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...
Fraudsters aren't just posing a threat to retail banking, but are now also targeting corporate accounts with large scale schemes that combine phishing and malware attacks, says Beate Zwijnenberg, chief information security officer for ING Group. In this month’s Preventing Financial Crimes Playbook, Zwijnenberg explains...
Banks, credit unions and other financial institutions (FIs) were forced to stop more than $25 billion in fraud attempts in 2018 alone, but such efforts can often feel ineffective as fraud continues to grow regardless of FIs’ prevention measures. Sixty-one percent of FIs report that...
The migration to digital everything — aka the Digital Shift or Digital 3.0 if you prefer — is fulfilling the promise of eCommerce for the good players, as well as the bad actors. Payments regulations are meant to shield consumers from the worst of it,...
