PYMNTS

JULY 13, 2020

This fraud type occurs when bad actors seize control of victims’ bank or online merchant accounts and spend ill-gotten funds, and it is likely to become more frequent until FIs can demonstrate that their defenses are strong enough to deter criminals’ attempts. Understanding ATOs. This method has downsides, however.

Credential 58

Credential Bots Authentication Online and Mobile Banking 58

Stax

JULY 9, 2024

EFT payments are transactions between the sender and receiver that transfer funds electronically from the sender’s bank account to the receiver’s. Compliance requires implementing robust security measures, such as encryption and authentication protocols, regularly auditing processes, and staying updated on regulatory changes.

Electronic Fund Transfer Act (EFTA) 88

Electronic Fund Transfer Act (EFTA) ACH Electronic Funds Transfer (EFT) Funds Transfer 88

PYMNTS

NOVEMBER 17, 2020

A universal pleasure among mobile phone users is purchasing a new phone and the new experiences it will offer, such as better quality, larger memory, faster app loading, new features — like facial recognition — or even getting to buy a new case. How Onboarding Harshens The New Phone Buzz. SIM Swap Fraud Plagues Smartphone Users.

Multifactor Authentication 107

Multifactor Authentication Online and Mobile Banking MFA Checks 107

EBizCharge

AUGUST 8, 2024

From credit cards to alternative payment methods like mobile wallets, companies can cater to a global customer base with diverse payment preferences. Security: Salesforce adheres to stringent security protocols, such as PCI compliance, multi-factor authentication (MFA), and advanced data encryption, to safeguard payment data.

Processors 52

Processors Payment Gateways Fraud Detection Encryption 52

PYMNTS

JUNE 9, 2020

Mobile banking has been edging out desktop banking for years, but branch closures during the COVID-19 pandemic appear to have given it a significant push. Registrations on mobile banking apps rose 200 percent in April, for example, and mobile traffic on such apps jumped 85 percent for the month.

Online and Mobile Banking 59

Online and Mobile Banking MFA Enrollments SWIFT 59

Fi911

SEPTEMBER 27, 2023

In an age of rapid tech advancements, the banking industry faces fresh security risks. Understanding Liveness Detection Liveness detection is pivotal in biometric authentication systems. This adds a crucial security layer, ensuring the authentication process interacts with a genuine source. How Does Liveness Detection Work?

Security 52

Security Identity Theft Verification Authentication 52

PYMNTS

SEPTEMBER 4, 2019

Whether bank or business, call centers need to make sure they’re providing an innovative, robust experience for the customer online, over the phone, through mobile apps and on social media. That can make the authentication process tricky when it comes to satisfying consumers who want things done quickly.

MFA 61

MFA Multifactor Authentication Security Authentication 61

PYMNTS

OCTOBER 21, 2020

Digital and mobile payments are surging as businesses and consumers transact from home, and this increased digital engagement has opened the door to more financial crime.” Per the Playbook, 21 percent of all fraud attacks “were waged on mobile transactions in the first half of the year and 37 percent of them originated from mobile devices.”.

P2P 56

P2P Security MFA Financial Crimes 56

EBizCharge

JULY 16, 2024

Financial institutions like banks, credit unions, and other network participants must adhere to NACHA guidelines to ensure smooth operations. NACHA’s detailed operating rules help prevent fraudulent transactions and safeguard the integrity of electronic transactions across bank accounts and financial accounts.

NACHA 52

NACHA Nacha Rules ACH Network ACH 52

FICO

NOVEMBER 7, 2022

US regulators seem poised to update the status quo for bank liability for authorized user/authorized push payment fraud, but just how big is the potential? Also known as scams or authorized user fraud, this multi-billion-dollar global fraud challenge is a real headache for consumers and banks. . FICO Admin. Tue, 07/02/2019 - 02:45.

Scams 52

Scams Authorization P2P Consumer Financial Protection Bureau (CFPB) 52