Security risk

New study highlights the dangers banks face and potential fixes as merchants and consumers embrace the emerging form of artificial intelligence.

David Szuchman, PayPal's top cop, leverages his background in law enforcement, including years in the Manhattan district attorney's office, to help the fintech fight against payment crooks.

Andrew Torre, the card network's president of Value-Added Services, said demand for security, agentic commerce and better processing are creating demand for technology and consulting.

The payment giants have added emerging forms of artificial intelligence to identify cybercrime, fraud and scams, countering crooks who are also embracing the innovation.

Digital transaction risk draws attention to dynamic CVVs for cards.

A good security strategy is a lot like a healthy lifestyle for small businesses, says Sysnet's Sandra Higgins.

EventBot is a particularly frightening development since it hides in an altered version of an app that seems legitimate and steals unprotected information in banking, wallet, payment and cryptocurrency mobile apps, says Appdome's Tom Tovar.

With more employees than ever working from home due to the coronavirus, credit unions' networks may be less secure than usual. But purchasing cyber insurance to help cover the costs if a breach occurs isn't as clear cut as it may seem.

With the increase in online activity because of COVID-19, tracking down and investigating red flags might be more difficult given the volume of transactions on existing accounts, unless strict authentication measures are applied, says Giact's David Barnhardt.

The ransomware attack chain uses a number of methods to infect an organization's systems, which can easily bypass an entire organizational security framework in seconds, according to Exabeam's Richard Cassidy

Open banking and identity services are both still evolving to meet the needs of the new digital economy. These communities will need to connect at the hip to prevent fraud, avoid identity theft and to deter other financial crimes, like money laundering.

Conflict continues to mount between the card brands and merchants. Merchants say they deserve more input and actual decision-making power and that payments should operate through completely open standards in which all involved parties have had a say.

Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.

When launching these solutions, it’s imperative that players think carefully about application security, says FIME's Christian Damour.

In the four years since Nets set up a laboratory at its Copenhagen headquarters to test new approaches to payments, it’s learned that consumer response to biometric payments technology such as finger-vein checkout is nearly impossible to predict.

Fraud attacks and their avenue of entry are generally regarded as mysteries to most of the companies that suffer from them.

The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting with tax authorities from four other countries.

Firms often say they’ll increase conversion rates and offer discounts, but the reality is more complicated, contends 2Checkout’s Erich Litch.

While sophisticated computer algorithms are increasingly used in the fight against fraud, criminals are still exploiting various loopholes to access consumer card and bank details, particularly for those opening new accounts.

Banks and smaller businesses are simply not ready, says SmartTrade App's Kent Vorland.