Fraud detection

Four global banks have joined American Express Ventures in contributing to BioCatch’s Series C fundraising round and earning themselves seats on its newly formed Client Innovation Board.

As many businesses and consumers have been forced to deal with the difficult conditions thrust upon them by the COVID-19 pandemic, so too have fraudsters needed to make adjustments just to continue their life of crime.

TransUnion is expanding the geographic reach of its instant Document Verification service in response to the pandemic, with more users requiring ID confirmation from remote locations as fraud risks hit new highs.

The “new normal” of COVID-19-influenced retail is actively being exploited by fraudsters, as LexisNexis Risk Solutions finds fraud costs for U.S. retailers rising in 2020 by 7.3% over last year’s data.

Fraudsters hit U.S. banks and merchants hardest with bogus credit card applications in April, while most consumers were in full pandemic lockdown, according to new data from Socure.

Banks' fear of big penalties, the changing tactics of nimble criminals and a greater openness among regulators to new approaches are among the factors driving big investments.

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.