While most consumers have yet to purchase or use cryptocurrencies, they are interested in and aware of crypto, setting the stage for near-term growth as technologies supporting cryptocurrency transactions continue to mature. Some consumers see cryptocurrencies as a promising new investment asset that could even...
The Financial Crimes Enforcement Network (FinCEN) announced Wednesday (March 16) that it will be supporting the Russian Elites, Proxies and Oligarchs (REPO) Task Force, which is trying to crack down on illicit actors accessing international finance. FinCen will be supporting the Treasury’s efforts on boosting...
Global real-time payments software firm ACI Worldwide is introducing a fraud scoring platform powered by machine learning to deliver real-time security and fraud prevention to financial institutions (FIs) of every size, according to a press release on Wednesday (March 9). ACI Fraud Scoring Services (FSS)...
Credit card fraud is a pressing issue for consumers, merchants, banks and card providers, costing a total of $32 billion in 2021 alone. This number is expected to swell to $38.5 billion by 2027, primarily fueled by an increased reliance on online shopping. Fraudsters perpetrating schemes online can...
The first iteration of 3D Secure was hailed as a online fraud game-changer, but its effectiveness came at the cost of consumer convenience — and, ultimately, conversion. In the Digital Fraud Tracker, American Express’ JJ Kieley explains how the overhauled 3D Secure 2.0 system will...
Credit card fraud is a problem that affects banks, merchants, credit card providers and individual consumers all at once, as fraudsters deploy a wide variety of different tactics to pay for goods and services or drain customer accounts of funds and data. Card providers have...
The Financial Conduct Authority (FCA) on Thursday (March 3) announced it will take “assertive action to tackle harm in the consumer investments market” and is urging consumers across the U.K. to beware of investment-related scams after seeing a steady increase in such claims last year....
Businesses face an array of challenges when authenticating customers, often because they rely on a single security stack. Recent research by PYMNTS found that more than half of peer-to-peer (P2P) lenders, 47% of banks and credit unions and 43% of car dealerships using authentication systems...
Recent data from PYMNTS shows many companies aren’t accepting new business due to a fear of potential fraud. The reasoning behind their hesitance may be justified: 98% of businesses experienced fraud, with retailers, manufacturers and marketplaces losing an average of 3.5% of their annual income...
