PYMNTS

MARCH 21, 2019

However, that backlash also promises to drive the eCigarette business online, and provide even more opportunities for ID verification and authentication providers. To dig deeper into the ongoing changes, PYMNTS caught up with Reinhard Hochrieser, director of product management at Jumio , an authentication services provider.

Authentication 61

Authentication Verification Regulations Rules 61

PYMNTS

NOVEMBER 6, 2019

In a recent interview, PYMNTS spoke with Affirm Chief Strategy and Risk Officer Sandeep Bhandari and Head of Data Science Nitesh Kumar about the company’s authentication techniques and how Affirm deters fraud by leveraging a sophisticated artificial intelligence (AI)-driven analytics system. Verification Relies on Existing Information .

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Verification Fraud Prevention Authentication Credit Cards 40

PYMNTS

OCTOBER 7, 2019

Identity security is key when it comes to protecting financial information, and it can be devastating if sensitive documents from credit checks fall into the wrong hands, making authentication critical. Authenticating Users. How Nav Works. Hanson estimated that the latter comprises approximately 90 percent of its customer base.

Verification 40

Verification Authentication Small Business Checks 40

Fi911

JANUARY 18, 2024

They demonstrate the diverse methods and strategies employed by fraudsters to exploit individuals and financial institutions for their own gain: Identity Theft A criminal steals an individual’s personal information, such as Social Security number, bank account details, or credit card information, and uses it to impersonate the victim.

Account Takeovers 85

Account Takeovers MFA Fraud Detection Credit Cards 85

PYMNTS

AUGUST 8, 2019

And that fact — shared by Cognito CEO Alain Meier during a recent PYMNTS interview centered around changes in digital ID – serves to show the weakness of knowledge-based authentication. “We As Meier told it to PYMNTS, that provides an opening for a concept called gradual verification.

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Security Verification Online and Mobile Banking Breach 58

PYMNTS

MARCH 27, 2020

First-party fraud seems difficult to perpetrate because loan applications typically require identity verification with Social Security numbers, which enable banks to track down loan applicants who go off the grid. Many FIs are thus relying on AI or ML tools to automate authentication. Preventing Application Fraud.

Identity Theft 83

Identity Theft Technology Authentication Credit Cards 83

PYMNTS

DECEMBER 9, 2020

The passwords, user names and Social Security numbers that once helped us prove we are who we say we are now are vulnerable or have already been compromised. At the same time, banks and other firms must find new ways to verify and authenticate users and gird against theft and account takeovers.

Privacy 93

Privacy Regulations Verification Account Takeovers 93

PYMNTS

APRIL 30, 2019

We at PYMNTS come here not to bury biometrics, but to explore another way of bringing identification and age verification to the masses — a method that, in the view of Alain Meier, CEO of Cognito , could help eCommerce operators stay ahead of regulators and otherwise offer relatively friction-free authentication to consumers around the world.

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Verification Authentication Online and Mobile Banking Law Enforcement 64

PYMNTS

DECEMBER 3, 2019

Digital identities are growing more important and omnipresent in everyday life, and the need to keep them secure grows more pressing by the day. Financial information, Social Security numbers and a host of other private data is wrapped up in each person’s digital identity, making a potential data breach catastrophic.

Verification 52

Verification Authentication Breach Data Breach 52

PYMNTS

JUNE 11, 2019

Phone numbers, email addresses, usernames and other online signifiers have become vital to digital identity verification, as the world becomes increasingly connected. How Western Governors University handles Digital ID Verification. For more on these and other digital identity developments, download this month’s Tracker.

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Verification Authentication Blockchain Addressing 58

PYMNTS

MAY 8, 2019

Among those challenges and choke points is seamless identity verification, especially when it comes to financial services and payments. That means any technology that seeks to bring about faster, more seamless ID verification must be able to address and reflect all those different compliance and regulatory standards. New Markets.

Verification 73

Verification Compliance AML Money Laundering 73

PYMNTS

SEPTEMBER 24, 2020

One of the key ways in which banks can counter this threat is through ironclad authentication processes, according to Sameer Shetty , head of digital banking at the Mumbai, India-based Axis Bank. Social Security numbers. ATOs mostly] happen through social engineering,” he said. Fraud Threats To Digital Banking.

