Account takeovers (ATOs) are a growing source of pain for financial institutions (FIs) and their customers, with losses from these attacks rising 164 percent in 2018. This fraud type occurs when bad actors seize control of victims’ bank or online merchant accounts and spend ill-gotten...
Much has been said about the viability of biometrics for guarding against bad actors, but financial institutions (FIs) cannot simply assume that all of their customers want to use such tools. In the latest FI Fraud Decisioning Playbook, Ryan Leblond, manager of fraud prevention for...
Banks have been facing a concerning rise in account takeover (ATO) attacks targeting their customers, with financial institutions (FIs) losses due to such schemes rising 72 percent from 2018 to 2019. Fraudsters have only upped their efforts during the pandemic, with phishing attacks alone increasing...
Consumers’ commerce patterns have been very much upended in the past few months and shifted heavily to digital. On the upside, this digital gold rush has created an opportunity for merchants to push about a decade’s worth of digital innovations out the door in weeks....
Partnerships of legacy financial institutions (FIs) and FinTechs are bringing forth some of the coolest experiences in banking. It’s a trend exemplified by open banking — the European invention that’s circling the globe, making news and putting some flash back into money. New open banking...
Open banking is one of the most significant emerging trends in the financial industry, allowing banks and FinTechs to share financial data in a quick, easy and secure manner across a network of platforms. It has been steadily gaining popularity in recent years, with more...
More than 10,000 financial institutions (FIs) are currently participating in open banking initiatives worldwide. But as it turns out, approximately 49 percent of banking customers do not trust that their personal data will be kept secure. In the latest Preventing Financial Crimes Playbook, John Elliott,...
Digital fraud and cybercrime are constant worries for financial institutions (FIs) of all sizes, with these businesses seeing an average of 30 cyberattacks per hour in 2019 for a total annual cost of $1.45 trillion in stolen funds. Fraudsters deploy an array of techniques with...
Consumers want omnichannel banking access so they can easily switch between in-person branch visits, call center services and mobile apps as needed. They might pop into bank branches near their offices to grab cash, for example, then use mobile apps during their subway rides home...
