Payment fraud

The technology provides convenience and is growing fast, but is prone to card-not-present fraud, says Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

Fraud targeting accounts payable departments had been on the rise to begin with, but a new sense of urgency has taken hold in the wake of a recent incident that cost Facebook and Google $100 million.

Brazil has one of the world's worst payment fraud problems, which has come in handy for ClearSale as it tries to cut transaction decline rates for online payments globally. The Olympics also came in handy.

A large portion of business expensing, particularly travel and entertainment, takes place well outside of the office, making it tough for decision-makers to monitor, according to Yash Madhusudan, Co-Founder and CEO of Fyle.

The pressure on banks, financial institutions and payment service providers to act as effective gatekeepers in the fight against financial crime is intense. Real-time payments considerably complicates that challenge, writes Sophie Lagouanelle, head of solutions at Accuity.

The wife of a jailed Azeri banker, the target of the U.K.’s first unexplained wealth order, spent almost 16 million pounds ($20.4 million) across Europe, including at Harrods and luxury boutiques, on 10 credit cards issued illegally by her husband’s bank.

Fraudsters are getting clever about beating authentication for returning users, says NuData Security's Robert Capps

Compliance can be complex and expensive, but failure puts merchants at risk, says FIME's Christian Damour.

In the U.K., next-level fraud types — involving technologies such as push payments and P2P — are gaining traction now that EMV has been in place for more than a decade.

Hackers are flocking to loyalty and rewards programs, pushing marketers to embed extra fraud technology to stem financial losses.

Amazon’s move pressures other merchants to add speed to e-commerce delivery while adding a few more steps to vet payments, writes Monica Eaton-Cardone, COO of Chargebacks911 and CIO of its parent company Global Risk Technologies

The fraud challenge faced by issuers and merchants alike has become increasingly complex over the last few years with the prevalence of e-commerce and cross-border payments. Visa's response to these trends has benefited heavily from the global scale it got by reabsorbing Visa Europe in 2016.

As bots dominate new internet traffic, their ability to help crooks launch account attacks and exploit personal information has never been higher, says NuData Security's Robert Capps.

EMV 3DS is no longer just for payments. The use cases for identification and verification (ID&V) are expanding, so the scope of EMV 3DS has become much broader to include adding cards to a digital wallet, open banking services and financial services apps, etc., writes Jean Fang, product manager at Fime.

Banks and merchants absorb billions of dollars in payment card fraud annually, but it's not for a lack of tools designed to stifle that fraud. It's becoming increasingly apparent that those tools simply aren't being used to their fullest capabilities.

The U.K.’s Nationwide Building Society has invested in Ordo, a fintech that protects consumers from invoice and payments fraud by allowing billers to send payment requests directly to it.

Stripe has launched Chargeback Protection through its machine-learning fraud prevention system called Radar.

Companies must be more prepared to defend user data from malicious outsiders, or suffer the consequences of lawsuits, sanctions from data privacy laws, decreased user trust, tarnished brand reputation, damaged investor relations and more, writes Ben Goodman, vice president of global strategy and innovation at ForgeRock.

Facebook and Google were scammed out of more than $100 million, though artificial intelligence can help firms improve security, according to Anant Kale, founder and CEO of AppZen.

Albert Ko, who had been the chief transformation officer of Intuit, says he will work to improve Zelle's interface to make it more appealing to consumers.