Payment fraud

One particular type of scheme, swapping, involves thieves stealing and replacing cards before the consumer is aware, says The ai Corporation's James Crawshaw.

With this sudden and swift shift that is generating thousands more digital payment transactions per day than even just a few months ago, the opportunities for fraud are rising exponentially, says the FIDO Alliance's Andrew Shikiar.

Keeping up with new retail trends shouldn’t come at the cost of keeping personal information safe, says Bluefin's Ruston Miles.

North Korea and other rogue actors present a whole new threat to transaction security, says Capco's Julien Bonnay and Bryce VanDiver.

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.

While fintech's advancement creates a pathway for innovation, it also expands exposure to unintended risk, says Flywire's Mike Massaro.

U.S. financial institutions should prepare for potential new regulations around data privacy and protection, digital identity verification and the use of biometrics, says OneSpan's Michael Magrath.

With the advances in technology and digitization, and evolving security threats, it’s time for smarter, more robust authentication methods, says Entersekt's Dewald Nolte.

The events of 2020 fueled new customer expectations, accelerated digital transformation and allowed B2B companies to react and deliver. But customers’ changing expectations are not going to disappear, says MSTS' Brandon Spear.

By upgrading permissions and defining access, firms can get ahead of the new threat, says vArmour's Marc Woolword.