Fraud prevention

SMS-based multifactor authentication is now so badly compromised that it has become a major vector for fraud. But there's a potential solution, and it's in every bank customer's pocket.

The scams are becoming increasingly harder to detect, as fraudsters mimic authentic communications from banks.

Listen to Gasan Awad, SVP, Fraud Director, Enterprise Fraud Product Management at PNC Bank, Chris Briggs, Chief Product Officer at Mitek and Jay Leal, CIO at Vantage Bank.

Now more than ever, businesses globally have become increasingly susceptible to financial fraud.

The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency issued a request for information on a range of payments-related fraud trends in order to develop policy solutions to the rising instances of check fraud.

Brian Minick, who is in charge of cybersecurity for the bank, shared important cyber insights at an American Banker conference this week.

At a New York Fintech Week event, speakers urged fintechs to better understand the criminal mindset and to use artificial intelligence to detect and thwart fraud.

More Americans than ever are falling victim to sophisticated financial scammers and fraudsters. A federal task force is needed to bring together the resources to effectively push back against criminals.

The card network said it saved would-be victims $350 million in the first year after it combined several crime-fighting units.

The question is no longer whether the financial services industry needs a unified approach to combating instant payment fraud but who will take the lead to make it happen. The onus is on the biggest players in the market to show the way forward.

The bank is partnering with the fraud protection platform to offer tools to help clients — especially older adults — avoid scams and financial mistakes.

Since the pandemic, financial scams have surged dramatically. The solutions to rampant fraud are clear; what's missing is the urgency.

To effectively reduce fraud, banks must transition to proactive, integrated strategies encompassing robust risk management and asset liability management.

The U.S. suffers from a disproportionately large share of global credit card fraud. Bringing customer authentication methods up to standards adopted in other developed countries would solve much of that problem.