Fraudsters leverage an array of schemes to conduct financial crimes, including digital methods like botnets and brute force hacks as well as old-school ones like social engineering. One of the most pervasive — which also affects customers as much as or more than banks —...
Although still a horrific event, the ongoing coronavirus crisis has, in many ways, created positive outcomes. In the world of payments, the pandemic introduced a once-in-a-lifetime event to accelerate digitization and adoption of electronic payments, much to the benefit of all parties involved. Yet unsurprisingly,...
Identity fraud is pervasive threat, with fraudsters stealing identities and constructing fake ones to steal $16.9 billion in 2019. Technologies like video onboarding and artificial intelligence (AI) have shown promise in facing this threat, but each is vulnerable when deployed alone. In this month’s Fighting...
Financial crime is a pervasive threat to banks, credit unions, FinTechs and other financial institutions (FIs) the world over. A recent study from PwC found that 47 percent of companies had experienced fraud at least once in the past two years, with a grand total...
Such immense effort is expended fighting determined fraudsters that it’s easy to minimize friendly fraud — a frustrating state of affairs that leaves financial institutions (FIs) and merchants on the hook for purchases disowned, justly or otherwise, by legitimate cardholders. PYMNTS’ September FI Fraud Decisioning...
Criminals are not the only security threats financial institutions (FIs) and their merchant clients face — these entities often need to defend themselves against consumers as well. Friendly fraud has been on the rise for years, with customers contacting their banks to falsely assert that...
Chargeback options are meant to protect consumers, but shoppers also sometimes file claims over purchases they simply don’t recall or don’t want to pay for. It’s a problem that cost retailers $35 billion in 2019 alone. In the FI Fraud Decisioning Playbook, Mohamad Tayba, senior...
Card-not-present (CNP) transactions are rising as consumers lean heavily on digital channels to meet their needs during the ongoing pandemic. Fraudsters are eager to steal consumer card details and use them online, however, slipping their own criminal purchases in among the influx of legitimate digital...
Financial crime and other forms of digital fraud are a pressing concern for banks, credit unions and other FIs, with fraudsters stealing $2.8 billion from bank accounts in 2018. Banks are devoting time, money and effort to prevent this type of fraud, which stopped $22.3...
