Payment fraud

Criminals are getting aggressive when using mobile apps to compromise consumer accounts, and that's causing headaches for execs who bear responsibility for data security.

While biometrics may not reduce payment friction, it does add another layer of consumer protection without producing a substantially adverse effect on convenience, according to Tom Saunders, customer data insights analyst at The ai Corporation (ai).

The problem with bug bounties is that while it can complement vulnerability management programs, it does not offer the comprehensive coverage an enterprise requires, contends Mark Weiner, CMO of Balbix.

Due to growing consumer expectations for 24/7 digital access and real time decisions, some organizations such as financial institutions and merchants have reduced the more stringent manual application review processes in order to open accounts quickly, according to Michael Lynch, chief strategy officer at InAuth.

Midsize banks have much smaller security budgets, less mature security programs and less robust controls than their bigger counterparts, writes Leigh-Anne Galloway, cybersecurity resilience lead at Positive Technologies.

Protecting P2P and mobile transactions will mean employing fraud protection measures at enrollment and on an ongoing basis, throughout the customer and payment life cycle, writes David Barnhardt, executive vice president of product at GIACT.

The senator wants Treasury to enhance fraud protection in the Direct Express prepaid program — now a partnership with Comerica Bank — when its contract is rebid in 2020.

By adding device, cryptographic keys and behavioral ID, fake biometrics become harder for crooks to use, according to Bimal Gandhi, CEO of Uniken.

A machine learning-driven analysis can aid with risk, financial performance and fraud prevention, according to Anant Kale, founder and CEO of AppZen.

The rise of contactless cards could eclipse mobile payments adoption, experts predicted, while evolving fraud threats may give rise to increased account controls for consumers.

When so many users trust large companies like Google with their personal data, it's up to these companies to disclose any compromise of the data security as early as possible, writes Aman Khanna, vice president of products for ThumbSignIn.

Fixes and resolutions can take days or even weeks, enhancing vulnerability, according to David Williamson, CEO of EfficientIP.

Fortunately, banks and financial institutions can take action to protect their apps in untrusted, potentially hostile environments, writes Samuel Bakken, senior product marketing manager for OneSpan.

The Marriott incident will open the door to loyalty program fraud, account takeover and myriad other risks, writes Michael Reitblat, co-founder and CEO of Forter.

While fraud is a year-round concern, credit unions need to be extra vigilant during the holiday season.

ACI Worldwide is the latest to adopt technology from Israel-based BioCatch that monitors shoppers’ behavior to spot irregularities signaling potential fraud.

Credit card fraud is on the rise in the U.K. with more than $2 billion being stolen from credit and debit cards over the past twelve months, an increase of 38% on the previous year. But while large scale data breaches have been heavily blamed for this surge in crime, ex-fraudster Tony Sales says one of the most pertinent reasons is a persistent lack of understanding within the financial industry of how criminals operate.

It might be too early to determine the full impact of the new Visa Claims Resolution process designed to streamline and limit chargebacks, but 52 percent of respondents surveyed claimed no decrease in chargebacks since VCR, and most of the 33 percent reporting a decline cited a decrease of less than 5 percent.

A boost in chargebacks can put a damper on higher transaction volumes and digital shopping, according to Chris Marchand, vice president of business development at Verifi.

Any future machine-to-machine environment calling for communication and transactions will surely include a consumer's option to make payments through such a network. That turns any home or business into its own complex network of devices, routers, sensors, passwords, communication coding and private credentials.