Fraud prevention

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.

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.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

Getting rid of passwords is easier in concept than practice, with hundreds of initiatives designed to build something more digital, flexible and transportable. But none have taken hold, causing one developer to try an approach that rejects most of the prevailing methods.

Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic.

Tokenization and buy buttons began, in part, as ways to calm the security concerns of online shoppers who were wary of moving away from plastic. They’re now becoming a way to keep a health and economic crisis from turning into a security problem as in-store checkout quickly gives way to apps and websites.

The U.K.’s growing panic about the spread of coronavirus has created an open season for fraudsters, with government agencies and cybersecurity companies reporting unprecedented levels of criminal activity since the virus began sweeping across the globe in January.

As coronavirus forces most shopping to occur online, merchants will likely see their product return policies tested by both good customers and the unsavory ones who abuse those policies for profit.

Digital fraud protection provider Kount has launched a security layer designed to prevent account takeover.

Artificial intelligence has given merchants and banks handling payment data a fighting chance against fraud because it essentially pits machine against machine in compiling data and establishing prevention algorithms.

Fraud prevention provider Kount is strengthening its artificial intelligence-powered Identity Trust Global Network with software for determining how long email addresses have been in use.

The Bank of England issued a new polymer £20 note into general circulation at a time when consumers are increasingly eschewing cash in favor of digital payments.

A 2019 report from the Federal Trade Commission shows consumer losses to “romance scams” rose more than 300% between 2015 and 2018. Credit union leaders say the real numbers may be much worse.

Of all of the valuable consumer assets that fraudsters like to steal, loyalty or rewards points or cash is becoming a favorite.

Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.

The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.

As 2020 dawns, a new decade will soon bring new levels of friction for contactless customers as a result of Strong Customer Authentication (SCA), a key part of the European Union’s drive to reduce card fraud across Europe.

PNC, Plaid and Venmo have been blamestorming over customer data-sharing issues of access, security and consent.

A shifting fraud landscape and changing consumer expectations will play a part in how credit unions allocate resources toward technology in the new year, according to a prediction from the CUSO Member Driven Technologies.

Faster and real-time payments are finding more and more use cases, but the razor-thin transaction windows are alluring to fraudsters who want to make a swift getaway with stolen funds.