PYMNTS

MAY 4, 2020

Customers and merchants rely on their banks and credit unions (CUs) to ensure they have secure, convenient online transactions, and many FIs work to detect fraud by looking for abnormal purchasing behaviors that could indicate something is amiss. Financial institutions (FIs) face tough decisions when trying to keep their clients safe.

Online and Mobile Banking 79

Online and Mobile Banking AI Credit Union Breach 79

PYMNTS

AUGUST 5, 2019

Perhaps that’s why, in the midst of the seemingly never-ending stream of headlines about data breaches, account takeovers, stolen credit cards and online fraud , the notion of “check fraud” seems something of an outlier for the up-and-coming fraudster looking to make a decent living. The Whole New World of Check Fraud.

Checks 65

Checks Instant Payments Online and Mobile Banking Irrevocability 65

The Fintech Times

MARCH 18, 2024

The fraud prevention industry is experiencing rapid growth in response to amplified regulatory pressure and increasingly sophisticated threats of online fraud. Digital payments, encompassing everything from online shopping and mobile payments to e-commerce, have created a vast new playing field for fraudsters to exploit.

Fraud Prevention 59

Fraud Prevention AI Fraud Detection Payments 59

PYMNTS

JUNE 13, 2019

One of the latest involves hackers successfully accomplishing account takeovers (ATOs) of users of Zelle, the digital payment service. trillion in 2018, and fraudulent mobile app transactions increased 680 percent between 2015 and 2018. The rise of online banking has provided a host of opportunities for fraudsters.

AI 44

AI Account Takeovers Fraud Detection Online and Mobile Banking 44

PYMNTS

FEBRUARY 28, 2017

It’s already been a big year for biometrics, and with everyone from big banks to major retailers investing in the technology, that trend is unlikely to subside any time soon. . The platform is designed to help retailers combat an uptick in online retail fraud, caused largely by ineffective or stolen password credentials.

Account Takeovers 43

Account Takeovers Online and Mobile Banking Authentication Credential 43

PYMNTS

JUNE 11, 2019

owning laptops and 91 percent owning mobile devices, there’s never been greater opportunity for digital fraud. One of the most insidious forms of fraud is account takeovers (ATOs). Many developers are turning to advanced technologies like biometrics to keep their programs safe for users. About the Tracker.

AI 60

AI Account Takeovers Online and Mobile Banking Authentication 60

PYMNTS

APRIL 14, 2017

The result of that effort is the company’s inaugural DataVisor Online Fraud Report, which analyzed more than 1 billion use4 accounts and 50 million malicious accounts to gain insights into what really makes fraudsters today tick. PYMNTS: What was the motivation behind starting the DataVisor Online Fraud report?

Account Takeovers 44

Account Takeovers Online and Mobile Banking Credential Compromise 44

FICO

MAY 19, 2020

Banks need to ensure that any suspicious activities on their accounts can be confirmed with them quickly and efficiently and that if they do fall victims, that the situation is managed quickly to minimize the impact on their lives. This will result in more cases of account takeover during this time and for months ahead.

Account Takeovers 52

Account Takeovers Identity Theft Scams Financial Crimes 52

PYMNTS

NOVEMBER 19, 2019

The fact that fraud is on the rise is not new, nor is it surprising that banks are turning to artificial intelligence (AI) and machine learning to fight back. In the latest Digital Banking Tracker , PYMNTS looks at how banks are currently approaching their use of AI and machine learning in fraud protection and technology innovation.

AI 43

AI Online and Mobile Banking Account Takeovers Innovation 43

PYMNTS

APRIL 15, 2020

Banks are adapting to the risk management realities and complexities, while also evolving in real time toward a demanding future. For some consumers, the closure of bank branches may not feel like a terribly big deal, because they’d already converted so much of their activity to mobile. Powering A Fast Pivot.

Online and Mobile Banking 80

Online and Mobile Banking Scams Bots Risk Management 80

Seon

JULY 10, 2024

These may include various types of fraud, such as identity theft, account takeover, payment fraud and application fraud. Machine Learning : Using advanced technologies, such as artificial intelligence (AI) and machine learning (ML), sophisticated patterns and potential fraud can be predicted and stopped.

Transactions 52

Transactions Fraud Prevention Regulatory Compliance Payments 52

PYMNTS

MARCH 10, 2020

The conversation came against a backdrop where, at the end of February, Fiserv said that nearly 600 banks and credit unions (CUs) have joined the turnkey service from Zelle to enable person-to-person (P2P) payment capabilities, and that the number of participants accessing the network via Fiserv has increased ten-fold in 2019 from 2018.

