The Paypers

JANUARY 14, 2021

Silkbank has partnered with Visa to utilise their ‘Visa Consumer Authentication Service’ (VCAS), which provides the bank risk-based authentication to reduce fraud and false declines through an improved online authentication service.

Consumer Authentication 36

Consumer Authentication Authentication Risk Consumer 36

PYMNTS

JUNE 26, 2020

Many of these consumers are exploring digital banking for the first time, however, and are frustrated by customer onboarding pain points. Time-consuming authentication methods, redundant application forms and sluggish processes can all drive away potential customers.

Online and Mobile Banking 88

Online and Mobile Banking Checks Consumer Authentication Audit 88

Fintech Finance

JUNE 5, 2024

The amount is instantly deducted from their bank account, simplifying personal financial management for consumers. The solution benefits merchants by reducing the risk of failed payments since customers do not manually enter payment information, which may result in errors such as typos or incorrect payment details.

Payments 52

Payments Consumer Authentication SWIFT Service Provider 52

PYMNTS

FEBRUARY 13, 2020

Between synthetic ID fraud and good old-fashioned identity theft, buttressed by the reams of available consumer data, said Xie, cybercriminals have gotten better at looking like real consumers – making it all the more imperative for the security industry to realign its paradigm with the lifecycle habits of legitimate users.

Authentication 98

Authentication Bots Identity Theft Mitigation 98

PYMNTS

FEBRUARY 18, 2020

This opens the door to new avenues of attack by those who wish to steal data, hijack accounts and make off with ill-gotten gains, as Eric Kraus, vice president of risk, fraud and compliance at FIS , told PYMNTS in a recent interview. There are new data privacy concerns, too.”.

Fraud Prevention 66

Fraud Prevention Account Takeovers Online and Mobile Banking P2P 66

PYMNTS

JUNE 2, 2020

Barclays Transact with Kount also allows merchants to more effectively leverage the SCA’s so-called “transaction risk analysis exemption” (TRA), which allows low-value/low-risk transactions to push through the system without full consumer authentication.

Compliance 55

Compliance Authentication Push-to-Card Fraud Prevention 55

FICO

FEBRUARY 16, 2023

With geographically specific strategies, issuers can define and implement rules that address the increased risk in distinct locations, or establish limits on transaction amounts in areas where skimming incidents are higher. Knowing where skimmers are most prevalent is also a powerful piece of knowledge. Debbie holds a B.A.

Compromise 98

Compromise Debit Card Scams Smishing 98

PYMNTS

JUNE 11, 2020

These platforms conduct initial identity verification before presenting in-depth worker profiles or job postings, meaning firms and their potential workers have fewer time-consuming authentication concerns when hiring or being hired. The pandemic has led many companies to adopt remote work models to limit the risk of viral exposure.

Verification 74

Verification Facilitators Consumer Authentication Funds Transfer 74

PYMNTS

MAY 18, 2016

approaching a couple thousand dollars, and each incident of eCommerce fraud costing merchants several hundred dollars, now is the time to wonder if the traditional methods of consumer authentication are pulling the weight that they once did. With the average loss of a single fraudulent “new” online bank account in the U.S.

Authentication 40

Authentication Online and Mobile Banking Consumer Authentication Treasury 40

PYMNTS

JUNE 9, 2020

Increasingly, that work is being performed by dynamic global identity verification platforms that use strong consumer authentication (SCA) and/or multi-factor authentication (MFA) to harden the onboarding process against an army of cyberthieves exploiting pandemic disorder.

AML 52

AML MFA Authentication Verification 52

PYMNTS

JUNE 14, 2016

That was the crux of a recent digital discussion Karen Webster had with Ken Allen, SVP of operations at Socure , when the two dug into one increasingly evolving, complex topic that’s driving the future of payments and financial services: authenticating the consumer.

Authentication 42

Authentication Consumer Authentication Verification Online and Mobile Banking 42

PYMNTS

SEPTEMBER 18, 2017

It’s probably fair to say that the Equifax hack is to consumer authentication what Target was to EMV at the physical point of sale: a catalyst for change. I think we all know the answer to that question now.

Regulations 81

Regulations CFPB Database Consumer Financial Protection Bureau (CFPB) 81

PYMNTS

JULY 18, 2018

“Although PSD2 has been designed to enhance the overall security of digital payments, it does also bring with it some risk of specific kinds of fraud,” said Dr. Stephen Topliss, vice president of product strategy at ThreatMetrix , in a recent essay. Increased Risk. Call Center Threat. Biometric Promise.

Fraud Prevention 41

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

Finovate

OCTOBER 16, 2024

This increases the risk for loss. Also, firms can implement advanced consumer authentication methods and mandate ongoing fraud prevention training for staff to further mitigate risks. Managing customer payment errors With instant payments, there is not much time to correct mistakes.

FedNow 59

FedNow Instant Payments Disputes Federal Reserve 59

PYMNTS

APRIL 27, 2016

Suppose you could build a model that would help financial institutions of any kind fill in those gaps with online and social data that could make thin files thick without increasing their risk? Socure found that while an individual who belongs to no social networks brings a fraud risk of 22.9 Socure did that experiment.

Verification 46

Verification Addressing Authentication Participant 46

FICO

MAY 3, 2023

What About Declining High-Risk Payments Outright? From a traditional perspective, if a transaction such as a credit card charge or bank transfer is flagged as high risk, it is usually declined outright. This figure hits 81% in India and 88% among consumers in Turkey. Debbie holds a B.A.

Scams 10

Scams RTP Fraud Detection Real Time Payments 10

PYMNTS

MARCH 30, 2016

And of course, the identity that is at risk. That’s not a consumer’s identity. I know if it’s that consumer by their habits, by what they purchase,” she explained. . Mobile can serve as a very unique identifier when it comes to consumer authentication. Or is this not risky?'” ” she added.

Fraud Prevention 42

Fraud Prevention Authentication Push-to-Card Data Breach 42

FICO

APRIL 20, 2023

In India , which is experiencing its own wave of impersonation and APP fraud scams, 45% of consumers have sent RTPs for goods they have not received. Source: FICO Survey Opportunities for Education One contributing factor to the impact of scams is likely a widespread misunderstanding about the risks consumers face when using RTP channels.

Real Time Payments 52

Real Time Payments Scams RTP Payments 52

PYMNTS

SEPTEMBER 11, 2017

Generally speaking, if documentation is provided that may be suspect, the automated risk process will mandate what Madhu termed “a positive step up” requiring additional documentation. In a demo slated for tomorrow (Sept.

Verification 53

Verification Social Security Addressing Returns 53

PYMNTS

APRIL 27, 2016

Of course, adopting new technology also means taking on a whole new set of risks. Using the expertise he acquired during his time at Citibank, Ziolkowski searched for solutions that reflected his top payment risk “philosophy.”. This is a great competitive advantage for Amtrak.”.

Authentication 40

Authentication Issuers Fraud Prevention Best Practices 40