Trust drives consumer experiences, and it can be negatively impacted in countless ways. An inconvenient login or checkout experience harms a customer’s trust in a merchant, and a false positive fraud flag can alienate a previously loyal customer. Consumers whose trust is breached will often...
User authentication is a critical tool for any organization that deals in personal or financial information, as identity theft runs rampant in the modern business world. Companies must continually prove that customers are who they say they are and not bad actors in disguise, leveraging...
Digital fraud continues to plague businesses of all sizes, and consumers are paying the price. A recent survey found that the average American has experienced at least seven data breaches since 2004. Companies are turning to increasingly imposing authentication checks to ensure that customers are who...
Identity fraud is a growing problem in the United States. Losses due to identity fraud were up 79% year over year in 2021 to a total of $52 billion, while the number of victims rose 50% to 42 million adults. Identity fraudsters leverage a wide...
In this month’s "Monetizing Digital Intent Tracker," Angie Dobbs, VP of fraud and risk at Wave Financial, tells PYMNTS how multilayered authentications are proving to be more effective in fighting fraud than their single-door counterparts.
Digital fraud continues to wreak havoc on the economy despite banks’, businesses’ and consumers’ best efforts to stop it. The Federal Trade Commission reported $5.8 billion lost to fraud last year — an increase of more than 70% since 2020 — with 2.8 million consumers...
Consumers are open to the idea of letting go of passwords and using alternative authentication methods to log in to their financial services accounts. In fact, 45% of consumers are very comfortable logging in to their accounts without passwords, according to “The Future of Authentication...
Intelligent friction is among the holy grails of commerce in general, and for financial services firms in particular. As a trio of payments executives told PYMNTS’ Karen Webster, contextual awareness, made possible by advanced technologies, can help banks authenticate legitimate consumers and transactions through risk-based...
Real-time payments and open banking startup Volt is introducing a bank account authentication service for online merchants and businesses, according to a press release Thursday (June 23). Volt is launching the Verify service in the United Kingdom as well as in Ireland, France, the Netherlands,...
