Cybercrime is nothing if not varied. Phishing scams, romance scams, synthetic IDs — and now, with the rise in contactless payments and eCommerce spurred by the pandemic, we’re seeing a boon in buy now, pay later (BNPL) and friendly fraud. Eric Christensen, chief payments officer...
Five years ago, digital transformation in banking was focused on a product or a certain business line, but more recently, innovation has become an imperative. That was accelerated by the pandemic, which created an immediate need for frictionless onboarding with customers and clients and the...
Consumers always want more speed and expect security to always be top-notch, but traditionally there’s been a trade-off. More of one meant less of the other. In the latest On the Agenda discussion, a trio of fraud fighting financial services executives told PYMNTS that consumer...
Digital fraud is a constant threat to banks, businesses, government entities and individuals, and its volume and costs continue to expand, despite the best efforts of oversight agencies and security and risk management teams. The rate of suspected digital fraud attempts swelled 17% worldwide year...
Security platform nsKnox on Monday (Feb. 7) introduced Bank Account Certificate, calling it a “fraud-proof approach to sharing and validating banking details.” Bank Account Certificates from nsKnox are encrypted, signed and verifiable, meaning they protect both payers and payees and replace manual processes for verifying...
As businesses work to keep out fraud and curb false declines in the year ahead, they must bear in mind that context is key. In the Digital Fraud Tracker, TSYS’ Dondi Black explains how companies can tap AI and machine learning to verify data points...
The word “fraud” is a deceptively simple term covering a growing variety of sophisticated crimes, including identity fraud, account takeovers (ATOs) and so-called friendly fraud. The pandemic-driven shift to digital channels gave rise to a sizable increase in fraud beginning in 2020, and this trend...
The pandemic’s social and digital disruption has exposed organizations to increased risks of becoming victims of cybercrime. Many businesses had to transition employees to working from home quickly, and this trend may become a long-term reality for a significant share of the workforce. Before the...
The growth in buy now, pay later’s (BNPL) popularity has made fraud prevention an increasingly important subject for both providers and the merchants that offer it. Twenty-five percent of U.S. merchants already accept BNPL payments, and 46% expect to implement it as an option within...