P2P 92

P2P Real Time Payments Zelle Credit Union 92

FICO

SEPTEMBER 8, 2022

Why consumers are moving to banks with the best fraud and scam prevention. In Asia, these technologies are being adopted by a rapidly growing middle class with increasing disposable income and a rising demand for financial services. The appeal of these banking innovations has also made it a honeypot for fraud. Saxon Shirley.

Posting 52

Posting Real Time Payments Scams Push-to-Card 52

The Fintech Times

MAY 22, 2024

However, in its latest report published today, the UK banking and financial services trade association announced that there was a four per cent decrease in the amount stolen to £1.17billion in 2023. Authorised Push Payment enablers APP fraud losses continued to be driven by the abuse of online platforms and telecommunications.

Scams 59

Scams Finance Push-to-Card Romance Scams 59

FICO

SEPTEMBER 14, 2021

It’s pretty easy to use Venmo in-store; after signing up for this feature on the app, you just scan your Venmo QR (Quick Response) code , displayed on the mobile app, at checkout to pay touch-free. These might include favorite grocery stores, drugstores, restaurants and fast food outlets, and preferred stores for online shopping.

P2P 52

P2P Venmo Online and Mobile Banking PayPal 52

Fintech Labs Insights

AUGUST 22, 2024

Europe 2024 (London): Corsound AI: AI company advancing in sound recognition technologies, expanding market reach, receiving favorable industry reviews and increasing investment interest. Tuum: Raised $48M for its modular banking technology, gaining traction with banks and financial institutions across Europe.

Online and Mobile Banking 15

Online and Mobile Banking Acquirers Payment APIs and Integration AI 15

PYMNTS

JULY 18, 2018

As companies settle into a world governed by Europe’s second Payment Services Directive ( PSD2 ), and as financial institutions (FIs) and FinTech companies explore the possibilities of faster payments and unbundled banking , attention to how to secure those activities is increasing. Fraud prevention is certainly getting more sophisticated.

Fraud Prevention 41

Fraud Prevention Account Takeovers Online and Mobile Banking On-Demand 41

PYMNTS

JUNE 21, 2019

percent of customers reported that having a mobile app is “very” or “extremely” important to them in terms of their CUs’ offerings. The customer isn’t just looking for a slick app on mobile devices, over the phone, at a branch on a desktop or at an ATM. The challenge lies in the “how.” Using Data To Build What’s Next.

Credit Union 65

Credit Union FinTech Online and Mobile Banking ATM 65

PYMNTS

MAY 20, 2020

For merchants and financial institutions (FIs), the “new normal” of commerce — done increasingly online — means that battling fraud is a bit like feeling an elephant. We’re transacting across mobile phones, tablets and laptops, buying everything from toilet paper to meat, and having goods delivered to our doorsteps. Permanently.

Issuers 83

Issuers Fraud Prevention Online and Mobile Banking Rules 83

PYMNTS

SEPTEMBER 25, 2019

Today, the most bare bones of information is required to establish identity in the digital economy — usually an email, some other personal identifiers and bank account numbers — and commerce is off and running. As Ritter noted, email accounts are the first avenues of attack for fraudsters.

Economy 75

Economy Verification Online and Mobile Banking Security 75

PYMNTS

NOVEMBER 6, 2019

It’s what you don’t know, and how you go about finding those gaps and putting up defenses via better data and new technology. Fraud is big business, with online losses topping some $14.7 As fraudsters become increasingly aggressive, new global regulations and solutions are being deployed to keep consumers, merchants and banks safe.

Romance Scams 41

Romance Scams Account Takeovers Federal Trade Commission Fraud Prevention 41

FICO

JANUARY 6, 2020

Consumer Banking Predictions 2019: Four Trends to Watch. For my predictions, I’ll focus on four areas of tactical concern within consumer banking that I feel confident bank executives will make significant progress addressing 2019,” wrote Tim VanTassel , vice president of our credit lifecycle business line. Read the full post.

Posting 52

Posting AI Online and Mobile Banking Real Time Payments 52

FICO

AUGUST 27, 2020

With the COVID-19 lockdown wiping out many face-to-face interactions, it’s hardly surprising that more of what we do has naturally moved online. For the consumer, online shopping has become the norm, but so too has opening accounts digitally; even if you look at financial accounts where many would say there is a higher risk of loss.

Authentication 52

Authentication Online and Mobile Banking Breach Risk 52

PYMNTS

SEPTEMBER 14, 2018

The cloud is nowhere near a “new” technology, but it did take the enterprise a few years to trust the tool — particularly amid the rise of public clouds. Wasabi Technologies . Another cloud storage solutions provider, Wasabi Technologies , secured $68 million in Series B funding, AmericanInno reported this week.

B2B 46

B2B Point-of-Sale (POS) Participant Account Takeovers 46

PYMNTS

SEPTEMBER 6, 2019

Call centers are starting to move away from KBA as new technologies emerge. 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. Voice biometrics do have drawbacks, however.

