Payment fraud

From fraud to ongoing EMV issues and the challenge of getting to the top of consumers' wallets, there are no shortage of payments challenges facing credit unions.

Merchants storing and batch processing payments offline in the U.K. are opening the door for fraudsters to potentially use contactless cards that have been reported lost or stolen for several months after a bank cancels them.

The traditonal method of scoring merchants based on risk may not work when the attack uses low risk merchants to hide illegal transactions.

Chip cards have decreased card fraud, but online fraud is on the rise. By asking the right questions, merchants can find payment partners that can fight the fraud migration.

Professor Rahul Telang at Carnegie Mellon University's Heinz College analyzed the behavior of 500,000 bank customers over five years to observe their reactions to adverse events such as fraud on their bank account. It’s a rare objective measure of the effect of fraud on customer retention.

The new approach is designed to make is possible for issuers to react speed their reaction to online fraud.

The Western Union Company agreed to pay $586 million and admitted to a lapse in anti-money laundering controls in an agreement with the U.S. Justice Department and other U.S. authorities.

Fraudsters, aware of the scope of the Payment Card Industry data security standards, increasingly deploy fraud methods that fall outside of PCI safety.

Fraud involving third parties and advance fees can be vexing for merchants. But doing lots of homework can mitigate the threat.

A full year into the EMV migration, crooks are expected to be even more aggressive about attacking soft spots in online and mobile transactions.

Illegal methods of moving money are just as likely to be low-tech and old school as high-tech and sophisticated. Surveillance methods and processes need to be able to counter both.

A group of banks is turning to Swift's anti money laundering tools, with a particular eye on "de-risking."

Payment companies are increasingly adopting biometrics to replace more traditional authentication. That's a good move, but it also comes with a whole new set of risks.

The fact that the number of cybersecurity incidents affecting companies is rising at an alarming rate year over year hardly raises eyebrows anymore.