsters to accomplish. Identity fraud accounted for $16.9 A major factor in this decline has been the rise of improved authentication and security systems at banks like Axis.
What Digital ID Will Mean For Daily Life In 2020 And Beyond
PYMNTS
JULY 9, 2019
In an new PYMNTS interview, Reinhard Hochrieser, vice president of product management at authentication services provider Jumio , provided an overview of the global state of ID verification and authentication, along with access management — and how improving those processes and technology can lead to gains for merchants and financial institutions.
Fraud Risk by Industry in Payments
Clearly Payments
JULY 16, 2024
To mitigate these risks, retailers can implement robust authentication measures, invest in secure payment gateways , and educate customers about secure online shopping practices. According to the Association of Certified Fraud Examiners (ACFE) , financial institutions account for 16.8% of all reported fraud cases. billion in losses.
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SpyCloud On Making Payments Smarter And Safer
PYMNTS
JUNE 25, 2018
Cybercriminals have a new favorite weapon in their quest to allude regulators, law enforcement and corporate security departments: account takeovers. Recent research reveals account takeovers have risen by 300 percent over the past year, with losses topping $5 billion. The Rise Of Account Takeovers.
Helping APAC Merchants Manage The Risk And Reward Of Mobile Wallet Acceptance
PYMNTS
SEPTEMBER 24, 2020
In a Masterclass interview with PYMNTS, Tom Donlea , vice president and general manager, APAC at global identity verification provider Ekata , said Asia offers greenfield opportunities — and some areas of risk — for merchants looking to offer digital wallets.
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How AI Helps Marketplaces Fight Off-Platform Fraud
PYMNTS
JANUARY 16, 2020
Trade finance and supply chain digitalization company Tradeshift has partnered with fraud protection solutions firm SiS to ward against this, developing a solution that uses blockchain technology for more robust identity verification. Experimentation with biometrics and other behavioral analysis tools is also advancing.
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Biometrics Battles Evil On Gaming Platforms
PYMNTS
AUGUST 10, 2020
Biometric identity verification is proving perhaps the best weapon we have to defend against the synthetic frauds and deep fakes that are starting to dominate cybercrime. “By These methods could be especially useful for online age-verification processes, as biometric measures are highly accurate and difficult to fake.”.
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Taking Human Error Out Of The Authentication Equation
PYMNTS
MAY 24, 2017
This all comes as no surprise to Brett McDowell, who is working with a team of corporations in verticals from financial services to software to take human error out of the authentication equation, as part of the FIDO Alliance. Because once hackers get their hands on the information, it’s already too late to stop them.
Assessing Digital Identity — You Need to Ask “Who?” AND “Why?”
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. The risks of answering either question wrong should encourage financial institutions to rethink a few things, including: How and when they authenticate customers.
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XOR Data Exchange Combats Fraud For Online Retailers
PYMNTS
APRIL 12, 2017
The need for online retailers and brands to be vigilant in the face of fraud becomes more pressing by the day — but additional authentication measures can create friction on the consumer’s end, which has a nasty habit of reducing conversion rates. At the moment, Bonin said XOR holds about 1.8 billion records from various major breaches.
Six Steps to Using Biometrics to Open & Manage Accounts Digitally
FICO
APRIL 8, 2020
Identity Verification. The digital identity verification equivalent enables a “selfie” sent by the applicant to be accurately compared with the photo of their identity document. Together identity validation and identity verification are often referred to as identity proofing. Enrollment.
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52 AI Helps Businesses Get Smarter About Fraud
PYMNTS
JUNE 13, 2019
One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. acquire personal data via account takeovers. Fingerprints, voice prints and other forms of biometric authentication are gaining steam in the arsenal of fraud-fighting tools.
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Deep Dive: The Need For Real-Time Data To Keep Onboarding Fast And Secure
PYMNTS
APRIL 22, 2020
FIs should thus consider which details they are using during this process, as access to valid and current data is critical, and its impact on authentication and customer satisfaction has grown as more users start asking for digital banking services over in-person ones. Data and Authentication Frustrations. Biometrics and Onboarding.
