Payment fraud

The council plays a critical role ensuring technology meets robust security needs as fraud risks rise, says MYPINPAD's Justin Pike.

The COVID-19 pandemic led many locked-down consumers to stream or download more movies and video games, and this trend is leading to a rise in demand for faster data services such as 5G — a potential driver of payments innovation.

Financial services firms, from traditional banks to fintech payment processors to data companies, need to beef up their compliance teams, raise standards and improve education to ensure teams are ready to tackle the latest types of financial fraud, says ACAMS' Rick McDonell.

Without additional security measures, hackers can compromise multifactor authentication and wreak havoc on financial institutions and their customers.

Credit card and bank account fraud have soared during the pandemic, with fraudsters intercepting consumer data via retail and banking disruptions and worsening synthetic ID fraud.

Fraudsters are continuing to take advantage of the COVID-19 pandemic to exploit online shopping, curbside delivery and unemployment, according to Visa.

Compliance is expensive and complicated, though there are some emerging solutions, says Adflex CEO Pat Bermingham.

By holding themselves accountable and following smart standards, organizations will be able to provide consumers with strong security and peace of mind the next time they swap those paper menus for a set of scannable squares on their phone, says Nok Nok's Phil Dunkelberger.

PaymentSource's Daniel Wolfe sits down with Carey O'Connor Kolaja, AU10TIX's new CEO to discuss the rise in synthetic fraud, the fastest-growing financial crime, and how payments security has been changed by the pandemic.

Fake card numbers are 'tested' at online sites for validity, producing real and dangerous results, says Acqra Limited's Jessica Lenung.