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.

Employees in the financial industry and public sector are considerably more worried about the risks posed by digital currency than those in the cryptocurrency field, a new survey finds.

David Heun, Associate Editor at PaymentsSource, talks to Kevin Gosschalk, CEO and founder of Arkose Labs, about the fraud trends that have emerged over the course of the coronavirus pandemic.

It’s about time that we stopped ranking personal data theft on perceived severity. Any breach in which personal data is stolen needs to be treated as highly serious and punishable, says Juniper Networks’ Laurence Pitt.

Since July, Visa has noticed an uptick in unemployment insurance fraud with prepaid cards being used as a key disbursement vehicle. And the best solution may be rooted in technology, not law enforcement.

As the coronavirus pandemic has driven more people to work from home and shop online, the demands on digital, faster payment systems have been heightened — as have the opportunities for fraudsters to exploit them.

U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs.

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.

By taking action today, you can begin to have peace of mind that your previously existing fraud vectors have been sealed off, says PaymentWorks' Thayer Stewart.

Netwalker attacks are known to target victims using phishing emails disguised as COVID-19 updates from their organization, taking advantage of the heightened fears and anxieties that come with the current pandemic, says Stealthbits Technologies' Dan Piazza.

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

By implementing email protections and patches, the bank was able to protect mobile payments, ATMs, and digital banking, says Red Canary's Tony Lambert.

In the coming months, governments will continue to disburse truly historic amounts of funds; and we can continue to expect historic levels of fraud. Leveraging technology can get money to those who deserve it while preventing criminals from exploiting this crisis, says Giant Oak's Gary Shiffman.

Fraud of all kinds has been spiking during the pandemic. Krista Tedder, head of payments, Javelin Strategy & Research, says there are many steps banks could be taking to detect and deter it.

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.

Businesses must take steps to manage Shadow Code data breach risk by applying timely security patches and upgrading vulnerable open source libraries and third-party plugins, says PermiterX's Ameet Naik.

The bank said the conduct includes “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs.”

The Iowa company said the coronavirus outbreak and litigation against AimBank will postpone the deal's completion by a few months.

Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey.

There’s never been a better time, nor better technology available, to make cardholders safe from card-not-present fraud, says Keyno's Robert Steinman.