Account Takeovers 82

Account Takeovers Database Authentication Crime 82

FICO

APRIL 8, 2020

For example, this process looks to establish there is a person such as Jane Smith and that she has the corresponding attributes such as date of birth and/or social security number. Identity Verification. Together identity validation and identity verification are often referred to as identity proofing. Enrollment.

Accounts 52

Accounts Enrollments Authentication Verification 52

PYMNTS

DECEMBER 15, 2020

According to Bud Walker , chief strategy officer at the address and identity verification firm Melissa , the time, money and reputational costs caused by incorrectly addressing letters and packages are “humongous.”. We’re seeing that the size and scope of companies that want to use some type of ID verification has changed,” Walker said.

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Addressing Returns Duplicate Verification 73

PYMNTS

JULY 27, 2020

Using real credentials lends authenticity to these schemes and allows them to elude many fraud detection systems, and cybercriminals can avoid tipping off victims by not using pilfered identities wholesale. Where Standard ID Verification Falls Short. Device Authentication.

Credit Union 58

Credit Union Authentication Credential Assessments 58

PYMNTS

JULY 15, 2020

This seismic shift is, in turn, making it more important than ever for providers to examine the use of digital identity authentication technologies.”. As things like “deep fakes” get real and digital onboarding replaces face-to-face document presentation and authentication post-pandemic, KYP tech is fast becoming indispensable.

Data Breach 58

Data Breach CCPA Social Security Credit Cards 58

PYMNTS

DECEMBER 3, 2018

Excuse the homespun wisdom, but offering weak authentication defenses in the face of those determined young consumers can bring down heavy fines and unwanted attention, and threaten a growing retail or online business. However, authentication also provides business opportunity. Market Growth. First, a word about the stakes involved.

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Authentication Privacy Checks AI 70

PYMNTS

JULY 24, 2020

The result is a persona that often holds up against financial institutions’ (FIs’) traditional verification methods. Criminals can then use these identities to open bank and credit union accounts, secure loans and ultimately vanish without ever repaying. Read the full story in the Playbook. Deep Dive: Confronting FIs’ $14.7B

Credit Union 73

Credit Union Federal Reserve Crime Authentication 73

PYMNTS

APRIL 11, 2019

Indeed, that was the message this week from Philipp Pointner, chief product officer at authentication services provider Jumio , during an interview with PYMNTS. In Jumio’s case, the authentication effort comes down to ID data points , biometrics and computer intelligence. This needs to be taken very seriously,” Pointner said.

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Authentication Verification Regulations Service Provider 67

PYMNTS

AUGUST 15, 2019

In the days before eCommerce, before data breaches grabbed everything from Social Security numbers to passwords, before fraudsters began to craft synthetic identities, strong customer authentication was rather simple. Although delayed, the migration will take place. Identifying Identity.

Authentication 53

Authentication Compromise Addressing Regulations 53

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.

Security 53

Security Online and Mobile Banking Authentication Account Takeovers 53

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.

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Fraud Detection Online and Mobile Banking Scams Issuers 78

Seon

SEPTEMBER 20, 2023

Depending on the jurisdiction and the organization’s policies, other PII may be requested, such as the individual’s social security number in the US. The prospective customer is then eligible for the organization’s KYC verification. This may include – but is far from limited to – AML and identity verification procedures.

Process 52

Process Due Diligence AML Verification 52

PYMNTS

SEPTEMBER 22, 2017

Among the front row seat observers in the battle for payments security is Stephen Stuut, CEO of online mobile payments and identity verification company Jumio. We employ a large team of verification experts to visually inspect suspect verification requests. We’re fortunate to serve a large and varied customer base.

Online and Mobile Banking 56

Online and Mobile Banking Verification Data Breach Breach 56

Nanonets

JULY 29, 2024

  Fraudulent payslips Companies need to check whether pay slips are authentic. Form 26AS (in India) fraud checks record-keeping Looking to extract or parse data from payslips and W2 forms ? Extract field from salary slip An advanced OCR captures and accurately extracts different key-value pairs from a salary slip.

