The U.S. Consumer Financial Protection Bureau is mulling over whether to reimburse consumers for online scams and fraud, but this regulatory change could lead to an increase in first-party fraud, cautioned Karen Boyer, senior vice president of financial crimes at M&T Bank.
Faster payment technology has been around for years, but fraud continues to dominate the conversation, says Reed Luhtanen of the U.S. Faster Payments Council. Luhtanen says all payment systems have a fraud problem, and firms will be able to curb faster payment fraud with more experience and data.
An Android banking Trojan is targeting Brazilian adopters of an instant payment platform known as Pix, marking another foray by the South American country's criminal underground into digital larceny. Brazil has been a hotbed of Trojan activity perpetuated by domestic cybercriminals.
With the current economic climate posing unique challenges, it's never been more critical for merchants to optimize payments to reduce costs, increase conversion and boost the bottom line. Yet, given the complexity of the payments ecosystem, coupled with the limited visibility many businesses have over their payment...
Forter bought a bot detection startup founded by a longtime Check Point Software leader to stop malicious actors from purchasing limited-edition items and collectables. The Immue purchase will prevent malicious bots from flooding e-commerce sites with thousands of transaction attempts per second.
Check fraud, first-party fraud and AI-related fraud will increase on a massive scale in 2023, thanks in large part to growing insider threats and the global economic slowdown. Frank McKenna, chief fraud strategist at Point Predictive, explains how banks can prepare to tackle these types of scams.
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.
The ongoing global logistics disruptions stemming from the COVID-19 pandemic continue to impact businesses and consumers as the flow of consumer goods.
Supply chain issues were a key challenge for many retailers throughout 2021 and these challenges are expected to persist in 2022. Now there is another challenge...
As regulatory oversight aimed at stopping financial fraud rises, friction generated by identity and credit checks built into customer onboarding processes is causing many consumers to abandon their shopping carts. Consumers expect simple, fast, convenient onboarding.
The situation is forcing business-to-consumer...
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.