The speed that makes instant payment apps such as Zelle and Venmo popular also makes them attractive tools for fraudsters. Bad actors defrauded nearly 18 million Americans through digital wallets and peer-to-peer (P2P) payment scams in 2020, for example. There is currently much debate in...
Last month, the Fed said it was officially ending debit network exclusivity across all channels. Beginning in 2023, all debit card issuers must enable merchants to choose at least two unaffiliated payment card networks to process transactions. The exclusivity ban has been in place for...
A recent study found that businesses lost $52 billion to identity fraud in 2021, a shocking 79% increase year over year. This fraud was split between several different types, with new account fraud up 109%, account takeovers growing 90% and credit card fraud seeing a...
The Better Business Bureau’s (BBB) educational foundation, the BBB Institute for Marketplace Trust, has partnered with Amazon and Capital One to help people learn about, avoid and report scams. With the partnership, the BBB Scam Tracker online reporting tool has gained new features that not...
PYMNTS interviewed Lien Nguyen, senior vice president of fraud prevention at Bank of the West, about the top identity fraud threats and how to stop them — Bad actors are growing more sophisticated in their identity fraud techniques, leveraging advanced artificial intelligence technology to stage...
Banks are not the police. And yet, for many crimes, financial institutions (FIs) are often on the front lines when it comes to preventing and detecting fraud. Faced with this enormous challenge in the face of skyrocketing fraud risks, one would assume that joining forces...
Identity fraud has been growing in recent years and had a notable increase in 2021. Identity theft alone accounted for $56 billion in losses that year, up 79% from 2020, and the number of these thefts reported to the Federal Trade Commission (FTC) grew 22%...
Fraud attacks on consumers may be waning, but efforts to compromise financial institutions and other commercial entities are on the rise, and organizations must learn how to defend themselves against sophisticated criminal operations. That’s according to “Payments Security Amid Uncertainty: Fighting Fraud And Crime With Digital...
Despite rallying cries like “kill the paper check,” this form of payment survived the pandemic digital shift, remaining popular as a form of mass disbursement — and a favorite of fraudsters. In a talk with PYMNTS, Ingo Money President and Chief Operating Officer Rusty Pickering and...
