Payment fraud

Once companies can recognize their customers without constantly asking security questions, they can shower them with benefits to enhance the shopping experience while bolstering their brand, writes Robert Capps, vice president at NuData Security, a Mastercard company.

The idea of an email scam may bring to mind the clumsy phishing cons from the early days of online banking, but the tactic's latest incarnation is a bigger threat than ever.

Businesses are tasked with carrying too much of the burden of protecting customers' personal information, and typically turn to Social Security numbers. The advent of self-sovereign identity may give consumers a chance to reclaim control over their data and how it’s used, Finicity's Nick Thomas writes.

Financial institutions can improve monitoring of suspicious activity and potentially risky customers using algorithms, but they need to treat this new technology with caution.

Only the collective efforts of cardholders, issuers, merchants and acquirers will significantly impact payment fraud, writes Stephanie Ericksen, vice president of identity and risk products for Visa.

There is a growing fraud problem encompassing much more than the direct value of lost merchandise. There is also manual order review, opportunity costs from false positives and the massive overhead of implementing fraud-fighting best practices, writes Ryan Breslow, CEO of Bolt.

Money launderers seem to be ramping up their use of a favorite strategy to clean their illegal funds — paying a small fee to a bank account holder to simply receive and send money transfers. And these so-called money mules are starting young.

A multilayered approach that allows one type of fraud tool to pick up the slack when another layer fails, according to Robert Capps, a vice president at NuData Security.

A new strain of malware that targets cryptocurrency users — but not users of mainstream payment options like bank accounts — highlights how much the cybercrime game is changing behind the scenes.

E-commerce payments technology provider Stripe is launching a fraud prevention tool for security professionals at large organizations.

ATMs require dual-factor authentication in the form of a physical card and a PIN, and this same concept should be extended to phone transactions, writes Patrick Cox, CEO of TRUSTID.

The central bank is taking a lead role in trying to combat the longstanding problem. A broad study by the Fed aims to measure the extent of payments fraud and to foster more collaboration in thwarting it.

The announcement comes after a Federal Reserve Board task force issued a report in September that said it would further examine options for modernizing the U.S. payments system.

Remote deposit capture fraud remains a threat, but analysts say that's just the tip of the iceberg. Here's how credit unions can better protect themselves -- and their members.

Security risk management works best when artificial intelligence and humans work together, writes Suresh Dakshina, a president at Chargeback Gurus.

Money launderers are opportunists and the real estate sector is a weak link when it comes to regulation, writes Jay Ryan, an executive vice president at Accuity.

Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the internet, according to a new report.

Limited data on fraud is a widely recognized issue and it was decided that incorporation into PSD2 was the most appropriate way to enforce a requirement, writes Matthew Attwell of The ai Corporation.

In Zelle’s national advertising campaign, the bank-run P-to-P network spotlights consumers paying a personal trainer, a babysitter and a neighbor. It sets an expectation that Zelle can be used like a credit card, and scammers have figured out how to exploit this trust.

By failing to protect their customers’ data, financial institutions and others in the payments ecosystem are risking trust, the most important currency they have, writes David Barnhardt, executive vice president of product at GIACT.