The typical image of digital fraud is that of criminals forcing their way into systems and secretly stealing money or data without victims’ knowledge. Some fraud is even more brazen, however. Social engineering scams rely on tricking individuals with fraudulent interactions that appear legitimate, thereby ensnaring...
At a time when more consumers are being tricked into giving fraudsters access to their money and accounts, Valley Bank’s Milliesia Armogan explains why customer education is a bank's best weapon in the fight against increasingly sophisticated social engineering fraud.
Social engineering scams occur when fraudsters trick their victims into trusting them enough to send either money or personal information. When the victim sends money, it is known as authorized push payment (APP) fraud. Since it can take many forms, each difficult to stop, this...
What you don’t know can cost you coming and going. Businesses failing to authenticate identity in B2B transactions are prime fraud targets on the one hand, while on the other, an obscured view of fraud attacks finds more B2B businesses declining good customers due to...
Credit card chargebacks and the resulting revenue loss are major headaches for merchants, according to “Dispute-Prevention Solutions,” a PYMNTS and Verifi collaboration based on a survey of 301 merchants whose annual revenues from web-based or mobile app sales ranged from $20 million to more than...
Proving and authenticating an organization’s digital identity is one of the biggest struggles for companies mitigating business-to-business (B2B) payments fraud. PYMNTS’ data finds that nearly half of firms surveyed, 49%, recognize that verifying new business customers’ identities is an important challenge they have to address,...
Digital fraudsters’ popular image is that of a shadowy cabal of hackers, either leveraging sophisticated algorithms to break into corporate systems or tricking individual consumers into giving up their funds, data or login credentials. This image is undoubtedly credible, but a considerable portion of digital...
In the July "Digital Fraud Tracker®," Jake Doering, founder of wellness drink company Ujji, tells PYMNTS how dynamic discount codes and tailored communications can help companies prevent the growing number of consumers who abuse merchant policies.
With the surge of credit card transactions during the pandemic is the seemingly inescapable cascade of disputes and chargebacks that eat into profits and create back-office havoc. Many companies still handle disputes and chargebacks in-house, while an increasing number are finding that third parties specializing...
