Companies are focusing technology investments on the systems they deem crucial for the long haul. Going back nearly three years to the pandemic’s March 2020 start, most businesses across sectors tell PYMNTS that they’ve since been prioritizing investments in digital fraud prevention and risk management...
The U.K.’s financial regulator has warned consumers to be wary of Christmas scams. With inflation in the double figures, many in the country are turning to credit options to help fund their Christmas shopping, and fraudsters are taking advantage of the seasonal upsurge in borrowing...
Phone number masking cases have caused European authorities to issue advice on how to prevent fraud. While the big European fraud trial of the moment is the Wirecard case, in which former executives of the German payments company are trying to pin the blame on...
Consumers enjoy the convenience of instant payments using apps like Venmo, Cash App and Zelle. As the use of these faster payments has increased and become mainstream, however, so have fraud-related issues. Twenty-three percent of peer-to-peer (P2P) platform users have sent funds to the wrong...
Executives reported a 73% increase in P2P fraud and 44% in instant or real-time payment fraud in the last 12 months, according to PYMNTS data. In this month’s “Digital Fraud Tracker®,” DataVisor CEO Yinglian Xie explains why firms must include security and automation by design...
The speed that makes instant payment apps such as Zelle and Venmo popular also makes them attractive tools for fraudsters. Bad actors defrauded nearly 18 million Americans through digital wallets and peer-to-peer (P2P) payment scams in 2020, for example. There is currently much debate in...
Last month, the Fed said it was officially ending debit network exclusivity across all channels. Beginning in 2023, all debit card issuers must enable merchants to choose at least two unaffiliated payment card networks to process transactions. The exclusivity ban has been in place for...
A recent study found that businesses lost $52 billion to identity fraud in 2021, a shocking 79% increase year over year. This fraud was split between several different types, with new account fraud up 109%, account takeovers growing 90% and credit card fraud seeing a...
The Better Business Bureau’s (BBB) educational foundation, the BBB Institute for Marketplace Trust, has partnered with Amazon and Capital One to help people learn about, avoid and report scams. With the partnership, the BBB Scam Tracker online reporting tool has gained new features that not...
