Payment fraud

Proponents of real-time payments systems say banks must embrace them given consumer demand for more immediacy and transparency, even if criminals will try to exploit them.

As U.S. banks move toward faster payments, they should heed the lessons U.K. banks learned about criminals after launching their real-time transaction system, says Varo Money's fraud strategy leader.

The continued trend of “spear phishing” and “catfishing” only serves to highlight the complex work required to identify genuine from fraudulent, writes Steven Goddard, product manager for risk at The ai Corporation (ai).

PayPal is using Venmo's fast growth to power several initiatives, but the app suffered a damaging fraud surge early this year, showing it's not immune from enrollment fraud that challenges the entire P2P sector.

Cash-outs accounted for 80% of mortgage refinances in the third quarter; state will accept bitcoin for business tax payments.

Black Friday and Cyber Monday up the ante for payment crime, but there are steps retailers and payment companies can take, according to OneSpan’s Will LaSala.

Using machine learning to analyze payment data, the latest technology automates workflow and decisions, making fraud detection quicker and more efficient, writes Steven Goddard, product manager for risk at The ai Corporation (ai).

PNC is piloting IDEMIA’s motion code card which offers a dynamic CVV2 security code for its commercial clients in an effort to combat card not present fraud.

A new group aims to foster collaboration between fintechs and state and federal officials in the fight against crime — without hindering legitimate business innovation.

Accounts payables automation is a tough sell for companies that don't want to abandon a process they have clung to for decades. But this old process is a big target for fraudsters — and growing.

The vast majority of card fraud in post-EMV Australia affects digital payments, a trend that has prompted government action, expedited security projects, and financial pressure on banks from retailers.

The central bank found that the increase in noncash payments fraud from 2012 to 2015 was still just a small fraction of overall payments.

In hundreds of cases, the prepaid card program run by the bank allegedly sent users’ funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator.

How banks and network providers combat real-time payment fraud; online banks try new pricing strategies; the Most Powerful Women in Banking call for greater leadership diversity; and more from this week's most-read stories.

For bankers and network providers, it’s a given that moving to a real-time payment system like Zelle will lead to an increase in fraud attempts. Here's a look at the ways they're fighting back.

Collaboration between banks and fintechs still lags, hurting security initiatives such as an authentication hub.

Payment forms on e-commerce sites are the most common target for formjacking attackers, writes Robert Capps, vice president and authentication strategist for NuData Security.

Financial-crime risks, properly mitigated, are business opportunities. Fintechs that recognize this can gain a competitive advantage, according to Julie Myers Wood of Guidepost Solutions and Gemma Rogers of Fintrial LTD.

Gift card, reward points and payment information will continue to be exposed and available to whoever wants to purchase it. But it’s up to companies to implement security barriers that devalue this information, writes Don Duncan, security engineer for NuData Security.

Cryptocurrency platforms need to take precautions as the number of security incidents seems to be increasing, writes Gaurav Banga, founder and CEO of Balbix.