Jeff Gipson, director of payment product management at Discover® Global Network, told PYMNTS in a recent interview that the intensity of fraudsters’ attacks on all parts of the payments ecosystem is ramping up. He pointed to social engineering as a favorite method employed by bad actors....
Financial institutions (FIs) are facing an increasing threat of fraud and financial crime in the digital age. And as the volume and sophistication of fraudulent transactions continue to rise, FIs are turning to cutting-edge tools and technologies to enhance their security measures. In “Financial Institutions...
PYMNTS Intelligence recently found that more than 40% of financial institutions (FIs) see increasing fraud and financial crime. This advancing wave likely poses a significant threat to the financial services industry. Security is a top concern, and these institutions need cutting-edge tools to fight this...
In a bid to tackle the rising threat of fraud, global information services company Experian has partnered with behavioral analytics firm NeuroID to enhance its fraud prevention solutions. The goal of the partnership is to combat identity theft, deter fraud attacks and protect against AI-powered...
Online retailers widely implement anti-fraud tools and strategies — but minimizing false declines while effectively screening out potential fraud is easier said than done. Payment service providers (PSPs) can be crucial in helping eCommerce firms find the right approach to these challenges. In fact, 86%...
Fraudulent activities can manifest in various forms, including identity theft, payment fraud and cyberattacks. In all those cases, legacy and manual back-end systems provide bad actors with vulnerable — and attractive — attack vectors. After all, fraudsters typically go after the easiest mark they can...
Senior-focused financial platform Charlie has introduced a suite of fraud protection tools for older Americans. The company’s FraudShield offering, announced in a news release Wednesday (Nov. 8), uses data about 62-and-older consumers’ static habits, patterns and preferences to help combat the $28-billion-per-year problem of financial crimes against older...
Fraud schemes are evolving alongside technology, becoming more sophisticated and mutating to exploit vulnerabilities within financial institutions. In fact, fraud incidents increased by 13% in the past year, with FinTech companies being the most likely financial entities to report higher fraud losses, according to the...
CellPoint Digital has teamed with Riskified to help battle fraud in the travel sector. The partnership, announced Thursday (Nov. 2), leverages Riskified’s fraud and risk intelligence capabilities and CellPoint’s payment orchestration offering to help airlines and other travel merchants increase transaction approval rates while lowering costs. “The partnership enables both...
