Authorized payment scams are on the rise, and banking regulators are putting pressure on financial institutions to do more to protect customers. The biggest challenge is that the customers are driving the process, says Bradley Haacke, vice president and financial crimes director at Fifth Third Bank.
Both internal and external fraud are expected to grow as economic conditions worsen. Fraud education expert Andi McNeal shares insights on what anti-fraud practitioners are expecting over the next year, the types of fraud to watch out for and how to mitigate fraud risks.
The transition to PCI DSS v4.0 is a major inflection point for the payments industry – not only does it restructure how risk is assessed, but it also provides a better foundation for meeting ongoing technical innovation. While organizations with mature programs may need comparatively little uplift, all organizations...
Software point of sale or SoftPOS is a groundbreaking technology that allows businesses to accept card payments directly on their devices without requiring any additional software. As this payment method gains widespread adoption, what does it mean for the security of our payments systems?
Banking regulators are looking for ways to tackle authorized payment scams, such as spreading the risk to other banks. In a new report on how eight countries are handling this fraud, researcher Ken Palla advises banks to focus on reimbursing victims and preventing the theft.
Fintech company Block faces a putative class action demanding damages for customers affected by a 2021 data breach that affected 8.2 million individuals. The company, formerly known as Square and co-founded by former-Twitter CEO Jack Dorsey, disclosed the breach in April.
P2P fraud is among the hottest cybercrime trends globally. JP Blaho of BioCatch discusses the latest scams, including Zelle fraud, and differences in incidents, investigations and regulatory requirements in the U.S. and other global hot spots.
An updated version of the Russian-linked SOVA Android Trojan is back with updated attack techniques targeting more than 200 mobile applications, including banking apps and crypto exchanges/wallets. Researchers at Cleafy uncovered that the Trojan now also features ransomware capabilities.
The adoption of digital platforms shows no signs of slowing down as consumers embrace the convenience of mobile channels in Asia-Pacific region. What has also become clearly apparent from analysis of the LexisNexis® Digital Identity Network®, is that fraud is on the rise as consumer confidence returns.
In...
By all accounts, Buy Now, Pay Later stands to be one of the
biggest disruptors the credit landscape has seen
in years. With the market expected to surpass $179
billion by the end of 2022, the opportunities for
growth are enormous. This also means fraudsters are taking note as the industry is trending in the...
What makes authorized payment scams hard to detect? The speed and volume of transactions hinders banks in monitoring for fraud, but David Lott, payments risk expert with the Federal Reserve Bank of Atlanta, says educating customers and leveraging the right technology can help reduce scams.
Financial crimes against financial institutions have become more significant. These risks now represent one of the biggest areas of concern for the industry and one of the largest drivers of IT and compliance costs. Nick Davison of EY Australia and Paul Franks of SAS share new financial crime management strategies.
Security leaders have acted as a result of the cyberattacks' tenacity, sophistication, and disruptiveness. They've switched from being reactive to being proactive, and they're now using the Microsegmentation and Zero Trust approaches.
They are able to discover, respond to, and recover from security breaches with...
Ten years from now, "the ability to transact on a global basis will continue," says Nick Coleman, CSO, real-time payments at MasterCard, who adds, "Maybe my car will buy stuff for me." Coleman discusses the future of digital payments and the technologies that can help secure that future.
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