Single-layered security systems are no match against daily fraud threats that attempt to saturate automated defenses with multiple fake applications at once. In the latest "Monetizing Digital Intent Tracker," Ryan Prince, senior data scientist for Elevate, explains why behavioral analytics is a must-add to a...
While the pandemic accelerated the digital shift around the world, it also allowed fraudsters the opportunity to refine and build on their techniques. The Federal Trade Commission reported that in 2021, consumers lost $5.8 billion to fraudsters, but this number most likely is a lowball,...
Bonifii and Entersekt announced Thursday (April 21) a new biometric security offering aimed at the credit union market. Using MemberPass Express, the announcement states, a credit union member will be able to authenticate his or her identity using biometrics when completing an eCommerce transaction, visiting...
Digital financial services accounts have become a crucial part of the day-to-day banking infrastructure. The ability to view accounts anywhere, anytime is more than just nice to have — it is an absolute must for modern consumers. PYMNTS’ research has found that seven out of...
The rise of digital-first financial processes has brought convenience and speed to the forefront of payments. But the wheels of progress have moved faster than security measures, making identity theft and related crimes a major issue. A recent report found that 80% of cybersecurity leaders...
Today’s consumers are tapping nontraditional banking and payment solutions more often, turning to neobanks or alternative payment solutions such as mobile wallets to conduct many of their routine transactions. Buy now, pay later (BNPL) alternatives have become the fastest-growing eCommerce payment method, for example, with...
Buy now, pay later (BNPL) options are becoming increasingly attractive to consumers, but that growing popularity is also making them a more enticing target for fraud. In the Alternative Payments Tracker, online phone accessory retailer CASETiFY’s Mike Jia explains why better authentication measures are necessary...
In providing secure verification for online accounts, there are several alternatives to legacy username and password-based processes that fall under the umbrella term “advanced ID verification.” Such solutions include technologies that make use of voice recognition, keyboard logging, liveness detection with selfies and fingerprint scans,...
Money laundering is a perpetual challenge for banks, payments providers and the oversight agencies assigned to monitor them. Experts estimate that up to 5% of the global gross domestic product (GDP) is laundered each year, a total of $2 trillion, and half of all money...