Payment APIs and Integration 52

Payment APIs and Integration Payroll Automation API 52

PYMNTS

FEBRUARY 19, 2019

Banks, financial institutions (FIs) and other members of the financial world are, thus, dealing with a rising flood of identity theft and application fraud, as bad actors look to capitalize on the email addresses, Social Security numbers, credit details and other information they have on hand. Around the Digital Fraud World.

Identity Theft 63

Identity Theft Data Breach Breach Verification 63

PYMNTS

FEBRUARY 4, 2019

The issue dates to 2014, when the procedures were first rolled out by FinCEN, which intentionally left out specific authentication standards that FIs must follow. Different institutions use varying forms of customer identification for verification, for example. This, in turn, can offer a more thorough customer identification review.

AML 64

AML Money Laundering Due Diligence Fincen 64

PYMNTS

JUNE 22, 2020

And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data. Against that backdrop, FIs must walk a tightrope, balancing customer security with the customer experience, minimizing onboarding friction while meeting regulatory requirements.

Identity Theft 77

Identity Theft Database Account Takeovers Issuers 77

PYMNTS

DECEMBER 8, 2016

Their life is an open book on social media, and even the tiniest of details are never too much to provide. But when it comes time to hand over information to authenticate themselves to conduct a financial transaction, that door slams shut. The importance of authenticating a customer has never been more important.

Due Diligence 78

Due Diligence Authentication Addressing Social Security 78

PYMNTS

JANUARY 24, 2018

In the increasingly digital and mobile age, data useful for authentication purposes might be widely available, or may in fact be rather lacking, depending on the market. Traditional methods of online authentication don’t capture trusted identities as well as they once did, he said. “We billion mobile users across the globe.

Online and Mobile Banking 46

Online and Mobile Banking Verification Authentication Government 46

PYMNTS

MARCH 1, 2018

Entersekt , which is focused on push-based authentication and mobile app security, last week announced a technology partnership with Equifax. When access to a digital identity or account is required, a request for authentication is sent to the phone or another mobile device – such as a tablet – in real time.

Push-to-Card 40

Push-to-Card Breach Compromise Authentication 40

PYMNTS

SEPTEMBER 15, 2020

consumers who recently opened accounts with financial institutions (FIs), and reveals “how a little communication can go a long way toward helping FIs explain biometric-based identity verification tools and the benefits they offer when onboarding new customers,” conveying the benefits to answering lingering questions.

Verification 57

Verification Social Security Credential Consumer 57

PYMNTS

OCTOBER 18, 2019

At its most basic level, the key ingredients that are pilfered and then used to construct synthetic identities – where individuals’ personal information is stitched together to fabricate new identities — are tied to data that is given to us at birth: Social Security numbers. Well, it can take years to discover. “We

Identity Theft 42

Identity Theft Social Security Money Laundering Fraud Prevention 42

Fintech Labs Insights

JULY 19, 2016

He went on to explain how the company seeks to help consumers manage their identities by having more control over the use of their Social Security number. Users receive a push notification or email each time their Social Security number is used with one of Civic’s partners. The company is working to add more.

Identity Theft 13

Identity Theft Verification Social Security Online and Mobile Banking 13

PYMNTS

NOVEMBER 6, 2017

The Social Security number (SSN) was never meant to get this much attention. Yet those nine numbers have become a standard bearer for identity verification, a gold mine for fraudsters – maybe rendered moot by the huge breaches at Equifax and other companies.

Security 43

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

Payment Savvy

SEPTEMBER 5, 2024

It’s also how you might receive tax refunds, social security benefits, or even payments from customers if you run a business. This process is simple and secure. The ACH network uses multiple authentication layers. Banks and businesses often use extra security measures.

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ACH ACH Network Wire Transfer Direct Deposit 52

PYMNTS

JANUARY 17, 2017

Today, there’s a major gap in market between the data that relying parties have to verify consumer identity and what is needed to authenticate them with certainty. But, Webster questioned, can a longstanding phone number really play the same verification role as an SSN? Is the phone number the future SSN?” Ayers asked.

Verification 45

Verification Addressing Online and Mobile Banking Authentication 45