MFA 49

MFA Authentication Phishing Verification 49

FICO

JUNE 4, 2018

In 2017, the UK market experienced a reported 34,743 unauthorized fraud case attempts from remote banking channels (internet, mobile and phone banking), valued at a total of £417.5 million from personal and business accounts in all channels. In the same period, authorized push payment cases hit 42,837, siphoning £236.1

Demand Deposit Account (DDA) 40

Demand Deposit Account (DDA) Smishing Payer IRS 40

PYMNTS

SEPTEMBER 2, 2019

There are many ways, and many initiatives underway, to streamline transactions and take advantage of new technologies such as blockchain. The transition away from card-present transactions and toward banking done by mobile means promises convenience, yes — but risk, too. Account takeover attacks resulted in $5.1

Cross-Border 49

Cross-Border Cross-Border Payments Faster Payments Online and Mobile Banking 49

PYMNTS

NOVEMBER 6, 2017

The numbers are sobering, as always: The Federal Trade Commission (FTC) has found that account takeover fraud is on the rise. Research from digital identity and payments executive Cherian Abraham has estimated that Apple Pay fraud rates are roughly 6 percent of transactions at banks, 60 times the fraud rates seen with credit cards.

Security 43

Security Consumer Office of the Comptroller of the Currency Identity Theft 43

Fintech Labs Insights

JUNE 23, 2016

The Spanish bank’s investment arm will offer Socure access to resources and an undisclosed amount of funding. At FinovateFall 2015 Madhu debuted Perceive , a facial biometrics solution created to reduce account takeover. The Perceive SDK can be added to a web or mobile app to identify customers by their face.

Account Takeovers 15

Account Takeovers Online and Mobile Banking Verification AML 15

PYMNTS

MAY 27, 2016

I was reminded yesterday in my digital discussion with the CEO of Forter, Michael Reitblat, that 83 percent of the fraud attacks last year were the result of botnets, besting some of the more “tried and true” tactics like account takeovers and phishing. Sizzle Or Fizzle: Wells Fargo Mobile Wallet.

SWIFT 43

SWIFT Bitcoin Online and Mobile Banking ATM 43

PYMNTS

SEPTEMBER 24, 2020

In the great digital shift , the mobile device is the point of sale — especially in Asia’s fast-growing markets. The conversation came against a backdrop where online transaction volumes and mobile wallet adoption are increasing. Donlea noted that mobile wallets are designed for consumer and brand loyalty.

APACS 98

APACS Risk Online and Mobile Banking Verification 98

The Fintech Times

APRIL 22, 2024

Security is failing to keep pace with smartphone utilisation with compromised digital wallets and banking apps leading to growing identity threats, a report has revealed. Its research reveals that 78 per cent use their smartphones for mobile banking, 85 per cent for accessing email, 71 per cent for managing social media and 51 per cent.

Identity Theft 59

Identity Theft Consumer Online and Mobile Banking Monetary Loss 59

PYMNTS

JANUARY 19, 2021

In financial services, in the eternal war to keep customers (and themselves) safe from online fraudsters, banks may lift a mantra from the real estate sector: It’s all about location, location, location. Geolocation services are proving to be a powerful weapon against phishing attempts, account takeovers and other schemes.

Online and Mobile Banking 90

Online and Mobile Banking Addressing Scams Compliance 90

PYMNTS

OCTOBER 11, 2017

lags behind other countries that have already adopted EMV card standards (so far, there are around 80 in total), it is only just beginning to see what those 80 other countries have already realized: As commerce moves online, so does crime. Digital goods and online markets are still in their early days, believe it or not. Since the U.S.

Crime 44

Crime Account Takeovers eWallet Online and Mobile Banking 44

PYMNTS

FEBRUARY 14, 2020

Participants in this race, both legitimate and illegitimate, have more room to play, however, as upgraded technologies and diverse customer behavior lead to new channels of payment and commerce. Although fraud losses from banks, retailers and online platforms have continued into 2020, so has security innovation.

Online and Mobile Banking 60

Online and Mobile Banking Fraud Prevention Authentication Account Takeovers 60

FICO

JANUARY 11, 2021

Identity-based fraud takes many forms: application fraud , bust-out fraud , account takeover , synthetic identities and identity theft. How can banks deliver unified experiences across multiple channels, with the right amount of friction, to navigate the fine line between fraud reduction and customer experience?

Online and Mobile Banking 52

Online and Mobile Banking Authentication Verification Identity Theft 52

FICO

JULY 28, 2021

This existing screening requirement is being supplemented to make it explicit that “account validation” is part of a “commercially reasonable fraudulent transaction detection system.” The supplemental requirement applies to the first use of an account number or changes to the account number. Multiple Layers of Protection.

NACHA 52

NACHA ACH Scams Account Validation 52