The Financial Conduct Authority (FCA) on Thursday (March 3) announced it will take “assertive action to tackle harm in the consumer investments market” and is urging consumers across the U.K. to beware of investment-related scams after seeing a steady increase in such claims last year....
Businesses face an array of challenges when authenticating customers, often because they rely on a single security stack. Recent research by PYMNTS found that more than half of peer-to-peer (P2P) lenders, 47% of banks and credit unions and 43% of car dealerships using authentication systems...
Recent data from PYMNTS shows many companies aren’t accepting new business due to a fear of potential fraud. The reasoning behind their hesitance may be justified: 98% of businesses experienced fraud, with retailers, manufacturers and marketplaces losing an average of 3.5% of their annual income...
Cybercrime is nothing if not varied. Phishing scams, romance scams, synthetic IDs — and now, with the rise in contactless payments and eCommerce spurred by the pandemic, we’re seeing a boon in buy now, pay later (BNPL) and friendly fraud. Eric Christensen, chief payments officer...
Five years ago, digital transformation in banking was focused on a product or a certain business line, but more recently, innovation has become an imperative. That was accelerated by the pandemic, which created an immediate need for frictionless onboarding with customers and clients and the...
Consumers always want more speed and expect security to always be top-notch, but traditionally there’s been a trade-off. More of one meant less of the other. In the latest On the Agenda discussion, a trio of fraud fighting financial services executives told PYMNTS that consumer...
Digital fraud is a constant threat to banks, businesses, government entities and individuals, and its volume and costs continue to expand, despite the best efforts of oversight agencies and security and risk management teams. The rate of suspected digital fraud attempts swelled 17% worldwide year...
Security platform nsKnox on Monday (Feb. 7) introduced Bank Account Certificate, calling it a “fraud-proof approach to sharing and validating banking details.” Bank Account Certificates from nsKnox are encrypted, signed and verifiable, meaning they protect both payers and payees and replace manual processes for verifying...
As businesses work to keep out fraud and curb false declines in the year ahead, they must bear in mind that context is key. In the Digital Fraud Tracker, TSYS’ Dondi Black explains how companies can tap AI and machine learning to verify data points...