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Stopping Fraudsters From Taking The Travel Industry For An $11B Ride
PYMNTS
MARCH 20, 2020
Many are turning to artificial intelligence (AI), machine learning (ML) and other advanced learning solutions to prevent and detect breaches before they can cause large-scale problems, but bad actors are using the same set of tools to sidestep authentication processes or impersonate legitimate customers.
Identity Risk Management: Strategic Approaches to Mitigate Risk
Seon
JUNE 24, 2024
Credit card fraud accounted for 34% of these statistics, indicating fraud’s pervasive and industry-agnostic nature. Cybercriminals often employ sophisticated tactics, such as synthetic identities, account takeovers (ATOs) and exploiting unsuspecting individuals through socially engineered schemes.
Payments Fraud in Asia Post Pandemic
FICO
SEPTEMBER 8, 2022
One of the issues is that the platform is often used for transacting small dollar amounts, where hardly any authentication or verification checks are used, making users more vulnerable to fraud. A further quarter (26%) of customers dislike banks changing the methods used to authenticate customers.
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How Greyhound Bus Makes Fraudsters Play Fare
PYMNTS
FEBRUARY 14, 2020
Orchestrating Complex Authentication And Fraud Decisioning. One way to authenticate consumers and block cybercriminals is thus no longer enough for businesses to protect their users, as fraudsters begin to create attack strategies that can carefully bypass more simplistic verification measures. About the Playbook.
Visa Launches Advanced Identity Score To Help FIs Fight Application Fraud
PYMNTS
JUNE 22, 2020
Consider the fact that, as estimated by Javelin Strategy and Research, the combined estimated losses of new account fraud and account takeover in the U.S. Such authentication is crucial in streamlining the decisioning process and advancing “good” applications while reducing false positives. alone topped $10.2
Why Digital IDs Need A ‘Trust Anchor’
PYMNTS
FEBRUARY 22, 2019
The fallout hits everyone involved via a fraudulent transaction, and, as the data shows, account takeovers are on the rise. That’s especially true along the traditional and current methods of authentication , he said. Nowadays, verification spans many conduits and data points — including something the consumer is (i.e.,
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Fight Card-Not-Present Fraud In A Card-Not-Present World
PYMNTS
MAY 5, 2020
In an interview with PYMNTS, Mitch Pangretic, senior vice president of strategic partnerships at Elan , said that in-person card fraud may have decreased thanks to EMV chips and multi-factor authentication, but card-not-present (CNP) scams are increasingly gaining traction. Interacting With The Cardmember.
Deep Dive: Preventing Fraudsters From Gaming The System As Online Gaming Heats Up
PYMNTS
AUGUST 7, 2020
The following Deep Dive examines how fraudsters’ schemes target gamers as well as how data breaches enable bad actors to commit account takeover (ATO) fraud. These methods could be especially useful for online age-verification processes, as biometric measures are highly accurate and difficult to fake. .
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Worldpay On Staying One Step Ahead of eCommerce Fraud
PYMNTS
JANUARY 24, 2020
Merchants can better trust transactions made with cards issued by firms with strong authentication approaches, for example. . This is “because that trust should be derived through the payment channel [as well as] through authentication capabilities, [bridging] the issuer to the merchant, and folks like Worldpay facilitate those connections.
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Call Centers Move Away From KBA With MFA Solutions
PYMNTS
SEPTEMBER 6, 2019
The need for newer, stringent authentication comes as call centers — especially those for banks and other financial services — are getting hit with increasingly sophisticated fraud. Users’ voices, how they hold their phones or type and their fingerprints are all factors call centers are examining for more secure authentication.
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How To Trust And Verify In The Platform Economy Age
PYMNTS
SEPTEMBER 25, 2019
And it may be the case that in the tradeoff between convenience and security, companies would do well to start looking harder into whether identity verification efforts need to be stepped up a bit, even if that means injecting friction into the equation. As Ritter noted, email accounts are the first avenues of attack for fraudsters.
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mSIGNIA Secures Digital Biometrics Patent
PYMNTS
MAY 3, 2016
Digital biometric technology and authentication provider mSIGNIA announced on Monday (May 2) that it was issued U.S. When online services use mSIGNIA’s digital biometric platform as the first method of authentication, it reduces the need for other authentication methods that can disrupt the user experience.”.
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