Fraud detection

For the past several years, the concept of sharing transaction data between merchants, processors and issuers has been considered a good security measure to curb fraud. But someone has to compile and compare that data in such a way to not only stop fraud, but assure legitimate transactions are not declined.

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.

Tia Ilori, Senior Director of global fraud and breach investigations at Visa, joins us to talk with Michael Moeser, PaymentsSource's senior analyst, about the new attacks and fraud trends that have emerged since the start of the pandemic.

Details about the level of global fraudulent attacks on consumer bank accounts during the coronavirus pandemic are coming into focus with new data from TransUnion.

Decentralizing staff makes strong internal controls even more important, Josh Cyphers and Derek Halpern of Nvoicepay write.

The bank says fraud attempts involving commercial wire transfers have escalated since the outbreak began. It's training employees and customers how to head off the often hard-to-detect scams.

In response to fraudsters seeking to capitalize on the COVID-19 influenced surge in e-commerce, Ekata has launched a new global digital ID verification tool to combat cybercrime.

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for.

Financial institutions and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.

Banks and prepaid card providers have played an unwitting role in scams that have stolen billions of dollars from state unemployment insurance programs, whose payouts soared after coronavirus shut down the economy.